Franklin Resources (BEN) 10-K 19 Nov 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Sep. 30, 2021	Oct. 31, 2021	Mar. 31, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-09318
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Central Index Key	0000038777
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
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
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8.5
Entity Common Stock, Shares Outstanding		501,795,099
Documents Incorporated by Reference [Text Block]	Certain portions of the registrant’s definitive proxy statement for its annual meeting of stockholders, to be filed with the Securities and Exchange Commission within 120 days after September 30, 2021, are incorporated by reference into Part III of this report.

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Operating Revenues
Operating revenues	$ 8,425.5	$ 5,566.5	$ 5,669.4
Operating Expenses
Compensation and benefits	2,971.3	1,873.9	1,584.7
Sales, distribution and marketing	2,105.8	1,703.1	1,819.6
Information systems and technology	486.1	288.4	258.5
Occupancy	218.1	147.9	133.6
Amortization of intangible assets	232	54	14.7
General, administrative and other	537.2	450.3	391.4
Total operating expenses	6,550.5	4,517.6	4,202.5
Operating Income	1,875	1,048.9	1,466.9
Other Income (Expenses)
Investment and other income (losses), net	264.7	(38.4)	141.4
Interest expense	(85.4)	(33.4)	(22.4)
Other income (expenses), net	569.2	(31)	180.9
Income before taxes	2,444.2	1,017.9	1,647.8
Taxes on income	349.6	230.8	442.3
Net income	2,094.6	787.1	1,205.5
Less: net income (loss) attributable to
Redeemable noncontrolling interests	94.1	48.6	6.2
Nonredeemable noncontrolling interests	169.3	(60.4)	3.6
Net Income Attributable to Franklin Resources, Inc.	$ 1,831.2	$ 798.9	$ 1,195.7
Earnings per Share
Basic	$ 3.58	$ 1.59	$ 2.35
Diluted	$ 3.57	$ 1.59	$ 2.35
Consolidated Investment Products [Member]
Other Income (Expenses)
Investment and other income (losses), net	$ 421.1	$ 70.2	$ 78.8
Expenses of consolidated investment products	(31.2)	(29.4)	(16.9)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	63.8	45
Investment management fees [Member]
Operating Revenues
Operating revenues	6,541.6	3,981.7	3,985.2
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	1,635.5	1,362	1,444.6
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	211.2	195.1	216.3
Other [Member]
Operating Revenues
Operating revenues	$ 37.2	$ 27.7	$ 23.3

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,094.6	$ 787.1	$ 1,205.5
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	29.1	25.8	(52.5)
Net unrealized gains (losses) on defined benefit plans, net of tax	0.9	(1.8)	(2)
Net unrealized gains on investments, net of tax	0	0	1.5
Total other comprehensive income (loss)	30	24	(53)
Total comprehensive income	2,124.6	811.1	1,152.5
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	94.1	48.6	6.2
Nonredeemable noncontrolling interests	169.3	(60.4)	3.6
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 1,861.2	$ 822.9	$ 1,142.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Assets
Cash and cash equivalents	$ 4,647.2	$ 3,989.8
Receivables	1,428.2	1,233.1
Investments	1,510.3	1,304.5
Investments, at fair value	588.3	504.8
Property and equipment, net	770	813.8
Goodwill	4,457.7	4,500.8
Intangible assets, net	4,710.2	4,914.2
Operating lease right-of-use assets	448.4	534.8
Other	376.3	319.5
Total Assets	24,168.4	21,684.5
Liabilities
Compensation and benefits	1,179.3	1,064
Accounts payable and accrued expenses	479.3	426.9
Commissions	259.8	268
Income taxes	693.6	703.3
Debt	3,399.4	3,017.1
Deferred tax liabilities	311.7	305.3
Operating lease liabilities	518.4	621
Other	354.3	456.1
Total liabilities	11,424.8	10,273.5
Commitments and Contingencies (Note 16)
Redeemable Noncontrolling Interests	933	541.9
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued	0	0
Common stock, $0.10 par value, 1,000,000,000 shares authorized;501,807,677 and 495,116,677 shares issued and outstanding at September 30, 2021 and 2020	50.2	49.5
Retained earnings	11,550.8	10,472.6
Accumulated other comprehensive loss	(377.6)	(407.6)
Total Franklin Resources, Inc. stockholders’ equity	11,223.4	10,114.5
Nonredeemable noncontrolling interests	587.2	754.6
Total stockholders’ equity	11,810.6	10,869.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	24,168.4	21,684.5
Consolidated Investment Products [Member]
Assets
Cash and cash equivalents	289.4	963
Receivables	127.8	118.3
Investments, at fair value	5,820.1	4,074
Total Assets	6,237.3	5,155.3
Liabilities
Accounts payable and accrued expenses	558	611.2
Debt	3,671	2,800.6
Other	13.8	12.1
Total liabilities	4,242.8	3,423.9
Redeemable Noncontrolling Interests	622.5	397.3
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	1,000.7	754.4
Nonredeemable noncontrolling interests	371.3	579.7
Total stockholders’ equity	1,372	1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	6,237.3	5,155.3
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 4,357.8	$ 3,026.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Statement of Financial Position [Abstract]
Investments, at fair value	$ 588.3	$ 504.8
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	501,807,677	495,116,677
Common stock, shares issued	501,807,677	495,116,677

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]	Accumulated Other Comprehensive Loss [Member]Cumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity [Member]	Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment	Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2018			519.1
Beginning balance at Sep. 30, 2018			$ 51.9	$ 0	$ 10,217.9		$ (370.6)		$ 9,899.2
Beginning balance (ASU 2014-09 and 2016-01 [Member]) at Sep. 30, 2018						$ 22.9		$ (8)		$ 14.9
Beginning balance at Sep. 30, 2018											$ 308.7
Beginning balance at Sep. 30, 2018	$ 10,207.9
Beginning balance (ASU 2014-09 and 2016-01 [Member]) at Sep. 30, 2018		$ 14.9
Stockholders' Equity [Roll Forward]
Net income	1,195.7				1,195.7				1,195.7
Nonredeemable noncontrolling interests	3.6										3.6
Net income	1,199.3
Other comprehensive income (loss)	(53)						(53)		(53)
Dividends declared on common stock	(528.3)				(528.3)				(528.3)
Repurchase of common stock - Shares			(24.6)
Repurchase of common stock - Amount	(756.3)		$ (2.5)	(133.8)	(620)				(756.3)
Issuance of common stock - Shares			4.8
Issuance of common stock - Amount	130.3		$ 0.5	129.8					130.3
Stock-based compensation	4			4					4
Net subscriptions and other	103.6										103.6
Net consolidation (deconsolidation) of investment products	24.3										24.3
Acquisitions	194.8										194.8
Ending balance - Shares at Sep. 30, 2019			499.3
Ending balance at Sep. 30, 2019			$ 49.9	0	10,288.2		(431.6)		9,906.5
Ending balance at Sep. 30, 2019											635
Ending balance at Sep. 30, 2019	10,541.5
Stockholders' Equity [Roll Forward]
Net income	798.9				798.9				798.9
Nonredeemable noncontrolling interests	(60.4)										(60.4)
Net income	738.5
Other comprehensive income (loss)	24						24		24
Dividends declared on common stock	(539)				(539)				(539)
Repurchase of common stock - Shares			(9)
Repurchase of common stock - Amount	(219.4)		$ (0.9)	(143)	(75.5)				(219.4)
Issuance of common stock - Shares			4.8
Issuance of common stock - Amount	127.2		$ 0.5	126.7					127.2
Stock-based compensation	16.3			16.3					16.3
Net subscriptions and other	164.4										164.4
Net consolidation (deconsolidation) of investment products	(6.8)										(6.8)
Acquisitions	39.1										39.1
Wind-down of a subsidiary	(16.7)										(16.7)
Ending balance - Shares at Sep. 30, 2020			495.1
Ending balance at Sep. 30, 2020	10,114.5		$ 49.5	0	10,472.6		(407.6)		10,114.5
Ending balance (ASU 2016-13 [Member]) at Sep. 30, 2020						$ (3.3)				$ (3.3)
Ending balance at Sep. 30, 2020	754.6										754.6
Ending balance at Sep. 30, 2020	10,869.1
Ending balance (ASU 2016-13 [Member]) at Sep. 30, 2020		$ (3.3)
Stockholders' Equity [Roll Forward]
Net income	1,831.2				1,831.2				1,831.2
Nonredeemable noncontrolling interests	169.3										169.3
Net income	2,000.5
Other comprehensive income (loss)	30						30		30
Dividends declared on common stock	(573.7)				(573.7)				(573.7)
Repurchase of common stock - Shares			(7.3)
Repurchase of common stock - Amount	(208.2)		$ (0.7)	(192.8)	(14.7)				(208.2)
Issuance of common stock - Shares			14
Issuance of common stock - Amount	133.4		$ 1.4	132					133.4
Stock-based compensation	60.8			60.8					60.8
Net subscriptions and other	213.6				(2.1)				(2.1)		215.7
Net consolidation (deconsolidation) of investment products	(552.4)										(552.4)
Adjustment to fair value of redeemable noncontrolling interests	(159.2)				(159.2)				(159.2)
Ending balance - Shares at Sep. 30, 2021			501.8
Ending balance at Sep. 30, 2021	11,223.4		$ 50.2	$ 0	$ 11,550.8		$ (377.6)		$ 11,223.4
Ending balance at Sep. 30, 2021	587.2										$ 587.2
Ending balance at Sep. 30, 2021	$ 11,810.6

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 1.12	$ 1.08	$ 1.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Net cash provided by operating activities
Net Income	$ 2,094.6	$ 787.1	$ 1,205.5
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	171.9	122.3	111.5
Amortization of deferred sales commissions	78.2	80.3	85.8
Depreciation and other amortization	78.6	74.5	78.7
Amortization of intangible assets	232	54	14.7
Impairments of intangible assets and goodwill	0	55.4	13.3
Net (gains) losses on investments	(75.5)	15.5	9.7
Losses (income) from investments in equity method investees	(154.3)	98.1	10.4
Net (gains) losses on investments of consolidated investment products	(316.4)	36.8	26.3
Net purchase of investments by consolidated investment products	(781)	(682.8)	(1,451.8)
Deferred income taxes	3.7	(7.1)	(1.3)
Other	16	(28.7)	17.2
Changes in operating assets and liabilities:
Decrease (increase) in receivables and other assets	(182.5)	134.7	(63.5)
Decrease in investments, net	12.8	537.3	142.4
Increase (decrease) in accrued compensation and benefits	114.8	(10.5)	89.4
Decrease in commissions payable	(8.2)	(33.8)	(43.9)
Decrease in income taxes payable	(12.5)	(123)	(210.1)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(89.1)	(97.4)	126
Increase in accounts payable and accrued expenses of consolidated investment products	62.3	70.6	108.2
Net cash provided by operating activities	1,245.4	1,083.3	268.5
Net cash used in investing activities
Purchase of investments	(770.4)	(481.4)	(401.9)
Liquidation of investments	594	880	343.2
Purchase of investments by consolidated collateralized loan obligations	(3,654.7)	(1,530.3)	(469.6)
Liquidation of investments by consolidated collateralized loan obligations	1,624.2	448.3	88.6
Decrease (increase) in loan receivables, net	42.7	(40.6)	0
Additions of property and equipment, net	(79.3)	(103.7)	(233.7)
Acquisitions, net of cash acquired	(9)	(3,821.4)	(493.5)
Payments of contingent consideration asset	20.3	0	0
Net (deconsolidation) consolidation of investment products	(383.7)	587.2	(108.5)
Net cash used in investing activities	(2,615.9)	(4,061.9)	(1,275.4)
Net cash provided by financing activities
Issuance of common stock	22.3	20.6	23.3
Dividends paid on common stock	(559.7)	(533.2)	(518.6)
Repurchase of common stock	(208.2)	(218.2)	(754.5)
Proceeds from issuance of debt	1,193.9	0	0
Payment of debt issuance costs	(11.8)	0	0
Payments on debt	(750)	0	0
Proceeds from loan	0	0.2	1.7
Payments on loan	0	(0.4)	(1.5)
Proceeds from debt of consolidated investment products	2,937.9	1,390.7	681.1
Payments on debt by consolidated investment products	(1,315.7)	(334.2)	(221.4)
Payments on contingent consideration liabilities	0	(0.6)	(20.4)
Noncontrolling interests	721.4	409.5	1,150.2
Net cash provided by financing activities	2,030.1	734.4	339.9
Effect of exchange rate changes on cash and cash equivalents	(2.2)	27.4	(37)
Increase (decrease) in cash and cash equivalents	657.4	(2,216.8)	(704)
Cash and cash equivalents, beginning of year	3,989.8	6,206.6	6,910.6
Cash and Cash Equivalents, End of Year	4,647.2	3,989.8	6,206.6
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	498	359.4	520.8
Cash paid for interest	116.6	18.9	27.4
Cash paid for interest by consolidated investment products	$ 102.8	$ 65.6	$ 2.3

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. In addition to investment management, the Company’s services include fund administration, sales and distribution, and shareholder servicing. Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management 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. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the fiscal year ended September 30, 2021 (“fiscal year 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 statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows: (in millions) for the fiscal years ended September 30, 2020 2019 As Reported Adjustments As Revised As Reported Adjustments As Revised Net cash provided by operating activities $ 1,021.4 $ 61.9 $ 1,083.3 $ 201.6 $ 66.9 $ 268.5 Net cash used in investing activities (3,243.1) (818.8) (4,061.9) (1,077.1) (198.3) (1,275.4) Net cash provided by (used in) financing activities 194.2 540.2 734.4 (40.5) 380.4 339.9 Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and CIPs in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company ’ s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products. The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE ’ s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key assumption used in the analysis includes the amount of assets under management (“AUM”). Related Parties include sponsored funds and equity method investees. A substantial amount of the Company ’ s operating revenues and receivables are from related parties. Earnings per Share . Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company ’ s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company ’ s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from three Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned. Amortization and impairment are recognized in general, administrative and other expense. Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed. The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit. If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values. Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade name intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type. Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities, which may include published net asset values (“NAV”) for fund products. Level 2 Observable inputs other than Level 1 quoted prices, such as non-binding quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or model-based valuation methodologies that utilize significant assumptions that are observable or corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity. These inputs require significant management judgment and reflect the Company’s estimation of assumptions that market participants would use in pricing the asset or liability. Quoted market prices may be adjusted if events occur, such as significant price changes in proxies traded in relevant markets after the close of corresponding markets, trade halts or suspensions, or unscheduled market closures. These proxies consist of correlated country-specific exchange-traded securities, such as futures, American Depositary Receipts indices or exchange-traded funds. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market. The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value. Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business. Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments. Sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient. Other equity and debt securities consist of equity investment securities and debt securities carried at fair value. Changes in the fair value of equity securities are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company ’ s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee ’ s board of directors and the impact of commercial arrangements, also are considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company ’ s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company ’ s proportionate share of the entities ’ net income, which is recognized in earnings. Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost, which approximates fair value due to their short-term nature and liquidity. Impairment of Investments. Investments in equity method investees and equity investments that do not have a readily determinable fair value are evaluated for impairment on a quarterly basis. The evaluation of equity investments considers qualitative factors, including the financial condition and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Impairment of equity securities is recognized in earnings. Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, real estate and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient. Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from three Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production. Property and equipment are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined to not be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted future cash flows models, appraisals or other applicable methods. Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Debt consists of senior notes and junior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense. Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which was measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs. Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Sales and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows. The fair values of third-party equity interests in CIPs are determined based on the published NAV or estimated using NAV a practical expedient. The fair values of redeemable noncontrolling interests related to minority interest in certain subsidiaries are determined using discounted cash flows and guideline public company methods, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate and public company earnings multiples. Revenues . The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. Costs of obtaining a contract with a customer include internal and external sales commissions paid upon inception of a contract. The cost to obtain a contract is capitalized if it is incremental and would not have been incurred if the contract had not been obtained. Capitalized contract costs are amortized based on average investor tenure, which range from five Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company ’ s common stock and is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally three years. Expense relating to awards subject to performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. Forfeitures are accounted for as they occur. The fair value of cash-settled phantom stock awards is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally four years, and the related liability is carried at fair value. Postretirement Benefits . Defined contribution plan costs are expensed as incurred. Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses. The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries. Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.

New Accounting Guidance

New Accounting Guidance	12 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New Accounting Guidance Recently Adopted Accounting GuidanceOn October 1, 2020, the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) 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

Acquisition

Acquisition	12 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition	Acquisition Legg Mason, Inc. 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. Legg Mason had outstanding debt with an aggregate principal amount due of $2.0 billion on the acquisition date. The acquisition of Legg Mason, a global investment management organization, established the Company as of one of the world’s largest independent, specialized global investment managers, significantly deepened the Company’s presence in key geographies and created an expansive investment platform that is well balanced between institutional and retail client AUM. The EnTrust business was acquired by its management concurrent with the closing of the acquisition. The initial and revised estimated fair values of the assets acquired and liabilities and noncontrolling interests assumed were as follows: (in millions) Initial Estimated Adjustments Revised Estimated as of July 31, 2020 Cash and cash equivalents $ 681.1 $ — $ 681.1 Cash and cash equivalents of consolidated investment products 253.4 — 253.4 Investments 471.8 — 471.8 Investments of consolidated investment products 402.9 — 402.9 Receivables 525.7 — 525.7 Indefinite-lived intangible assets 2,727.8 — 2,727.8 Definite-lived intangible assets 1 1,353.8 — 1,353.8 Goodwill 2,325.0 (52.4) 2,272.6 Deferred tax assets 148.4 57.6 206.0 Other assets 530.7 — 530.7 Debt (2,324.4) — (2,324.4) Debt of consolidated investment products (330.8) — (330.8) Compensation and benefits (579.9) — (579.9) Deferred tax liabilities (315.4) 0.9 (314.5) Other liabilities (926.4) (6.1) (932.5) Redeemable noncontrolling interests (186.4) — (186.4) Nonredeemable noncontrolling interests (20.1) — (20.1) Total Identifiable Net Assets $ 4,737.2 $ — $ 4,737.2 ______________ 1 Includes $1,123.2 million related to management contracts and $230.6 million related to trade names. The adjustments to the initial estimated fair values are a result of new information obtained about facts that existed as of the acquisition date. The goodwill is primarily attributable to expected growth opportunities and synergies from the combined operations and is not deductible for tax purposes. The intangible assets relate to acquired investment management contracts and trade names. Indefinite-lived intangible assets represent contracts for which there is no foreseeable limit on the contract period. Definite-lived intangible assets are amortized over their estimated useful lives, which range from 5.0 years to 7.0 years for those related to the contracts and 5.0 years to 20.0 years for those related to trade names. The definite-lived intangible assets related to the contracts and trade names had estimated weighted-average useful lives of 5.9 years and 14.5 years, respectively, at acquisition. The Legg Mason debt was recorded at fair value on acquisition-date and included a premium of $324.4 million . Transaction costs incurred in connection with the acquisition were $6.7 million and $57.4 million in fiscal years 2021 and 2020. These costs were primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred $13.0 million and $119.6 million of acquisition-related compensation and benefits expense in fiscal years 2021 and 2020, primarily related to the acceleration of expense for historical Legg Mason compensation arrangements and retention bonuses. Revenue and net income (loss) of Legg Mason included in total operating revenues and net income attributable to Franklin Resources, Inc. in the accompanying consolidated statements of income were $1,500.8 million and $291.4 million for the six month period ended March 31, 2021 and were $475.7 million and $(28.7) million from the acquisition date through September 30, 2020. 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 for periods subsequent to March 31, 2021. The following unaudited pro forma summary presents combined results of operations of the Company as if the Legg Mason acquisition and concurrent divestiture of EnTrust business had occurred on October 1, 2018. The pro forma adjustments include acquisition-related costs, adjustments to intangible amortization expense, and interest expense related to debt assumed. These pro forma results are not indicative of future results of operations that would have been achieved nor are they indicative of future results of operations of the combined entity. (in millions) for the fiscal year ended September 30, 2020 2019 Revenues $ 7,862.0 $ 8,436.0 Net Income Attributable to Franklin Resources, Inc. 967.5 886.6

Earnings per Share

Earnings per Share	12 Months Ended
	Sep. 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) for the fiscal years ended September 30, 2021 2020 2019 Net income attributable to Franklin Resources, Inc. $ 1,831.2 $ 798.9 $ 1,195.7 Less: allocation of earnings to participating nonvested stock and stock unit awards 77.7 15.3 10.9 Net Income Available to Common Stockholders $ 1,753.5 $ 783.6 $ 1,184.8 Weighted-average shares outstanding – basic 489.9 491.9 503.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.5 0.7 Weighted-Average Shares Outstanding – Diluted 490.6 492.4 504.3 Earnings per Share Basic $ 3.58 $ 1.59 $ 2.35 Diluted 3.57 1.59 2.35 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.5 million for fiscal year 2020, and 0.2 million for the fiscal year ended September 30, 2019 (“fiscal year 2019”). No nonparticipating nonvested stock unit awards were excluded for fiscal 2021.

Revenues

Revenues	12 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 4,647.7 $ 1,075.0 $ 285.6 $ 333.3 $ 200.0 $ 6,541.6 Sales and distribution fees 1,137.4 395.8 52.5 46.1 3.7 1,635.5 Shareholder servicing fees 164.7 36.1 0.2 6.6 3.6 211.2 Other 29.2 1.0 — 1.9 5.1 37.2 Total $ 5,979.0 $ 1,507.9 $ 338.3 $ 387.9 $ 212.4 $ 8,425.5 (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 2,482.5 $ 910.1 $ 269.2 $ 217.6 $ 102.3 $ 3,981.7 Sales and distribution fees 928.8 366.1 51.9 13.6 1.6 1,362.0 Shareholder servicing fees 158.6 25.5 0.3 8.4 2.3 195.1 Other 24.9 1.2 — 0.6 1.0 27.7 Total $ 3,594.8 $ 1,302.9 $ 321.4 $ 240.2 $ 107.2 $ 5,566.5 (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 2,260.6 $ 1,064.7 $ 325.4 $ 241.8 $ 92.7 $ 3,985.2 Sales and distribution fees 941.3 437.2 63.3 1.3 1.5 1,444.6 Shareholder servicing fees 175.7 30.1 0.1 10.4 — 216.3 Other 18.6 1.5 — 1.0 2.2 23.3 Total $ 3,396.2 $ 1,533.5 $ 388.8 $ 254.5 $ 96.4 $ 5,669.4 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 81%, 89% and 92% of the Company’s total operating revenues for the fiscal years 2021, 2020 and 2019.

Investments

Investments	12 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of CIPs. See Note 11 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) as of September 30, 2021 2020 Investments, at fair value Sponsored funds and separate accounts $ 368.3 $ 303.4 Investments related to long-term incentive plans 160.0 146.6 Other equity and debt investments 60.0 54.8 Total investments, at fair value 588.3 504.8 Investments in equity method investees 814.3 716.2 Other investments 107.7 83.5 Total $ 1,510.3 $ 1,304.5

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 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 11 – 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 September 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 241.3 $ 18.4 $ 24.6 $ 84.0 $ 368.3 Investments related to long-term incentive plans 160.0 — — — 160.0 Other equity and debt investments 3.3 13.3 — 43.4 60.0 Contingent consideration asset — — 19.4 — 19.4 Total Assets Measured at Fair Value $ 404.6 $ 31.7 $ 44.0 $ 127.4 $ 607.7 Liabilities Contingent consideration liabilities $ — $ — $ 42.4 $ — $ 42.4 (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 funds. These investments were as follows: (in millions) as of September 30, 2021 2020 Nonredeemable investments 1 Investments with known liquidation periods $ 53.9 $ 51.2 Investments with unknown liquidation periods 46.6 42.6 Redeemable investments 2 26.9 27.3 Unfunded commitments 51.8 9.5 _______________ 1 The investments 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 have an expected weighted-average life of 4.0 years and 1.9 years at September 30, 2021 and 2020. 2 Investments are redeemable on a monthly and quarterly basis. Changes in the Level 3 assets and liabilities were as follows: 2021 2020 (in millions) Investments Contingent Contingent Investments Contingent Contingent for the fiscal years ended September 30, Balance at beginning of year $ 17.4 $ 39.7 $ (25.3) $ 32.1 $ — $ — Acquisitions — — (13.0) — 39.7 (27.9) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.3 — — — — — Included in general, administrative and other expense — — (4.1) — — 2.0 Purchases 17.6 — — 22.6 — — Sales (6.0) — — (19.0) — — Settlements (3.5) (20.3) — (8.4) — 0.6 Consolidation of investment product — — — (10.0) — — Transfers into Level 3 1.9 — — 0.1 — — Transfers out of Level 3 (3.1) — — — — — Balance at End of Year $ 24.6 $ 19.4 $ (42.4) $ 17.4 $ 39.7 $ (25.3) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year $ 0.3 $ — $ (4.1) $ (1.4) $ — $ — Financial instruments that were not measured at fair value were as follows: Fair 2021 2020 (in millions) Carrying Estimated Carrying Estimated as of September 30, Financial Assets Cash and cash equivalents 1 $ 4,357.8 $ 4,357.8 $ 3,026.8 $ 3,026.8 Other investments Time deposits 2 13.2 13.2 19.2 19.2 Equity securities 3 94.5 99.1 64.3 67.3 Loans receivable 3 — — 42.4 42.4 Financial Liability Debt 2 $ 3,399.4 $ 3,434.1 $ 3,017.1 $ 3,086.5

Property and Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment, Net [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following: (in millions) Useful Lives as of September 30, 2021 2020 Buildings and leasehold improvements $ 868.2 $ 877.4 5-35 Software 609.4 576.2 3-10 Equipment and furniture 390.6 374.0 3-10 Land 82.5 83.0 N/A Total cost 1,950.7 1,910.6 Less: accumulated depreciation and amortization (1,180.7) (1,096.8) Property and Equipment, Net $ 770.0 $ 813.8

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets, net consisted of the following: (in millions) as of September 30, 2021 2020 Goodwill $ 4,457.7 $ 4,500.8 Indefinite-lived intangible assets 3,527.8 3,500.8 Definite-lived intangible assets, net 1,182.4 1,413.4 Goodwill and Other Intangible Assets, Net $ 9,167.9 $ 9,415.0 Changes in the carrying value of goodwill were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Balance at beginning of year $ 4,500.8 $ 2,130.3 Acquisitions — 2,389.1 Impairment — (23.7) Purchase price allocation adjustment 1 (52.4) — Foreign exchange revaluation 9.3 5.1 Balance at End of Year $ 4,457.7 $ 4,500.8 ______________ 1 Refer to Note 3 - Acquisitions During fiscal years 2021 and 2019, no impairment of goodwill was recognized. During the fiscal year 2020, a $23.7 million impairment of goodwill was recognized due to the decision to wind-down operations of Onsa Inc (formerly known as TokenVault, Inc.). No impairment of indefinite-lived intangible assets was recognized during fiscal year 2021. The Company recognized impairments of indefinite-lived intangible assets of $30.0 million and $9.3 million during fiscal years 2020 and 2019. The impairment in fiscal year 2020 was primarily attributable to a Benefit Street Partners L.L.C. related management contract due to declines in revenue growth rates. The impairment in fiscal year 2019 was related to Canadian management contracts due to revised estimates of future pre-tax profit margins and AUM growth rates for the associated fund products. Definite-lived intangible assets were as follows: 2021 2020 (in millions) Gross Accumulated Net Gross Accumulated Net as of September 30, Management contracts $ 1,232.0 $ (262.6) $ 969.4 $ 1,231.2 $ (57.6) $ 1,173.6 Trade names 230.7 (28.0) 202.7 230.6 (4.0) 226.6 Developed software 14.4 (4.1) 10.3 14.4 (1.2) 13.2 Total $ 1,477.1 $ (294.7) $ 1,182.4 $ 1,476.2 $ (62.8) $ 1,413.4 No impairment of definite-lived intangible assets was recognized during fiscal year 2021. The Company recognized impairment of definite-lived intangible assets of $1.7 million and $4.0 million during fiscal years 2020 and 2019, primarily due to investor redemptions. Definite-lived intangible assets had a weighted-average remaining useful life of 6.7 years at September 30, 2021, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2022 $ 231.5 2023 231.5 2024 224.7 2025 212.5 2026 146.0 Thereafter 136.2 Total $ 1,182.4

Debt

Debt	12 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 11 – Consolidated Investment Products for information related to the debt of these entities. Debt consisted of the following: (in millions) 2021 Effective 2020 Effective as of September 30, 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 % $850 million 1.600% senior notes due October 2030 846.3 1.74 % — N/A $350 million 2.950% senior notes due August 2051 347.8 3.00 % — N/A Total notes issued by Franklin Resources, Inc. 1,893.7 699.5 Notes issued by Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 266.5 1.53 % 272.4 1.53 % $450 million 4.750% senior notes due March 2026 509.6 1.80 % 523.0 1.80 % $550 million 5.625% senior notes due January 2044 742.2 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 — N/A 516.1 5.25 % Total notes issued by Legg Mason 1,518.3 2,319.7 Debt issuance costs (12.6) (2.1) Total $ 3,399.4 $ 3,017.1 On September 15, 2021, the Company redeemed all of the outstanding $500.0 million 5.450% junior notes due in September 2056 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $6.8 million. On August 12, 2021, the Company completed its offering and sale of $350.0 million in aggregate principal amount of 2.950% senior unsecured unsubordinated notes due August 2051. The Company incurred $4.1 million of debt issuance costs and the notes were issued at a discount of $2.2 million. 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 (“1.600% Senior Notes”). On August 12, 2021, the Company issued an additional $100.0 million in aggregate principal of 1.600% Senior Notes. The Company incurred $7.7 million in debt issuance costs in total and the notes were issued at an aggregate discount of $3.9 million. At September 30, 2021, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,900.0 million. The notes have fixed interest rates with interest payable semi-annually. At September 30, 2021, Legg Mason’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,250.0 million. The notes have fixed interest rates with interest payable semi-annually. 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 September 30, 2021.

Consolidated Investment Product

Consolidated Investment Products	12 Months Ended
	Sep. 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 VOEs and VIEs. The Company had 60 CIPs, including ten CLOs, as of September 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) as of September 30, 2021 2020 Assets Cash and cash equivalents $ 289.4 $ 963.0 Receivables 127.8 118.3 Investments, at fair value 5,820.1 4,074.0 Total Assets $ 6,237.3 $ 5,155.3 Liabilities Accounts payable and accrued expenses $ 558.0 $ 611.2 Debt 3,671.0 2,800.6 Other liabilities 13.8 12.1 Total liabilities 4,242.8 3,423.9 Redeemable Noncontrolling Interests 622.5 397.3 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,000.7 754.4 Nonredeemable noncontrolling interests 371.3 579.7 Total stockholders’ equity 1,372.0 1,334.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 6,237.3 $ 5,155.3 The CIPs did not have a significant impact on net income attributable to the Company in fiscal years 2021, 2020 and 2019. 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 September 30, 2021 Assets Cash and cash equivalents of CLOs $ 145.4 $ — $ — $ — $ 145.4 Receivables of CLOs — 84.0 — — 84.0 Investments Equity and debt securities 310.8 647.3 453.3 343.5 1,754.9 Loans — 3,955.3 20.5 — 3,975.8 Real Estate — — 89.4 — 89.4 Total Assets Measured at Fair Value $ 456.2 $ 4,686.6 $ 563.2 $ 343.5 $ 6,049.5 (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 redeemable global hedge fund, nonredeemable private equity funds and redeemable U.S. equity fund. These investments were as follows: (in millions) as of September 30, 2021 2020 Nonredeemable investments 1 Investments with known liquidation periods $ 141.4 $ 261.1 Redeemable investments 2 202.1 — Unfunded commitments 3 0.5 94.0 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments have an expected weighted-average life of 1.3 years and 4.2 years at September 30, 2021 and 2020. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. 3 Of the total unfunded commitments, the Company was contractually obligated to fund $0.2 million and $11.4 million based on its ownership percentage in the CIPs, at September 30, 2021 and 2020. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2021 Balance at beginning of year $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income of consolidated investment products, net 122.8 8.3 0.3 131.4 Purchases 105.7 161.7 — 267.4 Sales and settlements (62.8) — (4.7) (67.5) Deconsolidations (36.2) (448.8) — (485.0) Transfers into Level 3 2.7 18.5 — 21.2 Transfers out of Level 3 (1.9) — — (1.9) Foreign exchange revaluation 0.7 10.5 — 11.2 Balance at End of Year $ 453.3 $ 89.4 $ 20.5 $ 563.2 Change in unrealized gains included in net income relating to assets held at end of year $ 123.9 $ 5.4 $ 0.5 $ 129.8 (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2020 Balance at beginning of year $ 333.8 $ 152.7 $ 16.6 $ 503.1 Acquisition — 20.3 17.6 37.9 Realized and unrealized losses included in investment and other income of consolidated investment products, net (47.2) (5.2) (1.8) (54.2) Purchases 84.0 154.9 — 238.9 Sales and settlements (5.0) — (7.5) (12.5) Deconsolidations (47.8) — — (47.8) Transfers into Level 3 2.2 — — 2.2 Transfers out of Level 3 (1.1) — — (1.1) Foreign exchange revaluation 3.4 16.5 — 19.9 Balance at End of Year $ 322.3 $ 339.2 $ 24.9 $ 686.4 Change in unrealized losses included in net income relating to assets held at end of year $ (47.2) $ (5.2) $ (1.8) $ (54.2) Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of September 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 301.1 Market pricing Private sale pricing $0.39–$100.00 ($19.34) per share 102.3 Market comparable companies Enterprise value/ 6.0–20.6 (13.7) Discount for lack of marketability 6.0%–25.5% (17.6%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 28.8 49.9 Discounted cash flow Discount rate 3.3%–6.3% (4.3%) Real estate 89.4 Discounted cash flow Discount rate 5.8%–6.0% (5.9%) Exit capitalization rate 5.0%–5.3% (5.1%) (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%) Price-to-earnings ratio 9.4–10.0 (9.7) Risk premium 55.0% Enterprise value/ 7.5 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), 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 September 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 2021 2020 Carrying Estimated Carrying Estimated as of September 30, Financial Asset Cash and cash equivalents 1 $ 144.0 $ 144.0 $ 435.7 $ 435.7 Financial Liabilities Debt of CLOs 1 2 or 3 3,634.1 3,610.6 2,646.9 2,683.2 Other debt 3 36.9 36.6 153.7 155.2 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: (in millions) as of September 30, 2021 2020 Amount Weighted- Amount Weighted- Debt of CLOs $ 3,634.1 2.11% $ 2,646.9 2.99% Other debt 36.9 1.95% 153.7 2.97% Total $ 3,671.0 $ 2,800.6 The debt of CLOs had fixed and floating interest rates ranging from 1.00% to 8.22% at September 30, 2021 and from 1.43% to 8.34% at September 30, 2020. The other debt had floating interest rates ranging from 1.63% to 2.42% at September 30, 2021, and fixed and floating rates from 1.00% to 5.81% at September 30, 2020. The floating rates were primarily based on LIBOR. The contractual maturities for debt of CIPs at September 30, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2022 $ 72.9 2023 — 2024 — 2025 9.8 2026 — Thereafter 3,588.3 Total $ 3,671.0 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) as of September 30, 2021 2020 Unpaid principal balance $ 3,951.1 $ 2,809.8 Difference between unpaid principal balance and fair value 20.9 (146.6) Fair Value $ 3,972.0 $ 2,663.2 There were no investments 90 days or more past due at September 30, 2021 and 2020. During fiscal years 2021 and 2020, the Company recognized $15.4 million of net gains and $1.3 million of net losses related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $3,629.9 million and $2,803.1 million at September 30, 2021 and 2020.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure [Text Block]	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 1 CIPs Minority Interests Total CIPs Minority Interests Total Balance at beginning of year $ 397.3 $ 144.6 $ 541.9 $ 746.7 $ — $ 746.7 $ 1,043.6 Acquisition — — — 22.1 164.3 186.4 — Business divestiture — — — — (21.3) (21.3) — Net income 63.8 30.3 94.1 45.0 3.6 48.6 6.2 Net subscriptions (distributions) and other 531.4 (23.6) 507.8 247.1 (2.0) 245.1 1,046.6 Net deconsolidations (370.0) — (370.0) (663.6) — (663.6) (1,349.7) Adjustment to fair value — 159.2 159.2 — — — — Balance at End of Year $ 622.5 $ 310.5 $ 933.0 $ 397.3 $ 144.6 $ 541.9 $ 746.7 ______________ 1 Represents redeemable noncontrolling interests of CIPs.

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	12 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	Nonconsolidated 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) as of September 30, 2021 2020 Investments $ 639.2 $ 439.2 Receivables 172.1 168.0 Loans receivable — 42.4 Total $ 811.3 $ 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. 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 16 – Commitments and Contingencies for further information. The Company did not provide financial or other support to its sponsored funds, except for the outstanding loans which were fully repaid during the second quarter of fiscal year 2021.

Taxes on Income

Taxes on Income	12 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Taxes on Income	Taxes on Income Taxes on income were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Current expense Federal $ 226.7 $ 154.9 $ 343.4 State 50.3 28.8 37.0 Non-U.S. 68.9 54.2 66.8 Deferred expense (benefit) 3.7 (7.1) (4.9) Total $ 349.6 $ 230.8 $ 442.3 Income before taxes consisted of the following: (in millions) for the fiscal years ended September 30, 2021 2020 2019 U.S. $ 1,682.6 $ 771.7 $ 1,151.1 Non-U.S. 761.6 246.2 496.7 Total $ 2,444.2 $ 1,017.9 $ 1,647.8 The Company’s income in certain countries is subject to reduced tax rates due to tax rulings and incentives. The impact of the reduced rates on income tax expense was $3.2 million or $0.01 per diluted share for fiscal year 2021, $2.7 million or $0.01 per diluted share for fiscal year 2020, and $4.1 million or $0.01 per diluted share for fiscal year 2019. One tax incentive remained in effect at September 30, 2021 which will expire in December 2023. The significant components of deferred tax assets and deferred tax liabilities were as follows: (in millions) as of September 30, 2021 2020 Deferred Tax Assets Capitalized mixed service costs $ 297.5 $ 326.1 Net operating loss and state credit carry-forwards 318.5 317.0 Deferred compensation and benefits 222.3 160.6 Foreign tax credit carry-forwards 128.0 103.0 Debt premium 72.1 81.9 Other 131.4 148.7 Total deferred tax assets 1,169.8 1,137.3 Valuation allowance (319.3) (320.6) Deferred tax assets, net of valuation allowance 850.5 816.7 Deferred Tax Liabilities Goodwill and other purchased intangibles 961.6 1,009.4 Other 68.7 68.5 Total deferred tax liabilities 1,030.3 1,077.9 Net Deferred Tax Liability $ 179.8 $ 261.2 Deferred income tax assets and liabilities that relate to the same tax jurisdiction are presented net on the consolidated balance sheets. The components of the net deferred tax liability were classified in the consolidated balance sheets as follows: (in millions) as of September 30, 2021 2020 Other assets $ 131.9 $ 44.1 Deferred tax liabilities 311.7 305.3 Net Deferred Tax Liability $ 179.8 $ 261.2 Included in the Company’s net deferred tax liability were the deferred tax effects associated with the fair value of assets acquired and liabilities assumed from the acquisition of Legg Mason and acquired attributes that carry over to post-acquisition tax periods, including U.S. state and foreign net operating losses and foreign tax credits. Utilization of the U.S. state net operating losses and federal credit carry-forwards may be subject to annual limitations due to ownership change provisions under Section 382 of the Internal Revenue Code. Foreign tax credits can only be used to offset tax attributable to foreign source income. At September 30, 2021, there were $98.5 million of non-U.S. tax effected net operating loss carry-forwards which expires between fiscal years 2022 and 2041. In addition, there were $206.1 million in tax effected state net operating loss carry-forwards that expire between fiscal years 2022 and 2042, with some having an indefinite carry-forward period. The Company also has federal net operating losses of $9.9 million, majority of which will carry-forward indefinitely and $128.0 million of foreign tax credit carry-forwards that expire between fiscal years 2022 and 2029. The valuation allowance decreased $1.3 million in fiscal year 2021 and increased $293.7 million in fiscal year 2020 primarily related to carry-forward assets recognized in connection with the acquisition of Legg Mason. At September 30, 2021, the valuation allowance of $319.3 million was related to $195.1 million for federal, state, and foreign net operating loss carry-forwards, $73.1 million due to uncertainty of realizing the benefit of foreign tax credits, $37.8 million for capital losses, and $13.3 million for other foreign deferred taxes. A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Federal taxes at statutory rate $ 513.3 21.0 % $ 213.8 21.0 % $ 346.0 21.0 % Transition tax on deemed repatriation of undistributed foreign earnings — — — — 86.0 5.2 % State taxes, net of federal tax effect 60.8 2.5 % 28.2 2.8 % 29.7 1.8 % Tax reserve release on audit settlement, net of valuation allowance 1 (126.8) (5.2 %) — — — — Effect of net income (loss) attributable to noncontrolling interests (55.3) (2.3 %) 2.5 0.2 % (2.1) (0.1 %) Effect of non-U.S. operations (30.4) (1.2 %) 6.9 0.7 % (21.3) (1.3 %) Capital loss on investments, net of valuation allowance 2 (12.4) (0.5 %) (27.0) (2.7 %) — — Other 0.4 — 6.4 0.7 % 4.0 0.2 % Tax Provision $ 349.6 14.3 % $ 230.8 22.7 % $ 442.3 26.8 % ______________ 1 The Company released a tax reserve in fiscal year 2021 following the close of an IRS audit of the transition tax for fiscal year 2018. 2 The Company recognized a tax benefit in fiscal years 2021 and 2020 for capital losses that were realized from sales of investments. During fiscal year 2020, the sale of investments were subsequent to the change in corporate tax structure of a foreign holding company to a U.S. branch. These capital losses can be carried forward, for which the Company has assessed for realizability. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Balance at beginning of year $ 342.9 $ 202.6 $ 77.5 Additions from business combinations — 141.8 — Additions for tax positions of prior years 4.2 0.9 131.8 Reductions for tax positions of prior years (163.6) (0.6) (2.9) Tax positions related to the current year 22.2 12.2 10.7 Settlements with taxing authorities (3.2) (0.3) (2.2) Expirations of statute of limitations (18.2) (13.7) (12.3) Balance at End of Year $ 184.3 $ 342.9 $ 202.6 If recognized, $173.4 million for 2021, $303.1 million for 2020 and $202.6 million for 2019, net of any deferred tax benefits, would favorably affect the Company’s effective income tax rate in future periods. The Company accrues interest and penalties related to unrecognized tax benefits in interest expense and general, administrative and other expenses. Accrued interest on uncertain tax positions at September 30, 2021 and 2020 was $25.7 million and $21.7 million, and is not presented in the unrecognized tax benefits table above. Accrued penalties at September 30, 2021 and 2020 was $3.9 million and $2.9 million. The Company files a consolidated U.S. federal income tax return, multiple U.S. state and local income tax returns, and income tax returns in multiple non-U.S. jurisdictions. The Company is subject to examination by the taxing authorities in these jurisdictions. The Company’s major tax jurisdictions and the tax years for which the statutes of limitations have not expired are as follows: India 2003 to 2021; Brazil 2008 to 2021, Canada 2011 to 2021; Australia 2017 to 2021, Hong Kong 2015 to 2021; Singapore 2016 to 2021; Luxembourg and the U.K. 2019 to 2021; U.S. federal 2017 to 2021; the City of New York 2012 to 2021; the States of California, Maryland, Massachusetts, Minnesota, New York, and Pennsylvania 2017 to 2021. The Company has ongoing litigations and examinations in various stages, in the State of Wisconsin, and in Brazil, Canada, France, Germany, and India. Examination outcomes and the timing of settlements are subject to significant uncertainty. Such settlements may involve some or all of the following: the payment of additional taxes, the adjustment of deferred taxes and/or the recognition of unrecognized tax benefits. The Company has recognized a tax benefit only for those positions that meet the more-likely-than-not recognition threshold. It is reasonably possible that the total unrecognized tax benefit as of September 30, 2021 could decrease by an estimated $33.6 million within the next twelve months as a result of the expiration of statutes of limitations in the U.S. federal and certain U.S. state and local and non-U.S. tax jurisdictions, and potential settlements with U.S. states and non-U.S. taxing authorities. The Tax Cuts and Jobs Act which was enacted into law in the U.S. in December 2017, includes various changes to the tax law, including a permanent reduction in the corporate income tax rate and assessment of a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiaries’ earnings. The payment for the Company’s remaining federal portion of the transition tax liability were as follows: (in millions) Amount for the fiscal years ending September 30, 2022 $ 42.4 2023 74.1 2024 138.9 2025 185.2 2026 231.6 Total $ 672.2

Leases

Leases	12 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Lessee Arrangements The Company’s leases generally include one or more options to renew. Lease expense was as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Operating lease cost 1 $ 141.4 $ 72.5 Variable lease cost 21.2 6.0 Finance lease cost 0.4 0.5 Less: sublease income (24.6) (4.2) Total lease expense $ 138.4 $ 74.8 __________________ 1 Substantially all operating lease cost is included in occupancy expense. Supplemental cash flow information related to leases was as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 133.7 $ 65.1 ROU assets obtained in exchange for new/modified operating lease liabilities 18.7 13.7 The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows: (in millions) as of September 30, 2021 2020 Weighted-average remaining lease term 6.1 years 6.5 years Weighted-average discount rate 2.1 % 3.5 % The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2022 $ 129.3 2023 122.9 2024 88.3 2025 52.9 2026 38.1 Thereafter 121.9 Total lease payments 553.4 Less: interest (35.0) Operating lease liabilities $ 518.4 Lessor Arrangements The Company leases excess owned space in its San Mateo, California corporate headquarters and other office buildings, primarily in the U.S., to third parties, and generally include one or more options to renew. The Company subleases excess leased office spaces to various firms, primarily in the U.S., and generally include options to renew or terminate within a specified period. The maturities of lease payments due to the Company as of September 30, 2021 were as follows: (in millions) Subleases Leases for the fiscal years ending September 30, 2022 $ 23.2 $ 31.0 2023 21.5 32.4 2024 9.2 32.9 2025 0.3 32.5 2026 0.1 32.1 Thereafter 0.1 41.9 Total $ 54.4 $ 202.8

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 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, under applicable regulations, 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. Further hearings are anticipated to be scheduled 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 September 2021, approximately $3.2 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. 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 $69.1 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 $33.7 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 the stay requests of FTTS and the FTAMI employee respondents, 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 September 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 September 30, 2021. While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. At September 30, 2021, the Company had $285.1 million of committed capital contributions which relate to discretionary commitments to invest in sponsored funds and other investment products and entities, including CIPs. These unfunded commitments are not recorded in the Company ’

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation plans consist of the Amended and Restated Annual Incentive Compensation Plan (the “AIP”), the 2002 Universal Stock Incentive Plan, as amended and restated (the “USIP”) and the amended and restated Franklin Resources, Inc. 1998 Employee Stock Investment Plan (the “ESIP”). In connection with the acquisition of Legg Mason, the Company assumed the Legg Mason 2017 Equity Incentive Plan, which was amended and restated as the Amended and Restated Franklin Resources, Inc. 2017 Equity Incentive Plan (the “EIP”). The Compensation Committee of the Board of Directors determines the terms and conditions of awards under the AIP, the USIP, the ESIP and the EIP. Stock-based compensation expenses were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Stock and stock unit awards $ 165.2 $ 117.1 $ 105.7 Employee stock investment plan 6.7 5.2 5.8 Phantom unit awards 30.4 2.7 1.7 Total $ 202.3 $ 125.0 $ 113.2 Stock and Stock Unit Awards Under the terms of the AIP, eligible employees may receive cash, equity awards and/or mutual fund unit awards generally based on the performance of the Company and/or its funds, and the individual employee. The USIP and EIP provide for the issuance of the Company’s common stock for various stock-related awards to officers, directors and employees. In February 2021, the Company’s stockholders approved an amendment and restatement of the USIP increasing the number of shares authorized by 20.0 million shares to a total of 140.0 million shares. There are 23.0 million shares authorized under the EIP. At September 30, 2021, 23.4 million shares and 14.4 million shares were available for grant under the USIP and EIP. Stock awards entitle holders to the right to sell the underlying shares of the Company’s common stock once the awards vest. Stock unit awards entitle holders to receive the underlying shares of common stock once the awards vest. Awards vest based on the passage of time or the achievement of predetermined Company financial performance goals. Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted-Average for the fiscal year ended September 30, 2021 Nonvested balance at September 30, 2020 12,141 4,808 16,949 $ 24.30 Granted 5,906 240 6,146 21.08 Vested (3,500) (619) (4,119) 26.56 Forfeited/canceled (570) (572) (1,142) 30.61 Modified 199 (199) — n/a Nonvested balance at September 30, 2021 14,176 3,658 17,834 $ 22.27 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $282.5 million at September 30, 2021. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.5 years. The weighted-average grant-date fair values of stock awards and stock unit awards granted during fiscal years 2021, 2020 and 2019 were $21.08, $23.05 and $30.75 per share. The total fair value of stock and stock unit awards vested during the same periods was $121.2 million, $72.2 million and $84.2 million. The Company generally does not repurchase shares upon vesting of stock and stock unit awards. However, in order to pay taxes due in connection with the vesting of employee and executive officer stock and stock unit awards, shares are repurchased using a net stock issuance method. Employee Stock Investment Plan

Defined Contribution Plans

Defined Contribution Plans	12 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined Contribution Plans	Defined Contribution Plans The Company sponsors a 401(k) plan which covers substantially all U.S. employees meeting certain employment requirements. Participants may contribute up to 50% of their eligible salary and up to 100% of the cash portion of their year-end bonus, as defined by the plan and subject to Internal Revenue Code limitations, each year to the plan. The Company increased its matching contribution rate from 75% to 85% for a period of three years beginning January 1, 2020. Certain of the Company ’ s non-U.S. subsidiaries also sponsor defined contribution plans primarily for the purpose of providing deferred compensation incentives for employees and to comply with local regulatory requirements. The total expenses recognized for defined contribution plans were $81.4 million, $59.2 million and $52.2 million for fiscal years 2021, 2020 and 2019.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Sep. 30, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location. (in millions) as of September 30, 2021 2020 Property and Equipment, Net United States $ 596.6 $ 634.4 Europe, Middle East and Africa 132.1 133.0 Asia-Pacific 34.5 37.7 Americas excluding United States 6.8 8.7 Total $ 770.0 $ 813.8

Investment and Other Income (Lo

Investment and Other Income (Losses), Net	12 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	Investment and Other Income (Losses), Net Investment and other income (losses), net consisted of the following: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Dividend income $ 8.8 $ 48.9 $ 97.0 Interest income 8.8 14.3 31.0 Gains (losses) on investments, net 90.9 (16.8) (9.7) Income (losses) from investments in equity method investees 154.3 (98.1) (10.4) Gains (losses) on derivatives, net (23.2) 3.0 — Rental income 28.8 30.0 19.8 Foreign currency exchange (losses) gains, net (11.9) (22.3) 13.1 Other, net 8.2 2.6 0.6 Investment and Other Income (Losses), Net $ 264.7 $ (38.4) $ 141.4 Substantially all dividend income was generated by investments in nonconsolidated sponsored funds. 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 September 30, 2021, 2020 and 2019 were $46.5 million, $(2.6) million, and $(0.1) million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Sep. 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 Unrealized Total as of and for the fiscal years ended Balance at October 1, 2018 $ (372.9) $ (4.2) $ 6.5 $ (370.6) Adoption of new accounting guidance — — (8.0) (8.0) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (53.9) (2.4) (5.4) (61.7) Reclassifications to compensation and benefits expense, net of tax — 0.4 — 0.4 Reclassifications to net investment and other income (losses), net of tax 1.4 — 6.9 8.3 Total other comprehensive income (loss) (52.5) (2.0) 1.5 (53.0) Balance at September 30, 2019 $ (425.4) $ (6.2) $ — $ (431.6) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 23.8 (2.1) (1.3) 20.4 Reclassifications to compensation and benefits expense, net of tax — 0.3 — 0.3 Reclassifications to net investment and other income (losses), net of tax 2.0 — 1.3 3.3 Total other comprehensive income (loss) 25.8 (1.8) — 24.0 Balance at September 30, 2020 $ (399.6) $ (8.0) $ — $ (407.6) Other comprehensive income Other comprehensive income before reclassifications, net of tax 27.1 1.6 — 28.7 Reclassifications to compensation and benefits expense, net of tax — (0.7) — (0.7) Reclassifications to net investment and other income (losses), net of tax 2.0 — — 2.0 Total other comprehensive income 29.1 0.9 — 30.0 Balance at September 30, 2021 $ (370.5) $ (7.1) $ — $ (377.6)

Pending Acquisitions

Pending Acquisitions	12 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Pending Business Combination Disclosure	Pending Acquisitions In September 2021, the Company entered into an agreement to acquire all of the outstanding ownership interest in O’Shaughnessy Asset Management, a leading quantitative asset management firm, for cash consideration to be paid at closing of approximately $300.0 million, excluding future payments to be made upon the attainment of certain performance measures. The acquisition is expected to be completed in the first quarter of the fiscal year ended September 30, 2022 (“fiscal year 2022”). In November 2021, the Company entered into an agreement to acquire all of the outstanding ownership interest in Lexington Partners L.P., a leading global manager of secondary private equity and co-investment funds, for cash consideration to be paid at closing of approximately $1.0 billion and additional cash payments totaling $750.0 million to be paid over the next three years. The acquisition is expected to be completed in the second quarter of fiscal year 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Business	Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. In addition to investment management, the Company’s services include fund administration, sales and distribution, and shareholder servicing.
Basis of Presentation	Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management 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. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the fiscal year ended September 30, 2021 (“fiscal year 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 statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows: (in millions) for the fiscal years ended September 30, 2020 2019 As Reported Adjustments As Revised As Reported Adjustments As Revised Net cash provided by operating activities $ 1,021.4 $ 61.9 $ 1,083.3 $ 201.6 $ 66.9 $ 268.5 Net cash used in investing activities (3,243.1) (818.8) (4,061.9) (1,077.1) (198.3) (1,275.4) Net cash provided by (used in) financing activities 194.2 540.2 734.4 (40.5) 380.4 339.9
Consolidation	Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and CIPs in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company ’ s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products. The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE ’ s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key assumption used in the analysis includes the amount of assets under management (“AUM”).
Related Parties	Related Parties include sponsored funds and equity method investees. A substantial amount of the Company ’ s operating revenues and receivables are from related parties.
Earnings per Share	Earnings per Share . Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company ’ s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company ’ s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period.
Business combinations	Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from three Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned. Amortization and impairment are recognized in general, administrative and other expense. Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed. The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit. If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values. Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade name intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type.
Fair Value Measurements	Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities, which may include published net asset values (“NAV”) for fund products. Level 2 Observable inputs other than Level 1 quoted prices, such as non-binding quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or model-based valuation methodologies that utilize significant assumptions that are observable or corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity. These inputs require significant management judgment and reflect the Company’s estimation of assumptions that market participants would use in pricing the asset or liability. Quoted market prices may be adjusted if events occur, such as significant price changes in proxies traded in relevant markets after the close of corresponding markets, trade halts or suspensions, or unscheduled market closures. These proxies consist of correlated country-specific exchange-traded securities, such as futures, American Depositary Receipts indices or exchange-traded funds. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market. The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
Receivables	Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments	Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments. Sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient. Other equity and debt securities consist of equity investment securities and debt securities carried at fair value. Changes in the fair value of equity securities are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company ’ s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee ’ s board of directors and the impact of commercial arrangements, also are considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company ’ s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company ’ s proportionate share of the entities ’ net income, which is recognized in earnings. Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost, which approximates fair value due to their short-term nature and liquidity.
Cash and Cash Equivalents of CIPs	Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
Receivables of CIPs	Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments of CIPs	Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, real estate and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient.
Property and Equipment, net	Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from three Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production.
Leases	Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable.
Debt	Debt consists of senior notes and junior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense.
Debt of CIPs	Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which was measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs.
Noncontrolling Interests	Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Sales and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows.
Revenues	Revenues . The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. Costs of obtaining a contract with a customer include internal and external sales commissions paid upon inception of a contract. The cost to obtain a contract is capitalized if it is incremental and would not have been incurred if the contract had not been obtained. Capitalized contract costs are amortized based on average investor tenure, which range from five
Stock-Based Compensation	Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company ’
Postretirement Benefits	Postretirement Benefits. Defined contribution plan costs are expensed as incurred.
Income Taxes	Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses. The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.

Significant Accounting Polici_3

Significant Accounting Policies Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 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 statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows: (in millions) for the fiscal years ended September 30, 2020 2019 As Reported Adjustments As Revised As Reported Adjustments As Revised Net cash provided by operating activities $ 1,021.4 $ 61.9 $ 1,083.3 $ 201.6 $ 66.9 $ 268.5 Net cash used in investing activities (3,243.1) (818.8) (4,061.9) (1,077.1) (198.3) (1,275.4) Net cash provided by (used in) financing activities 194.2 540.2 734.4 (40.5) 380.4 339.9

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of allocation of estimated fair values	The initial and revised estimated fair values of the assets acquired and liabilities and noncontrolling interests assumed were as follows: (in millions) Initial Estimated Adjustments Revised Estimated as of July 31, 2020 Cash and cash equivalents $ 681.1 $ — $ 681.1 Cash and cash equivalents of consolidated investment products 253.4 — 253.4 Investments 471.8 — 471.8 Investments of consolidated investment products 402.9 — 402.9 Receivables 525.7 — 525.7 Indefinite-lived intangible assets 2,727.8 — 2,727.8 Definite-lived intangible assets 1 1,353.8 — 1,353.8 Goodwill 2,325.0 (52.4) 2,272.6 Deferred tax assets 148.4 57.6 206.0 Other assets 530.7 — 530.7 Debt (2,324.4) — (2,324.4) Debt of consolidated investment products (330.8) — (330.8) Compensation and benefits (579.9) — (579.9) Deferred tax liabilities (315.4) 0.9 (314.5) Other liabilities (926.4) (6.1) (932.5) Redeemable noncontrolling interests (186.4) — (186.4) Nonredeemable noncontrolling interests (20.1) — (20.1) Total Identifiable Net Assets $ 4,737.2 $ — $ 4,737.2
Schedule of unaudited pro forma information	The pro forma adjustments include acquisition-related costs, adjustments to intangible amortization expense, and interest expense related to debt assumed. These pro forma results are not indicative of future results of operations that would have been achieved nor are they indicative of future results of operations of the combined entity. (in millions) for the fiscal year ended September 30, 2020 2019 Revenues $ 7,862.0 $ 8,436.0 Net Income Attributable to Franklin Resources, Inc. 967.5 886.6

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Sep. 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) for the fiscal years ended September 30, 2021 2020 2019 Net income attributable to Franklin Resources, Inc. $ 1,831.2 $ 798.9 $ 1,195.7 Less: allocation of earnings to participating nonvested stock and stock unit awards 77.7 15.3 10.9 Net Income Available to Common Stockholders $ 1,753.5 $ 783.6 $ 1,184.8 Weighted-average shares outstanding – basic 489.9 491.9 503.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.5 0.7 Weighted-Average Shares Outstanding – Diluted 490.6 492.4 504.3 Earnings per Share Basic $ 3.58 $ 1.59 $ 2.35 Diluted 3.57 1.59 2.35

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 4,647.7 $ 1,075.0 $ 285.6 $ 333.3 $ 200.0 $ 6,541.6 Sales and distribution fees 1,137.4 395.8 52.5 46.1 3.7 1,635.5 Shareholder servicing fees 164.7 36.1 0.2 6.6 3.6 211.2 Other 29.2 1.0 — 1.9 5.1 37.2 Total $ 5,979.0 $ 1,507.9 $ 338.3 $ 387.9 $ 212.4 $ 8,425.5 (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 2,482.5 $ 910.1 $ 269.2 $ 217.6 $ 102.3 $ 3,981.7 Sales and distribution fees 928.8 366.1 51.9 13.6 1.6 1,362.0 Shareholder servicing fees 158.6 25.5 0.3 8.4 2.3 195.1 Other 24.9 1.2 — 0.6 1.0 27.7 Total $ 3,594.8 $ 1,302.9 $ 321.4 $ 240.2 $ 107.2 $ 5,566.5 (in millions) United Luxembourg Americas Asia- Europe, Total for the fiscal year ended Investment management fees $ 2,260.6 $ 1,064.7 $ 325.4 $ 241.8 $ 92.7 $ 3,985.2 Sales and distribution fees 941.3 437.2 63.3 1.3 1.5 1,444.6 Shareholder servicing fees 175.7 30.1 0.1 10.4 — 216.3 Other 18.6 1.5 — 1.0 2.2 23.3 Total $ 3,396.2 $ 1,533.5 $ 388.8 $ 254.5 $ 96.4 $ 5,669.4

Investments (Tables)

Investments (Tables)	12 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) as of September 30, 2021 2020 Investments, at fair value Sponsored funds and separate accounts $ 368.3 $ 303.4 Investments related to long-term incentive plans 160.0 146.6 Other equity and debt investments 60.0 54.8 Total investments, at fair value 588.3 504.8 Investments in equity method investees 814.3 716.2 Other investments 107.7 83.5 Total $ 1,510.3 $ 1,304.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 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 September 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 241.3 $ 18.4 $ 24.6 $ 84.0 $ 368.3 Investments related to long-term incentive plans 160.0 — — — 160.0 Other equity and debt investments 3.3 13.3 — 43.4 60.0 Contingent consideration asset — — 19.4 — 19.4 Total Assets Measured at Fair Value $ 404.6 $ 31.7 $ 44.0 $ 127.4 $ 607.7 Liabilities Contingent consideration liabilities $ — $ — $ 42.4 $ — $ 42.4 (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 investments measured at NAV	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 funds. These investments were as follows: (in millions) as of September 30, 2021 2020 Nonredeemable investments 1 Investments with known liquidation periods $ 53.9 $ 51.2 Investments with unknown liquidation periods 46.6 42.6 Redeemable investments 2 26.9 27.3 Unfunded commitments 51.8 9.5
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 Contingent Investments Contingent Contingent for the fiscal years ended September 30, Balance at beginning of year $ 17.4 $ 39.7 $ (25.3) $ 32.1 $ — $ — Acquisitions — — (13.0) — 39.7 (27.9) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.3 — — — — — Included in general, administrative and other expense — — (4.1) — — 2.0 Purchases 17.6 — — 22.6 — — Sales (6.0) — — (19.0) — — Settlements (3.5) (20.3) — (8.4) — 0.6 Consolidation of investment product — — — (10.0) — — Transfers into Level 3 1.9 — — 0.1 — — Transfers out of Level 3 (3.1) — — — — — Balance at End of Year $ 24.6 $ 19.4 $ (42.4) $ 17.4 $ 39.7 $ (25.3) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year $ 0.3 $ — $ (4.1) $ (1.4) $ — $ —
Schedule of financial instruments not measured at fair value	Financial instruments that were not measured at fair value were as follows: Fair 2021 2020 (in millions) Carrying Estimated Carrying Estimated as of September 30, Financial Assets Cash and cash equivalents 1 $ 4,357.8 $ 4,357.8 $ 3,026.8 $ 3,026.8 Other investments Time deposits 2 13.2 13.2 19.2 19.2 Equity securities 3 94.5 99.1 64.3 67.3 Loans receivable 3 — — 42.4 42.4 Financial Liability Debt 2 $ 3,399.4 $ 3,434.1 $ 3,017.1 $ 3,086.5

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment, Net [Abstract]
Summary of property and equipment	Property and equipment, net consisted of the following: (in millions) Useful Lives as of September 30, 2021 2020 Buildings and leasehold improvements $ 868.2 $ 877.4 5-35 Software 609.4 576.2 3-10 Equipment and furniture 390.6 374.0 3-10 Land 82.5 83.0 N/A Total cost 1,950.7 1,910.6 Less: accumulated depreciation and amortization (1,180.7) (1,096.8) Property and Equipment, Net $ 770.0 $ 813.8

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill and other intangible assets	Goodwill and other intangible assets, net consisted of the following: (in millions) as of September 30, 2021 2020 Goodwill $ 4,457.7 $ 4,500.8 Indefinite-lived intangible assets 3,527.8 3,500.8 Definite-lived intangible assets, net 1,182.4 1,413.4 Goodwill and Other Intangible Assets, Net $ 9,167.9 $ 9,415.0
Schedule of changes in carrying value of goodwill	Changes in the carrying value of goodwill were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Balance at beginning of year $ 4,500.8 $ 2,130.3 Acquisitions — 2,389.1 Impairment — (23.7) Purchase price allocation adjustment 1 (52.4) — Foreign exchange revaluation 9.3 5.1 Balance at End of Year $ 4,457.7 $ 4,500.8 ______________
Schedule of definite-lived intangible assets	Definite-lived intangible assets were as follows: 2021 2020 (in millions) Gross Accumulated Net Gross Accumulated Net as of September 30, Management contracts $ 1,232.0 $ (262.6) $ 969.4 $ 1,231.2 $ (57.6) $ 1,173.6 Trade names 230.7 (28.0) 202.7 230.6 (4.0) 226.6 Developed software 14.4 (4.1) 10.3 14.4 (1.2) 13.2 Total $ 1,477.1 $ (294.7) $ 1,182.4 $ 1,476.2 $ (62.8) $ 1,413.4
Schedule of estimated remaining amortization expense	Definite-lived intangible assets had a weighted-average remaining useful life of 6.7 years at September 30, 2021, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2022 $ 231.5 2023 231.5 2024 224.7 2025 212.5 2026 146.0 Thereafter 136.2 Total $ 1,182.4

Debt (Tables)

Debt (Tables)	12 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of outstanding debt	Debt consisted of the following: (in millions) 2021 Effective 2020 Effective as of September 30, 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 % $850 million 1.600% senior notes due October 2030 846.3 1.74 % — N/A $350 million 2.950% senior notes due August 2051 347.8 3.00 % — N/A Total notes issued by Franklin Resources, Inc. 1,893.7 699.5 Notes issued by Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 266.5 1.53 % 272.4 1.53 % $450 million 4.750% senior notes due March 2026 509.6 1.80 % 523.0 1.80 % $550 million 5.625% senior notes due January 2044 742.2 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 — N/A 516.1 5.25 % Total notes issued by Legg Mason 1,518.3 2,319.7 Debt issuance costs (12.6) (2.1) Total $ 3,399.4 $ 3,017.1 Debt of CIPs consisted of the following: (in millions) as of September 30, 2021 2020 Amount Weighted- Amount Weighted- Debt of CLOs $ 3,634.1 2.11% $ 2,646.9 2.99% Other debt 36.9 1.95% 153.7 2.97% Total $ 3,671.0 $ 2,800.6

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	12 Months Ended
	Sep. 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) as of September 30, 2021 2020 Assets Cash and cash equivalents $ 289.4 $ 963.0 Receivables 127.8 118.3 Investments, at fair value 5,820.1 4,074.0 Total Assets $ 6,237.3 $ 5,155.3 Liabilities Accounts payable and accrued expenses $ 558.0 $ 611.2 Debt 3,671.0 2,800.6 Other liabilities 13.8 12.1 Total liabilities 4,242.8 3,423.9 Redeemable Noncontrolling Interests 622.5 397.3 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,000.7 754.4 Nonredeemable noncontrolling interests 371.3 579.7 Total stockholders’ equity 1,372.0 1,334.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 6,237.3 $ 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 September 30, 2021 Assets Cash and cash equivalents of CLOs $ 145.4 $ — $ — $ — $ 145.4 Receivables of CLOs — 84.0 — — 84.0 Investments Equity and debt securities 310.8 647.3 453.3 343.5 1,754.9 Loans — 3,955.3 20.5 — 3,975.8 Real Estate — — 89.4 — 89.4 Total Assets Measured at Fair Value $ 456.2 $ 4,686.6 $ 563.2 $ 343.5 $ 6,049.5 (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 CIPs investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient consist of redeemable global hedge fund, nonredeemable private equity funds and redeemable U.S. equity fund. These investments were as follows: (in millions) as of September 30, 2021 2020 Nonredeemable investments 1 Investments with known liquidation periods $ 141.4 $ 261.1 Redeemable investments 2 202.1 — Unfunded commitments 3 0.5 94.0
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 fiscal year ended September 30, 2021 Balance at beginning of year $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income of consolidated investment products, net 122.8 8.3 0.3 131.4 Purchases 105.7 161.7 — 267.4 Sales and settlements (62.8) — (4.7) (67.5) Deconsolidations (36.2) (448.8) — (485.0) Transfers into Level 3 2.7 18.5 — 21.2 Transfers out of Level 3 (1.9) — — (1.9) Foreign exchange revaluation 0.7 10.5 — 11.2 Balance at End of Year $ 453.3 $ 89.4 $ 20.5 $ 563.2 Change in unrealized gains included in net income relating to assets held at end of year $ 123.9 $ 5.4 $ 0.5 $ 129.8 (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2020 Balance at beginning of year $ 333.8 $ 152.7 $ 16.6 $ 503.1 Acquisition — 20.3 17.6 37.9 Realized and unrealized losses included in investment and other income of consolidated investment products, net (47.2) (5.2) (1.8) (54.2) Purchases 84.0 154.9 — 238.9 Sales and settlements (5.0) — (7.5) (12.5) Deconsolidations (47.8) — — (47.8) Transfers into Level 3 2.2 — — 2.2 Transfers out of Level 3 (1.1) — — (1.1) Foreign exchange revaluation 3.4 16.5 — 19.9 Balance at End of Year $ 322.3 $ 339.2 $ 24.9 $ 686.4 Change in unrealized losses included in net income relating to assets held at end of year $ (47.2) $ (5.2) $ (1.8) $ (54.2)
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 September 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 301.1 Market pricing Private sale pricing $0.39–$100.00 ($19.34) per share 102.3 Market comparable companies Enterprise value/ 6.0–20.6 (13.7) Discount for lack of marketability 6.0%–25.5% (17.6%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 28.8 49.9 Discounted cash flow Discount rate 3.3%–6.3% (4.3%) Real estate 89.4 Discounted cash flow Discount rate 5.8%–6.0% (5.9%) Exit capitalization rate 5.0%–5.3% (5.1%) (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%) Price-to-earnings ratio 9.4–10.0 (9.7) Risk premium 55.0% Enterprise value/ 7.5 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 2021 2020 Carrying Estimated Carrying Estimated as of September 30, Financial Asset Cash and cash equivalents 1 $ 144.0 $ 144.0 $ 435.7 $ 435.7 Financial Liabilities Debt of CLOs 1 2 or 3 3,634.1 3,610.6 2,646.9 2,683.2 Other debt 3 36.9 36.6 153.7 155.2
Schedule of debt of CIPs	Debt consisted of the following: (in millions) 2021 Effective 2020 Effective as of September 30, 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 % $850 million 1.600% senior notes due October 2030 846.3 1.74 % — N/A $350 million 2.950% senior notes due August 2051 347.8 3.00 % — N/A Total notes issued by Franklin Resources, Inc. 1,893.7 699.5 Notes issued by Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 266.5 1.53 % 272.4 1.53 % $450 million 4.750% senior notes due March 2026 509.6 1.80 % 523.0 1.80 % $550 million 5.625% senior notes due January 2044 742.2 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 — N/A 516.1 5.25 % Total notes issued by Legg Mason 1,518.3 2,319.7 Debt issuance costs (12.6) (2.1) Total $ 3,399.4 $ 3,017.1 Debt of CIPs consisted of the following: (in millions) as of September 30, 2021 2020 Amount Weighted- Amount Weighted- Debt of CLOs $ 3,634.1 2.11% $ 2,646.9 2.99% Other debt 36.9 1.95% 153.7 2.97% Total $ 3,671.0 $ 2,800.6
Schedule of contractual maturities for debt of CIPs	The contractual maturities for debt of CIPs at September 30, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2022 $ 72.9 2023 — 2024 — 2025 9.8 2026 — Thereafter 3,588.3 Total $ 3,671.0
Schedule of unpaid principal balance and fair value of investments of CLOs	The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) as of September 30, 2021 2020 Unpaid principal balance $ 3,951.1 $ 2,809.8 Difference between unpaid principal balance and fair value 20.9 (146.6) Fair Value $ 3,972.0 $ 2,663.2

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest [Table Text Block]	Changes in redeemable noncontrolling interests were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 1 CIPs Minority Interests Total CIPs Minority Interests Total Balance at beginning of year $ 397.3 $ 144.6 $ 541.9 $ 746.7 $ — $ 746.7 $ 1,043.6 Acquisition — — — 22.1 164.3 186.4 — Business divestiture — — — — (21.3) (21.3) — Net income 63.8 30.3 94.1 45.0 3.6 48.6 6.2 Net subscriptions (distributions) and other 531.4 (23.6) 507.8 247.1 (2.0) 245.1 1,046.6 Net deconsolidations (370.0) — (370.0) (663.6) — (663.6) (1,349.7) Adjustment to fair value — 159.2 159.2 — — — — Balance at End of Year $ 622.5 $ 310.5 $ 933.0 $ 397.3 $ 144.6 $ 541.9 $ 746.7

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	12 Months Ended
	Sep. 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) as of September 30, 2021 2020 Investments $ 639.2 $ 439.2 Receivables 172.1 168.0 Loans receivable — 42.4 Total $ 811.3 $ 649.6

Taxes on Income (Tables)

Taxes on Income (Tables)	12 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of taxes on income	Taxes on income were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Current expense Federal $ 226.7 $ 154.9 $ 343.4 State 50.3 28.8 37.0 Non-U.S. 68.9 54.2 66.8 Deferred expense (benefit) 3.7 (7.1) (4.9) Total $ 349.6 $ 230.8 $ 442.3
Schedule of income before taxes	Income before taxes consisted of the following: (in millions) for the fiscal years ended September 30, 2021 2020 2019 U.S. $ 1,682.6 $ 771.7 $ 1,151.1 Non-U.S. 761.6 246.2 496.7 Total $ 2,444.2 $ 1,017.9 $ 1,647.8
Components of deferred tax assets and liabilities	The significant components of deferred tax assets and deferred tax liabilities were as follows: (in millions) as of September 30, 2021 2020 Deferred Tax Assets Capitalized mixed service costs $ 297.5 $ 326.1 Net operating loss and state credit carry-forwards 318.5 317.0 Deferred compensation and benefits 222.3 160.6 Foreign tax credit carry-forwards 128.0 103.0 Debt premium 72.1 81.9 Other 131.4 148.7 Total deferred tax assets 1,169.8 1,137.3 Valuation allowance (319.3) (320.6) Deferred tax assets, net of valuation allowance 850.5 816.7 Deferred Tax Liabilities Goodwill and other purchased intangibles 961.6 1,009.4 Other 68.7 68.5 Total deferred tax liabilities 1,030.3 1,077.9 Net Deferred Tax Liability $ 179.8 $ 261.2
Components of net deferred tax liability as classified in the consolidated balance sheets	The components of the net deferred tax liability were classified in the consolidated balance sheets as follows: (in millions) as of September 30, 2021 2020 Other assets $ 131.9 $ 44.1 Deferred tax liabilities 311.7 305.3 Net Deferred Tax Liability $ 179.8 $ 261.2
Reconciliation of the amount of tax expense at the federal statutory rate and taxes on income	A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Federal taxes at statutory rate $ 513.3 21.0 % $ 213.8 21.0 % $ 346.0 21.0 % Transition tax on deemed repatriation of undistributed foreign earnings — — — — 86.0 5.2 % State taxes, net of federal tax effect 60.8 2.5 % 28.2 2.8 % 29.7 1.8 % Tax reserve release on audit settlement, net of valuation allowance 1 (126.8) (5.2 %) — — — — Effect of net income (loss) attributable to noncontrolling interests (55.3) (2.3 %) 2.5 0.2 % (2.1) (0.1 %) Effect of non-U.S. operations (30.4) (1.2 %) 6.9 0.7 % (21.3) (1.3 %) Capital loss on investments, net of valuation allowance 2 (12.4) (0.5 %) (27.0) (2.7 %) — — Other 0.4 — 6.4 0.7 % 4.0 0.2 % Tax Provision $ 349.6 14.3 % $ 230.8 22.7 % $ 442.3 26.8 %
Reconciliation of gross unrecognized tax benefits	A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Balance at beginning of year $ 342.9 $ 202.6 $ 77.5 Additions from business combinations — 141.8 — Additions for tax positions of prior years 4.2 0.9 131.8 Reductions for tax positions of prior years (163.6) (0.6) (2.9) Tax positions related to the current year 22.2 12.2 10.7 Settlements with taxing authorities (3.2) (0.3) (2.2) Expirations of statute of limitations (18.2) (13.7) (12.3) Balance at End of Year $ 184.3 $ 342.9 $ 202.6
Schedule of transition tax payable	The payment for the Company’s remaining federal portion of the transition tax liability were as follows: (in millions) Amount for the fiscal years ending September 30, 2022 $ 42.4 2023 74.1 2024 138.9 2025 185.2 2026 231.6 Total $ 672.2

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of lease expenses	Lease expense was as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Operating lease cost 1 $ 141.4 $ 72.5 Variable lease cost 21.2 6.0 Finance lease cost 0.4 0.5 Less: sublease income (24.6) (4.2) Total lease expense $ 138.4 $ 74.8
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: (in millions) for the fiscal years ended September 30, 2021 2020 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 133.7 $ 65.1 ROU assets obtained in exchange for new/modified operating lease liabilities 18.7 13.7
Schedule of lease quantitative disclosure of operating leases	The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows: (in millions) as of September 30, 2021 2020 Weighted-average remaining lease term 6.1 years 6.5 years Weighted-average discount rate 2.1 % 3.5 %
Schedule of maturities of operating lease liabilities	The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2022 $ 129.3 2023 122.9 2024 88.3 2025 52.9 2026 38.1 Thereafter 121.9 Total lease payments 553.4 Less: interest (35.0) Operating lease liabilities $ 518.4
Schedule of operating lease income	The maturities of lease payments due to the Company as of September 30, 2021 were as follows: (in millions) Subleases Leases for the fiscal years ending September 30, 2022 $ 23.2 $ 31.0 2023 21.5 32.4 2024 9.2 32.9 2025 0.3 32.5 2026 0.1 32.1 Thereafter 0.1 41.9 Total $ 54.4 $ 202.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of stock-based compensation expenses	Stock-based compensation expenses were as follows: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Stock and stock unit awards $ 165.2 $ 117.1 $ 105.7 Employee stock investment plan 6.7 5.2 5.8 Phantom unit awards 30.4 2.7 1.7 Total $ 202.3 $ 125.0 $ 113.2
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-Average for the fiscal year ended September 30, 2021 Nonvested balance at September 30, 2020 12,141 4,808 16,949 $ 24.30 Granted 5,906 240 6,146 21.08 Vested (3,500) (619) (4,119) 26.56 Forfeited/canceled (570) (572) (1,142) 30.61 Modified 199 (199) — n/a Nonvested balance at September 30, 2021 14,176 3,658 17,834 $ 22.27

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
	Sep. 30, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Schedule of geographic information	The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location. (in millions) as of September 30, 2021 2020 Property and Equipment, Net United States $ 596.6 $ 634.4 Europe, Middle East and Africa 132.1 133.0 Asia-Pacific 34.5 37.7 Americas excluding United States 6.8 8.7 Total $ 770.0 $ 813.8

Investment and Other Income (_2

Investment and Other Income (Losses), Net (Tables)	12 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Schedule of investment and other income (losses), net	Investment and other income (losses), net consisted of the following: (in millions) for the fiscal years ended September 30, 2021 2020 2019 Dividend income $ 8.8 $ 48.9 $ 97.0 Interest income 8.8 14.3 31.0 Gains (losses) on investments, net 90.9 (16.8) (9.7) Income (losses) from investments in equity method investees 154.3 (98.1) (10.4) Gains (losses) on derivatives, net (23.2) 3.0 — Rental income 28.8 30.0 19.8 Foreign currency exchange (losses) gains, net (11.9) (22.3) 13.1 Other, net 8.2 2.6 0.6 Investment and Other Income (Losses), Net $ 264.7 $ (38.4) $ 141.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Sep. 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 Unrealized Total as of and for the fiscal years ended Balance at October 1, 2018 $ (372.9) $ (4.2) $ 6.5 $ (370.6) Adoption of new accounting guidance — — (8.0) (8.0) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (53.9) (2.4) (5.4) (61.7) Reclassifications to compensation and benefits expense, net of tax — 0.4 — 0.4 Reclassifications to net investment and other income (losses), net of tax 1.4 — 6.9 8.3 Total other comprehensive income (loss) (52.5) (2.0) 1.5 (53.0) Balance at September 30, 2019 $ (425.4) $ (6.2) $ — $ (431.6) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 23.8 (2.1) (1.3) 20.4 Reclassifications to compensation and benefits expense, net of tax — 0.3 — 0.3 Reclassifications to net investment and other income (losses), net of tax 2.0 — 1.3 3.3 Total other comprehensive income (loss) 25.8 (1.8) — 24.0 Balance at September 30, 2020 $ (399.6) $ (8.0) $ — $ (407.6) Other comprehensive income Other comprehensive income before reclassifications, net of tax 27.1 1.6 — 28.7 Reclassifications to compensation and benefits expense, net of tax — (0.7) — (0.7) Reclassifications to net investment and other income (losses), net of tax 2.0 — — 2.0 Total other comprehensive income 29.1 0.9 — 30.0 Balance at September 30, 2021 $ (370.5) $ (7.1) $ — $ (377.6)

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Number of reporting unit	1
Stock-based compensation awards vesting period	3 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful lives	3 years
Property and equipment, estimated useful lives	3 years
Capitalized Contract Cost, Amortization Period	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful lives	15 years
Property and equipment, estimated useful lives	35 years
Capitalized Contract Cost, Amortization Period	10 years

Significant Accounting Polici_5

Significant Accounting Policies Significant Accounting Policies - Effects of the changes to the previously reported statement of income (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2020	Sep. 30, 2018
Receivables	$ 1,428.2	$ 1,233.1
Investments	1,510.3	1,304.5
Cash and cash equivalents	4,647.2	3,989.8	$ 6,206.6		$ 6,910.6
Total investments, at fair value	588.3	504.8
Total Assets	24,168.4	21,684.5
Accounts payable and accrued expenses	479.3	426.9
Debt	3,399.4	3,017.1		$ 2,000
Total liabilities	11,424.8	10,273.5
Nonredeemable noncontrolling interests	587.2	754.6
Total stockholders’ equity	11,810.6	10,869.1	10,541.5		$ 10,207.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	24,168.4	21,684.5
Net Cash Provided by (Used in) Operating Activities	1,245.4	1,083.3	268.5
Net Cash Provided by (Used in) Investing Activities	(2,615.9)	(4,061.9)	(1,275.4)
Net Cash Provided by (Used in) Financing Activities	2,030.1	734.4	339.9
Consolidated Investment Products [Member]
Receivables	127.8	118.3
Cash and cash equivalents	289.4	963
Total investments, at fair value	5,820.1	4,074
Total Assets	6,237.3	5,155.3
Accounts payable and accrued expenses	558	611.2
Debt	3,671	2,800.6
Total liabilities	4,242.8	3,423.9
Nonredeemable noncontrolling interests	371.3	579.7
Total stockholders’ equity	1,372	1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 6,237.3	5,155.3
Previously Reported [Member]
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		1,021.4	201.6
Net Cash Provided by (Used in) Investing Activities		(3,243.1)	(1,077.1)
Net Cash Provided by (Used in) Financing Activities		194.2	(40.5)
Previously Reported [Member] | Consolidated Investment Products [Member]
Cash and cash equivalents		930.7
Total investments, at fair value		2,709.2
Accounts payable and accrued expenses		510.1
Debt		1,333.4
Restatement Adjustment [Member]
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		61.9	66.9
Net Cash Provided by (Used in) Investing Activities		(818.8)	(198.3)
Net Cash Provided by (Used in) Financing Activities		540.2	380.4
Restatement Adjustment [Member] | Consolidated Investment Products [Member]
Cash and cash equivalents		32.3
Total investments, at fair value		1,364.8
Accounts payable and accrued expenses		101.1
Debt		1,467.2
As Amended [Member]
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		1,083.3	268.5
Net Cash Provided by (Used in) Investing Activities		(4,061.9)	(1,275.4)
Net Cash Provided by (Used in) Financing Activities		734.4	$ 339.9
As Amended [Member] | Consolidated Investment Products [Member]
Cash and cash equivalents		963
Total investments, at fair value		4,074
Accounts payable and accrued expenses		611.2
Debt		$ 2,800.6

New Accounting Guidance - Narra

New Accounting Guidance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Oct. 01, 2020	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables	$ 1,428.2		$ 1,233.1
Deferred tax liabilities	311.7		305.3
Retained earnings	$ 11,550.8		$ 10,472.6
ASU 2016-13 [Member] | 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

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Millions	Jul. 31, 2020	Sep. 30, 2020	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Purchase consideration in cash	$ 4,500
Business Combination Other Consideration Historical Compensation	200
Debt	2,000	$ 3,017.1		$ 3,399.4	$ 3,017.1
Definite-lived intangible assets weighted-average remaining useful life				6 years 8 months 12 days
Unamortized debt premium	324.4
Pro Forma Revenue			$ 1,500.8		7,862	$ 8,436
Pro Forma Net Income			$ 291.4		967.5	$ 886.6
Legg mason, revenue		475.7
Legg mason, net loss		$ (28.7)
Other Intangible Assets [Member]
Business Acquisition [Line Items]
Definite-lived intangibles assets	1,123.2
Definite-lived intangible assets weighted-average remaining useful life				5 years 10 months 24 days
Trade Names [Member]
Business Acquisition [Line Items]
Definite-lived intangibles assets	$ 230.6
Definite-lived intangible assets weighted-average remaining useful life				14 years 6 months
Minimum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				3 years
Minimum [Member] | Other Intangible Assets [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				5 years
Minimum [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				5 years
Maximum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				15 years
Maximum [Member] | Other Intangible Assets [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				7 years
Maximum [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				20 years
General, administrative and other expense [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs				$ 6.7	57.4
Compensation and Benefits [Member]
Business Acquisition [Line Items]
Business Combination, Integration Related Costs				$ 13	$ 119.6

Acquisition - Allocation of Est

Acquisition - Allocation of Estimated Fair Values (Details) - USD ($) $ in Millions		Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Goodwill		$ 4,457.7	$ 4,500.8		$ 2,130.3
Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents				$ 681.1
Investments				471.8
Receivables				525.7
Indefinite-lived intangible assets				2,727.8
Definite-lived intangibles assets	[1]			1,353.8
Goodwill				2,325
Deferred tax assets				148.4
Other assets				530.7
Debt				(2,324.4)
Compensation and benefits				(579.9)
Deferred tax liabilities				(315.4)
Other liabilities				(926.4)
Total Identifiable Net Assets				4,737.2
Adjustments [Member]
Business Acquisition [Line Items]
Cash and cash equivalents				0
Investments				0
Receivables				0
Indefinite-lived intangible assets				0
Definite-lived intangibles assets	[1]			0
Goodwill				(52.4)
Deferred tax assets				57.6
Other assets				0
Debt				0
Compensation and benefits				0
Deferred tax liabilities				0.9
Other liabilities				(6.1)
Total Identifiable Net Assets				0
Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents				681.1
Investments				471.8
Receivables				525.7
Indefinite-lived intangible assets				2,727.8
Definite-lived intangibles assets	[1]			1,353.8
Goodwill				2,272.6
Deferred tax assets				206
Other assets				530.7
Debt				(2,324.4)
Compensation and benefits				(579.9)
Deferred tax liabilities				(314.5)
Other liabilities				(932.5)
Total Identifiable Net Assets				4,737.2
Consolidated Investment Products [Member] | Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents				253.4
Investments				402.9
Debt				(330.8)
Consolidated Investment Products [Member] | Adjustments [Member]
Business Acquisition [Line Items]
Cash and cash equivalents				0
Investments				0
Debt				0
Consolidated Investment Products [Member] | Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents				253.4
Investments				402.9
Debt				(330.8)
Redeemable Noncontrolling Interest [Member] | Initial Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest				(186.4)
Redeemable Noncontrolling Interest [Member] | Adjustments [Member]
Business Acquisition [Line Items]
Noncontrolling Interest				0
Redeemable Noncontrolling Interest [Member] | Revised Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest				(186.4)
Nonredeemable Noncontrolling Interest [Member] | Initial Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest				(20.1)
Nonredeemable Noncontrolling Interest [Member] | Adjustments [Member]
Business Acquisition [Line Items]
Noncontrolling Interest				0
Nonredeemable Noncontrolling Interest [Member] | Revised Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest				$ (20.1)
[1]	Includes $1,123.2 million related to management contracts and $230.6 million related to trade names.

Acquisition - Unaudited Pro For

Acquisition - Unaudited Pro Forma Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2019
Business Combinations [Abstract]
Pro Forma Revenue	$ 1,500.8	$ 7,862	$ 8,436
Pro Forma Net Income	$ 291.4	$ 967.5	$ 886.6

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS	0.5	0.2

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	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 1,831.2	$ 798.9	$ 1,195.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	77.7	15.3	10.9
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	77.7	15.3	10.9
Net Income Available to Common Stockholders - basic	1,753.5	783.6	1,184.8
Net Income Available to Common Stockholders - diluted	$ 1,753.5	$ 783.6	$ 1,184.8
Weighted-average shares outstanding – basic	489.9	491.9	503.6
Dilutive effect of nonparticipating nonvested stock unit awards	0.7	0.5	0.7
Weighted-Average Shares Outstanding – Diluted	490.6	492.4	504.3
Earnings per Share [Abstract]
Basic	$ 3.58	$ 1.59	$ 2.35
Diluted	$ 3.57	$ 1.59	$ 2.35

Revenue Narratives (Details)

Revenue Narratives (Details)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	81.00%	89.00%	92.00%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	$ 8,425.5	$ 5,566.5	$ 5,669.4
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	6,541.6	3,981.7	3,985.2
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,635.5	1,362	1,444.6
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	211.2	195.1	216.3
Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	37.2	27.7	23.3
United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	5,979	3,594.8	3,396.2
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	4,647.7	2,482.5	2,260.6
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,137.4	928.8	941.3
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	164.7	158.6	175.7
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	29.2	24.9	18.6
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,507.9	1,302.9	1,533.5
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,075	910.1	1,064.7
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	395.8	366.1	437.2
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	36.1	25.5	30.1
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1	1.2	1.5
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	338.3	321.4	388.8
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	285.6	269.2	325.4
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	52.5	51.9	63.3
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0.2	0.3	0.1
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0	0	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	387.9	240.2	254.5
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	333.3	217.6	241.8
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	46.1	13.6	1.3
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	6.6	8.4	10.4
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1.9	0.6	1
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	212.4	107.2	96.4
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	200	102.3	92.7
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	3.7	1.6	1.5
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	3.6	2.3	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	$ 5.1	$ 1	$ 2.2

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Investment Holdings [Line Items]
Total investments, at fair value	$ 588.3	$ 504.8
Investments in equity method investees	814.3	716.2
Other investments	107.7	83.5
Total	1,510.3	1,304.5
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	368.3	303.4
Investment related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	160	146.6
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 60	$ 54.8

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Nonredeemable Investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation weighted-average period	4 years	1 year 10 months 24 days

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 368.3	$ 303.4
Investment related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	160	146.6
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	60	54.8
Fair Value, Recurring [Member]
Assets [Abstract]
Contingent consideration asset	19.4	39.7
Total Assets Measured at Fair Value	607.7	544.5
Liability [Abstract]
Contingent consideration liabilities	42.4	25.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	404.6	323.9
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	31.7	42.4
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Contingent consideration asset	19.4	39.7
Total Assets Measured at Fair Value	44	57.1
Liability [Abstract]
Contingent consideration liabilities	42.4	25.3
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	127.4	121.1
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	368.3	303.4
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	241.3	176.3
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	18.4	40.9
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	24.6	17.4
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	84	68.8
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	160	146.6
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	160	145.5
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	0	1.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	60	54.8
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.3	2.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	13.3	1.5
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 43.4	$ 51.2

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 51.8	$ 9.5
Nonredeemable Investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	53.9	51.2
Nonredeemable Investments With Unknown Liquidation Periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	46.6	42.6
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 26.9	$ 27.3
[1]	The investments 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 have an expected weighted-average life of 4.0 years and 1.9 years at September 30, 2021 and 2020.
[2]	Investments are redeemable on a monthly and quarterly basis.

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year - liabilities	$ (25.3)	$ 0
Acquisitions - liabilities	(13)	(27.9)
Purchases - liabilities	0	0
Sales - liabilities	0	0
Settlements - liabilities	0	0.6
Transfers into Level 3 - liabilities	0	0
Transfers out of level 3 - liability	0	0
Balance at End of Year - liabilities	(42.4)	(25.3)
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - liability	(4.1)	0
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year - assets	17.4	32.1
Purchases - assets	17.6	22.6
Sales - assets	(6)	(19)
Settlements - assets	(3.5)	(8.4)
Consolidation of investment product	0	(10)
Transfers into Level 3 - assets	1.9	0.1
Transfers out of level 3 - assets	(3.1)	0
Balance at End of Year - assets	24.6	17.4
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - assets	0.3	(1.4)
Contingent Consideration Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year - assets	39.7	0
Acquisition - asset	0	39.7
Purchases - assets	0	0
Sales - assets	0
Settlements - assets	(20.3)	0
Transfers into Level 3 - assets	0	0
Transfers out of level 3 - assets	0	0
Balance at End of Year - assets	19.4	39.7
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - assets	0	0
Investment and other income (losses), net [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
Investment and other income (losses), net [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0.3	0
Investment and other income (losses), net [Member] | Contingent Consideration Asset [Member]
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	(4.1)	2
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
General, administrative and other expense [Member] | Contingent Consideration Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 4,647.2	$ 3,989.8	$ 6,206.6	$ 6,910.6
Other investments	107.7	83.5
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,357.8	3,026.8
Time deposits	13.2	19.2
Loans receivable	0	42.4
Financial Liability [Abstract]
Debt	3,399.4	3,017.1
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,357.8	3,026.8
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	13.2	19.2
Financial Liability [Abstract]
Debt	3,434.1	3,086.5
Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Loans receivable	0	42.4
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	94.5	64.3
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 99.1	$ 67.3

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment, Net [Abstract]
Depreciation and amortization	$ 124.4	$ 95.2	$ 83.2

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 1,950.7	$ 1,910.6
Less: accumulated depreciation and amortization	(1,180.7)	(1,096.8)
Property and Equipment, Net	$ 770	813.8
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	35 years
Buildings and leasehold improvements [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 868.2	877.4
Buildings and leasehold improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Buildings and leasehold improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	35 years
Software [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 609.4	576.2
Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Equipment and Furniture [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 390.6	374
Equipment and Furniture [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Equipment and Furniture [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Land [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 82.5	$ 83

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 23.7
Impairment of indefinite-lived intangible assets		30	$ 9.3
Impairment of definite-lived intangible assets		$ 1.7	$ 4
Definite-lived intangible assets weighted-average remaining useful life	6 years 8 months 12 days

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 4,457.7	$ 4,500.8	$ 2,130.3
Indefinite-lived intangible assets	3,527.8	3,500.8
Definite-lived intangible assets, net	1,182.4	1,413.4
Goodwill and Other Intangible Assets, Net	$ 9,167.9	$ 9,415

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Millions		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of year		$ 4,500.8	$ 2,130.3
Acquisitions		0	2,389.1
Impairment		0	(23.7)
Purchase price allocation adjustment	[1]	(52.4)	0
Foreign exchange revaluation		9.3	5.1
Balance at End of Year		$ 4,457.7	$ 4,500.8
[1]	Refer to Note 3 - Acquisitions

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,477.1	$ 1,476.2
Accumulated Amortization	(294.7)	(62.8)
Total	1,182.4	1,413.4
Management contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,232	1,231.2
Accumulated Amortization	(262.6)	(57.6)
Total	969.4	1,173.6
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	230.7	230.6
Accumulated Amortization	(28)	(4)
Total	202.7	226.6
Developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	14.4	14.4
Accumulated Amortization	(4.1)	(1.2)
Total	$ 10.3	$ 13.2

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Estimated Remaining Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 231.5
2023	231.5
2024	224.7
2025	212.5
2026	146
Thereafter	136.2
Total	$ 1,182.4	$ 1,413.4

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 15, 2021	Aug. 12, 2021	Mar. 15, 2021	Oct. 19, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Debt Issuance Costs	$ 12.6					$ 2.1
Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Unsecure debt	1,900
Legg Mason [Member]
Debt Instrument [Line Items]
Unsecure debt	1,250
Notes Due September 2056 [Member]
Debt Instrument [Line Items]
Debt Face Amount		$ 500
Stated Interest Rate		5.45%
Interest Payable		$ 6.8
Notes Due September 2056 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Debt Face Amount						$ 500
Stated Interest Rate						5.45%
Notes Due August 2051 [Member]
Debt Instrument [Line Items]
Debt Face Amount			$ 350
Stated Interest Rate			2.95%
Debt Issuance Costs			$ 4.1
Debt Instrument, Unamortized Discount			2.2
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Debt Face Amount	$ 350
Stated Interest Rate	2.95%
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%
Notes Due October 2030 [Member]
Debt Instrument [Line Items]
Debt Face Amount			$ 100		$ 750
Stated Interest Rate			1.60%		1.60%
Debt Issuance Costs			$ 7.7
Debt Instrument, Unamortized Discount			$ 3.9
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Debt Face Amount	$ 850
Stated Interest Rate	1.60%
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	Sep. 30, 2021	Sep. 15, 2021	Aug. 12, 2021	Mar. 15, 2021	Oct. 19, 2020	Sep. 30, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Total	$ 3,399.4					$ 3,017.1	$ 2,000
Debt issuance costs	(12.6)					(2.1)
Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	1,893.7					699.5
Legg Mason [Member]
Debt Instrument [Line Items]
Total	1,518.3					2,319.7
Notes Due September 2022 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 299.9					$ 299.8
Effective Interest Rate	2.93%					2.93%
Debt Face Amount	$ 300
Stated Interest Rate	2.80%
Notes Due March 2025 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 399.7					$ 399.7
Effective Interest Rate	2.97%					2.97%
Debt Face Amount	$ 400
Stated Interest Rate	2.85%
Notes Due October 2030 [Member]
Debt Instrument [Line Items]
Debt issuance costs			$ (7.7)
Debt Face Amount			$ 100		$ 750
Stated Interest Rate			1.60%		1.60%
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 846.3					$ 0
Effective Interest Rate	1.74%
Debt Face Amount	$ 850
Stated Interest Rate	1.60%
Notes Due August 2051 [Member]
Debt Instrument [Line Items]
Debt issuance costs			$ (4.1)
Debt Face Amount			$ 350
Stated Interest Rate			2.95%
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 347.8					0
Effective Interest Rate	3.00%
Debt Face Amount	$ 350
Stated Interest Rate	2.95%
Notes Due July 2024 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Senior notes	$ 266.5					$ 272.4
Effective Interest Rate	1.53%					1.53%
Debt Face Amount	$ 250
Stated Interest Rate	3.95%
Notes Due March 2026 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Senior notes	$ 509.6					$ 523
Effective Interest Rate	1.80%					1.80%
Debt Face Amount	$ 450
Stated Interest Rate	4.75%
Notes Due January 2044 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Senior notes	$ 742.2					$ 747.5
Effective Interest Rate	3.38%					3.38%
Debt Face Amount	$ 550
Stated Interest Rate	5.625%
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 Instrument [Line Items]
Junior Subordinated Notes	$ 0					$ 260.7
Effective Interest Rate						6.08%
Debt Face Amount						$ 250
Stated Interest Rate						6.375%
Notes Due September 2056 [Member]
Debt Instrument [Line Items]
Debt Face Amount		$ 500
Stated Interest Rate		5.45%
Notes Due September 2056 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Junior Subordinated Notes	$ 0					$ 516.1
Effective Interest Rate						5.25%
Debt Face Amount						$ 500
Stated Interest Rate						5.45%

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021USD ($)CIPs	Sep. 30, 2020USD ($)CIPs	Jul. 31, 2020USD ($)
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	60	75
Number of CLOs	10	8
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 3,399.4	$ 3,017.1	$ 2,000
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments Company contractually obligated to fund	0.2	11.4
Debt, unpaid principal balance	$ 3,671	$ 2,800.6
CIPs [Member] | Nonredeemable Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period	1 year 3 months 18 days	4 years 2 months 12 days
CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	1.63%	1.00%
CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	2.42%	5.81%
Collateralized Loan Obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains/losses related to its own economic interests	$ 15.4	$ 1.3
Debt, unpaid principal balance	3,629.9	2,803.1
Collateralized Loan Obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 3,634.1	$ 2,646.9
Collateralized Loan Obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	1.00%	1.43%
Collateralized Loan Obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	8.22%	8.34%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2020	Sep. 30, 2019	Sep. 30, 2018
Assets [Abstract]
Cash and cash equivalents	$ 4,647.2	$ 3,989.8		$ 6,206.6	$ 6,910.6
Receivables	1,428.2	1,233.1
Investments, at fair value	588.3	504.8
Total Assets	24,168.4	21,684.5
Liabilities [Abstract]
Accounts payable and accrued expenses	479.3	426.9
Debt	3,399.4	3,017.1	$ 2,000
Other liabilities	354.3	456.1
Total liabilities	11,424.8	10,273.5
Redeemable Noncontrolling Interests	933	541.9
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	11,223.4	10,114.5
Nonredeemable noncontrolling interests	587.2	754.6
Total stockholders’ equity	11,810.6	10,869.1		10,541.5	$ 10,207.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	24,168.4	21,684.5
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	289.4	963
Receivables	127.8	118.3
Investments, at fair value	5,820.1	4,074
Total Assets	6,237.3	5,155.3
Liabilities [Abstract]
Accounts payable and accrued expenses	558	611.2
Debt	3,671	2,800.6
Other liabilities	13.8	12.1
Total liabilities	4,242.8	3,423.9
Redeemable Noncontrolling Interests	622.5	397.3		$ 746.7
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	1,000.7	754.4
Nonredeemable noncontrolling interests	371.3	579.7
Total stockholders’ equity	1,372	1,334.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 6,237.3	$ 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	Sep. 30, 2021	Sep. 30, 2020
Assets [Abstract]
Investments, at fair value	$ 588.3	$ 504.8
CIPs [Member]
Assets [Abstract]
Investments, at fair value	5,820.1	4,074
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	607.7	544.5
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	404.6	323.9
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	31.7	42.4
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	44	57.1
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	127.4	121.1
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	6,049.5	4,659.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	456.2	704.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	4,686.6	3,006.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	563.2	686.4
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	343.5	261.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,754.9	1,046.7
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	310.8	177.6
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	647.3	285.7
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	453.3	322.3
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	343.5	261.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	3,975.8	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	3,955.3	2,663.2
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	20.5	24.9
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	89.4	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	89.4	339.2
Collateralized Loan Obligations [Member]
Assets [Abstract]
Investments, at fair value	3,972	2,663.2
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	145.4	527.3
Receivables of CLOs	84	57.8
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	145.4	527.3
Receivables of CLOs	0	0
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	84	57.8
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	$ 0	$ 0

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions		Sep. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 51.8	$ 9.5
Nonredeemable Investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	53.9	51.2
Redeemable Investments [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	26.9	27.3
Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments	[3]	0.5	94
Consolidated Investment Products [Member] | Nonredeemable Investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	141.4	261.1
Consolidated Investment Products [Member] | Redeemable Investments [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[5]	$ 202.1	$ 0
[1]	The investments 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 have an expected weighted-average life of 4.0 years and 1.9 years at September 30, 2021 and 2020.
[2]	Investments are redeemable on a monthly and quarterly basis.
[3]	Of the total unfunded commitments, the Company was contractually obligated to fund $0.2 million and $11.4 million based on its ownership percentage in the CIPs, at September 30, 2021 and 2020.
[4]	The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments have an expected weighted-average life of 1.3 years and 4.2 years at September 30, 2021 and 2020.
[5]	Investments are redeemable on a monthly basis and liquidation periods are unknown.

Consolidated Investment Produ_7

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	$ 686.4	$ 503.1
Acquisition		37.9
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	131.4	(54.2)
Purchases	267.4	238.9
Sales and settlements	(67.5)	(12.5)
Deconsolidations	(485)	(47.8)
Transfers into Level 3 - assets	21.2	2.2
Transfers out of level 3 - assets	(1.9)	(1.1)
Foreign exchange revaluation	11.2	19.9
Balance at End of Year - assets	563.2	686.4
Change in unrealized losses included in net income relating to assets held at end of year	129.8	(54.2)
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	322.3	333.8
Acquisition		0
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	122.8	(47.2)
Purchases	105.7	84
Sales and settlements	(62.8)	(5)
Deconsolidations	(36.2)	(47.8)
Transfers into Level 3 - assets	2.7	2.2
Transfers out of level 3 - assets	(1.9)	(1.1)
Foreign exchange revaluation	0.7	3.4
Balance at End of Year - assets	453.3	322.3
Change in unrealized losses included in net income relating to assets held at end of year	123.9	(47.2)
Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	339.2	152.7
Acquisition		20.3
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	8.3	(5.2)
Purchases	161.7	154.9
Sales and settlements	0	0
Deconsolidations	(448.8)	0
Transfers into Level 3 - assets	18.5	0
Transfers out of level 3 - assets	0	0
Foreign exchange revaluation	10.5	16.5
Balance at End of Year - assets	89.4	339.2
Change in unrealized losses included in net income relating to assets held at end of year	5.4	(5.2)
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	24.9	16.6
Acquisition		17.6
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	0.3	(1.8)
Purchases	0	0
Sales and settlements	(4.7)	(7.5)
Deconsolidations	0	0
Transfers into Level 3 - assets	0	0
Transfers out of level 3 - assets	0	0
Foreign exchange revaluation	0	0
Balance at End of Year - assets	20.5	24.9
Change in unrealized losses included in net income relating to assets held at end of year	$ 0.5	$ (1.8)

Consolidated Investment Produ_8

Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 588.3	$ 504.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		5,820.1	4,074
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		1,754.9	1,046.7
Fair Value, Recurring [Member] | CIPs [Member] | Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		89.4	339.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		453.3	322.3
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 301.1	$ 94
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		0.39	0.02
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		100	100
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares	[1]	19.34	13.01
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 102.3	$ 108.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		6	7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [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 [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	13.7	10.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.060	0.200
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [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 [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.176	0.219
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Minimum [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 [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Maximum [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 [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	5.1	7.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		1.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	1.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Control premium [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.20	0.550
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Minimum [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 [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Maximum [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 [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	28.8	9.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 49.9	$ 119.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount for lack of marketability [Member] | Weighted Average [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 [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Minimum [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 [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Maximum [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 [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.167
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.033	0.040
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Maximum [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 [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [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] | Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 89.4	$ 339.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 89.4	$ 231.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.058	0.045
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.060	0.065
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.059	0.052
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.050
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.053
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.051	0.060
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			$ 107.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Minimum [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] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Maximum [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] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.052
[1]	Based on the relative fair value of the instruments.

Consolidated Investment Produ_9

Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2021		Sep. 30, 2020	Jul. 31, 2020	Sep. 30, 2019	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 4,647.2		$ 3,989.8		$ 6,206.6	$ 6,910.6
Financial Liability [Abstract]
Debt	3,399.4		3,017.1	$ 2,000
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	289.4		963
Financial Liability [Abstract]
Debt	3,671		2,800.6
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,357.8		3,026.8
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	144		435.7
Financial Liability [Abstract]
Debt	36.9		153.7
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,357.8		3,026.8
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	144		435.7
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Debt	36.6		155.2
Collateralized Loan Obligations [Member]
Financial Liability [Abstract]
Debt	3,629.9		2,803.1
Collateralized Loan Obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt	3,634.1		2,646.9
Collateralized Loan Obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt	3,634.1		2,646.9
Collateralized Loan Obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt	$ 3,610.6	[1]	$ 2,683.2
[1]	Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2020
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,399.4	$ 3,017.1	$ 2,000
Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	3,671	2,800.6
Other debt	$ 36.9	$ 153.7
Effective Interest Rate	1.95%	2.97%
Collateralized Loan Obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,629.9	$ 2,803.1
Collateralized Loan Obligations [Member] | Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,634.1	$ 2,646.9
Effective Interest Rate	2.11%	2.99%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2020
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 3,399.4	$ 3,017.1	$ 2,000
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2022	72.9
2023	0
2024	0
2025	9.8
2026	0
Thereafter	3,588.3
Total	$ 3,671

Consolidated Investment Prod_12

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 1,510.3	$ 1,304.5
Investments, at fair value	588.3	504.8
Collateralized Loan Obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	3,951.1	2,809.8
Difference between unpaid principal balance and fair value	20.9	(146.6)
Investments, at fair value	$ 3,972	$ 2,663.2

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2019
Noncontrolling Interest [Line Items]
Balance at beginning of year	$ 541.9
Acquisition		$ 39.1		$ 194.8
Business divestiture		16.7
Net income	94.1	48.6		6.2
Net subscriptions (distributions) and other	213.6	164.4		103.6
Net deconsolidations	(552.4)	(6.8)		24.3
Adjustment to fair value	(159.2)
Balance at End of Year	933	541.9
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of year	144.6	0
Acquisition	0	164.3
Business divestiture	0	(21.3)
Net income	30.3	3.6
Net subscriptions (distributions) and other	(23.6)	(2)
Net deconsolidations	0	0
Adjustment to fair value	159.2
Balance at End of Year	310.5	144.6		0
Redeemable Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of year	541.9	746.7	[1]	1,043.6	[1]
Acquisition	0	186.4		0	[1]
Business divestiture	0	(21.3)		0	[1]
Net income	94.1	48.6		6.2	[1]
Net subscriptions (distributions) and other	507.8	245.1		1,046.6	[1]
Net deconsolidations	(370)	(663.6)		(1,349.7)	[1]
Adjustment to fair value	159.2
Balance at End of Year	933	541.9		746.7	[1]
Consolidated Investment Products [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of year	397.3	746.7
Acquisition	0	22.1
Business divestiture	0	0
Net income	63.8	45
Net subscriptions (distributions) and other	531.4	247.1
Net deconsolidations	(370)	(663.6)
Balance at End of Year	$ 622.5	$ 397.3		$ 746.7
[1]	Represents redeemable noncontrolling interests of CIPs.

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Narrative (Details) - 12 months ended Sep. 30, 2021 $ 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 (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 811.3	$ 649.6
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	639.2	439.2
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	172.1	168
Loans Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0	$ 42.4

Taxes on Income - Narrative (De

Taxes on Income - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	$ 318.5	$ 317
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	173.4	303.1
Foreign tax credit carry-forwards	128	103
Impact of reduced rates on income tax expense	$ 3.2	$ 2.7	$ 4.1
Impact of reduced rates on income tax expense, per diluted share	$ 0.01	$ 0.01	$ 0.01
Increase (decrease) in valuation allowance	$ (1.3)	$ 293.7
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	173.4	303.1
Accrued interest on uncertain tax positions	25.7	21.7
Accrued penalties on uncertain tax positions	3.9	$ 2.9
Estimated decrease in unrecognized tax benefits within the next twelve months	33.6
Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	9.9
Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	98.5
State [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	$ 206.1

Taxes on Income - Narrative - V

Taxes on Income - Narrative - Valuation Allowance (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Valuation Allowance [Line Items]
Valuation allowance	$ 319.3	$ 320.6
Capital loss [Member]
Valuation Allowance [Line Items]
Valuation allowance	37.8
Domestic, State and Foreign Jurisdiction [Member] | Operating loss carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	195.1
Foreign Tax Authority [Member] | Tax credit carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	73.1
Foreign Tax Authority [Member] | Other tax carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 13.3

Taxes on Income - Schedule of T

Taxes on Income - Schedule of Taxes on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Current expense [Abstract]
Federal	$ 226.7	$ 154.9	$ 343.4
State	50.3	28.8	37
Non-U.S.	68.9	54.2	66.8
Deferred expense (benefit)	3.7	(7.1)	(4.9)
Total	$ 349.6	$ 230.8	$ 442.3

Taxes on Income - Schedule of I

Taxes on Income - Schedule of Income Before Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
U.S.	$ 1,682.6	$ 771.7	$ 1,151.1
Non-U.S.	761.6	246.2	496.7
Total	$ 2,444.2	$ 1,017.9	$ 1,647.8

Taxes on Income - Components of

Taxes on Income - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Deferred Tax Assets [Abstract]
Capitalized mixed service costs	$ 297.5	$ 326.1
Net operating loss and state credit carry-forwards	318.5	317
Deferred compensation and benefits	222.3	160.6
Foreign tax credit carry-forwards	128	103
Debt premium	72.1	81.9
Other	131.4	148.7
Total deferred tax assets	1,169.8	1,137.3
Valuation allowance	(319.3)	(320.6)
Deferred tax assets, net of valuation allowance	850.5	816.7
Deferred Tax Liabilities [Abstract]
Goodwill and other purchased intangibles	961.6	1,009.4
Other	68.7	68.5
Total deferred tax liabilities	1,030.3	1,077.9
Net Deferred Tax Liability	$ 179.8	$ 261.2

Taxes on Income - Components _2

Taxes on Income - Components of Net Deferred Tax Liability as Classified in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Other assets	$ 131.9	$ 44.1
Deferred tax liabilities	311.7	305.3
Net Deferred Tax Liability	$ 179.8	$ 261.2

Taxes on Income - Reconciliatio

Taxes on Income - Reconciliation of the Amount of Tax Expense at the Federal Statutory Rate and Taxes on Income (Details) - USD ($) $ in Millions		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Federal taxes at statutory rate		$ 513.3	$ 213.8	$ 346
Federal statutory rate		21.00%	21.00%	21.00%
Transition tax on deemed repatriation of undistributed foreign earnings		$ 0	$ 0	$ 86
Transition tax on deemed repatriation of undistributed foreign earnings percent		0	0	0.052
State taxes, net of federal tax effect		$ 60.8	$ 28.2	$ 29.7
State taxes, net of federal tax effect rate		2.50%	2.80%	1.80%
Tax reserve release on audit settlement, net of valuation allowance	[1]	$ (126.8)	$ 0	$ 0
Tax reserve release on audit settlement, net of valuation allowance rate	[1]	(5.20%)	0.00%	0.00%
Effect of net income (loss) attributable to noncontrolling interests		$ (55.3)	$ 2.5	$ (2.1)
Effect of net income attributable to noncontrolling interest rate		(2.30%)	0.20%	(0.10%)
Effect of non-U.S. operations		$ (30.4)	$ 6.9	$ (21.3)
Effect of non-U.S. operation rate		(1.20%)	0.70%	(1.30%)
Capital loss on investment, net of valuation allowance	[2]	$ (12.4)	$ (27)	$ 0
Capital loss on investment, net of valuation allowance rate	[2]	(0.50%)	(2.70%)	0.00%
Other		$ 0.4	$ 6.4	$ 4
Other rate		0.00%	0.70%	0.20%
Tax Provision		$ 349.6	$ 230.8	$ 442.3
Effective Tax Rate		14.30%	22.70%	26.80%
[1]	The Company released a tax reserve in fiscal year 2021 following the close of an IRS audit of the transition tax for fiscal year 2018.
[2]	The Company recognized a tax benefit in fiscal years 2021 and 2020 for capital losses that were realized from sales of investments. During fiscal year 2020, the sale of investments were subsequent to the change in corporate tax structure of a foreign holding company to a U.S. branch. These capital losses can be carried forward, for which the Company has assessed for realizability.

Taxes on Income - Reconciliat_2

Taxes on Income - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 342.9	$ 202.6	$ 77.5
Additions from business combinations	0	141.8	0
Additions for tax positions of prior years	4.2	0.9	131.8
Reductions for tax positions of prior years	(163.6)	(0.6)	(2.9)
Tax positions related to the current year	22.2	12.2	10.7
Settlements with taxing authorities	(3.2)	(0.3)	(2.2)
Expirations of statute of limitations	(18.2)	(13.7)	(12.3)
Balance at End of Year	$ 184.3	$ 342.9	$ 202.6

Taxes on Income - Schedule of_2

Taxes on Income - Schedule of Transition Tax Payable (Details) $ in Millions	Sep. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
2022	$ 42.4
2023	74.1
2024	138.9
2025	185.2
2026	231.6
Total	$ 672.2

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 141.4	[1]	$ 72.5
Variable lease cost	21.2		6
Finance lease cost	0.4		0.5
Sublease income	(24.6)		(4.2)
Total lease expense	$ 138.4		$ 74.8
[1]	Substantially all operating lease cost is included in occupancy expense.

Leases - Cash Flow Supplemental

Leases - Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental Cash Flow Information [Abstract]
Operating cash flows from operating leases included in the measurement of operating lease liabilities	$ 133.7	$ 65.1
ROU assets obtained in exchange for new/modified operating lease liabilities	$ 18.7	$ 13.7

Leases - Quantitative Disclosur

Leases - Quantitative Disclosure Of Operating Leases (Details)	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term	6 years 1 month 6 days	6 years 6 months
Weighted-average discount rate	2.10%	3.50%

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
2022	$ 129.3
2023	122.9
2024	88.3
2025	52.9
2026	38.1
Thereafter	121.9
Total lease payments	553.4
Less: interest	(35)
Operating lease liabilities	$ 518.4	$ 621

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments (Details) $ in Millions	Sep. 30, 2021USD ($)
Subleases [Member]
Lessor, Lease, Description [Line Items]
2022	$ 23.2
2023	21.5
2024	9.2
2025	0.3
2026	0.1
Thereafter	0.1
Total Leases	54.4
Leases [Member]
Lessor, Lease, Description [Line Items]
2022	31
2023	32.4
2024	32.9
2025	32.5
2026	32.1
Thereafter	41.9
Total Leases	$ 202.8

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ₨ in Millions, $ in Millions	Sep. 30, 2021INR (₨)	Sep. 30, 2021USD ($)	Jul. 31, 2021INR (₨)	Jul. 31, 2021USD ($)	Apr. 24, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Assets under Management					$ 3,400
Distribution To Unitholders, India Fixed Income Mutual Funds		$ 3,200
Aggregate Monetary Penalties	₨ 200	2.7
Disgorgement Of Revenue	₨ 5,125	$ 69.1
Interest Accrued On Disgorgement Of Revenue	12.00%	12.00%
Escrow Deposit	₨ 2,500	$ 33.7	₨ 75	$ 1
Committed capital contributions		$ 285.1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 282.5
Remaining weighted-average vesting period	2 years 6 months
Weighted-average grant-date fair values of stock awards and stock unit awards granted	$ 21.08	$ 23.05	$ 30.75
Fair value of stock awards and stock unit awards vested	$ 121.2	$ 72.2	$ 84.2
Total shares issued under ESIP	1.1
Shares reserved for future issuance under ESIP	4.8
Universal Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Additional Shares Authorized	20
Number of shares authorized for issuance under the stock plan	140
Number of shares available for grant under stock plan	23.4
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under the stock plan	23
Number of shares available for grant under stock plan	14.4

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 202.3	$ 125	$ 113.2
Employee stock investment plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	6.7	5.2	5.8
Phantom Share Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	30.4	2.7	1.7
Stock and stock unit awards [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 165.2	$ 117.1	$ 105.7

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at September 30, 2020	16,949
Granted	6,146
Vested	(4,119)
Forfeited/canceled	(1,142)
Modified	0
Nonvested balance at September 30, 2021	17,834	16,949
Nonvested beginning balance, Weighted Average Grant Date Fair Value	$ 24.30
Weighted Average Grant Date Fair Value of shares granted	21.08	$ 23.05	$ 30.75
Weighted Average Grant Date Fair Value of shares vested	26.56
Weighted Average Grant Date Fair Value of shares forfeited/canceled	30.61
Nonvested ending balance, Weighted Average Grant Date Fair Value	$ 22.27	$ 24.30
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 September 30, 2020	12,141
Granted	5,906
Vested	(3,500)
Forfeited/canceled	(570)
Modified	199
Nonvested balance at September 30, 2021	14,176	12,141
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 September 30, 2020	4,808
Granted	240
Vested	(619)
Forfeited/canceled	(572)
Modified	(199)
Nonvested balance at September 30, 2021	3,658	4,808

Defined Contribution Plans - Na

Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Participants annual maximum contribution to defined contribution plan, pre-tax	50.00%
Percentage of annual bonus eligible for defined contribution to plan	100.00%
Loss Contingencies [Line Items]
Plan's employer matching contribution	75.00%
Expenses recognized for defined contribution plans	$ 81.4	$ 59.2	$ 52.2
Other Plan Changes [Member]
Loss Contingencies [Line Items]
Plan's employer matching contribution	85.00%

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Sep. 30, 2021segments
Segment Reporting [Abstract]
Number of operating segments	1

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Operating Revenues, Property and Equipment by Geographic Areas (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	$ 770	$ 813.8
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	596.6	634.4
Europe, Middle East and Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	132.1	133
Asia-Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	34.5	37.7
Americas excluding United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	$ 6.8	$ 8.7

Investment and Other Income (_3

Investment and Other Income (Losses), Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ 46.5	$ (2.6)	$ (0.1)

Investment and Other Income (_4

Investment and Other Income (Losses), Net - Schedule of Investment and Other Income (Losses), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Dividend income	$ 8.8	$ 48.9	$ 97
Interest income	8.8	14.3	31
Gains (losses) on investments, net	90.9	(16.8)	(9.7)
Income (losses) from investments in equity method investees	154.3	(98.1)	(10.4)
Gains (losses) on derivatives, net	(23.2)	3	0
Rental income	28.8	30	19.8
Foreign currency exchange (losses) gains, net	(11.9)	(22.3)	13.1
Other, net	8.2	2.6	0.6
Investment and Other Income (Losses), Net	$ 264.7	$ (38.4)	$ 141.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	$ (407.6)	$ (431.6)	$ (370.6)
Adoption of new accounting guidance	11,223.4	10,114.5
Other comprehensive income before reclassifications, net of tax	28.7	20.4	(61.7)
Reclassifications to compensation and benefits expense, net of tax	(0.7)	0.3	0.4
Reclassifications to net investment and other income (losses), net of tax	2	3.3	8.3
Total other comprehensive income (loss)	30	24	(53)
Balance at end of year	(377.6)	(407.6)	(431.6)
ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance				$ (8)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(399.6)	(425.4)	(372.9)
Other comprehensive income before reclassifications, net of tax	27.1	23.8	(53.9)
Reclassifications to compensation and benefits expense, net of tax	0	0	0
Reclassifications to net investment and other income (losses), net of tax	2	2	1.4
Total other comprehensive income (loss)	29.1	25.8	(52.5)
Balance at end of year	(370.5)	(399.6)	(425.4)
Currency Translation Adjustments [Member] | ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance				0
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(8)	(6.2)	(4.2)
Other comprehensive income before reclassifications, net of tax	1.6	(2.1)	(2.4)
Reclassifications to compensation and benefits expense, net of tax	(0.7)	0.3	0.4
Reclassifications to net investment and other income (losses), net of tax	0	0	0
Total other comprehensive income (loss)	0.9	(1.8)	(2)
Balance at end of year	(7.1)	(8)	(6.2)
Unrealized Losses on Defined Benefit Plans [Member] | ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance				0
Unrealized Gains on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	0	0	6.5
Other comprehensive income before reclassifications, net of tax	0	(1.3)	(5.4)
Reclassifications to compensation and benefits expense, net of tax	0	0	0
Reclassifications to net investment and other income (losses), net of tax	0	1.3	6.9
Total other comprehensive income (loss)	0	0	1.5
Balance at end of year	$ 0	$ 0	$ 0
Unrealized Gains on Investments [Member] | ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance				$ (8)

Pending Acquisitions - Narrativ

Pending Acquisitions - Narratives (Details) - USD ($) $ in Millions	Nov. 01, 2021	Jul. 31, 2020	Sep. 30, 2021
Pending Acquisitions [Line Items]
Purchase consideration in cash		$ 4,500
O’Shaughnessy Asset Management
Pending Acquisitions [Line Items]
Purchase consideration in cash			$ 300
Lexington Partners L.P. | Subsequent Event [Member]
Pending Acquisitions [Line Items]
Purchase consideration in cash	$ 1,000
PlannedPaymentsToAcquireBusinessesGross	$ 750