Franklin Resources (BEN) 10-Q 3 Aug 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-09318
Entity Central Index Key	0000038777
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		502,854,184
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
Entity Shell Company	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenues
Operating revenues	$ 2,172.9	$ 1,161.1	$ 6,244.5	$ 3,861.5
Operating Expenses
Compensation and benefits	771.4	386.5	2,229.2	1,141.6
Sales, distribution and marketing	531	368.6	1,579.3	1,236.4
Information systems and technology	121.8	62.1	355.8	186.4
Occupancy	54.6	31.5	164.1	100.4
Amortization of intangible assets	58	4.7	174.1	13.9
General, administrative and other	158	75.2	398.5	237.5
Total operating expenses	1,694.8	928.6	4,901	2,916.2
Operating Income	478.1	232.5	1,343.5	945.3
Other Income (Expenses)
Investment and other income (losses), net	52.9	49.6	197.2	(63.5)
Interest expense	(25.7)	(5.2)	(71.3)	(15)
Other Income (Expenses), Net	77.3	37.3	362.7	(127)
Income before taxes	555.4	269.8	1,706.2	818.3
Taxes on income	83.8	16.1	354.4	157.7
Net income	471.6	253.7	1,351.8	660.6
Less: net income (loss) attributable to
Redeemable noncontrolling interests	33.7	31.3	64.4	11.8
Nonredeemable noncontrolling interests	(0.5)	(68)	121.9	(71.2)
Net Income Attributable to Franklin Resources, Inc.	$ 438.4	$ 290.4	$ 1,165.5	$ 720
Earnings per Share
Basic	$ 0.86	$ 0.58	$ 2.27	$ 1.44
Diluted	$ 0.86	$ 0.58	$ 2.27	$ 1.44
CIPs [Member]
Other Income (Expenses)
Investment and other income (losses), net	$ 61	$ 0.3	$ 263.3	$ (25.4)
Expenses of consolidated investment products	(10.9)	(7.4)	(26.5)	(23.1)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	23.5		42.9
Investment management fees [Member]
Operating Revenues
Operating revenues	1,697.3	809.2	4,836.1	2,697.1
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	416.9	302.1	1,227.4	995.3
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	50.5	44.6	155.6	149.4
Other [Member]
Operating Revenues
Operating revenues	$ 8.2	$ 5.2	$ 25.4	$ 19.7

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 471.6	$ 253.7	$ 1,351.8	$ 660.6
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	22.6	26.1	81.3	(18.4)
Net unrealized gains (losses) on defined benefit plans, net of tax	(0.2)	0	0.2	(0.2)
Net unrealized gains (losses) on investments, net of tax	0	(0.1)	0	0.1
Total other comprehensive income (loss)	22.4	26	81.5	(18.5)
Total comprehensive income	494	279.7	1,433.3	642.1
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	33.7	31.3	64.4	11.8
Nonredeemable noncontrolling interests	(0.5)	(68)	121.9	(71.2)
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 460.8	$ 316.4	$ 1,247	$ 701.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Assets
Cash and cash equivalents	$ 4,361.1	$ 3,989.8
Receivables	1,361.1	1,233.1
Investments	1,615.4	1,304.5
Investments, at fair value	635.1	504.8
Property and equipment, net	752.6	813.8
Goodwill	4,516.8	4,500.8
Intangible assets, net	4,751.3	4,914.2
Operating lease right-of-use assets	475.2	534.8
Other	313	319.5
Total Assets	23,129.1	21,684.5
Liabilities
Compensation and benefits	976.4	1,064
Accounts payable and accrued expenses	460.5	426.9
Commissions	282.2	268
Income taxes	653	703.3
Debt	3,480.6	3,017.1
Deferred taxes	321.2	305.3
Operating lease liabilities	547.9	621
Other	441.7	456.1
Total liabilities	10,645.6	10,273.5
Commitments and Contingencies (Note 12)
Redeemable Noncontrolling Interests	1,052.7	541.9
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued	$ 0	$ 0
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 502,870,612 and 495,116,677 shares issued and outstanding at June 30, 2021 and September 30, 2020	$ 50.3	$ 49.5
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	502,870,612	495,116,677
Common stock, shares outstanding	502,870,612	495,116,677
Retained earnings	$ 11,151	$ 10,472.6
Accumulated other comprehensive loss	(326.1)	(407.6)
Total Franklin Resources, Inc. stockholders’ equity	10,875.2	10,114.5
Nonredeemable noncontrolling interests	555.6	754.6
Total stockholders’ equity	11,430.8	10,869.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	23,129.1	21,684.5
CIPs [Member]
Assets
Cash and cash equivalents	504.9	963
Receivables	148.7	118.3
Investments, at fair value	4,982.6	4,074
Total Assets	5,636.2	5,155.3
Liabilities
Accounts payable and accrued expenses	307.3	611.2
Debt	3,174.8	2,800.6
Other	5	12.1
Total liabilities	3,487.1	3,423.9
Redeemable Noncontrolling Interests	854.8	397.3
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	948.1	754.4
Nonredeemable noncontrolling interests	346.2	579.7
Total stockholders’ equity	1,294.3	1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	5,636.2	5,155.3
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 3,856.2	$ 3,026.8

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss [Member]	Stockholders' Equity [Member]	Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment	Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2019			499.3
Beginning balance at Sep. 30, 2019			$ 49.9	$ 0	$ 10,288.2		$ (431.6)	$ 9,906.5
Beginning balance at Sep. 30, 2019										$ 635
Beginning balance at Sep. 30, 2019	$ 10,541.5
Stockholders' Equity [Roll Forward]
Net income	339.1				350.5			350.5		(11.4)
Other comprehensive income (loss)	55.4						55.4	55.4
Dividends declared on common stock	(135.3)				(135.3)			(135.3)
Repurchase of common stock - Shares			(4.6)
Repurchase of common stock - Amount	(123.6)		$ (0.4)	(27.8)	(95.4)			(123.6)
Issuance of common stock - Shares			2.9
Issuance of common stock - Amount	29		$ 0.3	28.7				29
Stock-based compensation	(0.9)			(0.9)				(0.9)
Net subscriptions and other	35.6									35.6
Deconsolidation of investment products	(0.7)									(0.7)
Acquisition	19									19
Ending balance - Shares at Dec. 31, 2019			497.6
Ending balance at Dec. 31, 2019			$ 49.8	0	10,408		(376.2)	10,081.6
Ending balance at Dec. 31, 2019										677.5
Ending balance at Dec. 31, 2019	$ 10,759.1
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.27
Beginning balance - Shares at Sep. 30, 2019			499.3
Beginning balance at Sep. 30, 2019			$ 49.9	0	10,288.2		(431.6)	9,906.5
Beginning balance at Sep. 30, 2019										635
Beginning balance at Sep. 30, 2019	$ 10,541.5
Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(18.5)
Ending balance - Shares at Jun. 30, 2020			495.4
Ending balance at Jun. 30, 2020			$ 49.5	0	10,514.8		(450.1)	10,114.2
Ending balance at Jun. 30, 2020										789.7
Ending balance at Jun. 30, 2020	10,903.9
Beginning balance - Shares at Dec. 31, 2019			497.6
Beginning balance at Dec. 31, 2019			$ 49.8	0	10,408		(376.2)	10,081.6
Beginning balance at Dec. 31, 2019										677.5
Beginning balance at Dec. 31, 2019	10,759.1
Stockholders' Equity [Roll Forward]
Net income	87.3				79.1			79.1		8.2
Other comprehensive income (loss)	(99.9)						(99.9)	(99.9)
Dividends declared on common stock	(134.6)				(134.6)			(134.6)
Repurchase of common stock - Shares			(2.9)
Repurchase of common stock - Amount	(64.6)		$ (0.4)	(41.7)	(22.5)			(64.6)
Issuance of common stock - Shares			0.6
Issuance of common stock - Amount	16		$ 0.1	15.9				16
Stock-based compensation	25.8			25.8				25.8
Net subscriptions and other	96.3									96.3
Deconsolidation of investment products	(0.6)									(0.6)
Ending balance - Shares at Mar. 31, 2020			495.3
Ending balance at Mar. 31, 2020			$ 49.5	0	10,330		(476.1)	9,903.4
Ending balance at Mar. 31, 2020										781.4
Ending balance at Mar. 31, 2020	$ 10,684.8
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.27
Net income	$ 222.4				290.4			290.4		(68)
Other comprehensive income (loss)	26						26	26
Dividends declared on common stock	(134.6)				(134.6)			(134.6)
Repurchase of common stock - Shares			0
Repurchase of common stock - Amount	(0.1)		$ 0	(29.1)	29			(0.1)
Issuance of common stock - Shares			0.1
Issuance of common stock - Amount	1		$ 0	1				1
Stock-based compensation	28.1			28.1				28.1
Net subscriptions and other	76.3									76.3
Ending balance - Shares at Jun. 30, 2020			495.4
Ending balance at Jun. 30, 2020			$ 49.5	0	10,514.8		(450.1)	10,114.2
Ending balance at Jun. 30, 2020										789.7
Ending balance at Jun. 30, 2020	$ 10,903.9
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.27
Beginning balance - Shares at Sep. 30, 2020			495.1
Beginning balance at Sep. 30, 2020	$ 10,114.5		$ 49.5	0	10,472.6		(407.6)	10,114.5
Beginning balance (ASU 2016-13) at Sep. 30, 2020						$ (3.3)			$ (3.3)
Beginning balance at Sep. 30, 2020	754.6									754.6
Beginning balance at Sep. 30, 2020	10,869.1
Beginning balance (ASU 2016-13) at Sep. 30, 2020		$ (3.3)
Stockholders' Equity [Roll Forward]
Net income	376.1				345.3			345.3		30.8
Other comprehensive income (loss)	92.9						92.9	92.9
Dividends declared on common stock	(144)				(144)			(144)
Repurchase of common stock - Shares			(2.1)
Repurchase of common stock - Amount	(45.6)		$ (0.2)	(39.9)	(5.5)			(45.6)
Issuance of common stock - Shares			12.5
Issuance of common stock - Amount	33.7		$ 1.2	32.5				33.7
Stock-based compensation	7.4			7.4				7.4
Net subscriptions and other	93.3									93.3
Ending balance - Shares at Dec. 31, 2020			505.5
Ending balance at Dec. 31, 2020			$ 50.5	0	10,665.1		(314.7)	10,400.9
Ending balance at Dec. 31, 2020										878.7
Ending balance at Dec. 31, 2020	$ 11,279.6
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.28
Beginning balance - Shares at Sep. 30, 2020			495.1
Beginning balance at Sep. 30, 2020	$ 10,114.5		$ 49.5	0	10,472.6		(407.6)	10,114.5
Beginning balance (ASU 2016-13) at Sep. 30, 2020						$ (3.3)			$ (3.3)
Beginning balance at Sep. 30, 2020	754.6									754.6
Beginning balance at Sep. 30, 2020	10,869.1
Beginning balance (ASU 2016-13) at Sep. 30, 2020		$ (3.3)
Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	81.5
Ending balance - Shares at Jun. 30, 2021			502.9
Ending balance at Jun. 30, 2021	10,875.2		$ 50.3	0	11,151		(326.1)	10,875.2
Ending balance at Jun. 30, 2021	555.6									555.6
Ending balance at Jun. 30, 2021	11,430.8
Beginning balance - Shares at Dec. 31, 2020			505.5
Beginning balance at Dec. 31, 2020			$ 50.5	0	10,665.1		(314.7)	10,400.9
Beginning balance at Dec. 31, 2020										878.7
Beginning balance at Dec. 31, 2020	11,279.6
Stockholders' Equity [Roll Forward]
Net income	473.4				381.8			381.8		91.6
Other comprehensive income (loss)	(33.8)						(33.8)	(33.8)
Dividends declared on common stock	(143.7)				(143.7)			(143.7)
Repurchase of common stock - Shares			(1.7)
Repurchase of common stock - Amount	(45.8)		$ (0.2)	(56.2)	10.6			(45.8)
Issuance of common stock - Shares			0.5
Issuance of common stock - Amount	14.2		$ 0.1	14.1				14.2
Stock-based compensation	42.1			42.1				42.1
Net subscriptions and other	16.5									16.5
Deconsolidation of investment products	(31.6)									(31.6)
Adjustment to fair value of redeemable noncontrolling interests	(52.3)				(52.3)			(52.3)
Ending balance - Shares at Mar. 31, 2021			504.3
Ending balance at Mar. 31, 2021			$ 50.4	0	10,861.5		(348.5)	10,563.4
Ending balance at Mar. 31, 2021										955.2
Ending balance at Mar. 31, 2021	$ 11,518.6
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.28
Net income	$ 437.9				438.4			438.4		(0.5)
Other comprehensive income (loss)	22.4						22.4	22.4
Dividends declared on common stock	(143.3)				(143.3)			(143.3)
Repurchase of common stock - Shares			(1.4)
Repurchase of common stock - Amount	(46.4)		$ (0.1)	(40.7)	(5.6)			(46.4)
Issuance of common stock - Shares			0
Issuance of common stock - Amount	0.2		$ 0	0.2				0.2
Stock-based compensation	40.5			40.5				40.5
Net subscriptions and other	87.9									87.9
Deconsolidation of investment products	(487)									(487)
Ending balance - Shares at Jun. 30, 2021			502.9
Ending balance at Jun. 30, 2021	10,875.2		$ 50.3	$ 0	$ 11,151		$ (326.1)	$ 10,875.2
Ending balance at Jun. 30, 2021	555.6									$ 555.6
Ending balance at Jun. 30, 2021	$ 11,430.8
Stockholders' Equity [Roll Forward]
Dividends declared per share	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net cash provided by operating activities
Net Income	$ 1,351.8	$ 660.6
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	126.6	86.9
Amortization of deferred sales commissions	58.8	60.1
Depreciation and other amortization	70.9	58.5
Amortization of intangible assets	174.1	13.9
Losses (income) from investments in equity method investees	(123.8)	110.3
Net (gains) losses on investments of consolidated investment products	(176.1)	103
Net purchase of investments by consolidated investment products	(434.4)	(558.5)
Deferred income taxes	(42.3)	(34.5)
Other	(40.8)	(1.1)
Changes in operating assets and liabilities:
Decrease (increase) in receivables and other assets	(115.2)	0.4
Decrease in investments, net	1	323.5
Decrease in accrued compensation and benefits	(88.9)	(61)
Increase (decrease) in commissions payable	14.2	(42)
Decrease in income taxes payable	(50.4)	(73.7)
Decrease in accounts payable, accrued expenses and other liabilities	(1.7)	(44.6)
Increase in accounts payable and accrued expenses of consolidated investment products	15.5	100.8
Net cash provided by operating activities	739.3	702.6
Net cash used in investing activities
Purchase of investments	(624.8)	(426.9)
Liquidation of investments	383.7	529.5
Purchase of investments by consolidated collateralized loan obligations	(2,731.1)	(1,344)
Liquidation of investments by consolidated collateralized loan obligations	1,148.7	400.5
Decrease (increase) in loans receivable, net	42.7	(57.4)
Additions of property and equipment, net	(34.9)	(85.3)
Acquisitions, net of cash acquired	0	(81.8)
Payments of contingent consideration asset	15.6	0
Net (deconsolidation) consolidation of investment products	(135.9)	601.2
Net cash used in investing activities	(1,936)	(464.2)
Net cash provided by financing activities
Issuance of common stock	11	12.1
Dividends paid on common stock	(418.6)	(399.1)
Repurchase of common stock	(135.8)	(188.3)
Proceeds from issuance of debt	748.3	0
Payment of debt issuance costs	(6.7)	0
Payment on debt	(250)	0
Proceeds from loan	0	0.2
Payments on loan	0	(0.4)
Proceeds from debt of consolidated investment products	1,636.2	899.3
Payment on debt of consolidated investment products	(488.7)	(194.1)
Payment for Contingent Consideration Liability, Financing Activities	0	(0.1)
Noncontrolling interests	447.2	449.4
Net cash provided by financing activities	1,542.9	579
Effect of exchange rate changes on cash and cash equivalents	25.1	6.2
Increase in cash and cash equivalents	371.3	823.6
Cash and cash equivalents, beginning of period	3,989.8	6,206.6
Cash and Cash Equivalents, End of Period	4,361.1	7,030.2
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	434.6	266.8
Cash paid for interest	76.2	12.2
Cash paid for interest by consolidated investment products	$ 75.7	$ 44

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Form 10-K for the fiscal year ended September 30, 2020 (“fiscal year 2020”). Certain comparative amounts for the prior fiscal year period have been reclassified to conform to the financial statement presentation as of and for the period ended June 30, 2021. During the quarter ended June 30, 2021, the Company identified an error related to the accounting of its indirect interests in certain collateralized loan obligations (“CLOs”) held through a limited partnership and the Company’s conclusion to consolidate that limited partnership. In accordance with U.S. GAAP, the Company should have consolidated the CLOs as the Company is the primary beneficiary of these entities and should not have consolidated the limited partnership. The error resulted in the misstatement of previously reported assets and liabilities and resulting cash flows. The consolidation of the CLOs results in increases to total assets and liabilities partially offset by the deconsolidation of the limited partnership which results in a reduction to total assets and stockholders’ equity. The error had no impact to net income attributable to the Company, earnings per share, retained earnings, or total Franklin Resources, Inc. stockholders’ equity. The Company determined that the error did not result in a material misstatement to its previously issued consolidated financial statements. Nonetheless, for comparability, the Company has revised the comparative prior period amounts included in the consolidated balance sheets, consolidated statements of cash flows, and related footnote disclosures. The impact of the error on the consolidated balance sheet as of September 30, 2020 is as follows: (in millions) As Reported Adjustments As Revised Receivables $ 1,200.6 $ 32.5 $ 1,233.1 Investments 1,270.5 34.0 1,304.5 Assets of consolidated investment products Cash and cash equivalents 930.7 32.3 963.0 Investments, at fair value 2,709.2 1,364.8 4,074.0 Total Assets 20,220.9 1,463.6 21,684.5 Liabilities of consolidated investment products Accounts payable and accrued expenses $ 510.1 $ 101.1 $ 611.2 Debt 1,333.4 1,467.2 2,800.6 Total Liabilities 8,705.2 1,568.3 10,273.5 Nonredeemable noncontrolling interests $ 859.3 $ (104.7) $ 754.6 Stockholders’ equity 10,973.8 (104.7) 10,869.1 Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity 20,220.9 1,463.6 21,684.5 The impact of the error on the consolidated statement of cash flows for the nine months ended June 30, 2020 is as follows: (in millions) As Reported Adjustments As Revised Net cash provided by operating activities $ 646.6 $ 56.0 $ 702.6 Net cash provided by (used in) investing activities 269.1 (733.3) (464.2) Net cash provided by (used in) financing activities 96.4 482.6 579.0 In the quarter ended September 30, 2020, the Company changed the presentation of its consolidated statements of income to include dividend and investment income and expenses of consolidated investment products (“CIPs”) in other income, net. Amounts for the comparative prior fiscal year period have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements and more accurately portrays the nature of the CIPs revenue and expenses as the operations of CIPs are not related to the Company’s core business. The following table presents the effects of the change in the presentation of operating revenues, operating expenses and other income, net, to the Company’s previously reported consolidated statements of income: Three Months Ended Nine Months Ended (in millions) As Reported Adjustments As Amended As Reported Adjustments As Amended Operating revenues Other $ 32.2 $ (27.0) $ 5.2 $ 97.3 $ (77.6) $ 19.7 Operating Expenses General, administrative, and other 1 $ 85.7 $ (5.8) $ 79.9 $ 271.8 $ (20.4) $ 251.4 Other Income (Expenses) Investment and other income (losses), net $ 22.9 $ 26.7 $ 49.6 $ (166.5) 103.0 $ (63.5) Interest expense (6.8) 1.6 (5.2) (17.7) 2.7 (15.0) Investment and other income (losses) of consolidated investment products, net — 0.3 0.3 — (25.4) (25.4) Expenses of consolidated investment products — (7.4) (7.4) — (23.1) (23.1) Other income (expenses), net $ 16.1 $ 21.2 $ 37.3 $ (184.2) $ 57.2 $ (127.0) __________________ 1 General, administrative and other includes amortization of intangible assets.

New Accounting Guidance

New Accounting Guidance	9 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New Accounting GuidanceOn October 1, 2020, the Company adopted new guidance issued by the Financial Accounting Standards Board for credit losses. The new guidance requires the application of a current expected credit loss model for financial assets measured at amortized cost, including receivables, and an allowance for credit loss model for available-for-sale debt securities. The Company adopted the new guidance using the modified retrospective approach and recognized a cumulative effect adjustment resulting in a decrease of $4.1 million in receivables, net, offset by decreases of $0.8 million in deferred tax liabilities and $3.3 million in retained earnings as of October 1, 2020.

Business Combinations

Business Combinations	9 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Business Combination Disclosure	Acquisition On July 31, 2020, the Company acquired all outstanding shares of Legg Mason, Inc. (“Legg Mason”) common stock for a purchase consideration of $4.5 billion in cash and $0.2 billion related to the settlement of historical compensation arrangements. There were no changes to the purchase price allocation during the three and nine months ended June 30, 2021; however, the purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed with the exception of deferred tax assets and liabilities which were valued using preliminary assumptions. Transaction costs incurred in connection with the acquisition were 6.7 million for the nine months ended June 30, 2021. These costs were primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred 13.0 million of acquisition-related compensation and benefits expense during the nine months ended June 30, 2021, primarily for employee severance and retention incentives. Revenue and net income of Legg Mason included in total operating revenues and net income attributable to Franklin Resources, Inc. in the consolidated statements of income were 1,500.8 million and 291.4 million for the six months ended March 31, 2021. Due to the continued integration of the combined businesses, it is no longer practicable to separately report total revenue and net income of Legg Mason in periods subsequent to March 31, 2021. See Note 3 – Acquisitions in the Company’s Form 10-K for fiscal year 2020 for additional information regarding the acquisition of Legg Mason.

Earnings per Share

Earnings per Share	9 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income attributable to Franklin Resources, Inc. $ 438.4 $ 290.4 $ 1,165.5 $ 720.0 Less: allocation of earnings to participating nonvested stock and stock unit awards 19.4 4.2 50.6 9.7 Net Income Available to Common Stockholders $ 419.0 $ 286.2 $ 1,114.9 $ 710.3 Weighted-average shares outstanding – basic 489.2 490.4 490.3 492.2 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.3 0.6 0.5 Weighted-Average Shares Outstanding – Diluted 489.9 490.7 490.9 492.7 Earnings per Share Basic $ 0.86 $ 0.58 $ 2.27 $ 1.44 Diluted 0.86 0.58 2.27 1.44 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three and nine months ended June 30, 2021, and 0.5 million for the three and nine months ended June 30, 2020.

Revenues

Revenues	9 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended June 30, 2021 Investment management fees $ 1,213.0 $ 269.9 $ 73.1 $ 85.7 $ 55.6 $ 1,697.3 Sales and distribution fees 293.7 100.5 14.0 8.4 0.3 416.9 Shareholder servicing fees 38.3 10.1 0.1 2.0 — 50.5 Other 7.8 0.3 — 0.1 — 8.2 Total $ 1,552.8 $ 380.8 $ 87.2 $ 96.2 $ 55.9 $ 2,172.9 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the nine months ended June 30, 2021 Investment management fees $ 3,416.1 $ 803.2 $ 212.7 $ 248.0 $ 156.1 $ 4,836.1 Sales and distribution fees 852.4 295.2 38.9 37.4 3.5 1,227.4 Shareholder servicing fees 119.9 26.0 0.2 5.9 3.6 155.6 Other 17.9 0.8 — 1.6 5.1 25.4 Total $ 4,406.3 $ 1,125.2 $ 251.8 $ 292.9 $ 168.3 $ 6,244.5 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended June 30, 2020 Investment management fees $ 488.7 $ 203.3 $ 58.5 $ 41.3 $ 17.4 $ 809.2 Sales and distribution fees 205.4 83.9 11.9 0.7 0.2 302.1 Shareholder servicing fees 37.0 5.9 — 1.7 — 44.6 Other 4.8 0.3 — 0.1 — 5.2 Total $ 735.9 $ 293.4 $ 70.4 $ 43.8 $ 17.6 $ 1,161.1 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the nine months ended June 30, 2020 Investment management fees $ 1,590.7 $ 691.9 $ 201.7 $ 151.4 $ 61.4 $ 2,697.1 Sales and distribution fees 675.1 277.5 39.6 2.2 0.9 995.3 Shareholder servicing fees 123.1 19.4 0.2 6.7 — 149.4 Other 16.9 0.9 — 0.4 1.5 19.7 Total $ 2,405.8 $ 989.7 $ 241.5 $ 160.7 $ 63.8 $ 3,861.5 Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 78% and 80% of the Company’s total operating revenues for the three and nine months ended June 30, 2021 and 91% for the three and nine months ended June 30, 2020.

Investments

Investments	9 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of CIPs. See Note 9 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) June 30, September 30, Investments, at fair value Sponsored funds and separate accounts $ 392.3 $ 303.4 Investments related to long-term incentive plans 185.3 146.6 Other equity and debt investments 57.5 54.8 Total investments, at fair value 635.1 504.8 Investments in equity method investees 907.2 716.2 Other investments 73.1 83.5 Total $ 1,615.4 $ 1,304.5

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 9 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of June 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 251.3 $ 35.0 $ 21.7 $ 84.3 $ 392.3 Investments related to long-term incentive plans 185.3 — — — 185.3 Other equity and debt investments 5.0 8.1 3.0 41.4 57.5 Contingent consideration asset — — 24.1 — 24.1 Total Assets Measured at Fair Value $ 441.6 $ 43.1 $ 48.8 $ 125.7 $ 659.2 Liabilities Contingent consideration liabilities $ — $ — $ 25.3 $ — $ 25.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2020 Assets Investments, at fair value Sponsored funds and separate accounts $ 176.3 $ 40.9 $ 17.4 $ 68.8 $ 303.4 Investments related to long-term incentive plans 145.5 — — 1.1 146.6 Other equity and debt investments 2.1 1.5 — 51.2 54.8 Contingent consideration asset — — 39.7 — 39.7 Total Assets Measured at Fair Value $ 323.9 $ 42.4 $ 57.1 $ 121.1 $ 544.5 Liabilities Contingent consideration liabilities $ — $ — $ 25.3 $ — $ 25.3 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate infrastructure funds. The investments in nonredeemable funds are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods were $55.1 million with an expected weighted-average life of 4.1 years at June 30, 2021, and $51.2 million with an expected weighted-average life of 1.9 years at September 30, 2020. The liquidation period for an investment in a private debt fund of $44.4 million and $40.2 million at June 30, 2021 and September 30, 2020 is unknown. The Company’s unfunded commitments to the funds totaled $9.5 million at June 30, 2021 and September 30, 2020. The redeemable global equity funds investment of $12.7 million and $25.3 million at June 30, 2021 and September 30, 2020 can be redeemed monthly and redeemable private real estate infrastructure fund investment of $11.8 million at June 30, 2021 can be redeemed quarterly. Changes in the Level 3 assets and liabilities were as follows: 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Liabilities for the three months ended June 30, Balance at beginning of period $ 19.5 $ 29.1 $ (25.3) $ 27.7 $ (7.6) Acquisitions — — — — (16.7) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.2 — — 0.8 — Included in general, administrative and other expense — — — — (0.2) Purchases 5.3 — — 2.3 — Sales (0.3) — — (10.5) — Settlements — (5.0) — (2.3) 0.1 Balance at End of Period $ 24.7 $ 24.1 $ (25.3) $ 18.0 $ (24.4) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ 0.2 $ — $ — $ 0.1 $ (0.2) 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Liabilities for the nine months ended June 30, Balance at beginning of period $ 17.4 $ 39.7 $ (25.3) $ 32.1 $ — Acquisitions — — — — (24.3) Total realized and unrealized gains (losses) Included in investment and other income (losses), net — — — 0.1 — Included in general, administrative and other expense — — — — (0.2) Purchases 13.8 — — 14.9 — Sales (5.8) — — (14.0) — Settlements (0.5) (15.6) — (5.1) 0.1 Consolidation of investment product — — — (10.0) — Transfers out of Level 3 (0.2) — — — — Balance at End of Period $ 24.7 $ 24.1 $ (25.3) $ 18.0 $ (24.4) Change in unrealized losses included in net income relating to assets and liabilities held at end of period $ — $ — $ — $ (0.9) $ (0.2) Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value June 30, 2021 September 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,856.2 $ 3,856.2 $ 3,026.8 $ 3,026.8 Other investments Time deposits 2 20.1 20.1 19.2 19.2 Equity securities 3 53.0 57.5 64.3 67.3 Loans receivable 3 — — 42.4 42.4 Financial Liability Debt 2 $ 3,480.6 $ 3,533.0 $ 3,017.1 $ 3,086.5

Debt

Debt	9 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 9 – Consolidated Investment Products for information related to the debt of these entities. Debt consisted of the following: June 30, 2021 September 30, 2020 (in millions) Carrying Effective Interest Rate Carrying Effective Interest Rate Notes issued by Franklin Resources, Inc. $300 million 2.800% senior notes due September 2022 $ 299.9 2.93 % $ 299.8 2.93 % $400 million 2.850% senior notes due March 2025 399.7 2.97 % 399.7 2.97 % $750 million 1.600% senior notes due October 2030 748.4 1.72 % — N/A Total notes issued by Franklin Resources, Inc. 1,448.0 699.5 Notes issued by Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 268.0 1.53 % 272.4 1.53 % $450 million 4.750% senior notes due March 2026 513.0 1.80 % 523.0 1.80 % $550 million 5.625% senior notes due January 2044 743.7 3.38 % 747.5 3.38 % $250 million 6.375% junior notes due March 2056 — N/A 260.7 6.08 % $500 million 5.450% junior notes due September 2056 515.8 5.25 % 516.1 5.25 % Total notes issued by Legg Mason 2,040.5 2,319.7 Debt issuance costs (7.9) (2.1) Total $ 3,480.6 $ 3,017.1 On March 15, 2021, the Company redeemed all of the outstanding $250.0 million 6.375% junior notes due in March 2056 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $4.0 million. On October 19, 2020, the Company completed its offering and sale of $750.0 million in aggregate principal amount of 1.600% senior unsecured unsubordinated notes due October 2030. The Company incurred $6.7 million in debt issuance costs and the notes were issued at a discount of $1.7 million. The debt issuance costs and discount are being amortized over the term of the notes. At June 30, 2021, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,450.0 million. The notes have fixed interest rates with interest payable semi-annually. At June 30, 2021, Legg Mason’s outstanding senior unsecured unsubordinated notes and junior unsecured subordinated notes had an aggregate principal amount due of $1,750.0 million. The notes have fixed interest rates with interest payable semi-annually for senior notes and quarterly for junior notes. Effective August 2, 2021, Franklin has agreed to unconditionally and irrevocably guarantee all of the outstanding notes issued by Legg Mason. The Franklin and Legg Mason senior notes contain an optional redemption feature that allows the Company to redeem each series of notes prior to maturity in whole or in part at any time, at a make-whole redemption price. The indentures governing the senior notes contain limitations on the Company’s ability and the ability of its subsidiaries to pledge voting stock or profit participating equity interests in its subsidiaries to secure other debt without similarly securing the notes equally and ratably. In addition, the indentures include requirements that must be met if the Company consolidates or merges with, or sells all or substantially all of its assets to, another entity. The Company was in compliance with all debt covenants at June 30, 2021. The junior notes due September 2056 may be redeemed in whole on or after September 15, 2021. The Company currently expects to call these notes in September 2021, subject to approval by the Franklin Resources, Inc. Board of Directors. At June 30, 2021, the Company had $500.0 million of short-term commercial paper available for issuance under an uncommitted private placement program which has been inactive since 2012.

Consolidated Investment Product

Consolidated Investment Products	9 Months Ended
	Jun. 30, 2021
Consolidated Investment Products [Abstract]
Consolidated Investment Products	Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, all of which are sponsored by the Company, and include both voting interest entities and variable interest entities. The Company had 57 CIPs, including eight CLOs, as of June 30, 2021 and 75 CIPs, including eight CLOs, as of September 30, 2020. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) June 30, September 30, Assets Cash and cash equivalents $ 504.9 $ 963.0 Receivables 148.7 118.3 Investments, at fair value 4,982.6 4,074.0 Total Assets $ 5,636.2 $ 5,155.3 Liabilities Accounts payable and accrued expenses $ 307.3 $ 611.2 Debt 3,174.8 2,800.6 Other liabilities 5.0 12.1 Total liabilities 3,487.1 3,423.9 Redeemable Noncontrolling Interests 854.8 397.3 Stockholders ’ Equity Franklin Resources, Inc.’s interests 948.1 754.4 Nonredeemable noncontrolling interests 346.2 579.7 Total stockholders’ equity 1,294.3 1,334.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 5,636.2 $ 5,155.3 The CIPs did not have a significant impact on net income attributable to the Company during the three and nine months ended June 30, 2021 and 2020. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of June 30, 2021 Assets Cash and cash equivalents of CLOs $ 121.9 $ — $ — $ — $ 121.9 Receivables of CLOs — 105.8 — — 105.8 Investments Equity and debt securities 289.8 774.0 288.9 338.3 1,691.0 Loans — 3,247.7 21.4 — 3,269.1 Real estate — — 22.5 — 22.5 Total Assets Measured at Fair Value $ 411.7 $ 4,127.5 $ 332.8 $ 338.3 $ 5,210.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2020 Assets Cash and cash equivalents of CLOs $ 527.3 $ — $ — $ — $ 527.3 Receivables of CLOs — 57.8 — — 57.8 Investments Equity and debt securities 177.6 285.7 322.3 261.1 1,046.7 Loans — 2,663.2 24.9 — 2,688.1 Real estate — — 339.2 — 339.2 Total Assets Measured at Fair Value $ 704.9 $ 3,006.7 $ 686.4 $ 261.1 $ 4,659.1 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable hedge fund, nonredeemable private equity funds, and a nonredeemable U.S. equity fund. The investments in nonredeemable funds are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods were $132.1 million with an expected weighted-average life of 0.8 years at June 30, 2021, and $261.1 million with an expected weighted-average life of 4.2 years at September 30, 2020. The CIPs’ unfunded commitments to these funds totaled $0.5 million and $94.0 million, of which the Company was contractually obligated to fund $0.2 million and $11.4 million based on its ownership percentage in the CIPs, at June 30, 2021 and September 30, 2020. The liquidation periods for investments in a redeemable hedge fund of $146.8 million and a nonredeemable U.S. equity fund of $59.4 million at June 30, 2021 are unknown. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended June 30, 2021 Balance at April 1, 2021 $ 271.2 $ 423.5 $ 22.4 $ 717.1 Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net 6.2 2.4 0.2 8.8 Purchases 14.0 44.2 — 58.2 Sales and settlements (2.4) — (1.2) (3.6) Deconsolidations — (448.8) — (448.8) Transfers into Level 3 0.9 — — 0.9 Transfers out of Level 3 (1.0) — — (1.0) Foreign exchange revaluation — 1.2 — 1.2 Balance at June 30, 2021 $ 288.9 $ 22.5 $ 21.4 $ 332.8 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021 $ 6.2 $ (0.5) $ 0.2 $ 5.9 (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2021 Balance at October 1, 2020 $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net 26.3 5.1 0.2 31.6 Purchases 34.1 116.5 — 150.6 Sales and settlements (59.4) — (3.7) (63.1) Deconsolidations (36.2) (448.8) — (485.0) Transfers into Level 3 2.1 — — 2.1 Transfers out of Level 3 (1.0) — — (1.0) Foreign exchange revaluation 0.7 10.5 — 11.2 Balance at June 30, 2021 $ 288.9 $ 22.5 $ 21.4 $ 332.8 Change in unrealized gains included in net income relating to assets held at June 30, 2021 $ 25.9 $ 2.2 $ 0.3 $ 28.4 (in millions) Equity and Debt Real Estate Loans Total for the three months ended June 30, 2020 Balance at April 1, 2020 $ 287.0 $ 288.0 $ 11.0 $ 586.0 Realized and unrealized losses included in investment and other income (losses) of consolidated investment products, net (9.4) (0.4) (0.4) (10.2) Purchases 63.1 12.1 — 75.2 Sales and settlements (1.2) — (1.7) (2.9) Transfers out of Level 3 (0.1) — — (0.1) Foreign exchange revaluation (1.8) 4.6 — 2.8 Balance at June 30, 2020 $ 337.6 $ 304.3 $ 8.9 $ 650.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (8.6) $ (0.5) $ (0.4) $ (9.5) (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ 333.8 $ 152.7 $ 16.6 $ 503.1 Realized and unrealized losses included in investment and other income (losses) of consolidated investment products, net (37.3) (1.3) (1.8) (40.4) Purchases 85.8 153.7 — 239.5 Sales and settlements (3.5) — (5.9) (9.4) Deconsolidation (40.7) — — (40.7) Transfers into Level 3 2.2 — — 2.2 Transfers out of Level 3 (1.1) — — (1.1) Foreign exchange revaluation (1.6) (0.8) — (2.4) Balance at June 30, 2020 $ 337.6 $ 304.3 $ 8.9 $ 650.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (36.5) $ (1.3) $ (1.8) $ (39.6) Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of June 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 155.6 Market pricing Private sale pricing $0.02–$143.39 ($18.25) per share 71.7 Discounted cash flow Discount rate 3.4%–6.3% (4.3%) Risk premium 14.5% 61.6 Market comparable companies Enterprise value/ 13.5–20.6 (17.1) Discount for lack of marketability 14.8%–25.5% (21.1%) Enterprise value/ 0.6–7.2 (4.9) Price to earnings ratio 28.5 Real estate 22.5 Discounted cash flow Discount rate 6.0% Exit capitalization rate 5.5% (in millions) as of September 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 119.8 Discounted cash flow Discount rate 4.0%–23.0% (11.4%) Discount for lack of marketability 17.0% Risk premium 9.7%–19.3% (16.7%) 108.5 Market comparable companies Enterprise value/ 7.0–19.1 (10.8) Discount for lack of marketability 20.0%–25.2% (21.9%) Risk premium 55.0% Enterprise value/ 7.5 Price to earnings ratio 9.4–10.0 (9.7) 94.0 Market pricing Private sale pricing $0.02-$100.00 ($13.01) per share Real estate 231.8 Discounted cash flow Discount rate 4.5%–6.5% (5.2%) Exit capitalization rate 6.0% 107.4 Yield capitalization Equivalent yield 4.3%–6.1% (5.2%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the market-based valuations, other than the discount for lack of marketability and risk premium, were independently higher (lower) as of June 30, 2021, the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow or yield capitalization valuations, as well as the discount for lack of marketability and risk premium in the market-based valuations, were independently higher (lower) as of June 30, 2021, the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value June 30, 2021 September 30, 2020 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 383.0 $ 383.0 $ 435.7 $ 435.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 3,157.2 $ 3,147.2 $ 2,646.9 $ 2,683.2 Other debt 3 17.6 17.6 153.7 155.2 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: June 30, 2021 September 30, 2020 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 3,157.2 2.25% $ 2,646.9 2.99% Other debt 17.6 3.22% 153.7 2.97% Total $ 3,174.8 $ 2,800.6 The debt of CLOs had fixed and floating interest rates based on LIBOR ranging from 1.00% to 8.28% at June 30, 2021, and from 1.43% to 8.34% at September 30, 2020. The other debt had fixed and floating interest rates primarily based on LIBOR, EURIBOR and U.S. Treasury rates ranging from 2.42% to 4.24% at June 30, 2021, and from 1.00% to 5.81% at September 30, 2020. The contractual maturities for the debt of CIPs at June 30, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2021 (remainder of year) $ 121.2 2022 61.9 2023 — 2024 — 2025 9.8 Thereafter 2,981.9 Total $ 3,174.8 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) June 30, September 30, Unpaid principal balance $ 3,245.9 $ 2,809.8 Difference between unpaid principal balance and fair value 9.9 (146.6) Fair Value $ 3,255.8 $ 2,663.2 Investments 90 days or more past due were $6.5 million and $3.9 million at June 30, 2021 and September 30, 2020.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2021 CIPs Minority Interests Total 2020¹ for the three months ended June 30, Balance at beginning of period $ 609.9 $ 205.8 $ 815.7 $ 209.1 Net income 23.5 10.2 33.7 31.3 Net subscriptions (distributions) and other 190.1 (18.1) 172.0 52.6 Net consolidations 31.3 — 31.3 420.8 Balance at End of Period $ 854.8 $ 197.9 $ 1,052.7 $ 713.8 (in millions) 2021 CIPs Minority Interests Total 2020¹ for the nine months ended June 30, Balance at beginning of period $ 397.3 $ 144.6 $ 541.9 $ 746.7 Net income 42.9 21.5 64.4 11.8 Net subscriptions (distributions) and other 270.0 (20.5) 249.5 241.2 Net consolidations (deconsolidations) 144.6 — 144.6 (285.9) Adjustment to fair value — 52.3 52.3 — Balance at End of Period $ 854.8 $ 197.9 $ 1,052.7 $ 713.8 ______________ 1 Represents redeemable noncontrolling interests of CIPs.

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	9 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	Nonconsolidated Variable Interest Entities Variable interest entities (“VIEs”) for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables, and loans and related interest receivable as follows: (in millions) June 30, September 30, Investments $ 664.7 $ 439.2 Receivables 173.9 168.0 Loans receivable — 42.4 Total $ 838.6 $ 649.6 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds during the nine months ended June 30, 2021. In April 2020, the Company authorized loans aggregating up to 5.0 billion Indian Rupees (approximately $66.2 million) to certain sponsored funds in India that had experienced increased liquidity risks and redemptions and which are in the process of winding up. See Note 12 – Commitments and Contingencies for further information. The loans were fully repaid during the second quarter of the fiscal year ending September 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . Effective April 24, 2020, Franklin Templeton Trustee Services Private Limited (“FTTS”), a subsidiary of Franklin, announced its decision to wind up six fixed income mutual fund schemes of the Franklin Templeton Mutual Fund in India (referred to herein as the “Funds”), closing the Funds to redemptions. At the time, the Funds had collective assets under management of approximately $3.4 billion. In connection with the wind-up decision, FTTS sought to convene unitholder meetings for the Funds to approve the appointment of a liquidator and the asset management company to the Funds, Franklin Templeton Asset Management (India) Private Limited (“FTAMI”), ceased earning investment management fees on the Funds. In May and June 2020, certain Fund unitholders and others commenced multiple writ petition actions in different courts in India against a number of respondents, including Franklin, its subsidiaries FTTS, FTAMI, and Templeton International, Inc., as sponsor of the Franklin Templeton Mutual Fund, and related individuals (collectively, the “Company Respondents”), the Securities and Exchange Board of India (“SEBI”), and other governmental entities. The petitioners challenged the decision to wind up the Funds and alleged that the Company Respondents violated various SEBI regulations, mismanaged the Funds, misrepresented or omitted certain information relating to the Funds, and/or engaged in other alleged misconduct. The petitioners requested a wide range of relief, including, among other items, an order quashing the winding up notices and blocking the unitholder votes, initiating investigations into the Company Respondents, and allowing the unitholder petitioners to redeem their investments with interest. One of the petitioners obtained an interim injunction order staying the operation and implementation of the unitholder voting process. Following appeals to the Supreme Court of India, the petitions were transferred to the High Court of Karnataka for further consolidated proceedings. In October 2020, the High Court of Karnataka issued its judgment, in which it upheld the decision taken by FTTS to wind up the Funds and held that there was “nothing wrong with the decision making process,” but determined that unitholder approval is required to implement the decision. Certain Company Respondents and other parties filed cross-appeals to the Supreme Court of India, and certain intervenors filed applications, challenging aspects of the High Court’s judgment. In December 2020, with the approval of the Supreme Court, and without prejudice to its arguments on appeal that unitholder approval of the wind-up decision is not required, FTTS proceeded to obtain approval from the majority of the voting unitholders for winding up the six Funds. In February 2021, the Supreme Court issued a decision confirming the results of the unitholder votes and appointed a third-party asset manager to serve as the liquidator and begin cash distributions to unitholders. In July 2021, the Supreme Court issued a ruling interpreting applicable regulations to require unitholder consent to effect a trustee’s decision to wind up a fund, while finding that, upon the trustee’s publication of its decision to unitholders under applicable regulations, fund business activities, including redemptions, are suspended pending the results of the unitholder vote. The Supreme Court further found that FTTS’ April 2020 publication to unitholders of its wind-up decision complied with applicable regulations, effectively freezing redemptions. The Supreme Court is expected to set a further hearing for October 2021 in connection with the remaining issues on appeal. FTAMI continues to cooperate with the court-appointed liquidator in its work to liquidate the Funds’ remaining investments and distribute proceeds to unitholders. As of July 2021, approximately $2.8 billion has been distributed to Fund unitholders. Separately, following the completion of a forensic audit/inspection, in late November and early December 2020, SEBI initiated regulatory proceedings by issuing show cause notices against FTAMI, FTTS and certain FTAMI employees (including in their officer or director capacities), alleging certain deficiencies and areas of non-compliance in the management of the Funds. Following respondents’ responses to the show cause notices, in June 2021, SEBI issued orders against FTAMI, FTTS, and the FTAMI employee respondents, finding violations of certain regulatory provisions, including with respect to similarity in investment strategies among the Funds, calculation of duration and valuation of portfolio securities, deficiencies in documentation relating to investment diligence and investment terms, and portfolio risk management. SEBI’s orders include, as applicable, aggregate monetary penalties of INR 20.0 crore (approximately $2.7 million); disgorgement of investment management and advisory fees, together with interest through the date of SEBI’s order, totaling INR 512.5 crore (approximately $68.9 million), with continuing accrual of 12% interest until paid; and a prohibition on FTAMI from launching new fixed income funds in India for a two-year period. The respondents filed appeals, as well as applications to stay enforcement of SEBI’s orders pending resolution of the appeals, with the Securities Appellate Tribunal (the “SAT”) in India. In June 2021, the SAT granted the stay requested by FTAMI, subject to FTAMI’s deposit of INR 250.0 crore (approximately $33.6 million) into an escrow account, which has been deposited. In July 2021, SEBI appealed the SAT’s stay order to the Supreme Court of India. Based on FTAMI’s submission that it would not launch new fixed income schemes in India pending resolution of its appeal, the Supreme Court of India did not interfere with the SAT’s stay order with respect to the monetary amounts and disposed of SEBI’s appeal. In July 2021, the SAT also granted FTTS and the FTAMI employee respondents’ stay requests, subject to the deposit of an aggregate of INR 7.5 crore (approximately $1.0 million) into an escrow account. The SAT appeals remain pending. The Company is also responding to related inquiries and investigations commenced by certain governmental agencies in India, including the previously-reported “first information report” (the preliminary step in an investigation) registered by the Economic Offences Wing of the Chennai police department against certain of the Company Respondents in connection with a complaint by two Fund unitholders, as well as a related investigation by India’s Enforcement Directorate commenced in or around April 2021. The Company is cooperating in these matters. The Company strongly believes that the decision taken by FTTS to wind up the Funds was in the best interests of unitholders. The Company further believes that it has meritorious defenses to the outstanding claims in the pending proceedings and intends to continue vigorously defending against the claims. The Company cannot at this time predict the eventual outcome of the matters described above or reasonably estimate the possible loss or range of loss that may arise from any final outcome of such matters, including due to the complexities and uncertainty involved in the appeals and the various questions of law and fact at issue. Other Litigation Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of June 30, 2021 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service in those positions. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of June 30, 2021. Other Commitments and Contingencies At June 30, 2021, there were no material changes in the other commitments and contingencies as reported in the Company’s Form 10-K for fiscal year 2020.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the nine months ended June 30, 2021 Nonvested balance at October 1, 2020 12,141 4,808 16,949 $ 24.30 Granted 5,661 351 6,012 20.85 Vested (938) (223) (1,161) 30.36 Forfeited/canceled (392) (631) (1,023) 31.41 Nonvested Balance at June 30, 2021 16,472 4,305 20,777 $ 22.61 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $319.1 million at June 30, 2021. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.6 years.

Investment and Other Income (Lo

Investment and Other Income (Losses), Net	9 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Other Income (Expenses)	Investment and Other Income (Losses), Net Investment and other income (losses), net consisted of the following: Three Months Ended Nine Months Ended (in millions) 2021 2020 2021 2020 Dividend income $ 1.9 $ 5.5 $ 5.7 $ 44.1 Interest income 1.5 2.3 6.7 11.4 Gains (losses) on investments, net 17.3 42.3 76.2 (29.3) Income (losses) from investments in equity method investees 39.4 10.0 123.8 (110.3) Gains (losses) on derivatives, net (9.1) (20.2) (25.2) 8.9 Rental income 7.2 7.7 22.7 23.0 Foreign currency exchange losses, net (7.2) (0.6) (17.2) (11.5) Other, net 1.9 2.6 4.5 0.2 Investment and other income (losses), net $ 52.9 $ 49.6 $ 197.2 $ (63.5) Gains (losses) on investments, net consists primarily of realized and unrealized gains (losses) on equity securities measured at fair value. Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company at June 30, 2021 and 2020 were $(0.2) million and $27.2 million for the three and nine months ended June 30, 2021, and $52.9 million and $(12.5) million for the three and nine months ended June 30, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Total for the three months ended June 30, 2021 Balance at April 1, 2021 $ (340.9) $ (7.6) $ (348.5) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 21.5 (0.2) 21.3 Reclassifications to net investment and other income (losses), net of tax 1.1 — 1.1 Total other comprehensive income (loss) 22.6 (0.2) 22.4 Balance at June 30, 2021 $ (318.3) $ (7.8) $ (326.1) (in millions) Currency Unrealized Total for the nine months ended June 30, 2021 Balance at October 1, 2020 $ (399.6) $ (8.0) $ (407.6) Other comprehensive income Other comprehensive income before reclassifications, net of tax 79.3 0.2 79.5 Reclassifications to net investment and other income (losses), net of tax 2.0 — 2.0 Total other comprehensive income 81.3 0.2 81.5 Balance at June 30, 2021 $ (318.3) $ (7.8) $ (326.1) (in millions) Currency Unrealized Unrealized Total for the three months ended June 30, 2020 Balance at April 1, 2020 $ (469.9) $ (6.4) $ 0.2 $ (476.1) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 26.1 — (0.5) 25.6 Reclassifications to net investment and other income (losses), net of tax — — 0.4 0.4 Total other comprehensive income (loss) 26.1 — (0.1) 26.0 Balance at June 30, 2020 $ (443.8) $ (6.4) $ 0.1 $ (450.1) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ (425.4) $ (6.2) $ — $ (431.6) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (18.8) (0.2) (0.5) (19.5) Reclassifications to net investment and other income (losses), net of tax 0.4 — 0.6 1.0 Total other comprehensive income (loss) (18.4) (0.2) 0.1 (18.5) Balance at June 30, 2020 $ (443.8) $ (6.4) $ 0.1 $ (450.1)

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Effects of the changes to the previously reported statements of income	The impact of the error on the consolidated balance sheet as of September 30, 2020 is as follows: (in millions) As Reported Adjustments As Revised Receivables $ 1,200.6 $ 32.5 $ 1,233.1 Investments 1,270.5 34.0 1,304.5 Assets of consolidated investment products Cash and cash equivalents 930.7 32.3 963.0 Investments, at fair value 2,709.2 1,364.8 4,074.0 Total Assets 20,220.9 1,463.6 21,684.5 Liabilities of consolidated investment products Accounts payable and accrued expenses $ 510.1 $ 101.1 $ 611.2 Debt 1,333.4 1,467.2 2,800.6 Total Liabilities 8,705.2 1,568.3 10,273.5 Nonredeemable noncontrolling interests $ 859.3 $ (104.7) $ 754.6 Stockholders’ equity 10,973.8 (104.7) 10,869.1 Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity 20,220.9 1,463.6 21,684.5 The impact of the error on the consolidated statement of cash flows for the nine months ended June 30, 2020 is as follows: (in millions) As Reported Adjustments As Revised Net cash provided by operating activities $ 646.6 $ 56.0 $ 702.6 Net cash provided by (used in) investing activities 269.1 (733.3) (464.2) Net cash provided by (used in) financing activities 96.4 482.6 579.0 In the quarter ended September 30, 2020, the Company changed the presentation of its consolidated statements of income to include dividend and investment income and expenses of consolidated investment products (“CIPs”) in other income, net. Amounts for the comparative prior fiscal year period have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements and more accurately portrays the nature of the CIPs revenue and expenses as the operations of CIPs are not related to the Company’s core business. The following table presents the effects of the change in the presentation of operating revenues, operating expenses and other income, net, to the Company’s previously reported consolidated statements of income: Three Months Ended Nine Months Ended (in millions) As Reported Adjustments As Amended As Reported Adjustments As Amended Operating revenues Other $ 32.2 $ (27.0) $ 5.2 $ 97.3 $ (77.6) $ 19.7 Operating Expenses General, administrative, and other 1 $ 85.7 $ (5.8) $ 79.9 $ 271.8 $ (20.4) $ 251.4 Other Income (Expenses) Investment and other income (losses), net $ 22.9 $ 26.7 $ 49.6 $ (166.5) 103.0 $ (63.5) Interest expense (6.8) 1.6 (5.2) (17.7) 2.7 (15.0) Investment and other income (losses) of consolidated investment products, net — 0.3 0.3 — (25.4) (25.4) Expenses of consolidated investment products — (7.4) (7.4) — (23.1) (23.1) Other income (expenses), net $ 16.1 $ 21.2 $ 37.3 $ (184.2) $ 57.2 $ (127.0) __________________ 1 General, administrative and other includes amortization of intangible assets.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income attributable to Franklin Resources, Inc. $ 438.4 $ 290.4 $ 1,165.5 $ 720.0 Less: allocation of earnings to participating nonvested stock and stock unit awards 19.4 4.2 50.6 9.7 Net Income Available to Common Stockholders $ 419.0 $ 286.2 $ 1,114.9 $ 710.3 Weighted-average shares outstanding – basic 489.2 490.4 490.3 492.2 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.3 0.6 0.5 Weighted-Average Shares Outstanding – Diluted 489.9 490.7 490.9 492.7 Earnings per Share Basic $ 0.86 $ 0.58 $ 2.27 $ 1.44 Diluted 0.86 0.58 2.27 1.44

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended June 30, 2021 Investment management fees $ 1,213.0 $ 269.9 $ 73.1 $ 85.7 $ 55.6 $ 1,697.3 Sales and distribution fees 293.7 100.5 14.0 8.4 0.3 416.9 Shareholder servicing fees 38.3 10.1 0.1 2.0 — 50.5 Other 7.8 0.3 — 0.1 — 8.2 Total $ 1,552.8 $ 380.8 $ 87.2 $ 96.2 $ 55.9 $ 2,172.9 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the nine months ended June 30, 2021 Investment management fees $ 3,416.1 $ 803.2 $ 212.7 $ 248.0 $ 156.1 $ 4,836.1 Sales and distribution fees 852.4 295.2 38.9 37.4 3.5 1,227.4 Shareholder servicing fees 119.9 26.0 0.2 5.9 3.6 155.6 Other 17.9 0.8 — 1.6 5.1 25.4 Total $ 4,406.3 $ 1,125.2 $ 251.8 $ 292.9 $ 168.3 $ 6,244.5 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended June 30, 2020 Investment management fees $ 488.7 $ 203.3 $ 58.5 $ 41.3 $ 17.4 $ 809.2 Sales and distribution fees 205.4 83.9 11.9 0.7 0.2 302.1 Shareholder servicing fees 37.0 5.9 — 1.7 — 44.6 Other 4.8 0.3 — 0.1 — 5.2 Total $ 735.9 $ 293.4 $ 70.4 $ 43.8 $ 17.6 $ 1,161.1 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the nine months ended June 30, 2020 Investment management fees $ 1,590.7 $ 691.9 $ 201.7 $ 151.4 $ 61.4 $ 2,697.1 Sales and distribution fees 675.1 277.5 39.6 2.2 0.9 995.3 Shareholder servicing fees 123.1 19.4 0.2 6.7 — 149.4 Other 16.9 0.9 — 0.4 1.5 19.7 Total $ 2,405.8 $ 989.7 $ 241.5 $ 160.7 $ 63.8 $ 3,861.5

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) June 30, September 30, Investments, at fair value Sponsored funds and separate accounts $ 392.3 $ 303.4 Investments related to long-term incentive plans 185.3 146.6 Other equity and debt investments 57.5 54.8 Total investments, at fair value 635.1 504.8 Investments in equity method investees 907.2 716.2 Other investments 73.1 83.5 Total $ 1,615.4 $ 1,304.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of June 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 251.3 $ 35.0 $ 21.7 $ 84.3 $ 392.3 Investments related to long-term incentive plans 185.3 — — — 185.3 Other equity and debt investments 5.0 8.1 3.0 41.4 57.5 Contingent consideration asset — — 24.1 — 24.1 Total Assets Measured at Fair Value $ 441.6 $ 43.1 $ 48.8 $ 125.7 $ 659.2 Liabilities Contingent consideration liabilities $ — $ — $ 25.3 $ — $ 25.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2020 Assets Investments, at fair value Sponsored funds and separate accounts $ 176.3 $ 40.9 $ 17.4 $ 68.8 $ 303.4 Investments related to long-term incentive plans 145.5 — — 1.1 146.6 Other equity and debt investments 2.1 1.5 — 51.2 54.8 Contingent consideration asset — — 39.7 — 39.7 Total Assets Measured at Fair Value $ 323.9 $ 42.4 $ 57.1 $ 121.1 $ 544.5 Liabilities Contingent consideration liabilities $ — $ — $ 25.3 $ — $ 25.3
Schedule of changes in Level 3 assets and liabilities	Changes in the Level 3 assets and liabilities were as follows: 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Liabilities for the three months ended June 30, Balance at beginning of period $ 19.5 $ 29.1 $ (25.3) $ 27.7 $ (7.6) Acquisitions — — — — (16.7) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.2 — — 0.8 — Included in general, administrative and other expense — — — — (0.2) Purchases 5.3 — — 2.3 — Sales (0.3) — — (10.5) — Settlements — (5.0) — (2.3) 0.1 Balance at End of Period $ 24.7 $ 24.1 $ (25.3) $ 18.0 $ (24.4) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ 0.2 $ — $ — $ 0.1 $ (0.2) 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Liabilities for the nine months ended June 30, Balance at beginning of period $ 17.4 $ 39.7 $ (25.3) $ 32.1 $ — Acquisitions — — — — (24.3) Total realized and unrealized gains (losses) Included in investment and other income (losses), net — — — 0.1 — Included in general, administrative and other expense — — — — (0.2) Purchases 13.8 — — 14.9 — Sales (5.8) — — (14.0) — Settlements (0.5) (15.6) — (5.1) 0.1 Consolidation of investment product — — — (10.0) — Transfers out of Level 3 (0.2) — — — — Balance at End of Period $ 24.7 $ 24.1 $ (25.3) $ 18.0 $ (24.4) Change in unrealized losses included in net income relating to assets and liabilities held at end of period $ — $ — $ — $ (0.9) $ (0.2)
Schedule of financial instruments not measured at fair value	Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value June 30, 2021 September 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,856.2 $ 3,856.2 $ 3,026.8 $ 3,026.8 Other investments Time deposits 2 20.1 20.1 19.2 19.2 Equity securities 3 53.0 57.5 64.3 67.3 Loans receivable 3 — — 42.4 42.4 Financial Liability Debt 2 $ 3,480.6 $ 3,533.0 $ 3,017.1 $ 3,086.5

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt	Debt consisted of the following: June 30, 2021 September 30, 2020 (in millions) Carrying Effective Interest Rate Carrying Effective Interest Rate Notes issued by Franklin Resources, Inc. $300 million 2.800% senior notes due September 2022 $ 299.9 2.93 % $ 299.8 2.93 % $400 million 2.850% senior notes due March 2025 399.7 2.97 % 399.7 2.97 % $750 million 1.600% senior notes due October 2030 748.4 1.72 % — N/A Total notes issued by Franklin Resources, Inc. 1,448.0 699.5 Notes issued by Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 268.0 1.53 % 272.4 1.53 % $450 million 4.750% senior notes due March 2026 513.0 1.80 % 523.0 1.80 % $550 million 5.625% senior notes due January 2044 743.7 3.38 % 747.5 3.38 % $250 million 6.375% junior notes due March 2056 — N/A 260.7 6.08 % $500 million 5.450% junior notes due September 2056 515.8 5.25 % 516.1 5.25 % Total notes issued by Legg Mason 2,040.5 2,319.7 Debt issuance costs (7.9) (2.1) Total $ 3,480.6 $ 3,017.1

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	9 Months Ended
	Jun. 30, 2021
Consolidated Investment Products [Abstract]
Schedule of balances of CIPs	The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) June 30, September 30, Assets Cash and cash equivalents $ 504.9 $ 963.0 Receivables 148.7 118.3 Investments, at fair value 4,982.6 4,074.0 Total Assets $ 5,636.2 $ 5,155.3 Liabilities Accounts payable and accrued expenses $ 307.3 $ 611.2 Debt 3,174.8 2,800.6 Other liabilities 5.0 12.1 Total liabilities 3,487.1 3,423.9 Redeemable Noncontrolling Interests 854.8 397.3 Stockholders ’ Equity Franklin Resources, Inc.’s interests 948.1 754.4 Nonredeemable noncontrolling interests 346.2 579.7 Total stockholders’ equity 1,294.3 1,334.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 5,636.2 $ 5,155.3
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of June 30, 2021 Assets Cash and cash equivalents of CLOs $ 121.9 $ — $ — $ — $ 121.9 Receivables of CLOs — 105.8 — — 105.8 Investments Equity and debt securities 289.8 774.0 288.9 338.3 1,691.0 Loans — 3,247.7 21.4 — 3,269.1 Real estate — — 22.5 — 22.5 Total Assets Measured at Fair Value $ 411.7 $ 4,127.5 $ 332.8 $ 338.3 $ 5,210.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2020 Assets Cash and cash equivalents of CLOs $ 527.3 $ — $ — $ — $ 527.3 Receivables of CLOs — 57.8 — — 57.8 Investments Equity and debt securities 177.6 285.7 322.3 261.1 1,046.7 Loans — 2,663.2 24.9 — 2,688.1 Real estate — — 339.2 — 339.2 Total Assets Measured at Fair Value $ 704.9 $ 3,006.7 $ 686.4 $ 261.1 $ 4,659.1
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended June 30, 2021 Balance at April 1, 2021 $ 271.2 $ 423.5 $ 22.4 $ 717.1 Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net 6.2 2.4 0.2 8.8 Purchases 14.0 44.2 — 58.2 Sales and settlements (2.4) — (1.2) (3.6) Deconsolidations — (448.8) — (448.8) Transfers into Level 3 0.9 — — 0.9 Transfers out of Level 3 (1.0) — — (1.0) Foreign exchange revaluation — 1.2 — 1.2 Balance at June 30, 2021 $ 288.9 $ 22.5 $ 21.4 $ 332.8 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021 $ 6.2 $ (0.5) $ 0.2 $ 5.9 (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2021 Balance at October 1, 2020 $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net 26.3 5.1 0.2 31.6 Purchases 34.1 116.5 — 150.6 Sales and settlements (59.4) — (3.7) (63.1) Deconsolidations (36.2) (448.8) — (485.0) Transfers into Level 3 2.1 — — 2.1 Transfers out of Level 3 (1.0) — — (1.0) Foreign exchange revaluation 0.7 10.5 — 11.2 Balance at June 30, 2021 $ 288.9 $ 22.5 $ 21.4 $ 332.8 Change in unrealized gains included in net income relating to assets held at June 30, 2021 $ 25.9 $ 2.2 $ 0.3 $ 28.4 (in millions) Equity and Debt Real Estate Loans Total for the three months ended June 30, 2020 Balance at April 1, 2020 $ 287.0 $ 288.0 $ 11.0 $ 586.0 Realized and unrealized losses included in investment and other income (losses) of consolidated investment products, net (9.4) (0.4) (0.4) (10.2) Purchases 63.1 12.1 — 75.2 Sales and settlements (1.2) — (1.7) (2.9) Transfers out of Level 3 (0.1) — — (0.1) Foreign exchange revaluation (1.8) 4.6 — 2.8 Balance at June 30, 2020 $ 337.6 $ 304.3 $ 8.9 $ 650.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (8.6) $ (0.5) $ (0.4) $ (9.5) (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ 333.8 $ 152.7 $ 16.6 $ 503.1 Realized and unrealized losses included in investment and other income (losses) of consolidated investment products, net (37.3) (1.3) (1.8) (40.4) Purchases 85.8 153.7 — 239.5 Sales and settlements (3.5) — (5.9) (9.4) Deconsolidation (40.7) — — (40.7) Transfers into Level 3 2.2 — — 2.2 Transfers out of Level 3 (1.1) — — (1.1) Foreign exchange revaluation (1.6) (0.8) — (2.4) Balance at June 30, 2020 $ 337.6 $ 304.3 $ 8.9 $ 650.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (36.5) $ (1.3) $ (1.8) $ (39.6)
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements	Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of June 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 155.6 Market pricing Private sale pricing $0.02–$143.39 ($18.25) per share 71.7 Discounted cash flow Discount rate 3.4%–6.3% (4.3%) Risk premium 14.5% 61.6 Market comparable companies Enterprise value/ 13.5–20.6 (17.1) Discount for lack of marketability 14.8%–25.5% (21.1%) Enterprise value/ 0.6–7.2 (4.9) Price to earnings ratio 28.5 Real estate 22.5 Discounted cash flow Discount rate 6.0% Exit capitalization rate 5.5% (in millions) as of September 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 119.8 Discounted cash flow Discount rate 4.0%–23.0% (11.4%) Discount for lack of marketability 17.0% Risk premium 9.7%–19.3% (16.7%) 108.5 Market comparable companies Enterprise value/ 7.0–19.1 (10.8) Discount for lack of marketability 20.0%–25.2% (21.9%) Risk premium 55.0% Enterprise value/ 7.5 Price to earnings ratio 9.4–10.0 (9.7) 94.0 Market pricing Private sale pricing $0.02-$100.00 ($13.01) per share Real estate 231.8 Discounted cash flow Discount rate 4.5%–6.5% (5.2%) Exit capitalization rate 6.0% 107.4 Yield capitalization Equivalent yield 4.3%–6.1% (5.2%)
Schedule of financial instruments of CIPs not measured at fair value	Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value June 30, 2021 September 30, 2020 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 383.0 $ 383.0 $ 435.7 $ 435.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 3,157.2 $ 3,147.2 $ 2,646.9 $ 2,683.2 Other debt 3 17.6 17.6 153.7 155.2
Schedule of debt of CIPs	Debt of CIPs consisted of the following: June 30, 2021 September 30, 2020 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 3,157.2 2.25% $ 2,646.9 2.99% Other debt 17.6 3.22% 153.7 2.97% Total $ 3,174.8 $ 2,800.6
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CIPs at June 30, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2021 (remainder of year) $ 121.2 2022 61.9 2023 — 2024 — 2025 9.8 Thereafter 2,981.9 Total $ 3,174.8
Schedule of unpaid principal balance and fair value of investments and debt of CLOs	The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) June 30, September 30, Unpaid principal balance $ 3,245.9 $ 2,809.8 Difference between unpaid principal balance and fair value 9.9 (146.6) Fair Value $ 3,255.8 $ 2,663.2

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests were as follows: (in millions) 2021 CIPs Minority Interests Total 2020¹ for the three months ended June 30, Balance at beginning of period $ 609.9 $ 205.8 $ 815.7 $ 209.1 Net income 23.5 10.2 33.7 31.3 Net subscriptions (distributions) and other 190.1 (18.1) 172.0 52.6 Net consolidations 31.3 — 31.3 420.8 Balance at End of Period $ 854.8 $ 197.9 $ 1,052.7 $ 713.8 (in millions) 2021 CIPs Minority Interests Total 2020¹ for the nine months ended June 30, Balance at beginning of period $ 397.3 $ 144.6 $ 541.9 $ 746.7 Net income 42.9 21.5 64.4 11.8 Net subscriptions (distributions) and other 270.0 (20.5) 249.5 241.2 Net consolidations (deconsolidations) 144.6 — 144.6 (285.9) Adjustment to fair value — 52.3 52.3 — Balance at End of Period $ 854.8 $ 197.9 $ 1,052.7 $ 713.8

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	9 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss from nonconsolidated VIEs	The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables, and loans and related interest receivable as follows: (in millions) June 30, September 30, Investments $ 664.7 $ 439.2 Receivables 173.9 168.0 Loans receivable — 42.4 Total $ 838.6 $ 649.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of stock and stock unit award activity	Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the nine months ended June 30, 2021 Nonvested balance at October 1, 2020 12,141 4,808 16,949 $ 24.30 Granted 5,661 351 6,012 20.85 Vested (938) (223) (1,161) 30.36 Forfeited/canceled (392) (631) (1,023) 31.41 Nonvested Balance at June 30, 2021 16,472 4,305 20,777 $ 22.61

Investment and Other Income (_2

Investment and Other Income (Losses), Net (Tables)	9 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Schedule of investment and other income, net	Investment and other income (losses), net consisted of the following: Three Months Ended Nine Months Ended (in millions) 2021 2020 2021 2020 Dividend income $ 1.9 $ 5.5 $ 5.7 $ 44.1 Interest income 1.5 2.3 6.7 11.4 Gains (losses) on investments, net 17.3 42.3 76.2 (29.3) Income (losses) from investments in equity method investees 39.4 10.0 123.8 (110.3) Gains (losses) on derivatives, net (9.1) (20.2) (25.2) 8.9 Rental income 7.2 7.7 22.7 23.0 Foreign currency exchange losses, net (7.2) (0.6) (17.2) (11.5) Other, net 1.9 2.6 4.5 0.2 Investment and other income (losses), net $ 52.9 $ 49.6 $ 197.2 $ (63.5)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component	Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Total for the three months ended June 30, 2021 Balance at April 1, 2021 $ (340.9) $ (7.6) $ (348.5) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 21.5 (0.2) 21.3 Reclassifications to net investment and other income (losses), net of tax 1.1 — 1.1 Total other comprehensive income (loss) 22.6 (0.2) 22.4 Balance at June 30, 2021 $ (318.3) $ (7.8) $ (326.1) (in millions) Currency Unrealized Total for the nine months ended June 30, 2021 Balance at October 1, 2020 $ (399.6) $ (8.0) $ (407.6) Other comprehensive income Other comprehensive income before reclassifications, net of tax 79.3 0.2 79.5 Reclassifications to net investment and other income (losses), net of tax 2.0 — 2.0 Total other comprehensive income 81.3 0.2 81.5 Balance at June 30, 2021 $ (318.3) $ (7.8) $ (326.1) (in millions) Currency Unrealized Unrealized Total for the three months ended June 30, 2020 Balance at April 1, 2020 $ (469.9) $ (6.4) $ 0.2 $ (476.1) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 26.1 — (0.5) 25.6 Reclassifications to net investment and other income (losses), net of tax — — 0.4 0.4 Total other comprehensive income (loss) 26.1 — (0.1) 26.0 Balance at June 30, 2020 $ (443.8) $ (6.4) $ 0.1 $ (450.1) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ (425.4) $ (6.2) $ — $ (431.6) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (18.8) (0.2) (0.5) (19.5) Reclassifications to net investment and other income (losses), net of tax 0.4 — 0.6 1.0 Total other comprehensive income (loss) (18.4) (0.2) 0.1 (18.5) Balance at June 30, 2020 $ (443.8) $ (6.4) $ 0.1 $ (450.1)

Basis of Presentation - Effects

Basis of Presentation - Effects of the changes to the previously reported statement of income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
General, administrative and other		$ 158	$ 75.2	$ 398.5	$ 237.5
Investment and other income (losses), net		52.9	49.6	197.2	(63.5)
Interest expense		(25.7)	(5.2)	(71.3)	(15)
Other Income (Expenses), Net		77.3	37.3	362.7	(127)
Receivables		1,361.1		1,361.1				$ 1,233.1
Investments		1,615.4		1,615.4				1,304.5
Cash and cash equivalents		4,361.1	7,030.2	4,361.1	7,030.2			3,989.8			$ 6,206.6
Investments, at fair value		635.1		635.1				504.8
Total Assets		23,129.1		23,129.1				21,684.5
Accounts payable and accrued expenses		460.5		460.5				426.9
Debt		3,480.6		3,480.6				3,017.1
Total liabilities		10,645.6		10,645.6				10,273.5
Nonredeemable noncontrolling interests		555.6		555.6				754.6
Total stockholders’ equity		11,430.8	10,903.9	11,430.8	10,903.9	$ 11,518.6	$ 11,279.6	10,869.1	$ 10,684.8	$ 10,759.1	$ 10,541.5
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity		23,129.1		23,129.1				21,684.5
Net Cash Provided by (Used in) Operating Activities				739.3	702.6
Net Cash Provided by (Used in) Investing Activities				(1,936)	(464.2)
Net Cash Provided by (Used in) Financing Activities				1,542.9	579
CIPs [Member]
Investment and other income (losses), net		61	0.3	263.3	(25.4)
Expenses of consolidated investment products		(10.9)	(7.4)	(26.5)	(23.1)
Receivables		148.7		148.7				118.3
Cash and cash equivalents		504.9		504.9				963
Investments, at fair value		4,982.6		4,982.6				4,074
Total Assets		5,636.2		5,636.2				5,155.3
Accounts payable and accrued expenses		307.3		307.3				611.2
Debt		3,174.8		3,174.8				2,800.6
Total liabilities		3,487.1		3,487.1				3,423.9
Nonredeemable noncontrolling interests		346.2		346.2				579.7
Total stockholders’ equity		1,294.3		1,294.3				1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity		$ 5,636.2		$ 5,636.2				5,155.3
Previously Reported
Other			32.2		97.3
General, administrative and other	[1]		85.7		271.8
Investment and other income (losses), net			22.9		(166.5)
Interest expense			(6.8)		(17.7)
Other Income (Expenses), Net			16.1		(184.2)
Receivables								1,200.6
Investments								1,270.5
Total Assets								20,220.9
Total liabilities								8,705.2
Nonredeemable noncontrolling interests								859.3
Total stockholders’ equity								10,973.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity								20,220.9
Net Cash Provided by (Used in) Operating Activities					646.6
Net Cash Provided by (Used in) Investing Activities					269.1
Net Cash Provided by (Used in) Financing Activities					96.4
Previously Reported | CIPs [Member]
Investment and other income (losses), net			0		0
Expenses of consolidated investment products			0		0
Cash and cash equivalents								930.7
Investments, at fair value								2,709.2
Accounts payable and accrued expenses								510.1
Debt								1,333.4
Restatement Adjustment
Other			(27)		(77.6)
General, administrative and other	[1]		(5.8)		(20.4)
Investment and other income (losses), net			26.7		103
Interest expense			1.6		2.7
Other Income (Expenses), Net			21.2		57.2
Receivables								32.5
Investments								34
Total Assets								1,463.6
Total liabilities								1,568.3
Nonredeemable noncontrolling interests								(104.7)
Total stockholders’ equity								(104.7)
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity								1,463.6
Net Cash Provided by (Used in) Operating Activities					56
Net Cash Provided by (Used in) Investing Activities					(733.3)
Net Cash Provided by (Used in) Financing Activities					482.6
Restatement Adjustment | CIPs [Member]
Investment and other income (losses), net			0.3		(25.4)
Expenses of consolidated investment products			(7.4)		(23.1)
Cash and cash equivalents								32.3
Investments, at fair value								1,364.8
Accounts payable and accrued expenses								101.1
Debt								1,467.2
As Amended
Other			5.2		19.7
General, administrative and other	[1]		79.9		251.4
Investment and other income (losses), net			49.6		(63.5)
Interest expense			(5.2)		(15)
Other Income (Expenses), Net			37.3		(127)
Receivables								1,233.1
Investments								1,304.5
Total Assets								21,684.5
Total liabilities								10,273.5
Nonredeemable noncontrolling interests								754.6
Total stockholders’ equity								10,869.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity								21,684.5
Net Cash Provided by (Used in) Operating Activities					702.6
Net Cash Provided by (Used in) Investing Activities					(464.2)
Net Cash Provided by (Used in) Financing Activities					579
As Amended | CIPs [Member]
Investment and other income (losses), net			0.3		(25.4)
Expenses of consolidated investment products			$ (7.4)		$ (23.1)
Cash and cash equivalents								963
Investments, at fair value								4,074
Accounts payable and accrued expenses								611.2
Debt								$ 2,800.6
[1]	General, administrative and other includes amortization of intangible assets.

New Accounting Guidance - Narra

New Accounting Guidance - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Oct. 01, 2020	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables	$ 1,361.1		$ 1,233.1
Deferred tax liabilities	321.2		305.3
Retained earnings	$ 11,151		$ 10,472.6
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables		$ 4.1
Deferred tax liabilities		0.8
Retained earnings		$ 3.3

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Legg Mason [Member] - USD ($) $ in Millions	Jul. 31, 2020	Mar. 31, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Purchase consideration in cash	$ 4,500
Business Combination Other Consideration Historical Compensation	$ 200
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 1,500.8
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 291.4
General, administrative and other expense [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs			$ 6.7
Compensation and Benefits [Member]
Business Acquisition [Line Items]
Business Combination, Integration Related Costs			$ 13

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Earnings Per Share [Abstract]
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS	0.5	0.5

Earnings per Share - Components

Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 438.4	$ 290.4	$ 1,165.5	$ 720
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	19.4	4.2	50.6	9.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	19.4	4.2	50.6	9.7
Net Income Available to Common Stockholders - basic	419	286.2	1,114.9	710.3
Net Income Available to Common Stockholders - diluted	$ 419	$ 286.2	$ 1,114.9	$ 710.3
Weighted-average shares outstanding – basic	489.2	490.4	490.3	492.2
Dilutive effect of nonparticipating nonvested stock unit awards	0.7	0.3	0.6	0.5
Weighted-Average Shares Outstanding – Diluted	489.9	490.7	490.9	492.7
Earnings per Share [Abstract]
Basic	$ 0.86	$ 0.58	$ 2.27	$ 1.44
Diluted	$ 0.86	$ 0.58	$ 2.27	$ 1.44

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	78.00%	91.00%	80.00%	91.00%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,172.9	$ 1,161.1	$ 6,244.5	$ 3,861.5
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,697.3	809.2	4,836.1	2,697.1
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	416.9	302.1	1,227.4	995.3
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50.5	44.6	155.6	149.4
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8.2	5.2	25.4	19.7
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,552.8	735.9	4,406.3	2,405.8
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,213	488.7	3,416.1	1,590.7
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	293.7	205.4	852.4	675.1
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38.3	37	119.9	123.1
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7.8	4.8	17.9	16.9
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	380.8	293.4	1,125.2	989.7
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	269.9	203.3	803.2	691.9
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	100.5	83.9	295.2	277.5
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10.1	5.9	26	19.4
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.3	0.3	0.8	0.9
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	87.2	70.4	251.8	241.5
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	73.1	58.5	212.7	201.7
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14	11.9	38.9	39.6
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.1	0	0.2	0.2
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	96.2	43.8	292.9	160.7
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	85.7	41.3	248	151.4
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8.4	0.7	37.4	2.2
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2	1.7	5.9	6.7
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.1	0.1	1.6	0.4
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	55.9	17.6	168.3	63.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	55.6	17.4	156.1	61.4
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.3	0.2	3.5	0.9
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	3.6	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0	$ 5.1	$ 1.5

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Investment Holdings [Line Items]
Total investments, at fair value	$ 635.1	$ 504.8
Investments in equity method investees	907.2	716.2
Other investments	73.1	83.5
Total	1,615.4	1,304.5
Sponsored funds and separate accounts
Investment Holdings [Line Items]
Investments, at fair value	392.3	303.4
Investments related to long-term incentive plans
Investment Holdings [Line Items]
Investments, at fair value	185.3	146.6
Other equity and debt investments
Investment Holdings [Line Items]
Investments, at fair value	$ 57.5	$ 54.8

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 9.5
Nonredeemable Private Debt, Equity and Infrastructure Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 55.1	$ 51.2
Liquidation weighted-average period	4 years 1 month 6 days	1 year 10 months 24 days
Private Debt Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 44.4	$ 40.2
Redeemable Global Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	12.7	$ 25.3
Redeemable Private Real Estate Infrastructure Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 11.8

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	$ 392.3	$ 303.4
Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	185.3	146.6
Other equity and debt investments
Assets [Abstract]
Investments, at fair value	57.5	54.8
Fair Value, Recurring [Member]
Assets [Abstract]
Contingent consideration asset	24.1	39.7
Total Assets Measured at Fair Value	659.2	544.5
Liability [Abstract]
Contingent consideration liabilities	25.3	25.3
Fair Value, Recurring [Member] | Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	392.3	303.4
Fair Value, Recurring [Member] | Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	185.3	146.6
Fair Value, Recurring [Member] | Other equity and debt investments
Assets [Abstract]
Investments, at fair value	57.5	54.8
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	441.6	323.9
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	251.3	176.3
Fair Value, Recurring [Member] | Level 1 [Member] | Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	185.3	145.5
Fair Value, Recurring [Member] | Level 1 [Member] | Other equity and debt investments
Assets [Abstract]
Investments, at fair value	5	2.1
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	43.1	42.4
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] | Level 2 [Member] | Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	35	40.9
Fair Value, Recurring [Member] | Level 2 [Member] | Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Level 2 [Member] | Other equity and debt investments
Assets [Abstract]
Investments, at fair value	8.1	1.5
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Contingent consideration asset	24.1	39.7
Total Assets Measured at Fair Value	48.8	57.1
Liability [Abstract]
Contingent consideration liabilities	25.3	25.3
Fair Value, Recurring [Member] | Level 3 [Member] | Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	21.7	17.4
Fair Value, Recurring [Member] | Level 3 [Member] | Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Other equity and debt investments
Assets [Abstract]
Investments, at fair value	3	0
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	125.7	121.1
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | Sponsored funds and separate accounts
Assets [Abstract]
Investments, at fair value	84.3	68.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | Investments related to long-term incentive plans
Assets [Abstract]
Investments, at fair value	0	1.1
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | Other equity and debt investments
Assets [Abstract]
Investments, at fair value	$ 41.4	$ 51.2

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	$ 19.5	$ 27.7	$ 17.4	$ 32.1
Purchases	5.3	2.3	13.8	14.9
Sales - assets	(0.3)	(10.5)	(5.8)	(14)
Settlements - assets	0	(2.3)	(0.5)	(5.1)
Consolidation of investment product			0	(10)
Transfers out of Level 3			(0.2)	0
Balance at End of Period - assets	24.7	18	24.7	18
Change in unrealized losses included in net income relating to assets and liability held at end of period - assets	0.2	0.1	0	(0.9)
Contingent Consideration Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	29.1		39.7
Purchases	0		0
Sales - assets	0		0
Settlements - assets	(5)		(15.6)
Transfers out of Level 3			0
Balance at End of Period - assets	24.1		24.1
Change in unrealized losses included in net income relating to assets and liability held at end of period - assets	0		0
Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - liabilities	(25.3)	(7.6)	(25.3)	0
Acquisitions	0	(16.7)	0	(24.3)
Purchases - liabilities	0	0	0	0
Sales - liabilities	0	0	0	0
Settlements - liabilities	0	0.1	0	0.1
Transfers out of Level 3 - liabilities			0	0
Balance at End of Period - liabilities	(25.3)	(24.4)	(25.3)	(24.4)
Change in unrealized losses included in net income relating to assets and liability held at end of period - liabilities	0	(0.2)	0	(0.2)
Investment and other income (losses) [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0.2	0.8	0	0.1
Investment and other income (losses) [Member] | Contingent Consideration Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0		0
Investment and other income (losses) [Member] | Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	0	0	0	0
General, administrative and other expense [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0	0	0	0
General, administrative and other expense [Member] | Contingent Consideration Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0		0
General, administrative and other expense [Member] | Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	$ 0	$ (0.2)	$ 0	$ (0.2)

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Financial Assets [Abstract]
Cash and cash equivalents	$ 4,361.1	$ 3,989.8	$ 7,030.2	$ 6,206.6
Other investments	73.1	83.5
Financial Liability [Abstract]
Debt	3,480.6	3,017.1
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,856.2	3,026.8
Time deposits	20.1	19.2
Loans receivable	0	42.4
Financial Liability [Abstract]
Debt	3,480.6	3,017.1
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,856.2	3,026.8
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	20.1	19.2
Financial Liability [Abstract]
Debt	3,533	3,086.5
Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Loans receivable	0	42.4
Other equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	53	64.3
Other equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 57.5	$ 67.3

Debt Narratives (Details)

Debt Narratives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 15, 2021	Oct. 19, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Debt issuance costs	$ 7.9			$ 2.1
Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Unsecured Debt	1,450
Legg Mason [Member]
Debt Instrument [Line Items]
Unsecured Debt	1,750
Notes Due October 2030 [Member]
Debt Instrument [Line Items]
Debt face amount			$ 750
Stated interest rate			1.60%
Debt issuance costs			$ 6.7
Debt Instrument, Unamortized Discount			$ 1.7
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Debt face amount	$ 750
Stated interest rate	1.60%
Notes Due March 2056 [Member]
Debt Instrument [Line Items]
Debt face amount		$ 250
Stated interest rate		6.375%
Interest Payable		$ 4
Notes Due March 2056 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Debt face amount	$ 250
Stated interest rate	6.375%
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 15, 2021	Oct. 19, 2020	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	$ 3,480.6			$ 3,017.1
Debt issuance costs	7.9			2.1
Debt Instrument [Line Items]
Debt	3,480.6			3,017.1
Debt issuance costs	7.9			2.1
Franklin Resources, Inc. [Member]
Debt Disclosure [Abstract]
Senior notes	1,448			699.5
Debt Instrument [Line Items]
Senior notes	1,448			699.5
Legg Mason [Member]
Debt Disclosure [Abstract]
Debt	2,040.5			2,319.7
Debt Instrument [Line Items]
Debt	$ 2,040.5			$ 2,319.7
Notes Due September 2022 [Member]
Debt Instrument [Line Items]
Effective interest rate	2.93%			2.93%
Effective interest rate	2.93%			2.93%
Notes Due September 2022 [Member] | Franklin Resources, Inc. [Member]
Debt Disclosure [Abstract]
Senior notes	$ 299.9			$ 299.8
Debt Instrument [Line Items]
Senior notes	299.9			$ 299.8
Debt face amount	$ 300
Stated interest rate	2.80%
Notes Due March 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	2.97%			2.97%
Effective interest rate	2.97%			2.97%
Notes Due March 2025 [Member] | Franklin Resources, Inc. [Member]
Debt Disclosure [Abstract]
Senior notes	$ 399.7			$ 399.7
Debt Instrument [Line Items]
Senior notes	399.7			399.7
Debt face amount	$ 400
Stated interest rate	2.85%
Notes Due October 2030 [Member]
Debt Disclosure [Abstract]
Debt issuance costs			$ 6.7
Debt Instrument [Line Items]
Effective interest rate	1.72%
Debt issuance costs			6.7
Debt face amount			$ 750
Stated interest rate			1.60%
Effective interest rate	1.72%
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]
Debt Disclosure [Abstract]
Senior notes	$ 748.4			0
Debt Instrument [Line Items]
Senior notes	748.4			0
Debt face amount	$ 750
Stated interest rate	1.60%
Notes Due July 2024 [Member] | Legg Mason [Member]
Debt Disclosure [Abstract]
Senior notes	$ 268			272.4
Debt Instrument [Line Items]
Senior notes	$ 268			$ 272.4
Effective interest rate	1.53%			1.53%
Debt face amount	$ 250
Stated interest rate	3.95%
Effective interest rate	1.53%			1.53%
Notes Due March 2026 [Member] | Legg Mason [Member]
Debt Disclosure [Abstract]
Senior notes	$ 513			$ 523
Debt Instrument [Line Items]
Senior notes	$ 513			$ 523
Effective interest rate	1.80%			1.80%
Debt face amount	$ 450
Stated interest rate	4.75%
Effective interest rate	1.80%			1.80%
Notes Due January 2044 [Member] | Legg Mason [Member]
Debt Disclosure [Abstract]
Senior notes	$ 743.7			$ 747.5
Debt Instrument [Line Items]
Senior notes	$ 743.7			$ 747.5
Effective interest rate	3.38%			3.38%
Debt face amount	$ 550
Stated interest rate	5.625%
Effective interest rate	3.38%			3.38%
Notes Due March 2056 [Member]
Debt Instrument [Line Items]
Debt face amount		$ 250
Stated interest rate		6.375%
Notes Due March 2056 [Member] | Legg Mason [Member]
Debt Disclosure [Abstract]
Junior subordinated notes	$ 0			$ 260.7
Debt Instrument [Line Items]
Junior subordinated notes	0			$ 260.7
Effective interest rate				6.08%
Debt face amount	$ 250
Stated interest rate	6.375%
Effective interest rate				6.08%
Notes Due September 2056 [Member] | Legg Mason [Member]
Debt Disclosure [Abstract]
Junior subordinated notes	$ 515.8			$ 516.1
Debt Instrument [Line Items]
Junior subordinated notes	$ 515.8			$ 516.1
Effective interest rate	5.25%			5.25%
Debt face amount	$ 500
Stated interest rate	5.45%
Effective interest rate	5.25%			5.25%

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)CIPs	Dec. 31, 2020	Jun. 30, 2021USD ($)CIPs	Sep. 30, 2020USD ($)CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	57		57	75
Number of CLOs | CIPs	8		8	8
Schedule Of Consolidated Investment Products [Line Items]
CIPs' unfunded commitments				$ 9.5
Debt, unpaid principal balance	$ 3,480.6		$ 3,480.6	3,017.1
Investments ninety days or more past due [Line Items]	6.5		$ 6.5	$ 3.9
Nonredeemable Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period			4 years 1 month 6 days	1 year 10 months 24 days
Alternative Investment	55.1		$ 55.1	$ 51.2
Redeemable Hedge Fund [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	146.8		146.8
Nonredeemable U.S. Equity Fund [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	59.4		$ 59.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period		4 years 2 months 12 days	9 months 18 days
CIPs' unfunded commitments	0.5		$ 0.5	94
Unfunded commitments Company contractually obligated to fund	0.2		0.2	11.4
Debt, unpaid principal balance	3,174.8		3,174.8	2,800.6
CIPs [Member] | Nonredeemable Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	$ 132.1		$ 132.1	$ 261.1
CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.42%		2.42%	1.00%
CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	4.24%		4.24%	5.81%
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests	$ 1.1		$ 8.5
Debt face amount	3,165.4		3,165.4	$ 2,821.6
Collateralized loan obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 3,157.2		$ 3,157.2	$ 2,646.9
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	1.00%		1.00%	1.43%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	8.28%		8.28%	8.34%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Assets [Abstract]
Cash and cash equivalents	$ 4,361.1			$ 3,989.8	$ 7,030.2			$ 6,206.6
Receivables	1,361.1			1,233.1
Investments, at fair value	635.1			504.8
Total Assets	23,129.1			21,684.5
Liabilities [Abstract]
Accounts payable and accrued expenses	460.5			426.9
Debt	3,480.6			3,017.1
Other	441.7			456.1
Total liabilities	10,645.6			10,273.5
Redeemable Noncontrolling Interests	1,052.7			541.9
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	10,875.2			10,114.5
Nonredeemable noncontrolling interests	555.6			754.6
Total stockholders’ equity	11,430.8	$ 11,518.6	$ 11,279.6	10,869.1	$ 10,903.9	$ 10,684.8	$ 10,759.1	$ 10,541.5
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	23,129.1			21,684.5
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	504.9			963
Receivables	148.7			118.3
Investments, at fair value	4,982.6			4,074
Total Assets	5,636.2			5,155.3
Liabilities [Abstract]
Accounts payable and accrued expenses	307.3			611.2
Debt	3,174.8			2,800.6
Other	5			12.1
Total liabilities	3,487.1			3,423.9
Redeemable Noncontrolling Interests	854.8	$ 609.9		397.3
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	948.1			754.4
Nonredeemable noncontrolling interests	346.2			579.7
Total stockholders’ equity	1,294.3			1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 5,636.2			$ 5,155.3

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Assets [Abstract]
Investments, at fair value	$ 635.1	$ 504.8
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	3,255.8	2,663.2
CIPs [Member]
Assets [Abstract]
Investments, at fair value	4,982.6	4,074
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	659.2	544.5
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	441.6	323.9
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	43.1	42.4
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	48.8	57.1
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	125.7	121.1
Fair Value, Recurring [Member] | Collateralized loan obligations [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	121.9	527.3
Receivables of CLOs	105.8	57.8
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	121.9	527.3
Receivables of CLOs	0	0
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	105.8	57.8
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	0	0
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	5,210.3	4,659.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	411.7	704.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	4,127.5	3,006.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	332.8	686.4
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	338.3	261.1
Equity and debt securities | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,691	1,046.7
Equity and debt securities | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	289.8	177.6
Equity and debt securities | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	774	285.7
Equity and debt securities | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	288.9	322.3
Equity and debt securities | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	338.3	261.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	3,269.1	2,688.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	3,247.7	2,663.2
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	21.4	24.9
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	22.5	339.2
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	$ 22.5	$ 339.2

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 717.1	$ 586	$ 686.4	$ 503.1
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net	8.8	(10.2)	31.6	(40.4)
Purchases	58.2	75.2	150.6	239.5
Sales and settlements	(3.6)	(2.9)	(63.1)	(9.4)
Transfers into Level 3	0.9		2.1	2.2
Transfers out of Level 3	(1)	(0.1)	(1)	(1.1)
Deconsolidation	(448.8)		(485)	(40.7)
Foreign exchange revaluation	1.2	2.8	11.2	(2.4)
Balance at End of Period - assets	332.8	650.8	332.8	650.8
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021	5.9	(9.5)	28.4	(39.6)
Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	271.2	287	322.3	333.8
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net	6.2	(9.4)	26.3	(37.3)
Purchases	14	63.1	34.1	85.8
Sales and settlements	(2.4)	(1.2)	(59.4)	(3.5)
Transfers into Level 3	0.9		2.1	2.2
Transfers out of Level 3	(1)	(0.1)	(1)	(1.1)
Deconsolidation	0		(36.2)	(40.7)
Foreign exchange revaluation	0	(1.8)	0.7	(1.6)
Balance at End of Period - assets	288.9	337.6	288.9	337.6
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021	6.2	(8.6)	25.9	(36.5)
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	22.4	11	24.9	16.6
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net	0.2	(0.4)	0.2	(1.8)
Purchases	0	0	0	0
Sales and settlements	(1.2)	(1.7)	(3.7)	(5.9)
Transfers into Level 3	0		0	0
Transfers out of Level 3	0	0	0	0
Deconsolidation	0		0	0
Foreign exchange revaluation	0	0	0	0
Balance at End of Period - assets	21.4	8.9	21.4	8.9
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021	0.2	(0.4)	2.2	(1.8)
Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	423.5	288	339.2	152.7
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net	2.4	(0.4)	5.1	(1.3)
Purchases	44.2	12.1	116.5	153.7
Sales and settlements	0	0	0	0
Transfers into Level 3	0		0	0
Transfers out of Level 3	0	0	0	0
Deconsolidation	(448.8)		(448.8)	0
Foreign exchange revaluation	1.2	4.6	10.5	(0.8)
Balance at End of Period - assets	22.5	304.3	22.5	304.3
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021	$ (0.5)	$ (0.5)	$ 0.3	$ (1.3)

Consolidated Investment Produ_7

Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		Jun. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 635.1	$ 504.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		4,982.6	4,074
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		1,691	1,046.7
Fair Value, Recurring [Member] | CIPs [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		22.5	339.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		288.9	322.3
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		71.7	119.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		155.6	94
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 61.6	$ 108.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount rate [Member] | Minimum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.034	0.040
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount rate [Member] | Maximum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.063	0.230
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount rate [Member] | Weighted Average [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.043	0.114
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount for lack of marketability [Member] | Minimum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.148	0.200
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount for lack of marketability [Member] | Maximum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.255	0.252
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount for lack of marketability [Member] | Weighted Average [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.170
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Discount for lack of marketability [Member] | Weighted Average [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.211	0.219
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | EBITDA multiple [Member] | Minimum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		13.5	7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | EBITDA multiple [Member] | Maximum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		20.6	19.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | EBITDA multiple [Member] | Weighted Average [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	17.1	10.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Risk premium [Member] | Minimum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.097
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Risk premium [Member] | Maximum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.193
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Risk premium [Member] | Weighted Average [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.145	0.167
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Risk premium [Member] | Weighted Average [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.550
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Revenue multiple [Member] | Minimum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Revenue multiple [Member] | Maximum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		7.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Revenue multiple [Member] | Weighted Average [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	4.9	7.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Price-to-earnings ratio [Member] | Minimum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			9.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Price-to-earnings ratio [Member] | Maximum [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			10
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Price-to-earnings ratio [Member] | Weighted Average [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	28.5	9.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Private sale pricing [Member] | Minimum [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		0.02	0.02
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Private sale pricing [Member] | Maximum [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		143.39	100
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities | Private sale pricing [Member] | Weighted Average [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares	[1]	18.25	13.01
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 22.5	$ 339.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 22.5	231.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			$ 107.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discount rate [Member] | Minimum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.045
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discount rate [Member] | Maximum [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.065
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discount rate [Member] | Weighted Average [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.060	0.052
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Equivalent yield [Member] | Minimum [Member] | Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.043
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Equivalent yield [Member] | Maximum [Member] | Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.061
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Equivalent yield [Member] | Weighted Average [Member] | Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.052
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Exit Capitalization Rate | Weighted Average [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.055	0.060
[1]	Based on the relative fair value of the instruments.

Consolidated Investment Produ_8

Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021		Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 3,856.2		$ 3,026.8
Financial Liability [Abstract]
Debt of CLOs1	3,480.6		3,017.1
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	383		435.7
Financial Liability [Abstract]
Other debt	17.6		153.7
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,856.2		3,026.8
Estimated Fair Value [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	3,533		3,086.5
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	383		435.7
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Other debt	17.6		155.2
Cash and cash equivalents	4,361.1		3,989.8	$ 7,030.2	$ 6,206.6
Debt of CLOs1	3,480.6		3,017.1
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	504.9		963
Financial Liability [Abstract]
Debt of CLOs1	3,174.8		2,800.6
Other debt	17.6		153.7
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	3,157.2		2,646.9
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	3,147.2	[1]	2,683.2
Collateralized loan obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	$ 3,157.2		$ 2,646.9
[1]	Substantially all was Level 2.

Consolidated Investment Produ_9

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,480.6	$ 3,017.1
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	3,174.8	2,800.6
Other debt	$ 17.6	$ 153.7
Effective interest rate	3.22%	2.97%
CIPs [Member] | Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,157.2	$ 2,646.9
Effective interest rate	2.25%	2.99%

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,480.6	$ 3,017.1
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2021 (remainder of year)	121.2
2022	61.9
2023	0
2024	0
2025	9.8
Thereafter	2,981.9
Debt	$ 3,174.8

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 1,615.4	$ 1,304.5
Total investments, at fair value	635.1	504.8
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	3,245.9	2,809.8
Difference between unpaid principal balance and fair value	9.9	(146.6)
Total investments, at fair value	$ 3,255.8	$ 2,663.2

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended									9 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2019		Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Balance at beginning of period			$ 541.9							$ 541.9
Net income	$ 33.7			$ 31.3						64.4	$ 11.8
Net subscriptions (distributions) and other	87.9	$ 16.5	93.3	76.3		$ 96.3		$ 35.6
Net consolidations (deconsolidations)	(487)	(31.6)				(0.6)		(0.7)
Adjustment to fair value		52.3
Balance at End of Period	1,052.7									1,052.7
Minority Interests
Noncontrolling Interest [Line Items]
Balance at beginning of period	205.8		144.6							144.6
Net income	10.2									21.5
Net subscriptions (distributions) and other	(18.1)									(20.5)
Net consolidations (deconsolidations)	0									0
Adjustment to fair value										52.3
Balance at End of Period	197.9	205.8								197.9
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	815.7		541.9	209.1	[1]			$ 746.7	[1]	541.9	746.7	[1]
Net income	33.7			31.3	[1]					64.4	11.8	[1]
Net subscriptions (distributions) and other	172			52.6	[1]					249.5	241.2	[1]
Net consolidations (deconsolidations)	31.3			420.8	[1]					144.6	(285.9)	[1]
Adjustment to fair value										52.3
Balance at End of Period	1,052.7	815.7		$ 713.8	[1]	$ 209.1	[1]			1,052.7	$ 713.8	[1]
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	609.9		$ 397.3							397.3
Net income	23.5									42.9
Net subscriptions (distributions) and other	190.1									270
Net consolidations (deconsolidations)	31.3									144.6
Balance at End of Period	$ 854.8	$ 609.9								$ 854.8
[1]	Represents redeemable noncontrolling interests of CIPs

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities Narrative (Details) - 1 months ended Apr. 30, 2020 $ in Millions, ₨ in Billions	INR (₨)	USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Authorized loan	₨ 5	$ 66.2

Nonconsolidated Variable Inte_4

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 838.6	$ 649.6
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	664.7	439.2
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	173.9	168
Loans Receivable [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0	$ 42.4

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands, ₨ in Millions	Jul. 31, 2021INR (₨)	Jul. 31, 2021USD ($)	Jun. 30, 2021INR (₨)	Jun. 30, 2021USD ($)	Apr. 24, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Assets Under Management, India Fixed Income Mutual Funds					$ 3,400,000
Aggregate monetary penalties			₨ 200	$ 2,700
Disgorgement of revenue			₨ 5,125	$ 68,900
Interest accrued on disgorgement of revenue			12.00%	12.00%
Other Commitments [Line Items]
Escrow Deposit			₨ 2,500	$ 33,600
Subsequent Event [Member]
Other Commitments [Line Items]
Distribution to Unitholders of India Fixed Income Mutual Funds		$ 2,800,000
Escrow Deposit	₨ 75	$ 1,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Jun. 30, 2021USD ($)
Share-based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 319.1
Remaining weighted-average vesting period	2 years 7 months 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	9 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2020	16,949
Granted	6,012
Vested	(1,161)
Forfeited/canceled	(1,023)
Nonvested Balance at June 30, 2021	20,777
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 24.30
Weighted Average Grant Date Fair Value of shares granted | $ / shares	20.85
Weighted Average Grant Date Fair Value of shares vested | $ / shares	30.36
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	31.41
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 22.61
Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2020	12,141
Granted	5,661
Vested	(938)
Forfeited/canceled	(392)
Nonvested Balance at June 30, 2021	16,472
Performance-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2020	4,808
Granted	351
Vested	(223)
Forfeited/canceled	(631)
Nonvested Balance at June 30, 2021	4,305

Investment and Other Income (_3

Investment and Other Income (Losses), net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ (0.2)	$ 52.9	$ 27.2	$ (12.5)

Investment and Other Income (_4

Investment and Other Income (Losses), Net - Schedule of Investment and Other Income (Losses), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Dividend income	$ 1.9	$ 5.5	$ 5.7	$ 44.1
Interest income	1.5	2.3	6.7	11.4
Gains (losses) on investments, net	17.3	42.3	76.2	(29.3)
Income (losses) from investments in equity method investees	39.4	10	123.8	(110.3)
Gains (losses) on derivatives, net	(9.1)	(20.2)	(25.2)	8.9
Rental income	7.2	7.7	22.7	23
Foreign currency exchange losses, net	(7.2)	(0.6)	(17.2)	(11.5)
Other, net	1.9	2.6	4.5	0.2
Investment and other income (losses), net	$ 52.9	$ 49.6	$ 197.2	$ (63.5)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (348.5)		$ (407.6)	$ (476.1)		$ (431.6)	$ (407.6)	$ (431.6)
Other comprehensive income (loss) before reclassifications, net of tax	21.3			25.6			79.5	(19.5)
Reclassifications to net investment and other income (losses), net of tax	1.1			0.4			2	1
Total other comprehensive income (loss)	22.4	$ (33.8)	92.9	26	$ (99.9)	55.4	81.5	(18.5)
Balance at end of period	(326.1)	(348.5)		(450.1)	(476.1)		(326.1)	(450.1)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(340.9)		(399.6)	(469.9)		(425.4)	(399.6)	(425.4)
Other comprehensive income (loss) before reclassifications, net of tax	21.5			26.1			79.3	(18.8)
Reclassifications to net investment and other income (losses), net of tax	1.1			0			2	0.4
Total other comprehensive income (loss)	22.6			26.1			81.3	(18.4)
Balance at end of period	(318.3)	(340.9)		(443.8)	(469.9)		(318.3)	(443.8)
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(7.6)		$ (8)	(6.4)		(6.2)	(8)	(6.2)
Other comprehensive income (loss) before reclassifications, net of tax	(0.2)			0			0.2	(0.2)
Reclassifications to net investment and other income (losses), net of tax	0			0			0	0
Total other comprehensive income (loss)	(0.2)			0			0.2	(0.2)
Balance at end of period	$ (7.8)	$ (7.6)		(6.4)	(6.4)		$ (7.8)	(6.4)
Unrealized Gains on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period				0.2		$ 0		0
Other comprehensive income (loss) before reclassifications, net of tax				(0.5)				(0.5)
Reclassifications to net investment and other income (losses), net of tax				0.4				0.6
Total other comprehensive income (loss)				(0.1)				0.1
Balance at end of period				$ 0.1	$ 0.2			$ 0.1