Franklin Resources (BEN) 10-K 13 Nov 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Sep. 30, 2023	Oct. 31, 2023	Mar. 31, 2023
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2023
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	2023
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			$ 7.7
Entity Common Stock, Shares Outstanding		494,584,385
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, 2023, are incorporated by reference into Part III of this report.
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Sep. 30, 2023
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Francisco, California
Auditor Firm ID	238

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues
Operating revenues	$ 7,849.4	$ 8,275.3	$ 8,425.5
Operating Expenses
Compensation and benefits	3,494	3,089.8	2,971.3
Sales, distribution and marketing	1,613.1	1,845.6	2,105.8
Information systems and technology	505	500.2	486.1
Occupancy	228.9	218.9	218.1
Amortization of intangible assets	341.1	282	232
General, administrative and other	565	564.9	537.2
Total operating expenses	6,747.1	6,501.4	6,550.5
Operating Income	1,102.3	1,773.9	1,875
Other Income (Expenses)
Investment and other income, net	340	91.1	264.7
Interest expense	(123.7)	(98.2)	(85.4)
Expenses of consolidated investment products		7
Other income (expenses), net	313.4	(44.5)	569.2
Income before taxes	1,415.7	1,729.4	2,444.2
Taxes on income	312.3	396.2	349.6
Net income	1,103.4	1,333.2	2,094.6
Less: net income (loss) attributable to
Redeemable noncontrolling interests	135.5	(46.9)	94.1
Nonredeemable noncontrolling interests	85.1	88.2	169.3
Net Income Attributable to Franklin Resources, Inc.	$ 882.8	$ 1,291.9	$ 1,831.2
Earnings per Share
Basic	$ 1.72	$ 2.53	$ 3.58
Diluted	$ 1.72	$ 2.53	$ 3.57
Consolidated Investment Products [Member]
Other Income (Expenses)
Investment and other income, net	$ 115.8	$ (17.7)	$ 421.1
Expenses of consolidated investment products	(18.7)	(19.7)	(31.2)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	77.4	(106.1)	63.8
Investment management fees [Member]
Operating Revenues
Operating revenues	6,452.9	6,616.8	6,541.6
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	1,203.7	1,415	1,635.5
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	152.7	193	211.2
Other [Member]
Operating Revenues
Operating revenues	$ 40.1	$ 50.5	$ 37.2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,103.4	$ 1,333.2	$ 2,094.6
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	112.8	(244.6)	29.1
Net unrealized gains (losses) on defined benefit plans, net of tax	(1.3)	0.8	0.9
Net unrealized gains on investments, net of tax	0.2	0.4	0
Total other comprehensive income (loss)	111.7	(243.4)	30
Total comprehensive income	1,215.1	1,089.8	2,124.6
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	135.5	(46.9)	94.1
Nonredeemable noncontrolling interests	85.1	88.2	169.3
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 994.5	$ 1,048.5	$ 1,861.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Assets
Receivables	$ 1,348.4	$ 1,264.8
Investments	2,222	1,651.3
Investments, at fair value	872.8	613.5
Property and equipment, net	800.1	743.3
Goodwill	6,003.8	5,778.6
Intangible assets, net	4,902.2	5,082.1
Operating lease right-of-use assets	406.3	464.5
Other	398.8	395.4
Total Assets	30,121.2	28,060.6
Liabilities
Compensation and benefits	1,665.1	1,464.4
Accounts payable and accrued expenses	530	466.2
Income taxes	513.5	523.1
Debt	3,052.8	3,376.4
Deferred tax liabilities	450.4	347.8
Operating lease liabilities	467.8	528.4
Other	1,286.2	1,425
Total liabilities	16,547.3	14,235.9
Commitments and Contingencies (Note 15)
Redeemable Noncontrolling Interests	1,026.1	1,525.8
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; 495,937,891 and 499,575,175 shares issued and outstanding at September 30, 2023 and 2022	49.6	50
Retained earnings	12,376.6	12,045.6
Accumulated other comprehensive loss	(509.3)	(621)
Total Franklin Resources, Inc. stockholders’ equity	11,916.9	11,474.6
Nonredeemable noncontrolling interests	630.9	824.3
Total stockholders’ equity	12,547.8	12,298.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	30,121.2	28,060.6
Consolidated Investment Products [Member]
Assets
Cash and cash equivalents	716	647.6
Receivables	166.7	134
Investments, at fair value	9,637.2	7,898.1
Total Assets	10,519.9	8,679.7
Liabilities
Accounts payable and accrued expenses	349.7	646.9
Debt	8,231.8	5,457.7
Other	25.1	175
Total liabilities	8,606.6	6,279.6
Redeemable Noncontrolling Interests	580.1	942.2
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	1,033.9	960.8
Nonredeemable noncontrolling interests	299.3	497.1
Total stockholders’ equity	1,333.2	1,457.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	10,519.9	8,679.7
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 3,686.4	$ 4,134.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Investments, at fair value	$ 872.8	$ 613.5
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	495,937,891	499,575,175
Common stock, shares issued	495,937,891	499,575,175

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss [Member]	Stockholders' Equity [Member]	Stockholders' Equity [Member] Cumulative Effect, Period of Adoption, Adjustment	Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2020			495.1
Beginning balance at Sep. 30, 2020			$ 49.5	$ 0	$ 10,472.6		$ (407.6)	$ 10,114.5
Beginning balance (ASU 2016-13 [Member]) at Sep. 30, 2020						$ (3.3)			$ (3.3)
Beginning balance at Sep. 30, 2020										$ 754.6
Beginning balance at Sep. 30, 2020	$ 10,869.1
Beginning 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			$ 50.2	0	11,550.8		(377.6)	11,223.4
Ending balance at Sep. 30, 2021										587.2
Ending balance at Sep. 30, 2021	11,810.6
Stockholders' Equity [Roll Forward]
Net income	1,291.9				1,291.9			1,291.9
Nonredeemable noncontrolling interests	88.2									88.2
Net income	1,380.1
Other comprehensive income (loss)	(243.4)						(243.4)	(243.4)
Dividends declared on common stock	(585.2)				(585.2)			(585.2)
Repurchase of common stock - Shares			(6.5)
Repurchase of common stock - Amount	(180.8)		$ (0.6)	(231.4)	51.2			(180.8)
Issuance of common stock - Shares			4.3
Issuance of common stock - Amount	171.8		$ 0.4	171.4				171.8
Stock-based compensation	60			60				60
Net subscriptions and other	24.7				0			0		24.7
Net consolidation (deconsolidation) of investment products	(25.7)									(25.7)
Acquisitions	149.9									149.9
Adjustment to fair value of redeemable noncontrolling interests	(263.1)				(263.1)			(263.1)
Ending balance - Shares at Sep. 30, 2022			499.6
Ending balance at Sep. 30, 2022	11,474.6		$ 50	0	12,045.6		(621)	11,474.6
Ending balance at Sep. 30, 2022	824.3									824.3
Ending balance at Sep. 30, 2022	12,298.9
Stockholders' Equity [Roll Forward]
Net income	882.8				882.8			882.8
Nonredeemable noncontrolling interests	85.1									85.1
Net income	967.9
Other comprehensive income (loss)	111.7						111.7	111.7
Dividends declared on common stock	(611.4)				(611.4)			(611.4)
Repurchase of common stock - Shares			(9.6)
Repurchase of common stock - Amount	(256.3)		$ (1)	(205.5)	(49.8)			(256.3)
Issuance of common stock - Shares			5.9
Issuance of common stock - Amount	215.1		$ 0.6	214.5				215.1
Stock-based compensation	(9)			(9)				(9)
Net subscriptions and other	82.1				0			0		82.1
Net consolidation (deconsolidation) of investment products	(360.6)									(360.6)
Adjustment to fair value of redeemable noncontrolling interests	109.4				109.4			109.4
Ending balance - Shares at Sep. 30, 2023			495.9
Ending balance at Sep. 30, 2023	11,916.9		$ 49.6	$ 0	$ 12,376.6		$ (509.3)	$ 11,916.9
Ending balance at Sep. 30, 2023	630.9									$ 630.9
Ending balance at Sep. 30, 2023	$ 12,547.8

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 1.20	$ 1.16	$ 1.12
Adoption of new accounting guidance	$ 11,916.9	$ 11,474.6
Total stockholders’ equity	12,547.8	12,298.9	$ 11,810.6
Net subscriptions (distributions) and other	82.1	24.7	213.6
Adjustment to fair value	109.4	(263.1)	(159.2)
Acquisitions		149.9
Net subscriptions (distributions) and other	82.1	24.7	213.6
Stockholders' Equity [Member]
Statement of Stockholders' Equity [Abstract]
Adoption of new accounting guidance	11,916.9	11,474.6	11,223.4
Net subscriptions (distributions) and other	0	0	(2.1)
Adjustment to fair value	109.4	(263.1)	(159.2)
Net subscriptions (distributions) and other	$ 0	$ 0	$ (2.1)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Net cash provided by operating activities
Net Income	$ 1,103.4	$ 1,333.2	$ 2,094.6
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	182.6	208.2	171.9
Amortization of deferred sales commissions	50	64.8	78.2
Depreciation and other amortization	104.3	95.8	78.6
Amortization of intangible assets	341.1	282	232
Net (gains) losses on investments	(39.5)	75.4	(75.5)
Income from investments in equity method investees	(123.1)	(36.2)	(154.3)
Net losses (gains) on investments of consolidated investment products	120.4	95.1	(316.4)
Net purchase of investments by consolidated investment products	(829.4)	(355.9)	(781)
Deferred income taxes	41.5	98	3.7
Other	122.7	25.1	16
Changes in operating assets and liabilities:
Increase in receivables and other assets	(63.2)	(86.7)	(182.5)
Decrease (increase) in investments, net	2.8	(3.7)	12.8
Increase in accrued compensation and benefits	128.9	281.7	114.8
Decrease in income taxes payable	(1.1)	(180.1)	(12.5)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(4.5)	64.8	(97.3)
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products	1.8	(4.8)	62.3
Net cash provided by operating activities	1,138.7	1,956.7	1,245.4
Net cash used in investing activities
Purchase of investments	(757.8)	(926.4)	(770.4)
Liquidation of investments	636.8	1,026.4	594
Purchase of investments by consolidated collateralized loan obligations	(4,364.1)	(3,991.7)	(3,654.7)
Payments of deferred consideration liability	(241.8)	0	0
Liquidation of investments by consolidated collateralized loan obligations	1,834.1	1,948.8	1,624.2
Decrease in loan receivables, net	0	0	42.7
Additions of property and equipment, net	(148.8)	(90.3)	(79.3)
Acquisitions, net of cash acquired	(500.5)	(1,354.7)	(9)
Payments of contingent consideration asset	9.8	19.9	20.3
Net (deconsolidation) consolidation of investment products	(49.8)	38.8	(383.7)
Net cash used in investing activities	(3,582.1)	(3,329.2)	(2,615.9)
Net cash provided by financing activities
Issuance of common stock	23.3	25.1	22.3
Dividends paid on common stock	(607.3)	(583.1)	(559.7)
Repurchase of common stock	(256.3)	(180.8)	(208.2)
Proceeds from repurchase agreement	174.8	0	0
Proceeds from issuance of debt	0	0	1,193.9
Payment of debt issuance costs	0	0	(11.8)
Payments on debt	(300)	(300)	(750)
Proceeds from loan	0	300	0
Proceeds from debt of consolidated investment products	3,539.9	4,884.4	2,937.9
Payments on debt by consolidated investment products	(1,105)	(2,745.8)	(1,315.7)
Payments on contingent consideration liabilities	(7.6)	(14.8)	0
Noncontrolling interests	567.2	200	721.4
Net cash provided by financing activities	2,029	1,585	2,030.1
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	34.3	(77.2)	(2.2)
Increase (decrease) in cash and cash equivalents	(380.1)	135.3	657.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,402.4	4,782.5	4,647.2
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	233.2	467.5	498
Cash paid for interest	121.9	133.3	116.6
Cash paid for interest by consolidated investment products	$ 379.2	$ 148.2	$ 102.8

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Sep. 30, 2023
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. The Company’s related 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. Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and consolidated investment products (“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. 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 to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Amortization and impairment are recognized in general, administrative and other expenses. 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. 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. Investments in 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 investments consist of equity and debt securities carried at fair value. Changes in the fair value of equity securities other than fund products 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 either a market-based or income-based approach using significant unobservable inputs. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. 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, 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 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 generally 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. 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.

Acquisition

Acquisition	12 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisition BNY Alcentra Group Holdings, Inc. On November 1, 2022, the Company acquired all of the outstanding ownership interests in BNY Alcentra Group Holdings, Inc. (together with its subsidiaries “Alcentra”) from The Bank of New York Mellon Corporation. Total purchase price consisted of cash consideration of $594.1 million, which includes $188.3 million for certain securities held in Alcentra’s collateralized loan obligations (“CLOs”); deferred consideration of $62.0 million which was paid on November 1, 2023; and contingent consideration to be paid upon the achievement of certain performance thresholds over the next four years of up to $350.0 million that has an acquisition-date fair value of $24.6 million. The consideration paid was funded from existing cash. During the quarter ended March 31, 2023, cash consideration increased by $6.8 million due to a net working capital adjustment and deferred consideration increased by $1.6 million. The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date: (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of November 1, 2022 Cash and cash equivalents $ 93.6 $ — $ 93.6 Receivables 57.2 (8.8) 48.4 Investments 285.3 1.6 286.9 Goodwill 152.6 52.7 205.3 Indefinite-lived intangible assets 89.9 — 89.9 Definite-lived intangible assets 55.7 — 55.7 Other assets 9.0 3.1 12.1 Deferred tax liabilities — (36.7) (36.7) Compensation and benefits and other liabilities (71.0) (3.5) (74.5) Total Identifiable Net Assets $ 672.3 $ 8.4 $ 680.7 The adjustments to the initial estimated fair values are a result of new information obtained about the facts that existed as of the acquisition date. The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed. The goodwill is primarily attributable to expected growth opportunities from the combined operations and is not deductible for tax purposes. The definite-lived intangible assets relate to acquired investment management contracts and trade names, which are amortized over their estimated useful lives ranging from 3.0 years to 10.0 years. Amortization expense related to the definite-lived intangible assets was $12.8 million for the fiscal year ended September 30, 2023 (“fiscal year 2023”). Costs incurred in connection with the acquisition were $14.1 million for the fiscal year ended September 30, 2023. Alcentra contributed $158.0 million of operating revenue and did not have a material impact to net income attributable to Franklin Resources, Inc. for the fiscal year ended September 30, 2023. Consequently, the Company has not presented pro forma combined results of operations for this acquisition. In connection with the acquisition, the Company on December 15, 2022 entered into repurchase agreements with a third-party financing company for certain securities held by the Company in Alcentra’s CLOs. As of September 30, 2023, other liabilities includes repurchase agreements of $164.2 million with maturity values of €132.3 million and $42.4 million in local currency. The Company has pledged Alcentra investments with a carrying value of $171.3 million as collateral as of September 30, 2023. The repurchase agreements have contractual maturity dates ranging between 2029 to 2034.

Earnings per Share

Earnings per Share	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 2021 Net income attributable to Franklin Resources, Inc. $ 882.8 $ 1,291.9 $ 1,831.2 Less: allocation of earnings to participating nonvested stock and stock unit awards 37.7 54.1 77.7 Net Income Available to Common Stockholders $ 845.1 $ 1,237.8 $ 1,753.5 Weighted-average shares outstanding – basic 490.0 488.7 489.9 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.6 0.7 Weighted-Average Shares Outstanding – Diluted 490.8 489.3 490.6 Earnings per Share Basic $ 1.72 $ 2.53 $ 3.58 Diluted 1.72 2.53 3.57 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for fiscal year 2023 and the fiscal year ended September 30, 2022 (“fiscal year 2022”). No nonparticipating nonvested stock unit awards were excluded for the fiscal year ended September 30, 2021 (“fiscal year 2021”).

Revenues

Revenues	12 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,877.1 $ 803.9 $ 285.6 $ 216.2 $ 270.1 $ 6,452.9 Sales and distribution fees 847.3 296.0 19.8 40.6 — 1,203.7 Shareholder servicing fees 118.7 31.5 2.2 0.3 — 152.7 Other 37.7 0.8 1.2 — 0.4 40.1 Total $ 5,880.8 $ 1,132.2 $ 308.8 $ 257.1 $ 270.5 $ 7,849.4 (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,926.6 $ 901.1 $ 309.6 $ 246.5 $ 233.0 $ 6,616.8 Sales and distribution fees 997.7 341.8 25.5 50.0 — 1,415.0 Shareholder servicing fees 153.8 36.0 1.4 0.2 1.6 193.0 Other 48.1 1.0 0.7 0.5 0.2 50.5 Total $ 6,126.2 $ 1,279.9 $ 337.2 $ 297.2 $ 234.8 $ 8,275.3 (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,647.7 $ 1,075.0 $ 333.3 $ 285.6 $ 200.0 $ 6,541.6 Sales and distribution fees 1,137.4 395.8 46.1 52.5 3.7 1,635.5 Shareholder servicing fees 164.7 36.1 6.6 0.2 3.6 211.2 Other 29.2 1.0 1.9 — 5.1 37.2 Total $ 5,979.0 $ 1,507.9 $ 387.9 $ 338.3 $ 212.4 $ 8,425.5 Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 82%, 81% and 81% of the Company’s total operating revenues for the fiscal years 2023, 2022 and 2021.

Investments

Investments	12 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of CIPs. See Note 10 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) as of September 30, 2023 2022 Investments, at fair value Sponsored funds and separate accounts $ 630.5 $ 413.0 Investments related to long-term incentive plans 191.6 143.3 Other equity and debt investments 50.7 57.2 Total investments, at fair value 872.8 613.5 Investments in equity method investees 1,089.2 771.5 Other investments 260.0 266.3 Total $ 2,222.0 $ 1,651.3

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2023
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 10 – 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, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Investments, at fair value Sponsored funds and separate accounts $ 289.5 $ 55.4 $ 14.1 $ 54.0 $ 413.0 Investments related to long-term incentive plans 143.3 — — — 143.3 Other equity and debt investments 3.1 19.4 2.7 32.0 57.2 Contingent consideration asset — — 9.8 — 9.8 Total Assets Measured at Fair Value $ 435.9 $ 74.8 $ 26.6 $ 86.0 $ 623.3 Liabilities Contingent consideration liabilities $ — $ — $ 31.6 $ — $ 31.6 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 alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) as of September 30, 2023 2022 Nonredeemable investments 1 Investments with known liquidation periods $ 32.1 $ 32.8 Investments with unknown liquidation periods 17.4 29.4 Redeemable investments 2 50.2 23.8 Unfunded commitments 43.1 51.4 _______________ 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 2.9 years and 3.4 years at September 30, 2023 and 2022. 2 Investments are redeemable on a semi-monthly, monthly and quarterly basis. Financial instruments that were not measured at fair value were as follows: Fair 2023 2022 (in millions) Carrying Estimated Carrying Estimated as of September 30, Financial Assets Cash and cash equivalents 1 $ 3,686.4 $ 3,686.4 $ 4,134.9 $ 4,134.9 Other investments Time deposits 2 9.9 9.9 9.4 9.4 Equity securities 3 250.1 250.1 256.9 256.9 Financial Liability Debt 2 $ 3,052.8 $ 2,419.4 $ 3,376.4 $ 2,750.1

Property and Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 Buildings and leasehold improvements $ 932.9 $ 894.3 5-35 Software 379.1 414.0 3-10 Equipment and furniture 366.7 314.0 3-10 Land 78.7 78.7 N/A Total cost 1,757.4 1,701.0 Less: accumulated depreciation and amortization (957.3) (957.7) Property and Equipment, Net $ 800.1 $ 743.3 Depreciation and amortization expense related to property and equipment was $108.2 million, $108.1 million and $124.4 million in fiscal years 2023, 2022 and 2021. The Company recognized no impairment of property and equipment in

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 Goodwill $ 6,003.8 $ 5,778.6 Indefinite-lived intangible assets 3,672.1 3,574.4 Definite-lived intangible assets, net 1,230.1 1,507.7 Goodwill and Other Intangible Assets, Net $ 10,906.0 $ 10,860.7 Changes in the carrying value of goodwill were as follows: (in millions) for the fiscal years ended September 30, 2023 2022 Balance at beginning of year $ 5,778.6 $ 4,457.7 Acquisitions 152.6 1,367.6 Purchase price allocation adjustment 62.0 (9.3) Foreign exchange revaluation 10.6 (37.4) Balance at End of Year $ 6,003.8 $ 5,778.6 During fiscal years 2023 and 2022, no impairment of goodwill was recognized. The Company recognized insignificant impairments of indefinite-lived intangible assets during fiscal years 2023 and 2022 due to declines in market prices of crypto assets. Definite-lived intangible assets were as follows: 2023 2022 (in millions) Gross Accumulated Net Gross Accumulated Net as of September 30, Management contracts $ 1,822.5 $ (824.3) $ 998.2 $ 1,774.2 $ (514.4) $ 1,259.8 Trade names 310.1 (82.8) 227.3 294.3 (53.8) 240.5 Developed software 14.4 (9.8) 4.6 14.4 (7.0) 7.4 Total $ 2,147.0 $ (916.9) $ 1,230.1 $ 2,082.9 $ (575.2) $ 1,507.7 No impairment of definite-lived intangible assets was recognized during fiscal years 2023 and 2022. Definite-lived intangible assets had a weighted-average remaining useful life of 5.9 years at September 30, 2023, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2024 $ 333.7 2025 320.7 2026 244.3 2027 110.2 2028 64.7 Thereafter 156.5 Total $ 1,230.1

Debt

Debt	12 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 10 – Consolidated Investment Products for information related to the debt of these entities. Debt consisted of the following: (in millions) 2023 Effective 2022 Effective as of September 30, Debt of Franklin Resources, Inc. $400 million 2.850% senior notes due March 2025 $ 399.9 2.97 % $ 399.8 2.97 % $850 million 1.600% senior notes due October 2030 847.1 1.74 % 846.7 1.74 % $350 million 2.950% senior notes due August 2051 347.9 3.00 % 347.9 3.00 % $300 million term loan due September 2025 — N/A 300.0 3.50 % Total debt of Franklin Resources, Inc. 1,594.9 1,894.4 Debt of Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 254.7 1.53 % 260.6 1.53 % $450 million 4.750% senior notes due March 2026 482.9 1.80 % 496.2 1.80 % $550 million 5.625% senior notes due January 2044 730.2 3.38 % 736.3 3.38 % Total debt of Legg Mason 1,467.8 1,493.1 Debt issuance costs (9.9) (11.1) Total $ 3,052.8 $ 3,376.4 On July 25, 2023, the Company terminated its 364-day $500.0 million revolving credit facility and its 3-year $300.0 million term loan. On the date of termination, the 364-day revolving credit facility had no amounts outstanding and all amounts outstanding under the term loan were repaid with existing cash. Concurrently, the Company entered into a 5-year $800.0 million revolving credit facility. As of the time of this filing, there were no borrowings outstanding under the 5-year credit facility. At September 30, 2023, the Company had $500.0 million of short-term commercial paper available for issuance under an uncommitted private placement program which has been inactive since 2012. At September 30, 2023, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,600.0 million. The notes have fixed interest rates with interest payable semi-annually. At September 30, 2023, 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. Franklin unconditionally and irrevocably guarantees 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 new revolving credit facility contains a financial performance covenant requiring that the Company maintain a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.25 to 1.00. The Company was in compliance with all covenants at September 30, 2023.

Consolidated Investment Product

Consolidated Investment Products	12 Months Ended
	Sep. 30, 2023
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 70 CIPs, including 20 CLOs, as of September 30, 2023 and 59 CIPs, including 15 CLOs, as of September 30, 2022. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) as of September 30, 2023 2022 Assets Cash and cash equivalents $ 716.0 $ 647.6 Receivables 166.7 134.0 Investments, at fair value 9,637.2 7,898.1 Total Assets $ 10,519.9 $ 8,679.7 Liabilities Accounts payable and accrued expenses $ 349.7 $ 646.9 Debt 8,231.8 5,457.7 Other liabilities 25.1 175.0 Total liabilities 8,606.6 6,279.6 Redeemable Noncontrolling Interests 580.1 942.2 Stockholders’ Equity Franklin Resources, Inc.’s interests 1,033.9 960.8 Nonredeemable noncontrolling interests 299.3 497.1 Total stockholders’ equity 1,333.2 1,457.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity $ 10,519.9 $ 8,679.7 The CIPs did not have a significant impact on net income attributable to the Company in fiscal years 2023, 2022 and 2021. 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, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Cash and cash equivalents of CLOs $ 269.1 $ — $ — $ — $ 269.1 Receivables of CLOs — 67.4 — — 67.4 Investments Equity and debt securities 75.4 881.0 555.8 173.5 1,685.7 Loans — 5,704.4 239.4 — 5,943.8 Real estate — — 268.6 — 268.6 Total Assets Measured at Fair Value $ 344.5 $ 6,652.8 $ 1,063.8 $ 173.5 $ 8,234.6 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) as of September 30, 2023 2022 Nonredeemable investments 1 Investments with known liquidation periods $ — $ 19.5 Investments with unknown liquidation periods 21.8 12.0 Redeemable investments 2 132.2 142.0 Unfunded commitments 3 — 0.2 _______________ 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. As of September 30, 2023, there were no investments with known liquidation periods. Investments with known liquidation periods have an expected weighted-average life of 0.3 years at September 30, 2022. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. 3 As of September 30, 2023, there were no investments with unfunded commitments. Of the total unfunded commitments, the Company was contractually obligated to fund $0.1 million based on its ownership percentage in the CIPs, at September 30, 2022. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2023 Balance at beginning of year $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income (losses) of consolidated investment products, net (47.6) (9.0) 0.2 (56.4) Purchases 91.9 86.1 58.4 236.4 Sales (25.3) — (3.3) (28.6) Net consolidations (deconsolidations) 10.4 (345.7) (293.0) (628.3) Transfers into Level 3 — — 3.6 3.6 Transfers out of Level 3 (0.3) — (5.3) (5.6) Balance at End of Year $ 584.9 $ — $ — $ 584.9 Change in unrealized losses included in net income relating to assets held at end of year $ (46.3) $ — $ — $ (46.3) (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2022 Balance at beginning of year $ 453.3 $ 89.4 $ 20.5 $ 563.2 Gains included in investment and other income (losses) of consolidated investment products, net 106.0 29.2 0.1 135.3 Purchases 177.5 150.0 14.0 341.5 Sales (119.7) — (1.3) (121.0) Net consolidations (deconsolidations) (52.1) — 200.4 148.3 Transfers into Level 3 0.1 — 5.7 5.8 Transfers out of Level 3 (9.3) — — (9.3) Balance at End of Year $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Change in unrealized gains included in net income relating to assets held at end of year $ 101.1 $ 29.2 $ — $ 130.3 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%) 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% (in millions) as of September 30, 2022 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 555.8 Market pricing Private sale pricing $0.01–$558.45 ($33.31) per share Discount for lack of marketability 23.5%–25.1% (24.9%) Real estate 268.6 Discounted cash flow Discount rate 4.5%–6.3% (5.1%) Exit capitalization rate 5.5%–6.8% (6.0%) Loans 147.2 Market pricing Price $0.97–$0.98 ($0.98) 60.4 Discounted cash flow Discount rate 9.9% 31.9 Yield capitalization Credit spread 6.3% Loan-to-value ratio 79.1%–88.1% (83.1%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the market-based valuations, other than discount for lack of marketability, were independently higher (lower) as of September 30, 2023, 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 used in the market-based valuations, were independently higher (lower) as of September 30, 2023, 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 2023 2022 Carrying Estimated Carrying Estimated as of September 30, Financial Asset Cash and cash equivalents 1 $ 363.7 $ 363.7 $ 378.5 $ 378.5 Financial Liabilities Debt of CLOs 1 2 or 3 8,210.0 8,013.2 5,408.0 5,548.8 Other debt 3 21.8 8.6 49.7 42.4 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: (in millions) as of September 30, 2023 2022 Amount Weighted- Amount Weighted- Debt of CLOs $ 8,210.0 7.12% $ 5,408.0 2.78% Other debt 21.8 6.00% 49.7 5.19% Total $ 8,231.8 $ 5,457.7 The debt of CIPs had fixed and floating interest rates ranging from 2.39% to 15.49% at September 30, 2023, and from 1.42% to 8.51% at September 30, 2022. The floating rates were based on the London Interbank Offered Rate (“LIBOR”) and Secured Overnight Financing Rate (“SOFR”). As a result of the phase-out of LIBOR, effective July 1, 2023, our reference rates are transitioning to SOFR. The contractual maturities for debt of CIPs at September 30, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 $ 28.7 2025 — 2026 — 2027 — 2028 — Thereafter 8,203.1 Total $ 8,231.8 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) as of September 30, 2023 2022 Unpaid principal balance $ 8,317.5 $ 6,118.4 Difference between unpaid principal balance and fair value (120.7) (356.1) Fair Value $ 8,196.8 $ 5,762.3 Investments 90 days or more past due were immaterial at September 30, 2023 and September 30, 2022. During fiscal years 2023 and 2022, the Company recognized $19.0 million and $22.6 million of net gains related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $8,281.5 million and $5,781.3 million at September 30, 2023 and 2022.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Sep. 30, 2023
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, 2023, 2022 and 2021 CIPs Minority Interests Total Balance at October 1, 2020 $ 397.3 $ 144.6 $ 541.9 Net income 63.8 30.3 94.1 Net subscriptions (distributions) and other 531.4 (23.6) 507.8 Net deconsolidations (370.0) — (370.0) Adjustment to fair value — 159.2 159.2 Balance at September 30, 2021 $ 622.5 $ 310.5 $ 933.0 Net income (loss) (106.1) 59.2 (46.9) Net subscriptions (distributions) and other 244.5 (49.2) 195.3 Net consolidations 181.3 — 181.3 Adjustment to fair value — 263.1 263.1 Balance at September 30, 2022 $ 942.2 $ 583.6 $ 1,525.8 Net income 77.4 58.1 135.5 Net subscriptions (distributions) and other 605.5 (86.3) 519.2 Net deconsolidations (1,045.0) — (1,045.0) Adjustment to fair value — (109.4) (109.4) Balance at September 30, 2023 $ 580.1 $ 446.0 $ 1,026.1

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	12 Months Ended
	Sep. 30, 2023
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 as follows: (in millions) as of September 30, 2023 2022 Investments $ 925.9 $ 718.0 Receivables 206.1 165.4 Total $ 1,132.0 $ 883.4

Taxes on Income

Taxes on Income	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 2021 Current expense Federal $ 148.1 $ 174.6 $ 226.7 State 55.6 45.0 50.3 Non-U.S. 67.1 78.6 68.9 Deferred expense 41.5 98.0 3.7 Total $ 312.3 $ 396.2 $ 349.6 Income before taxes consisted of the following: (in millions) for the fiscal years ended September 30, 2023 2022 2021 U.S. $ 896.9 $ 1,427.2 $ 1,682.6 Non-U.S. 518.8 302.2 761.6 Total $ 1,415.7 $ 1,729.4 $ 2,444.2 The significant components of deferred tax assets and deferred tax liabilities were as follows: (in millions) as of September 30, 2023 2022 Deferred Tax Assets Capitalized mixed service costs $ 167.5 $ 278.0 Net operating loss and state credit carry-forwards 331.8 258.8 Deferred compensation and benefits 193.8 157.3 Foreign tax credit carry-forwards 99.0 109.4 Debt premium 54.6 60.4 Other 135.7 150.8 Total deferred tax assets 982.4 1,014.7 Valuation allowance (292.9) (258.3) Deferred tax assets, net of valuation allowance 689.5 756.4 Deferred Tax Liabilities Goodwill and other purchased intangibles 918.0 907.7 Other 90.0 93.7 Total deferred tax liabilities 1,008.0 1,001.4 Net Deferred Tax Liability $ 318.5 $ 245.0 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, 2023 2022 Other assets $ 131.9 $ 102.8 Deferred tax liabilities 450.4 347.8 Net Deferred Tax Liability $ 318.5 $ 245.0 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, 2023, there were $121.3 million of non-U.S. tax effected net operating loss carry-forwards which expire between fiscal years 2024 and 2042. In addition, there were $151.8 million in tax effected state net operating loss carry-forwards that expire between fiscal years 2024 and 2043, with some having an indefinite carry-forward period. The Company also has federal net operating losses of $9.7 million, the majority of which will carry-forward indefinitely and $99.0 million of foreign tax credit carry-forwards that expire between fiscal years 2024 and 2030. The valuation allowance increased $34.6 million in fiscal year 2023, primarily related to non-US net operating loss utilization. The valuation allowance decreased $61.0 million in fiscal year 2022 primarily related to state and non-US net operating loss utilization and US foreign tax credit utilization. At September 30, 2023, the valuation allowance of $292.9 million was related to $177.6 million for federal, state, and foreign net operating loss carry-forwards, $70.8 million due to uncertainty of realizing the benefit of foreign tax credits, $24.3 million for capital losses, $11.2 million for other state deferred taxes and $9.0 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, 2023 2022 2021 Federal taxes at statutory rate $ 297.3 21.0 % $ 363.2 21.0 % $ 513.3 21.0 % State taxes, net of federal tax effect 71.3 5.0 % 45.6 2.6 % 60.8 2.5 % Tax reserve release on audit settlement, net of valuation allowance 1 (11.4) (0.8 %) (5.3) (0.3 %) (126.8) (5.2 %) Effect of net income attributable to noncontrolling interests (38.3) (2.7 %) (8.6) (0.5 %) (55.3) (2.3 %) Effect of non-U.S. operations (14.7) (1.0 %) 13.0 0.8 % (30.4) (1.2 %) Capital loss on investments, net of valuation allowance 2 (8.8) (0.6 %) — — (12.4) (0.5 %) Foreign tax credit valuation allowance release 3 7.2 0.5 % (20.6) (1.2 %) — — Other 9.7 0.7 % 8.9 0.5 % 0.4 — Tax Provision $ 312.3 22.1 % $ 396.2 22.9 % $ 349.6 14.3 % ______________ 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 year 2021 for capital losses that were realized from sales of investments. These capital losses can be carried forward, for which the Company has assessed for realizability. 3 The Company released a valuation allowance on foreign tax credit in fiscal year 2022 due to additional foreign source income from foreign investments. 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, 2023 2022 2021 Balance at beginning of year $ 168.7 $ 184.3 $ 342.9 Additions for tax positions of prior years 6.1 2.5 4.2 Reductions for tax positions of prior years (14.9) (16.0) (163.6) Tax positions related to the current year 13.3 18.4 22.2 Settlements with taxing authorities (19.9) (0.4) (3.2) Expirations of statute of limitations (14.5) (20.1) (18.2) Balance at End of Year $ 138.8 $ 168.7 $ 184.3 If recognized, $132.2 million for 2023, $161.9 million for 2022 and $173.4 million for 2021 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, 2023 and 2022 was $29.5 million and $24.8 million, and is not presented in the unrecognized tax benefits table above. Accrued penalties at September 30, 2023 and 2022 were $2.1 million and $4.4 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 2023; Brazil 2008 to 2023, Canada 2018 to 2023; Australia 2019 to 2023, Hong Kong 2017 to 2023; Singapore 2018 to 2023; Luxembourg 2019 to 2023; U.K. 2020 to 2023; U.S. federal 2020 to 2023; the City of New York 2016 to 2023; the State of New York 2018 to 2023; the State of New Jersey 2019 to 2023; and the States of California and Florida 2020 to 2023. The Company has ongoing litigation and examinations in various stages, U.S. federal for the fiscal year ended September 30, 2020, in the States of California and New York, and City of New York, and in Brazil, Canada 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, 2023 could decrease by an estimated $12.0 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, 2024 $ 138.9 2025 185.2 2026 231.6 Total $ 555.7

Leases

Leases	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 2021 Operating lease cost $ 124.1 $ 127.9 $ 141.4 Variable lease cost 5.8 8.3 21.2 Finance lease cost 0.6 0.2 0.4 Less: sublease income (25.0) (26.7) (24.6) Total lease expense $ 105.5 $ 109.7 $ 138.4 Supplemental cash flow information related to leases was as follows: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 125.6 $ 130.5 $ 133.7 ROU assets obtained in exchange for new/modified operating lease liabilities 45.4 53.4 18.7 The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows: (in millions) as of September 30, 2023 2022 Weighted-average remaining lease term 8.0 years 7.3 years Weighted-average discount rate 3.2 % 2.5 % The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2024 $ 95.2 2025 72.4 2026 57.3 2027 53.5 2028 48.4 Thereafter 216.0 Total lease payments 542.8 Less: interest (75.0) Operating lease liabilities $ 467.8 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, 2023 were as follows: (in millions) Subleases Leases for the fiscal years ending September 30, 2024 $ 7.8 $ 46.8 2025 1.0 47.3 2026 0.5 46.2 2027 0.3 38.9 2028 — 25.9 Thereafter — 76.9 Total $ 9.6 $ 282.0

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2023
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 AUM of INR 25,648.3 crore (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 challenged the wind-up decision by filing legal petitions 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 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. An interim injunction order staying the operation and implementation of the unitholder voting process was issued and the petitions were transferred to the High Court of Karnataka for further consolidated proceedings. The court upheld the decision taken by FTTS to wind up the Funds while finding that unitholder approval was required to implement the decision. Cross appeals from the judgment were then filed in the Supreme Court of India. In the interim, FTTS proceeded to obtain approval from the majority of the voting unitholders for winding up the six Funds and in February 2021, the Supreme Court confirmed the results and appointed a third-party asset manager to serve as the liquidator and begin cash distributions to unitholders. The additional issues on appeal remain pending. As of September 2023, all performing securities across the Funds have been liquidated and an aggregate of INR 27,508.1 crore (approximately $3.3 billion) has been distributed to Fund unitholders, exceeding the aggregate value of the Funds’ AUM at the date of the wind-up announcement, reported above. 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 $2.4 million); disgorgement of investment management and advisory fees, together with interest through the date of SEBI’s order, totaling INR 512.5 crore (approximately $61.7 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, which has since concluded. 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, which stay applications were granted in June and July 2021, subject to respondents’ deposit in escrow of a portion of the ordered penalties for an aggregate deposit made of INR 257.5 crore (approximately $34.7 million). The SAT appeals remain pending. The Company has also responded to related inquiries and investigations commenced by certain governmental agencies in India that remain pending, including a “first information report” (the preliminary step in an investigation) registered by the Economic Offences Wing of the Chennai police department in or around September 2020 against certain of the Company Respondents in connection with a complaint by certain Fund unitholders, as well as a related investigation by India’s Enforcement Directorate commenced in or around April 2021. The Company strongly believes that the decision taken by FTTS to wind up the Funds was in the best interests of unitholders and allowed for the orderly liquidation and distribution of Fund assets as described above. 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, 2023 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. 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, 2023. Other Commitments and Contingencies 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, 2023, the Company had $305.6 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 ’ s consolidated balance sheet.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Sep. 30, 2023
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”), the amended and restated Franklin Resources, Inc. 1998 Employee Stock Investment Plan (the “ESIP”), and the Amended and Restated Franklin Resources, Inc. 2017 Equity Incentive Plan (the “EIP”). Stock-based compensation expenses were as follows: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Stock and stock unit awards $ 174.7 $ 200.8 $ 165.2 Phantom unit awards 33.2 13.5 30.4 Employee stock investment plan 7.9 7.4 6.7 Total $ 215.8 $ 221.7 $ 202.3 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. There are 140.0 million and 23.0 million shares authorized under the USIP and EIP. At September 30, 2023, 12.2 million shares and 14.7 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, 2023 Nonvested balance at beginning of year 13,492 3,401 16,893 $ 24.04 Granted 7,024 271 7,295 22.74 Vested (7,334) (335) (7,669) 24.68 Forfeited/canceled (400) (238) (638) 25.10 Nonvested Balance at End of Year 12,782 3,099 15,881 $ 23.09 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $160.5 million at September 30, 2023. This expense is expected to be recognized over a remaining weighted-average vesting period of 1.4 years. The weighted-average grant-date fair values of stock awards and stock unit awards granted during fiscal years 2023, 2022 and 2021 were $22.74, $34.20 and $21.08 per share. The total fair value of stock and stock unit awards vested during the same periods was $210.4 million, $147.8 million and $121.2 million. The Company may repurchase shares in connection with vesting of stock and stock unit awards. Also, 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, 2023
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 makes a matching contribution equal to 85% of eligible compensation contributed by participants. 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 $93.0 million, $84.9 million and $81.4 million for fiscal years 2023, 2022 and 2021.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Sep. 30, 2023
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 4 – Revenues for total operating revenues disaggregated by geographic location. (in millions) as of September 30, 2023 2022 Property and Equipment, Net United States $ 640.8 $ 588.5 Europe, Middle East and Africa 124.0 115.4 Asia-Pacific 29.7 32.8 Americas excluding United States 5.6 6.6 Total $ 800.1 $ 743.3

Investment and Other Income (Lo

Investment and Other Income (Losses), Net	12 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	Investment and Other Income, Net Investment and other income, net consisted of the following: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Dividend and interest income $ 159.9 $ 37.9 $ 17.6 Gains (losses) on investments, net 39.5 (75.4) 90.9 Income from investments in equity method investees 123.1 36.2 154.3 Gains (losses) on derivatives, net (15.1) 20.9 (23.2) Rental income 46.3 37.9 28.8 Foreign currency exchange (losses) gains, net (26.7) 40.6 (11.9) Other, net 13.0 (7.0) 8.2 Investment and Other Income, Net $ 340.0 $ 91.1 $ 264.7 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, 2023, 2022 and 2021 were $66.1 million, $(128.9) million, and $46.5 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Sep. 30, 2023
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, 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, 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) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax (246.8) 2.3 0.4 (244.1) Reclassifications to compensation and benefits expense, net of tax — (1.5) — (1.5) Reclassifications to net investment and other income, net of tax 2.2 — — 2.2 Total other comprehensive income (loss) (244.6) 0.8 0.4 (243.4) Balance at September 30, 2022 $ (615.1) $ (6.3) $ 0.4 $ (621.0) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 108.5 (0.6) 0.2 108.1 Reclassifications to compensation and benefits expense, net of tax — (0.7) — (0.7) Reclassifications to net investment and other income, net of tax 4.3 — — 4.3 Total other comprehensive income (loss) 112.8 (1.3) 0.2 111.7 Balance at September 30, 2023 $ (502.3) $ (7.6) $ 0.6 $ (509.3)

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2023
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. The Company’s related 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.
Consolidation	Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and consolidated investment products (“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.
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 to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Amortization and impairment are recognized in general, administrative and other expenses. 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. 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
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. Investments in 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 investments consist of equity and debt securities carried at fair value. Changes in the fair value of equity securities other than fund products 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 either a market-based or income-based approach using significant unobservable inputs. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. 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, 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 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. 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	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 generally 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.
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 ’ 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
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.

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Initial and revised estimated fair values of assets acquired, and liabilities and NCI assumed.	The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date: (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of November 1, 2022 Cash and cash equivalents $ 93.6 $ — $ 93.6 Receivables 57.2 (8.8) 48.4 Investments 285.3 1.6 286.9 Goodwill 152.6 52.7 205.3 Indefinite-lived intangible assets 89.9 — 89.9 Definite-lived intangible assets 55.7 — 55.7 Other assets 9.0 3.1 12.1 Deferred tax liabilities — (36.7) (36.7) Compensation and benefits and other liabilities (71.0) (3.5) (74.5) Total Identifiable Net Assets $ 672.3 $ 8.4 $ 680.7
Schedule of Definite-Lived Intangible Assets, Remaining Amortization Expense	Definite-lived intangible assets had a weighted-average remaining useful life of 5.9 years at September 30, 2023, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2024 $ 333.7 2025 320.7 2026 244.3 2027 110.2 2028 64.7 Thereafter 156.5 Total $ 1,230.1

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 2021 Net income attributable to Franklin Resources, Inc. $ 882.8 $ 1,291.9 $ 1,831.2 Less: allocation of earnings to participating nonvested stock and stock unit awards 37.7 54.1 77.7 Net Income Available to Common Stockholders $ 845.1 $ 1,237.8 $ 1,753.5 Weighted-average shares outstanding – basic 490.0 488.7 489.9 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.6 0.7 Weighted-Average Shares Outstanding – Diluted 490.8 489.3 490.6 Earnings per Share Basic $ 1.72 $ 2.53 $ 3.58 Diluted 1.72 2.53 3.57

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,877.1 $ 803.9 $ 285.6 $ 216.2 $ 270.1 $ 6,452.9 Sales and distribution fees 847.3 296.0 19.8 40.6 — 1,203.7 Shareholder servicing fees 118.7 31.5 2.2 0.3 — 152.7 Other 37.7 0.8 1.2 — 0.4 40.1 Total $ 5,880.8 $ 1,132.2 $ 308.8 $ 257.1 $ 270.5 $ 7,849.4 (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,926.6 $ 901.1 $ 309.6 $ 246.5 $ 233.0 $ 6,616.8 Sales and distribution fees 997.7 341.8 25.5 50.0 — 1,415.0 Shareholder servicing fees 153.8 36.0 1.4 0.2 1.6 193.0 Other 48.1 1.0 0.7 0.5 0.2 50.5 Total $ 6,126.2 $ 1,279.9 $ 337.2 $ 297.2 $ 234.8 $ 8,275.3 (in millions) United Luxembourg Asia-Pacific Americas Europe, Total for the fiscal year ended Investment management fees $ 4,647.7 $ 1,075.0 $ 333.3 $ 285.6 $ 200.0 $ 6,541.6 Sales and distribution fees 1,137.4 395.8 46.1 52.5 3.7 1,635.5 Shareholder servicing fees 164.7 36.1 6.6 0.2 3.6 211.2 Other 29.2 1.0 1.9 — 5.1 37.2 Total $ 5,979.0 $ 1,507.9 $ 387.9 $ 338.3 $ 212.4 $ 8,425.5

Investments (Tables)

Investments (Tables)	12 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) as of September 30, 2023 2022 Investments, at fair value Sponsored funds and separate accounts $ 630.5 $ 413.0 Investments related to long-term incentive plans 191.6 143.3 Other equity and debt investments 50.7 57.2 Total investments, at fair value 872.8 613.5 Investments in equity method investees 1,089.2 771.5 Other investments 260.0 266.3 Total $ 2,222.0 $ 1,651.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Investments, at fair value Sponsored funds and separate accounts $ 289.5 $ 55.4 $ 14.1 $ 54.0 $ 413.0 Investments related to long-term incentive plans 143.3 — — — 143.3 Other equity and debt investments 3.1 19.4 2.7 32.0 57.2 Contingent consideration asset — — 9.8 — 9.8 Total Assets Measured at Fair Value $ 435.9 $ 74.8 $ 26.6 $ 86.0 $ 623.3 Liabilities Contingent consideration liabilities $ — $ — $ 31.6 $ — $ 31.6
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 alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) as of September 30, 2023 2022 Nonredeemable investments 1 Investments with known liquidation periods $ 32.1 $ 32.8 Investments with unknown liquidation periods 17.4 29.4 Redeemable investments 2 50.2 23.8 Unfunded commitments 43.1 51.4
Schedule of financial instruments not measured at fair value	Financial instruments that were not measured at fair value were as follows: Fair 2023 2022 (in millions) Carrying Estimated Carrying Estimated as of September 30, Financial Assets Cash and cash equivalents 1 $ 3,686.4 $ 3,686.4 $ 4,134.9 $ 4,134.9 Other investments Time deposits 2 9.9 9.9 9.4 9.4 Equity securities 3 250.1 250.1 256.9 256.9 Financial Liability Debt 2 $ 3,052.8 $ 2,419.4 $ 3,376.4 $ 2,750.1

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 Buildings and leasehold improvements $ 932.9 $ 894.3 5-35 Software 379.1 414.0 3-10 Equipment and furniture 366.7 314.0 3-10 Land 78.7 78.7 N/A Total cost 1,757.4 1,701.0 Less: accumulated depreciation and amortization (957.3) (957.7) Property and Equipment, Net $ 800.1 $ 743.3

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 Goodwill $ 6,003.8 $ 5,778.6 Indefinite-lived intangible assets 3,672.1 3,574.4 Definite-lived intangible assets, net 1,230.1 1,507.7 Goodwill and Other Intangible Assets, Net $ 10,906.0 $ 10,860.7
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, 2023 2022 Balance at beginning of year $ 5,778.6 $ 4,457.7 Acquisitions 152.6 1,367.6 Purchase price allocation adjustment 62.0 (9.3) Foreign exchange revaluation 10.6 (37.4) Balance at End of Year $ 6,003.8 $ 5,778.6
Schedule of definite-lived intangible assets	Definite-lived intangible assets were as follows: 2023 2022 (in millions) Gross Accumulated Net Gross Accumulated Net as of September 30, Management contracts $ 1,822.5 $ (824.3) $ 998.2 $ 1,774.2 $ (514.4) $ 1,259.8 Trade names 310.1 (82.8) 227.3 294.3 (53.8) 240.5 Developed software 14.4 (9.8) 4.6 14.4 (7.0) 7.4 Total $ 2,147.0 $ (916.9) $ 1,230.1 $ 2,082.9 $ (575.2) $ 1,507.7
Schedule of Definite-Lived Intangible Assets, Remaining Amortization Expense	Definite-lived intangible assets had a weighted-average remaining useful life of 5.9 years at September 30, 2023, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2024 $ 333.7 2025 320.7 2026 244.3 2027 110.2 2028 64.7 Thereafter 156.5 Total $ 1,230.1

Debt (Tables)

Debt (Tables)	12 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of outstanding debt	Debt consisted of the following: (in millions) 2023 Effective 2022 Effective as of September 30, Debt of Franklin Resources, Inc. $400 million 2.850% senior notes due March 2025 $ 399.9 2.97 % $ 399.8 2.97 % $850 million 1.600% senior notes due October 2030 847.1 1.74 % 846.7 1.74 % $350 million 2.950% senior notes due August 2051 347.9 3.00 % 347.9 3.00 % $300 million term loan due September 2025 — N/A 300.0 3.50 % Total debt of Franklin Resources, Inc. 1,594.9 1,894.4 Debt of Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 254.7 1.53 % 260.6 1.53 % $450 million 4.750% senior notes due March 2026 482.9 1.80 % 496.2 1.80 % $550 million 5.625% senior notes due January 2044 730.2 3.38 % 736.3 3.38 % Total debt of Legg Mason 1,467.8 1,493.1 Debt issuance costs (9.9) (11.1) Total $ 3,052.8 $ 3,376.4 Debt of CIPs consisted of the following: (in millions) as of September 30, 2023 2022 Amount Weighted- Amount Weighted- Debt of CLOs $ 8,210.0 7.12% $ 5,408.0 2.78% Other debt 21.8 6.00% 49.7 5.19% Total $ 8,231.8 $ 5,457.7

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 Assets Cash and cash equivalents $ 716.0 $ 647.6 Receivables 166.7 134.0 Investments, at fair value 9,637.2 7,898.1 Total Assets $ 10,519.9 $ 8,679.7 Liabilities Accounts payable and accrued expenses $ 349.7 $ 646.9 Debt 8,231.8 5,457.7 Other liabilities 25.1 175.0 Total liabilities 8,606.6 6,279.6 Redeemable Noncontrolling Interests 580.1 942.2 Stockholders’ Equity Franklin Resources, Inc.’s interests 1,033.9 960.8 Nonredeemable noncontrolling interests 299.3 497.1 Total stockholders’ equity 1,333.2 1,457.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity $ 10,519.9 $ 8,679.7
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, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Cash and cash equivalents of CLOs $ 269.1 $ — $ — $ — $ 269.1 Receivables of CLOs — 67.4 — — 67.4 Investments Equity and debt securities 75.4 881.0 555.8 173.5 1,685.7 Loans — 5,704.4 239.4 — 5,943.8 Real estate — — 268.6 — 268.6 Total Assets Measured at Fair Value $ 344.5 $ 6,652.8 $ 1,063.8 $ 173.5 $ 8,234.6
Schedule of CIPs investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) as of September 30, 2023 2022 Nonredeemable investments 1 Investments with known liquidation periods $ — $ 19.5 Investments with unknown liquidation periods 21.8 12.0 Redeemable investments 2 132.2 142.0 Unfunded commitments 3 — 0.2
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, 2023 Balance at beginning of year $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income (losses) of consolidated investment products, net (47.6) (9.0) 0.2 (56.4) Purchases 91.9 86.1 58.4 236.4 Sales (25.3) — (3.3) (28.6) Net consolidations (deconsolidations) 10.4 (345.7) (293.0) (628.3) Transfers into Level 3 — — 3.6 3.6 Transfers out of Level 3 (0.3) — (5.3) (5.6) Balance at End of Year $ 584.9 $ — $ — $ 584.9 Change in unrealized losses included in net income relating to assets held at end of year $ (46.3) $ — $ — $ (46.3) (in millions) Equity and Debt Real Estate Loans Total for the fiscal year ended September 30, 2022 Balance at beginning of year $ 453.3 $ 89.4 $ 20.5 $ 563.2 Gains included in investment and other income (losses) of consolidated investment products, net 106.0 29.2 0.1 135.3 Purchases 177.5 150.0 14.0 341.5 Sales (119.7) — (1.3) (121.0) Net consolidations (deconsolidations) (52.1) — 200.4 148.3 Transfers into Level 3 0.1 — 5.7 5.8 Transfers out of Level 3 (9.3) — — (9.3) Balance at End of Year $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Change in unrealized gains included in net income relating to assets held at end of year $ 101.1 $ 29.2 $ — $ 130.3
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, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%) 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% (in millions) as of September 30, 2022 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 555.8 Market pricing Private sale pricing $0.01–$558.45 ($33.31) per share Discount for lack of marketability 23.5%–25.1% (24.9%) Real estate 268.6 Discounted cash flow Discount rate 4.5%–6.3% (5.1%) Exit capitalization rate 5.5%–6.8% (6.0%) Loans 147.2 Market pricing Price $0.97–$0.98 ($0.98) 60.4 Discounted cash flow Discount rate 9.9% 31.9 Yield capitalization Credit spread 6.3% Loan-to-value ratio 79.1%–88.1% (83.1%)
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 2023 2022 Carrying Estimated Carrying Estimated as of September 30, Financial Asset Cash and cash equivalents 1 $ 363.7 $ 363.7 $ 378.5 $ 378.5 Financial Liabilities Debt of CLOs 1 2 or 3 8,210.0 8,013.2 5,408.0 5,548.8 Other debt 3 21.8 8.6 49.7 42.4
Schedule of contractual maturities for debt of CIPs	The contractual maturities for debt of CIPs at September 30, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 $ 28.7 2025 — 2026 — 2027 — 2028 — Thereafter 8,203.1 Total $ 8,231.8
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, 2023 2022 Unpaid principal balance $ 8,317.5 $ 6,118.4 Difference between unpaid principal balance and fair value (120.7) (356.1) Fair Value $ 8,196.8 $ 5,762.3
Schedule of outstanding debt	Debt consisted of the following: (in millions) 2023 Effective 2022 Effective as of September 30, Debt of Franklin Resources, Inc. $400 million 2.850% senior notes due March 2025 $ 399.9 2.97 % $ 399.8 2.97 % $850 million 1.600% senior notes due October 2030 847.1 1.74 % 846.7 1.74 % $350 million 2.950% senior notes due August 2051 347.9 3.00 % 347.9 3.00 % $300 million term loan due September 2025 — N/A 300.0 3.50 % Total debt of Franklin Resources, Inc. 1,594.9 1,894.4 Debt of Legg Mason (a subsidiary of Franklin) $250 million 3.950% senior notes due July 2024 254.7 1.53 % 260.6 1.53 % $450 million 4.750% senior notes due March 2026 482.9 1.80 % 496.2 1.80 % $550 million 5.625% senior notes due January 2044 730.2 3.38 % 736.3 3.38 % Total debt of Legg Mason 1,467.8 1,493.1 Debt issuance costs (9.9) (11.1) Total $ 3,052.8 $ 3,376.4 Debt of CIPs consisted of the following: (in millions) as of September 30, 2023 2022 Amount Weighted- Amount Weighted- Debt of CLOs $ 8,210.0 7.12% $ 5,408.0 2.78% Other debt 21.8 6.00% 49.7 5.19% Total $ 8,231.8 $ 5,457.7

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023, 2022 and 2021 CIPs Minority Interests Total Balance at October 1, 2020 $ 397.3 $ 144.6 $ 541.9 Net income 63.8 30.3 94.1 Net subscriptions (distributions) and other 531.4 (23.6) 507.8 Net deconsolidations (370.0) — (370.0) Adjustment to fair value — 159.2 159.2 Balance at September 30, 2021 $ 622.5 $ 310.5 $ 933.0 Net income (loss) (106.1) 59.2 (46.9) Net subscriptions (distributions) and other 244.5 (49.2) 195.3 Net consolidations 181.3 — 181.3 Adjustment to fair value — 263.1 263.1 Balance at September 30, 2022 $ 942.2 $ 583.6 $ 1,525.8 Net income 77.4 58.1 135.5 Net subscriptions (distributions) and other 605.5 (86.3) 519.2 Net deconsolidations (1,045.0) — (1,045.0) Adjustment to fair value — (109.4) (109.4) Balance at September 30, 2023 $ 580.1 $ 446.0 $ 1,026.1

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	12 Months Ended
	Sep. 30, 2023
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 as follows: (in millions) as of September 30, 2023 2022 Investments $ 925.9 $ 718.0 Receivables 206.1 165.4 Total $ 1,132.0 $ 883.4

Taxes on Income (Tables)

Taxes on Income (Tables)	12 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of taxes on income	Taxes on income were as follows: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Current expense Federal $ 148.1 $ 174.6 $ 226.7 State 55.6 45.0 50.3 Non-U.S. 67.1 78.6 68.9 Deferred expense 41.5 98.0 3.7 Total $ 312.3 $ 396.2 $ 349.6
Schedule of income before taxes	Income before taxes consisted of the following: (in millions) for the fiscal years ended September 30, 2023 2022 2021 U.S. $ 896.9 $ 1,427.2 $ 1,682.6 Non-U.S. 518.8 302.2 761.6 Total $ 1,415.7 $ 1,729.4 $ 2,444.2
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, 2023 2022 Deferred Tax Assets Capitalized mixed service costs $ 167.5 $ 278.0 Net operating loss and state credit carry-forwards 331.8 258.8 Deferred compensation and benefits 193.8 157.3 Foreign tax credit carry-forwards 99.0 109.4 Debt premium 54.6 60.4 Other 135.7 150.8 Total deferred tax assets 982.4 1,014.7 Valuation allowance (292.9) (258.3) Deferred tax assets, net of valuation allowance 689.5 756.4 Deferred Tax Liabilities Goodwill and other purchased intangibles 918.0 907.7 Other 90.0 93.7 Total deferred tax liabilities 1,008.0 1,001.4 Net Deferred Tax Liability $ 318.5 $ 245.0
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, 2023 2022 Other assets $ 131.9 $ 102.8 Deferred tax liabilities 450.4 347.8 Net Deferred Tax Liability $ 318.5 $ 245.0
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, 2023 2022 2021 Federal taxes at statutory rate $ 297.3 21.0 % $ 363.2 21.0 % $ 513.3 21.0 % State taxes, net of federal tax effect 71.3 5.0 % 45.6 2.6 % 60.8 2.5 % Tax reserve release on audit settlement, net of valuation allowance 1 (11.4) (0.8 %) (5.3) (0.3 %) (126.8) (5.2 %) Effect of net income attributable to noncontrolling interests (38.3) (2.7 %) (8.6) (0.5 %) (55.3) (2.3 %) Effect of non-U.S. operations (14.7) (1.0 %) 13.0 0.8 % (30.4) (1.2 %) Capital loss on investments, net of valuation allowance 2 (8.8) (0.6 %) — — (12.4) (0.5 %) Foreign tax credit valuation allowance release 3 7.2 0.5 % (20.6) (1.2 %) — — Other 9.7 0.7 % 8.9 0.5 % 0.4 — Tax Provision $ 312.3 22.1 % $ 396.2 22.9 % $ 349.6 14.3 %
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, 2023 2022 2021 Balance at beginning of year $ 168.7 $ 184.3 $ 342.9 Additions for tax positions of prior years 6.1 2.5 4.2 Reductions for tax positions of prior years (14.9) (16.0) (163.6) Tax positions related to the current year 13.3 18.4 22.2 Settlements with taxing authorities (19.9) (0.4) (3.2) Expirations of statute of limitations (14.5) (20.1) (18.2) Balance at End of Year $ 138.8 $ 168.7 $ 184.3
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, 2024 $ 138.9 2025 185.2 2026 231.6 Total $ 555.7

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of lease expenses	Lease expense was as follows: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Operating lease cost $ 124.1 $ 127.9 $ 141.4 Variable lease cost 5.8 8.3 21.2 Finance lease cost 0.6 0.2 0.4 Less: sublease income (25.0) (26.7) (24.6) Total lease expense $ 105.5 $ 109.7 $ 138.4
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, 2023 2022 2021 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 125.6 $ 130.5 $ 133.7 ROU assets obtained in exchange for new/modified operating lease liabilities 45.4 53.4 18.7
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, 2023 2022 Weighted-average remaining lease term 8.0 years 7.3 years Weighted-average discount rate 3.2 % 2.5 %
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, 2024 $ 95.2 2025 72.4 2026 57.3 2027 53.5 2028 48.4 Thereafter 216.0 Total lease payments 542.8 Less: interest (75.0) Operating lease liabilities $ 467.8
Schedule of maturities of lease payments due to the Company	The maturities of lease payments due to the Company as of September 30, 2023 were as follows: (in millions) Subleases Leases for the fiscal years ending September 30, 2024 $ 7.8 $ 46.8 2025 1.0 47.3 2026 0.5 46.2 2027 0.3 38.9 2028 — 25.9 Thereafter — 76.9 Total $ 9.6 $ 282.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 2023
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, 2023 2022 2021 Stock and stock unit awards $ 174.7 $ 200.8 $ 165.2 Phantom unit awards 33.2 13.5 30.4 Employee stock investment plan 7.9 7.4 6.7 Total $ 215.8 $ 221.7 $ 202.3
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, 2023 Nonvested balance at beginning of year 13,492 3,401 16,893 $ 24.04 Granted 7,024 271 7,295 22.74 Vested (7,334) (335) (7,669) 24.68 Forfeited/canceled (400) (238) (638) 25.10 Nonvested Balance at End of Year 12,782 3,099 15,881 $ 23.09

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
	Sep. 30, 2023
Segment Reporting, Measurement Disclosures [Abstract]
Schedule of geographic information	The Company has one operating segment, investment management and related services. See Note 4 – Revenues for total operating revenues disaggregated by geographic location. (in millions) as of September 30, 2023 2022 Property and Equipment, Net United States $ 640.8 $ 588.5 Europe, Middle East and Africa 124.0 115.4 Asia-Pacific 29.7 32.8 Americas excluding United States 5.6 6.6 Total $ 800.1 $ 743.3

Investment and Other Income (_2

Investment and Other Income (Losses), Net (Tables)	12 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of investment and other income (losses), net	Investment and other income, net consisted of the following: (in millions) for the fiscal years ended September 30, 2023 2022 2021 Dividend and interest income $ 159.9 $ 37.9 $ 17.6 Gains (losses) on investments, net 39.5 (75.4) 90.9 Income from investments in equity method investees 123.1 36.2 154.3 Gains (losses) on derivatives, net (15.1) 20.9 (23.2) Rental income 46.3 37.9 28.8 Foreign currency exchange (losses) gains, net (26.7) 40.6 (11.9) Other, net 13.0 (7.0) 8.2 Investment and Other Income, Net $ 340.0 $ 91.1 $ 264.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Sep. 30, 2023
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, 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, 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) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax (246.8) 2.3 0.4 (244.1) Reclassifications to compensation and benefits expense, net of tax — (1.5) — (1.5) Reclassifications to net investment and other income, net of tax 2.2 — — 2.2 Total other comprehensive income (loss) (244.6) 0.8 0.4 (243.4) Balance at September 30, 2022 $ (615.1) $ (6.3) $ 0.4 $ (621.0) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 108.5 (0.6) 0.2 108.1 Reclassifications to compensation and benefits expense, net of tax — (0.7) — (0.7) Reclassifications to net investment and other income, net of tax 4.3 — — 4.3 Total other comprehensive income (loss) 112.8 (1.3) 0.2 111.7 Balance at September 30, 2023 $ (502.3) $ (7.6) $ 0.6 $ (509.3)

Significant Accounting Polici_3

Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Sep. 30, 2023
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
Maximum [Member]
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful lives	16 years
Property and equipment, estimated useful lives	35 years

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) € in Millions, $ in Millions		3 Months Ended	12 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2023 EUR (€)
Business Acquisition [Line Items]
Amortization of intangible assets			$ 341.1	$ 282	$ 232
Goodwill		$ 6,003.8	6,003.8	5,778.6	4,457.7
Payments to Acquire Investments			$ 757.8	$ 926.4	$ 770.4
Minimum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives		3 years	3 years			3 years
Maximum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives		16 years	16 years			16 years
BNY Alcentra Group Holdings Inc
Business Acquisition [Line Items]
Cash purchase consideration	$ 594.1
PlannedPaymentsToAcquireBusinessesGross	62
Amortization of intangible assets			$ 12.8
Acquisition Related Costs			14.1
Proforma Revenue			158
Payments to Acquire Investments	188.3
Contingent consideration liabilities	350
Securities Borrowed, Fair Value of Collateral		$ 171.3	171.3
Business Combination, Consideration Transferred, Liabilities Incurred	$ 24.6
BNY Alcentra Group Holdings Inc | Alcentra's repurchase agreement - USD
Business Acquisition [Line Items]
Securities Sold under Agreements to Repurchase		164.2	164.2
Total Contractual Maturity		42.4	42.4
BNY Alcentra Group Holdings Inc | Alcentra's repurchase agreement - Euro
Business Acquisition [Line Items]
Total Contractual Maturity | €						€ 132.3
BNY Alcentra Group Holdings Inc | Adjustments [Member]
Business Acquisition [Line Items]
Cash purchase consideration		6.8
Goodwill		52.7	52.7
Investments		$ 1.6	$ 1.6
BNY Alcentra Group Holdings Inc | Minimum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives		3 years	3 years			3 years
BNY Alcentra Group Holdings Inc | Maximum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives		10 years	10 years			10 years

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Millions	Sep. 30, 2023	Nov. 01, 2022	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 6,003.8		$ 5,778.6	$ 4,457.7
Acquired Finite-Lived Intangible Assets [Line Items]
2024	333.7
2025	320.7
2026	244.3
2027	110.2
2028	64.7
Thereafter	156.5
Definite-lived intangible assets, net	1,230.1		$ 1,507.7
BNY Alcentra Group Holdings Inc | Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		$ 93.6
Receivables		57.2
Investments		285.3
Goodwill		152.6
Indefinite-lived intangible assets		89.9
Definite-lived intangible assets		55.7
Other assets		9
Deferred tax liabilities		0
Compensation and benefits and other liabilities		(71)
Total Identifiable Net Assets		$ 672.3
BNY Alcentra Group Holdings Inc | Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents	93.6
Receivables	48.4
Investments	286.9
Goodwill	205.3
Indefinite-lived intangible assets	89.9
Definite-lived intangible assets	55.7
Other assets	12.1
Deferred tax liabilities	(36.7)
Compensation and benefits and other liabilities	(74.5)
Total Identifiable Net Assets	680.7
BNY Alcentra Group Holdings Inc | Adjustments [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	0
Receivables	(8.8)
Investments	1.6
Goodwill	52.7
Indefinite-lived intangible assets	0
Definite-lived intangible assets	0
Other assets	3.1
Deferred tax liabilities	(36.7)
Compensation and benefits and other liabilities	(3.5)
Total Identifiable Net Assets	$ 8.4

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, 2023	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 882.8	$ 1,291.9	$ 1,831.2
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	37.7	54.1	77.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	37.7	54.1	77.7
Net Income Available to Common Stockholders - basic	845.1	1,237.8	1,753.5
Net Income Available to Common Stockholders - diluted	$ 845.1	$ 1,237.8	$ 1,753.5
Weighted-average shares outstanding – basic	490	488.7	489.9
Dilutive effect of nonparticipating nonvested stock unit awards	0.8	0.6	0.7
Weighted-Average Shares Outstanding – Diluted	490.8	489.3	490.6
Earnings per Share [Abstract]
Basic	$ 1.72	$ 2.53	$ 3.58
Diluted	$ 1.72	$ 2.53	$ 3.57

Revenue Narratives (Details)

Revenue Narratives (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	82%	81%	81%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	$ 7,849.4	$ 8,275.3	$ 8,425.5
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	6,452.9	6,616.8	6,541.6
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,203.7	1,415	1,635.5
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	152.7	193	211.2
Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	40.1	50.5	37.2
United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	5,880.8	6,126.2	5,979
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	4,877.1	4,926.6	4,647.7
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	847.3	997.7	1,137.4
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	118.7	153.8	164.7
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	37.7	48.1	29.2
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1,132.2	1,279.9	1,507.9
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	803.9	901.1	1,075
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	296	341.8	395.8
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	31.5	36	36.1
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0.8	1	1
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	257.1	297.2	338.3
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	216.2	246.5	285.6
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	40.6	50	52.5
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0.3	0.2	0.2
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0	0.5	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	308.8	337.2	387.9
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	285.6	309.6	333.3
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	19.8	25.5	46.1
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	2.2	1.4	6.6
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	1.2	0.7	1.9
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	270.5	234.8	212.4
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	270.1	233	200
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0	0	3.7
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	0	1.6	3.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers	$ 0.4	$ 0.2	$ 5.1

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Investment Holdings [Line Items]
Total investments, at fair value	$ 872.8	$ 613.5
Investments in equity method investees	1,089.2	771.5
Other investments	260	266.3
Total	2,222	1,651.3
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	630.5	413
Investment related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	191.6	143.3
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 50.7	$ 57.2

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, 2023	Sep. 30, 2022
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 630.5	$ 413
Investment related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	191.6	143.3
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.7	57.2
Fair Value, Recurring [Member]
Assets [Abstract]
Contingent consideration asset		9.8
Total Assets Measured at Fair Value	872.8	623.3
Liability [Abstract]
Contingent consideration liabilities	55	31.6
Liabilities, Fair Value Disclosure	213.3
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts	158.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Contingent consideration asset		0
Total Assets Measured at Fair Value	528.1	435.9
Liability [Abstract]
Contingent consideration liabilities	0	0
Liabilities, Fair Value Disclosure	158.3
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts	158.3
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Contingent consideration asset		0
Total Assets Measured at Fair Value	223.2	74.8
Liability [Abstract]
Contingent consideration liabilities	0	0
Liabilities, Fair Value Disclosure	0
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts	0
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Contingent consideration asset		9.8
Total Assets Measured at Fair Value	21.8	26.6
Liability [Abstract]
Contingent consideration liabilities	55	31.6
Liabilities, Fair Value Disclosure	55
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts	0
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Contingent consideration asset		0
Total Assets Measured at Fair Value	99.7	86
Liability [Abstract]
Contingent consideration liabilities	0	0
Liabilities, Fair Value Disclosure	0
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts	0
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	630.5	413
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	356.5	289.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	211.9	55.4
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	18.5	14.1
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	43.6	54
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	191.6	143.3
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	168.2	143.3
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	23.4	0
Fair Value, Recurring [Member] | Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.7	57.2
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.4	3.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	11.3	19.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	3.3	2.7
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 32.7	$ 32

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 43.1	$ 51.4
Nonredeemable Investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 32.1	$ 32.8
Liquidation weighted-average period		2 years 10 months 24 days	3 years 4 months 24 days
Nonredeemable Investments With Unknown Liquidation Periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 17.4	$ 29.4
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 50.2	$ 23.8
[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 2.9 years and 3.4 years at September 30, 2023 and 2022.[2]Investments are redeemable on a semi-monthly, monthly and quarterly basis.

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Financial Assets [Abstract]
Other investments	$ 260	$ 266.3
Debt	3,052.8	3,376.4
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,686.4	4,134.9
Time deposits	9.9	9.4
Debt	3,052.8	3,376.4
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,686.4	4,134.9
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	9.9	9.4
Debt	2,419.4	2,750.1
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	250.1	256.9
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 250.1	$ 256.9

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment, Net [Abstract]
Depreciation and amortization	$ 108.2	$ 108.1	$ 124.4

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment, Net, by Type [Abstract]
Total cost	$ 1,757.4	$ 1,701
Less: accumulated depreciation and amortization	(957.3)	(957.7)
Property and Equipment, Net	$ 800.1	743.3
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	$ 932.9	894.3
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	$ 379.1	414
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	$ 366.7	314
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	$ 78.7	$ 78.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)	12 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Definite-lived Intangible Assets, Weighted Average Useful Life	5 years 10 months 24 days

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 6,003.8	$ 5,778.6	$ 4,457.7
Indefinite-lived intangible assets	3,672.1	3,574.4
Definite-lived intangible assets, net	1,230.1	1,507.7
Goodwill and Other Intangible Assets, Net	$ 10,906	$ 10,860.7

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, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of year	$ 5,778.6	$ 4,457.7
Acquisitions	152.6	1,367.6
Purchase price allocation adjustment	62	(9.3)
Foreign exchange revaluation	10.6	(37.4)
Balance at End of Year	$ 6,003.8	$ 5,778.6

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,147	$ 2,082.9
Accumulated Amortization	(916.9)	(575.2)
Total	1,230.1	1,507.7
Management contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,822.5	1,774.2
Accumulated Amortization	(824.3)	(514.4)
Total	998.2	1,259.8
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	310.1	294.3
Accumulated Amortization	(82.8)	(53.8)
Total	227.3	240.5
Developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	14.4	14.4
Accumulated Amortization	(9.8)	(7)
Total	$ 4.6	$ 7.4

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Estimated Remaining Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 333.7
2025	320.7
2026	244.3
2027	110.2
2028	64.7
Thereafter	156.5
Total	$ 1,230.1	$ 1,507.7

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 25, 2023	Sep. 30, 2022	Sep. 08, 2022
Debt Instrument [Line Items]
Debt Issuance Costs	$ 9.9		$ 11.1
Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Unsecure debt	1,600
Legg Mason [Member]
Debt Instrument [Line Items]
Unsecure debt	1,250
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Debt Face Amount	$ 350
Stated Interest Rate	2.95%
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
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit Facility, maximum Borrowing capacity				$ 500
5-year Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit Facility, maximum Borrowing capacity		$ 800

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 08, 2022
Debt Instrument [Line Items]
Total	$ 3,052.8	$ 3,376.4
Debt issuance costs	(9.9)	(11.1)
Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	1,594.9	1,894.4
Legg Mason [Member]
Debt Instrument [Line Items]
Total	1,467.8	1,493.1
Notes Due March 2025 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 399.9	$ 399.8
Effective Interest Rate	2.97%	2.97%
Debt Face Amount	$ 400
Stated Interest Rate	2.85%
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 847.1	$ 846.7
Effective Interest Rate	1.74%	1.74%
Debt Face Amount	$ 850
Stated Interest Rate	1.60%
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Senior notes	$ 347.9	$ 347.9
Effective Interest Rate	3%	3%
Debt Face Amount	$ 350
Stated Interest Rate	2.95%
Notes Due July 2024 [Member] | Legg Mason [Member]
Debt Instrument [Line Items]
Senior notes	$ 254.7	$ 260.6
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	$ 482.9	$ 496.2
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	$ 730.2	$ 736.3
Effective Interest Rate	3.38%	3.38%
Debt Face Amount	$ 550
Stated Interest Rate	5.625%
Term Loan Due September 2025 | Franklin Resources, Inc. [Member]
Debt Instrument [Line Items]
Total	$ 0	$ 300
Effective Interest Rate		3.50%
Debt Face Amount			$ 300

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($) CIPs	Sep. 30, 2022 USD ($) CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	70	59
Number of CLOs	20	15
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 3,052.8	$ 3,376.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments Company contractually obligated to fund		0.1
Debt, unpaid principal balance	8,231.8	5,457.7
Collateralized Loan Obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains/losses related to its own economic interests	19	22.6
Debt Face Amount	8,281.5	5,781.3
Collateralized Loan Obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 8,210	$ 5,408
Collateralized Loan Obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	2.39%	1.42%
Collateralized Loan Obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated Interest Rate	15.49%	8.51%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Assets [Abstract]
Receivables	$ 1,348.4	$ 1,264.8
Investments, at fair value	872.8	613.5
Total Assets	30,121.2	28,060.6
Liabilities [Abstract]
Accounts payable and accrued expenses	530	466.2
Debt	3,052.8	3,376.4
Other liabilities	1,286.2	1,425
Total liabilities	16,547.3	14,235.9
Redeemable Noncontrolling Interests	1,026.1	1,525.8
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	11,916.9	11,474.6
Nonredeemable noncontrolling interests	630.9	824.3
Total stockholders’ equity	12,547.8	12,298.9	$ 11,810.6	$ 10,869.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	30,121.2	28,060.6
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	716	647.6
Receivables	166.7	134
Investments, at fair value	9,637.2	7,898.1
Total Assets	10,519.9	8,679.7
Liabilities [Abstract]
Accounts payable and accrued expenses	349.7	646.9
Debt	8,231.8	5,457.7
Other liabilities	25.1	175
Total liabilities	8,606.6	6,279.6
Redeemable Noncontrolling Interests	580.1	942.2	$ 622.5	$ 397.3
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	1,033.9	960.8
Nonredeemable noncontrolling interests	299.3	497.1
Total stockholders’ equity	1,333.2	1,457.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 10,519.9	$ 8,679.7

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, 2023	Sep. 30, 2022
Assets [Abstract]
Investments, at fair value	$ 872.8	$ 613.5
CIPs [Member]
Assets [Abstract]
Investments, at fair value	9,637.2	7,898.1
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	872.8	623.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	528.1	435.9
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	223.2	74.8
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	21.8	26.6
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	99.7	86
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	10,106.2	8,234.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	563.2	344.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	8,804.1	6,652.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	584.9	1,063.8
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	154	173.5
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,592.4	1,685.7
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	210.9	75.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	642.6	881
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	584.9	555.8
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	154	173.5
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	8,044.8	5,943.8
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	8,044.8	5,704.4
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	239.4
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value		268.6
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value		0
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value		0
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value		268.6
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value		0
Collateralized Loan Obligations [Member]
Assets [Abstract]
Investments, at fair value	8,196.8	5,762.3
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	352.3	269.1
Receivables of CLOs	116.7	67.4
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	352.3	269.1
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	116.7	67.4
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
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | NAV as a Practical Expedient [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		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 43.1	$ 51.4
Nonredeemable Investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 32.1	$ 32.8
Liquidation weighted-average period		2 years 10 months 24 days	3 years 4 months 24 days
Redeemable Investments [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	$ 50.2	$ 23.8
Nonredeemable Investments With Unknown Liquidation Periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	17.4	29.4
Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments	[3]	0	0.2
Consolidated Investment Products [Member] | Nonredeemable Investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	0	19.5
Consolidated Investment Products [Member] | Redeemable Investments [Member]
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[5]	132.2	$ 142
Consolidated Investment Products [Member] | Nonredeemable Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period			3 months 18 days
Consolidated Investment Products [Member] | Nonredeemable Investments With Unknown Liquidation Periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment		$ 21.8	$ 12
[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 2.9 years and 3.4 years at September 30, 2023 and 2022.[2]Investments are redeemable on a semi-monthly, monthly and quarterly basis.[3]Of the total unfunded commitments, the Company was contractually obligated to fund $0.1 million based on its ownership percentage in the CIPs, at September 30, 2022.[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. As of September 30, 2023, there were no investments with known liquidation periods. Investments with known liquidation periods have an expected weighted-average life of 0.3 years at September 30, 2022.[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, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	$ 1,063.8	$ 563.2
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	(56.4)	135.3
Purchases	236.4	341.5
Sales	(28.6)	(121)
Net consolidations (deconsolidations)	(628.3)	148.3
Transfers into Level 3 - assets	3.6	5.8
Transfers out of level 3 - assets	(5.6)	(9.3)
Balance at End of Year - assets	584.9	1,063.8
Change in unrealized gains included in net income relating to assets held at end of year	(46.3)	130.3
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	555.8	453.3
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	(47.6)	106
Purchases	91.9	177.5
Sales	(25.3)	(119.7)
Net consolidations (deconsolidations)	10.4	(52.1)
Transfers into Level 3 - assets	0	0.1
Transfers out of level 3 - assets	(0.3)	(9.3)
Balance at End of Year - assets	584.9	555.8
Change in unrealized gains included in net income relating to assets held at end of year	(46.3)	101.1
Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	268.6	89.4
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	(9)	29.2
Purchases	86.1	150
Sales	0	0
Net consolidations (deconsolidations)	345.7	0
Transfers into Level 3 - assets	0	0
Transfers out of level 3 - assets	0	0
Balance at End of Year - assets	0	268.6
Change in unrealized gains included in net income relating to assets held at end of year	0	29.2
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of year - assets	239.4	20.5
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net	0.2	0.1
Purchases	58.4	14
Sales	(3.3)	(1.3)
Net consolidations (deconsolidations)	(293)	200.4
Transfers into Level 3 - assets	3.6	5.7
Transfers out of level 3 - assets	(5.3)	0
Balance at End of Year - assets	0	239.4
Change in unrealized gains included in net income relating to assets held at end of year	$ 0	$ 0

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, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 872.8	$ 613.5
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		9,637.2	7,898.1
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		1,592.4	1,685.7
Fair Value, Recurring [Member] | CIPs [Member] | Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			268.6
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		8,044.8	5,943.8
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		584.9	555.8
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		$ 346	$ 555.8
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		0.01	0.01
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		1,000	558.45
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]	23.88	33.31
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.235
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.251
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.219	0.249
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		$ 238.9
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		0.112
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		0.136
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		0.122
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		11.4
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		13.5
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		12.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			$ 268.6
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			$ 268.6
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			0.045
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			0.063
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]		0.051
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			0.055
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			0.068
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			0.060
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 0	$ 239.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			$ 147.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares			0.97
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Market pricing [Member] | Private sale pricing [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares			0.98
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares			0.98
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Valuation, Income Approach [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			$ 60.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.099
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Yield Capitalization Valuation Technique [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value			$ 31.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Yield Capitalization Valuation Technique [Member] | Measurement Input, Credit Spread | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.063
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Yield Capitalization Valuation Technique [Member] | Measurement Input, Loan-to-value ratio | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.791
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Yield Capitalization Valuation Technique [Member] | Measurement Input, Loan-to-value ratio | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.881
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Yield Capitalization Valuation Technique [Member] | Measurement Input, Loan-to-value ratio | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.831
[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, 2023		Sep. 30, 2022
Financial Liability [Abstract]
Debt	$ 3,052.8		$ 3,376.4
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	716		647.6
Financial Liability [Abstract]
Debt	8,231.8		5,457.7
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,686.4		4,134.9
Financial Liability [Abstract]
Debt	3,052.8		3,376.4
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	363.7		378.5
Financial Liability [Abstract]
Debt	21.8		49.7
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,686.4		4,134.9
Estimated Fair Value [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt	2,419.4		2,750.1
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	363.7		378.5
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Debt	8.6		42.4
Collateralized Loan Obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt	8,210		5,408
Collateralized Loan Obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt	8,210		5,408
Collateralized Loan Obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt	$ 8,013.2	[1]	$ 5,548.8
[1]Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,052.8	$ 3,376.4
Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	8,231.8	5,457.7
Other debt	$ 21.8	$ 49.7
Effective Interest Rate	6%	5.19%
Collateralized Loan Obligations [Member] | Consolidated Investment Products [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 8,210	$ 5,408
Effective Interest Rate	7.12%	2.78%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 3,052.8	$ 3,376.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2023	28.7
2024	0
2025	0
2026	0
2027	0
Thereafter	8,203.1
Total	$ 8,231.8

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, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 2,222	$ 1,651.3
Investments, at fair value	872.8	613.5
Collateralized Loan Obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	8,317.5	6,118.4
Difference between unpaid principal balance and fair value	(120.7)	(356.1)
Investments, at fair value	$ 8,196.8	$ 5,762.3

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Noncontrolling Interest [Line Items]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	$ 1,525.8
Acquisition		$ 149.9
Net income	135.5	(46.9)	$ 94.1
Net subscriptions (distributions) and other	82.1	24.7	213.6
Net deconsolidations	(360.6)	(25.7)	(552.4)
Adjustment to fair value	109.4	(263.1)	(159.2)
Balance at September 30, 2023	1,026.1	1,525.8
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	583.6	310.5	144.6
Net income	58.1	59.2	30.3
Net subscriptions (distributions) and other	(86.3)	(49.2)	(23.6)
Net deconsolidations	0	0	0
Adjustment to fair value	(109.4)	263.1	159.2
Balance at September 30, 2023	446	583.6	310.5
Redeemable Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	1,525.8	933	541.9
Net income	135.5	(46.9)	94.1
Net subscriptions (distributions) and other	519.2	195.3	507.8
Net deconsolidations	(1,045)	181.3	(370)
Adjustment to fair value	(109.4)	263.1	159.2
Balance at September 30, 2023	1,026.1	1,525.8	933
Consolidated Investment Products [Member]
Noncontrolling Interest [Line Items]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	942.2	622.5	397.3
Net income	77.4	(106.1)	63.8
Net subscriptions (distributions) and other	605.5	244.5	531.4
Net deconsolidations	(1,045)	181.3	(370)
Adjustment to fair value	0	0	0
Balance at September 30, 2023	$ 580.1	$ 942.2	$ 622.5

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,132	$ 883.4
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	925.9	718
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 206.1	$ 165.4

Taxes on Income - Narrative (De

Taxes on Income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	$ 331.8	$ 258.8
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	132.2	161.9	$ 173.4
Foreign tax credit carry-forwards	99	109.4
Increase (decrease) in valuation allowance	34.6	(61)
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	132.2	161.9	$ 173.4
Accrued interest on uncertain tax positions	29.5	24.8
Accrued penalties on uncertain tax positions	2.1	$ 4.4
Estimated decrease in unrecognized tax benefits within the next twelve months	12
Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	9.7
Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	121.3
State [Member]
Income Tax Examination [Line Items]
Net operating loss and state credit carry-forwards	$ 151.8

Taxes on Income - Narrative - V

Taxes on Income - Narrative - Valuation Allowance (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Valuation Allowance [Line Items]
Valuation allowance	$ 292.9	$ 258.3
Capital loss [Member]
Valuation Allowance [Line Items]
Valuation allowance	24.3
Domestic, State and Foreign Jurisdiction [Member] | Operating loss carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	177.6
Foreign Tax Authority [Member] | Tax credit carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	70.8
Foreign Tax Authority [Member] | Other tax carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	9
Domestic Tax Authority [Member] | Other tax carryforward [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 11.2

Taxes on Income - Schedule of T

Taxes on Income - Schedule of Taxes on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Current expense [Abstract]
Federal	$ 148.1	$ 174.6	$ 226.7
State	55.6	45	50.3
Non-U.S.	67.1	78.6	68.9
Deferred expense	41.5	98	3.7
Total	$ 312.3	$ 396.2	$ 349.6

Taxes on Income - Schedule of I

Taxes on Income - Schedule of Income Before Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 896.9	$ 1,427.2	$ 1,682.6
Non-U.S.	518.8	302.2	761.6
Total	$ 1,415.7	$ 1,729.4	$ 2,444.2

Taxes on Income - Components of

Taxes on Income - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Deferred Tax Assets [Abstract]
Capitalized mixed service costs	$ 167.5	$ 278
Net operating loss and state credit carry-forwards	331.8	258.8
Deferred compensation and benefits	193.8	157.3
Foreign tax credit carry-forwards	99	109.4
Debt premium	54.6	60.4
Other	135.7	150.8
Total deferred tax assets	982.4	1,014.7
Valuation allowance	(292.9)	(258.3)
Deferred tax assets, net of valuation allowance	689.5	756.4
Deferred Tax Liabilities [Abstract]
Goodwill and other purchased intangibles	918	907.7
Other	90	93.7
Total deferred tax liabilities	1,008	1,001.4
Net Deferred Tax Liability	$ 318.5	$ 245

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, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Other assets	$ 131.9	$ 102.8
Deferred tax liabilities	450.4	347.8
Net Deferred Tax Liability	$ 318.5	$ 245

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, 2023	Sep. 30, 2022		Sep. 30, 2021
Income Tax Disclosure [Abstract]
Federal taxes at statutory rate		$ 297.3	$ 363.2		$ 513.3
Federal statutory rate		21%	21%		21%
State taxes, net of federal tax effect		$ 71.3	$ 45.6		$ 60.8
State taxes, net of federal tax effect rate		5%	2.60%		2.50%
Tax reserve release on audit settlement, net of valuation allowance	[1]	$ (11.4)	$ (5.3)		$ (126.8)
Tax reserve release on audit settlement, net of valuation allowance rate	[1]	(0.80%)	(0.30%)		(5.20%)
Effect of net income attributable to noncontrolling interests		$ (38.3)	$ (8.6)		$ (55.3)
Effect of net income attributable to noncontrolling interest rate		(2.70%)	(0.50%)		(2.30%)
Effect of non-U.S. operations		$ (14.7)	$ 13		$ (30.4)
Effect of non-U.S. operation rate		(1.00%)	0.80%		(1.20%)
Capital loss on investment, net of valuation allowance	[2]	$ (8.8)	$ 0		$ (12.4)
Capital loss on investment, net of valuation allowance rate		(0.60%)	0%	[2]	(0.50%)	[2]
Effective Income Tax Rate Reconciliation, Foreign tax credit valuation allowance release		$ 7.2	$ (20.6)		$ 0
Effective Income Tax Rate Reconciliation, Foreign tax credit valuation allowance release Percent		0.50%	(1.20%)		0%
Other		$ 9.7	$ 8.9		$ 0.4
Other rate		0.70%	0.50%		0%
Tax Provision		$ 312.3	$ 396.2		$ 349.6
Effective Tax Rate		22.10%	22.90%		14.30%
[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 year 2021 for capital losses that were realized from sales of investments. These capital losses can be carried forward, for which the Company has assessed for realizability. 3 The Company released a valuation allowance on foreign tax credit in fiscal year 2022 due to additional foreign source income from foreign investments.

Taxes on Income - Reconciliat_2

Taxes on Income - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 168.7	$ 184.3	$ 342.9
Additions for tax positions of prior years	6.1	2.5	4.2
Reductions for tax positions of prior years	(14.9)	(16)	(163.6)
Tax positions related to the current year	13.3	18.4	22.2
Settlements with taxing authorities	(19.9)	(0.4)	(3.2)
Expirations of statute of limitations	(14.5)	(20.1)	(18.2)
Balance at End of Year	$ 138.8	$ 168.7	$ 184.3

Taxes on Income - Schedule of_2

Taxes on Income - Schedule of Transition Tax Payable (Details) $ in Millions	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
2024	$ 138.9
2025	185.2
2026	231.6
Total	$ 555.7

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 124.1	$ 127.9	$ 141.4
Variable lease cost	5.8	8.3	21.2
Finance lease cost	0.6	0.2	0.4
Sublease income	(25)	(26.7)	(24.6)
Total lease expense	$ 105.5	$ 109.7	$ 138.4

Leases - Cash Flow Supplemental

Leases - Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information [Abstract]
Operating cash flows from operating leases included in the measurement of operating lease liabilities	$ 125.6	$ 130.5	$ 133.7
ROU assets obtained in exchange for new/modified operating lease liabilities	$ 45.4	$ 53.4	$ 18.7

Leases - Quantitative Disclosur

Leases - Quantitative Disclosure Of Operating Leases (Details)	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term	8 years	7 years 3 months 18 days
Weighted-average discount rate	3.20%	2.50%

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
2024	$ 95.2
2025	72.4
2026	57.3
2027	53.5
2028	48.4
Thereafter	216
Total lease payments	542.8
Less: interest	(75)
Operating lease liabilities	$ 467.8	$ 528.4

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments (Details) $ in Millions	Sep. 30, 2023 USD ($)
Subleases [Member]
Lessor, Lease, Description [Line Items]
2024	$ 7.8
2025	1
2026	0.5
2027	0.3
2028	0
Thereafter	0
Total Leases	9.6
Leases [Member]
Lessor, Lease, Description [Line Items]
2024	46.8
2025	47.3
2026	46.2
2027	38.9
2028	25.9
Thereafter	76.9
Total Leases	$ 282

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ₨ in Millions, $ in Millions	Sep. 30, 2023 INR (₨)	Sep. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jul. 31, 2021 INR (₨)	Apr. 24, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Assets under Management					$ 3,400
Distribution To Unitholders, India Fixed Income Mutual Funds		$ 3,300
Interest Accrued On Disgorgement Of Revenue	12%	12%
Committed capital contributions		$ 305.6
Aggregate Monetary Penalties	₨ 200	2.4
Disgorgement Of Revenue	5,125	$ 61.7
Escrow Deposit	₨ 2,500		$ 34.7	₨ 75

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 160.5
Remaining weighted-average vesting period	1 year 4 months 24 days
Weighted-average grant-date fair values of stock awards and stock unit awards granted	$ 22.74	$ 34.20	$ 21.08
Fair value of stock awards and stock unit awards vested	$ 210.4	$ 147.8	$ 121.2
Total shares issued under ESIP	1
Shares reserved for future issuance under ESIP	2.7
Universal Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under the stock plan	140
Number of shares available for grant under stock plan	12.2
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	14.7

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 215.8	$ 221.7	$ 202.3
Employee stock investment plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	7.9	7.4	6.7
Phantom Share Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	33.2	13.5	30.4
Stock and stock unit awards [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 174.7	$ 200.8	$ 165.2

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, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at beginning of year	16,893
Granted	7,295
Vested	(7,669)
Forfeited/canceled	(638)
Nonvested Balance at End of Year	15,881	16,893
Nonvested beginning balance, Weighted Average Grant Date Fair Value	$ 24.04
Weighted Average Grant Date Fair Value of shares granted	22.74	$ 34.20	$ 21.08
Weighted Average Grant Date Fair Value of shares vested	24.68
Weighted Average Grant Date Fair Value of shares forfeited/canceled	25.10
Nonvested ending balance, Weighted Average Grant Date Fair Value	$ 23.09	$ 24.04
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 beginning of year	13,492
Granted	7,024
Vested	(7,334)
Forfeited/canceled	(400)
Nonvested Balance at End of Year	12,782	13,492
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 beginning of year	3,401
Granted	271
Vested	(335)
Forfeited/canceled	(238)
Nonvested Balance at End of Year	3,099	3,401

Defined Contribution Plans - Na

Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Participants annual maximum contribution to defined contribution plan, pre-tax	50%
Percentage of annual bonus eligible for defined contribution to plan	100%
Loss Contingencies [Line Items]
Expenses recognized for defined contribution plans	$ 93	$ 84.9	$ 81.4
Other Plan Changes [Member]
Loss Contingencies [Line Items]
Plan's employer matching contribution	85%

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Sep. 30, 2023 segments
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, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	$ 800.1	$ 743.3
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	640.8	588.5
Europe, Middle East and Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	124	115.4
Asia-Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	29.7	32.8
Americas excluding United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment, Net	$ 5.6	$ 6.6

Investment and Other Income (_3

Investment and Other Income (Losses), Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ 66.1	$ (128.9)	$ 46.5

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, 2023	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Dividend and interest income	$ 159.9	$ 37.9	$ 17.6
Gains (losses) on investments, net	39.5	(75.4)	90.9
Income from investments in equity method investees	123.1	36.2	154.3
Gains (losses) on derivatives, net	(15.1)	20.9	(23.2)
Rental income	46.3	37.9	28.8
Foreign currency exchange (losses) gains, net	(26.7)	40.6	(11.9)
Other, net	13		8.2
Other, net		(7)
Investment and Other Income, Net	$ 340	$ 91.1	$ 264.7

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, 2023	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	$ (621)	$ (377.6)	$ (407.6)
Adoption of new accounting guidance	11,916.9	11,474.6
Other comprehensive income (loss) before reclassifications, net of tax	108.1	(244.1)	28.7
Reclassifications to compensation and benefits expense, net of tax	(0.7)	(1.5)	(0.7)
Reclassifications to net investment and other income, net of tax	4.3	2.2	2
Total other comprehensive income (loss)	111.7	(243.4)	30
Balance at end of year	(509.3)	(621)	(377.6)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(615.1)	(370.5)	(399.6)
Other comprehensive income (loss) before reclassifications, net of tax	108.5	(246.8)	27.1
Reclassifications to compensation and benefits expense, net of tax	0	0	0
Reclassifications to net investment and other income, net of tax	4.3	2.2	2
Total other comprehensive income (loss)	112.8	(244.6)	29.1
Balance at end of year	(502.3)	(615.1)	(370.5)
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(6.3)	(7.1)	(8)
Other comprehensive income (loss) before reclassifications, net of tax	(0.6)	2.3	1.6
Reclassifications to compensation and benefits expense, net of tax	(0.7)	(1.5)	(0.7)
Reclassifications to net investment and other income, net of tax	0	0	0
Total other comprehensive income (loss)	(1.3)	0.8	0.9
Balance at end of year	(7.6)	(6.3)	(7.1)
Unrealized Gains on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	0.4	0	0
Other comprehensive income (loss) before reclassifications, net of tax	0.2	0.4	0
Reclassifications to compensation and benefits expense, net of tax	0	0	0
Reclassifications to net investment and other income, net of tax	0	0	0
Total other comprehensive income (loss)	0.2	0.4	0
Balance at end of year	$ 0.6	$ 0.4	$ 0

Uncategorized Items - ben-20230

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 3,989,800,000