Franklin Resources (BEN) 10-Q 29 Jan 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2023	Jan. 22, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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	2024
Document Fiscal Period Focus	Q1
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		526,557,923

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Revenues
Operating revenues	$ 1,991.1	$ 1,967.1
Operating Expenses
Compensation and benefits	968.3	979.2
Sales, distribution and marketing	400.8	388.6
Information systems and technology	131	121.4
Occupancy	66.7	54.5
Amortization of intangible assets	85.8	83.2
General, administrative and other	132	146.2
Total operating expenses	1,784.6	1,773.1
Operating Income	206.5	194
Other Income (Expenses)
Investment and other income, net	173.2	91.1
Interest expense	(18.8)	(30.9)
Expenses of consolidated investment products	2	7.6
Other Income, Net	124.7	35.1
Income before taxes	331.2	229.1
Taxes on income	74.9	60.3
Net income	256.3	168.8
Less: net income (loss) attributable to
Redeemable noncontrolling interests	9.5	(1.5)
Nonredeemable noncontrolling interests	(4.5)	4.7
Net income attributable to Franklin Resources, Inc.	$ 251.3	$ 165.6
Earnings per Share
Basic	$ 0.50	$ 0.32
Diluted	$ 0.50	$ 0.32
CIPs [Member]
Other Income (Expenses)
Investment and other income, net	$ (23.8)	$ (13.6)
Expenses of consolidated investment products	(5.9)	(11.5)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	(2.9)	(12.2)
Investment management fees [Member]
Operating Revenues
Operating revenues	1,652.2	1,631.8
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	296.4	291.9
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	32.5	33.4
Other [Member]
Operating Revenues
Operating revenues	$ 10	$ 10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 256.3	$ 168.8
Other Comprehensive Income
Currency translation adjustments, net of tax	59.1	127.3
Net unrealized losses on defined benefit plans, net of tax	(0.1)	(2.6)
Total other comprehensive income	59	124.7
Total comprehensive income	315.3	293.5
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	9.5	(1.5)
Nonredeemable noncontrolling interests	(4.5)	4.7
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 310.3	$ 290.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Assets
Receivables	$ 1,469.6	$ 1,348.4
Investments	2,317.3	2,222
Total investments, at fair value	894.2	872.8
Property and equipment, net	807	800.1
Goodwill	6,012.9	6,003.8
Intangible assets, net	4,823.4	4,902.2
Operating lease right-of-use assets	793.7	406.3
Other	399.2	398.8
Total Assets	29,865.8	30,121.2
Liabilities
Compensation and benefits	1,163.9	1,665.1
Accounts payable and accrued expenses	533.9	530
Income taxes	620	513.5
Debt	3,046.9	3,052.8
Deferred tax liabilities	393.1	450.4
Operating lease liabilities	865.4	467.8
Other	1,219.7	1,286.2
Total liabilities	16,149.7	16,547.3
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests	1,078.5	1,026.1
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; 494,734,214 and 495,937,891 shares issued and outstanding at December 31, 2023 and September 30, 2023	49.5	49.6
Retained earnings	12,402.4	12,376.6
Accumulated other comprehensive loss	(450.3)	(509.3)
Total Franklin Resources, Inc. stockholders’ equity	12,001.6	11,916.9
Nonredeemable noncontrolling interests	636	630.9
Total stockholders’ equity	12,637.6	12,547.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	29,865.8	30,121.2
CIPs [Member]
Assets
Cash and cash equivalents	552.2	716
Receivables	294	166.7
Total investments, at fair value	9,363.1	9,637.2
Total Assets	10,209.3	10,519.9
Liabilities
Accounts payable and accrued expenses	467.2	349.7
Debt	7,839.6	8,231.8
Other	24.3	25.1
Total liabilities	8,331.1	8,606.6
Redeemable Noncontrolling Interests	555.3	580.1
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	1,038.7	1,033.9
Nonredeemable noncontrolling interests	284.2	299.3
Total stockholders’ equity	1,322.9	1,333.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	10,209.3	10,519.9
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 3,327.4	$ 3,686.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Investments, at fair value	$ 894.2	$ 872.8
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	494,734,214	495,937,891
Common Stock, Shares, Outstanding	494,734,214	495,937,891

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Stockholders' Equity [Member]	Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2022		499.6
Beginning balance at Sep. 30, 2022		$ 50	$ 0	$ 12,045.6	$ (621)	$ 11,474.6
Beginning balance at Sep. 30, 2022							$ 824.3
Beginning balance at Sep. 30, 2022	$ 12,298.9
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	165.6			165.6		165.6
Nonredeemable noncontrolling interests	4.7						4.7
Net income	170.3
Other comprehensive income (loss)	124.7				124.7	124.7
Dividends declared on common stock	(153.6)			(153.6)		(153.6)
Repurchase of common stock - Shares		(0.5)
Repurchase of common stock - Amount	(14.2)	$ (0.1)	(69.1)	55		(14.2)
Issuance of common stock - Shares		1.2
Issuance of common stock - Amount	33.6	$ 0.1	33.5			33.6
Stock-based compensation	35.6		35.6			35.6
Net subscriptions (distributions) and other	95.9						95.9
Adjustment to fair value of redeemable noncontrolling interests	(35.7)						(35.7)
Ending balance - Shares at Dec. 31, 2022		500.3
Ending balance at Dec. 31, 2022		$ 50	0	12,112.6	(496.3)	11,666.3
Ending balance at Dec. 31, 2022							889.2
Ending balance at Dec. 31, 2022	12,555.5
Beginning balance - Shares at Sep. 30, 2023		495.9
Beginning balance at Sep. 30, 2023	11,916.9	$ 49.6	0	12,376.6	(509.3)	11,916.9
Beginning balance at Sep. 30, 2023	630.9						630.9
Beginning balance at Sep. 30, 2023	12,547.8
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	251.3			251.3		251.3
Nonredeemable noncontrolling interests	(4.5)						(4.5)
Net income	246.8
Other comprehensive income (loss)	59				59	59
Dividends declared on common stock	(167.6)			(167.6)		(167.6)
Repurchase of common stock - Shares		(2.4)
Repurchase of common stock - Amount	(58.8)	$ (0.2)	(66.6)	8		(58.8)
Issuance of common stock - Shares		1.2
Issuance of common stock - Amount	26.8	$ 0.1	26.7			26.8
Stock-based compensation	39.9		39.9			39.9
Net subscriptions (distributions) and other	9.6						9.6
Adjustment to fair value	(65.9)			(65.9)		(65.9)
Ending balance - Shares at Dec. 31, 2023		494.7
Ending balance at Dec. 31, 2023	12,001.6	$ 49.5	$ 0	$ 12,402.4	$ (450.3)	$ 12,001.6
Ending balance at Dec. 31, 2023	636						$ 636
Ending balance at Dec. 31, 2023	$ 12,637.6

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.31	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net cash used in operating activities
Net Income	$ 256.3	$ 168.8
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation	66.8	69.5
Amortization of deferred sales commissions	13.4	12.4
Depreciation and other amortization	25.7	25.1
Amortization of intangible assets	85.8	83.2
Net gains on investments	(60.1)	(45.5)
Income from investments in equity method investees	(56.9)	(33.2)
Net losses on investments of consolidated investment products	66	72.3
Net purchase of investments by consolidated investment products	(147.5)	(259.2)
Deferred income taxes	(57.7)	(122.5)
Other	31.6	17.8
Changes in operating assets and liabilities:
Decrease (increase) in receivables and other assets	(36.7)	14.6
Decrease (increase) in investments, net	0.2	(13.6)
Decrease in accrued compensation and benefits	(508)	(481.6)
Increase in income taxes payable	107.9	158.8
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(39.7)	59.8
Increase in accounts payable and accrued expenses of consolidated investment products	1	17
Net cash used in operating activities	(251.9)	(256.3)
Net cash used in investing activities
Purchase of investments	(267.4)	(234.4)
Liquidation of investments	317.6	217.6
Purchase of investments by consolidated collateralized loan obligations	(794)	(822.5)
Liquidation of investments by consolidated collateralized loan obligations	697	328.7
Additions of property and equipment, net	(19.5)	(27.4)
Acquisitions, net of cash acquired	0	(493.7)
Payments of contingent consideration asset	0	2.9
Payments of deferred consideration liability	(60.8)	0
Net deconsolidation of investment products	(10.5)	(13.8)
Net cash used in investing activities	(137.6)	(1,042.6)
Net cash (used in) provided by financing activities
Dividends paid on common stock	(155.7)	(148.4)
Repurchase of common stock	(58.8)	(14.2)
Proceeds from repurchase agreement	0	174.8
Proceeds from debt of consolidated investment products	39.8	955.3
Payments on debt of consolidated investment products	(22)	(277.9)
Payments on contingent consideration liabilities	0	(2)
Noncontrolling interests	37.7	271.3
Net cash (used in) provided by financing activities	(159)	958.9
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	25.7	59.7
Decrease in cash and cash equivalents	(522.8)	(280.3)
Cash and cash equivalents, beginning of period	4,402.4	4,782.5
Cash and Cash Equivalents, End of Period	3,879.6	4,502.2
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	26.8	13.2
Cash paid for interest	10.6	4.3
Cash paid for interest by consolidated investment products	$ 161.6	$ 50.5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (“fiscal year 2023”).

Earnings per Share

Earnings per Share	3 Months Ended
	Dec. 31, 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) Three Months Ended December 31, 2023 2022 Net income attributable to Franklin Resources, Inc. $ 251.3 $ 165.6 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.7 7.7 Net Income Available to Common Stockholders $ 241.6 $ 157.9 Weighted-average shares outstanding – basic 487.0 489.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.9 0.6 Weighted-Average Shares Outstanding – Diluted 487.9 490.2 Earnings per Share Basic $ 0.50 $ 0.32 Diluted 0.50 0.32 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three months ended December 31, 2023 and 2022.

Revenues

Revenues	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2022 Investment management fees $ 1,274.8 $ 181.8 $ 67.6 $ 51.8 $ 55.8 $ 1,631.8 Sales and distribution fees 208.2 68.4 5.0 10.3 — 291.9 Shareholder servicing fees 25.3 7.7 0.4 — — 33.4 Other 9.7 — 0.3 — — 10.0 Total $ 1,518.0 $ 257.9 $ 73.3 $ 62.1 $ 55.8 $ 1,967.1 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 83% of the Company’s total operating revenues for the three months ended December 31, 2023 and 2022.

Investments

Investments	3 Months Ended
	Dec. 31, 2023
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 621.1 $ 630.5 Investments related to long-term incentive plans 223.2 191.6 Other equity and debt investments 49.9 50.7 Total investments, at fair value 894.2 872.8 Investments in equity method investees 1,156.2 1,089.2 Other investments 266.9 260.0 Total $ 2,317.3 $ 2,222.0 The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of December 31, 2023, other liabilities includes repurchase agreements of $167.9 million with investments of $176.0 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2029 to 2035.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 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 7 – 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 December 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 353.6 $ 208.2 $ 14.9 $ 44.4 $ 621.1 Investments related to long-term incentive plans 198.1 — — 25.1 223.2 Other equity and debt investments 3.4 12.0 1.0 33.5 49.9 Total Assets Measured at Fair Value $ 555.1 $ 220.2 $ 15.9 $ 103.0 $ 894.2 Liabilities Securities sold short $ 155.2 $ — $ — $ — $ 155.2 Contingent consideration liabilities — — 53.5 — 53.5 Total Liabilities Measured at Fair Value $ 155.2 $ — $ 53.5 $ — $ 208.7 (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 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 32.4 $ 32.1 Investments with unknown liquidation periods 17.3 17.4 Redeemable investments 2 53.3 50.2 Unfunded commitments 43.1 43.1 _______________ 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 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. 2 Investments are redeemable on a semi-monthly, monthly and quarterly basis. Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2023 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,327.4 $ 3,327.4 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 10.5 10.5 9.9 9.9 Equity securities 3 256.4 256.4 250.1 250.1 Financial Liability Debt 2 $ 3,046.9 $ 2,566.4 $ 3,052.8 $ 2,419.4

Consolidated Investment Product

Consolidated Investment Products	3 Months Ended
	Dec. 31, 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 voting interest entities and variable interest entities (“VIEs”). The Company had 69 CIPs, including 19 CLOs, as of December 31, 2023 and 70 CIPs, including 20 CLOs, as of September 30, 2023. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 552.2 $ 716.0 Receivables 294.0 166.7 Investments, at fair value 9,363.1 9,637.2 Total Assets $ 10,209.3 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 467.2 $ 349.7 Debt 7,839.6 8,231.8 Other liabilities 24.3 25.1 Total liabilities 8,331.1 8,606.6 Redeemable Noncontrolling Interests 555.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,038.7 1,033.9 Nonredeemable noncontrolling interests 284.2 299.3 Total stockholders’ equity 1,322.9 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 10,209.3 $ 10,519.9 The CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2023 and 2022. 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 December 31, 2023 Assets Cash and cash equivalents of CLOs $ 296.2 $ — $ — $ — $ 296.2 Receivables of CLOs — 207.2 — — 207.2 Investments Equity and debt securities 146.7 765.1 551.5 139.0 1,602.3 Loans — 7,760.2 0.6 — 7,760.8 Total Assets Measured at Fair Value $ 442.9 $ 8,732.5 $ 552.1 $ 139.0 $ 9,866.5 (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 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) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 21.9 $ 21.8 Redeemable investments 2 117.1 132.2 _______________ 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. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other losses of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8) (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2022 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other losses of consolidated investment products, net (6.3) 3.7 0.1 (2.5) Purchases 9.0 85.7 27.5 122.2 Sales (5.6) — (0.2) (5.8) Net (deconsolidations) and consolidations 2.9 — (202.1) (199.2) Balance at December 31, 2022 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Change in unrealized gains included in net income relating to assets held at December 31, 2022 $ 2.0 $ 3.7 $ 0.1 $ 5.8 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 290.4 Market pricing Private sale pricing $0.37–$1,000.00 ($27.23) per share Discount for lack of marketability 17.2% 261.1 Market comparable companies Enterprise value/ Revenue multiple 1.2–31.2 (15.5) Discount for lack of marketability 8.3%–12.0% (9.9%) (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 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%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the valuations, other than discount for lack of marketability, were independently higher (lower) as of December 31, 2023, the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discount for lack of marketability were independently higher (lower) as of December 31, 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 December 31, 2023 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 256.0 $ 256.0 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,839.6 $ 7,618.9 $ 8,210.0 $ 8,013.2 Other debt 3 — — 21.8 8.6 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: December 31, 2023 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,839.6 7.41% $ 8,210.0 7.12% Other debt — N/A 21.8 6.00% Total $ 7,839.6 $ 8,231.8 The debt of CIPs had fixed and floating interest rates ranging from 2.39% to 15.77% at December 31, 2023, and from 2.39% to 15.49% at September 30, 2023. The floating rates were based on the Secured Overnight Financing Rate. The contractual maturities for the debt of CIPs at December 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 59.8 2025 — 2026 — 2027 — 2028 — Thereafter 7,779.8 Total $ 7,839.6 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 7,937.2 $ 8,317.5 Difference between unpaid principal balance and fair value (35.7) (120.7) Fair Value $ 7,901.5 $ 8,196.8 Investments 90 days or more past due were immaterial at December 31, 2023 and September 30, 2023. The Company recognized $20.8 million of net gains and $2.3 million of net losses during the three months ended December 31, 2023 and 2022, related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $7,811.1 million and $8,281.5 million at December 31, 2023 and September 30, 2023.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income (loss) (2.9) 12.4 9.5 (12.2) 10.7 (1.5) Net subscriptions (distributions) and other 38.1 (1.1) 37.0 178.4 5.2 183.6 Net consolidations (deconsolidations) (60.0) — (60.0) 271.3 — 271.3 Adjustment to fair value — 65.9 65.9 — — — Balance at End of Period $ 555.3 $ 523.2 $ 1,078.5 $ 1,379.7 $ 599.5 $ 1,979.2

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	3 Months Ended
	Dec. 31, 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) December 31, September 30, Investments $ 997.2 $ 925.9 Receivables 222.8 206.1 Total $ 1,220.0 $ 1,132.0 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds assessed as VIEs during the three months ended December 31, 2023 or fiscal year 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . During the three months ended December 31, 2023, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2023. 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 December 31, 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 December 31, 2023. Other Commitments and Contingencies On November 1, 2023, the Company took possession of office space in New York City located at One Madison Avenue. At the time of possession, the Company recognized an operating lease right-of-use asset and a corresponding operating lease liability of $396.6 million. The lease agreement is over sixteen years with an aggregate expected commitment of $707.3 million and is part of a corporate initiative to consolidate existing office space in New York City. At December 31, 2023, there were no other material changes in the other commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for fiscal year 2023.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2023 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 7,038 442 7,480 23.60 Vested (965) (162) (1,127) 23.06 Forfeited/canceled (192) (148) (340) 21.25 Nonvested Balance at December 31, 2023 18,663 3,231 21,894 $ 23.29 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $280.0 million at December 31, 2023. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.0 years.

Investment and Other Income, Ne

Investment and Other Income, Net	3 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other Income (Expenses)	Investment and Other Income, Net Investment and other income, net consisted of the following: Three Months Ended December 31, (in millions) 2023 2022 Dividend and interest income $ 54.8 $ 36.5 Gains on investments, net 60.1 45.5 Income from investments in equity method investees 56.9 33.2 Rental income 10.8 10.6 Foreign currency exchange losses, net (7.4) (27.1) Other, net (2.0) (7.6) Investment and other income, net $ 173.2 $ 91.1 Net gains recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $68.5 million for the three months ended December 31, 2023 and $68.3 million for the three months ended December 31, 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 1, 2024, the Company acquired Putnam Investments (“Putnam”) from Great-West Lifeco Inc. (“Great-West”) for 31.6 million shares of its common stock (excludes shares to be granted under deferred compensation program), cash consideration paid at close of approximately $220 million for investments and other purchase-related amounts, and deferred cash consideration of $100.0 million to be paid during the third quarter of fiscal year 2024. In addition, the Company will pay up to $375.0 million between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West and its affiliates which will be recognized in operating income.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 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) Three Months Ended December 31, 2023 2022 Net income attributable to Franklin Resources, Inc. $ 251.3 $ 165.6 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.7 7.7 Net Income Available to Common Stockholders $ 241.6 $ 157.9 Weighted-average shares outstanding – basic 487.0 489.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.9 0.6 Weighted-Average Shares Outstanding – Diluted 487.9 490.2 Earnings per Share Basic $ 0.50 $ 0.32 Diluted 0.50 0.32

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2022 Investment management fees $ 1,274.8 $ 181.8 $ 67.6 $ 51.8 $ 55.8 $ 1,631.8 Sales and distribution fees 208.2 68.4 5.0 10.3 — 291.9 Shareholder servicing fees 25.3 7.7 0.4 — — 33.4 Other 9.7 — 0.3 — — 10.0 Total $ 1,518.0 $ 257.9 $ 73.3 $ 62.1 $ 55.8 $ 1,967.1

Investments (Tables)

Investments (Tables)	3 Months Ended
	Dec. 31, 2023
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 621.1 $ 630.5 Investments related to long-term incentive plans 223.2 191.6 Other equity and debt investments 49.9 50.7 Total investments, at fair value 894.2 872.8 Investments in equity method investees 1,156.2 1,089.2 Other investments 266.9 260.0 Total $ 2,317.3 $ 2,222.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 353.6 $ 208.2 $ 14.9 $ 44.4 $ 621.1 Investments related to long-term incentive plans 198.1 — — 25.1 223.2 Other equity and debt investments 3.4 12.0 1.0 33.5 49.9 Total Assets Measured at Fair Value $ 555.1 $ 220.2 $ 15.9 $ 103.0 $ 894.2 Liabilities Securities sold short $ 155.2 $ — $ — $ — $ 155.2 Contingent consideration liabilities — — 53.5 — 53.5 Total Liabilities Measured at Fair Value $ 155.2 $ — $ 53.5 $ — $ 208.7 (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
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 equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 32.4 $ 32.1 Investments with unknown liquidation periods 17.3 17.4 Redeemable investments 2 53.3 50.2 Unfunded commitments 43.1 43.1
Schedule of financial instruments not measured at fair value	Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2023 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,327.4 $ 3,327.4 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 10.5 10.5 9.9 9.9 Equity securities 3 256.4 256.4 250.1 250.1 Financial Liability Debt 2 $ 3,046.9 $ 2,566.4 $ 3,052.8 $ 2,419.4

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	3 Months Ended
	Dec. 31, 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) December 31, September 30, Assets Cash and cash equivalents $ 552.2 $ 716.0 Receivables 294.0 166.7 Investments, at fair value 9,363.1 9,637.2 Total Assets $ 10,209.3 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 467.2 $ 349.7 Debt 7,839.6 8,231.8 Other liabilities 24.3 25.1 Total liabilities 8,331.1 8,606.6 Redeemable Noncontrolling Interests 555.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,038.7 1,033.9 Nonredeemable noncontrolling interests 284.2 299.3 Total stockholders’ equity 1,322.9 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 10,209.3 $ 10,519.9
Schedule of assets 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 December 31, 2023 Assets Cash and cash equivalents of CLOs $ 296.2 $ — $ — $ — $ 296.2 Receivables of CLOs — 207.2 — — 207.2 Investments Equity and debt securities 146.7 765.1 551.5 139.0 1,602.3 Loans — 7,760.2 0.6 — 7,760.8 Total Assets Measured at Fair Value $ 442.9 $ 8,732.5 $ 552.1 $ 139.0 $ 9,866.5 (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
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) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 21.9 $ 21.8 Redeemable investments 2 117.1 132.2
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other losses of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8) (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2022 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other losses of consolidated investment products, net (6.3) 3.7 0.1 (2.5) Purchases 9.0 85.7 27.5 122.2 Sales (5.6) — (0.2) (5.8) Net (deconsolidations) and consolidations 2.9 — (202.1) (199.2) Balance at December 31, 2022 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Change in unrealized gains included in net income relating to assets held at December 31, 2022 $ 2.0 $ 3.7 $ 0.1 $ 5.8
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 December 31, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 290.4 Market pricing Private sale pricing $0.37–$1,000.00 ($27.23) per share Discount for lack of marketability 17.2% 261.1 Market comparable companies Enterprise value/ Revenue multiple 1.2–31.2 (15.5) Discount for lack of marketability 8.3%–12.0% (9.9%) (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 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%)
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 December 31, 2023 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 256.0 $ 256.0 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,839.6 $ 7,618.9 $ 8,210.0 $ 8,013.2 Other debt 3 — — 21.8 8.6
Schedule of debt of CIPs	Debt of CIPs consisted of the following: December 31, 2023 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,839.6 7.41% $ 8,210.0 7.12% Other debt — N/A 21.8 6.00% Total $ 7,839.6 $ 8,231.8
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CIPs at December 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 59.8 2025 — 2026 — 2027 — 2028 — Thereafter 7,779.8 Total $ 7,839.6
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) December 31, September 30, Unpaid principal balance $ 7,937.2 $ 8,317.5 Difference between unpaid principal balance and fair value (35.7) (120.7) Fair Value $ 7,901.5 $ 8,196.8

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income (loss) (2.9) 12.4 9.5 (12.2) 10.7 (1.5) Net subscriptions (distributions) and other 38.1 (1.1) 37.0 178.4 5.2 183.6 Net consolidations (deconsolidations) (60.0) — (60.0) 271.3 — 271.3 Adjustment to fair value — 65.9 65.9 — — — Balance at End of Period $ 555.3 $ 523.2 $ 1,078.5 $ 1,379.7 $ 599.5 $ 1,979.2

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	3 Months Ended
	Dec. 31, 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) December 31, September 30, Investments $ 997.2 $ 925.9 Receivables 222.8 206.1 Total $ 1,220.0 $ 1,132.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary of stock and stock unit award activity	Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2023 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 7,038 442 7,480 23.60 Vested (965) (162) (1,127) 23.06 Forfeited/canceled (192) (148) (340) 21.25 Nonvested Balance at December 31, 2023 18,663 3,231 21,894 $ 23.29

Investment and Other Income, _2

Investment and Other Income, Net (Tables)	3 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of investment and other income (losses), net	Investment and other income, net consisted of the following: Three Months Ended December 31, (in millions) 2023 2022 Dividend and interest income $ 54.8 $ 36.5 Gains on investments, net 60.1 45.5 Income from investments in equity method investees 56.9 33.2 Rental income 10.8 10.6 Foreign currency exchange losses, net (7.4) (27.1) Other, net (2.0) (7.6) Investment and other income, net $ 173.2 $ 91.1

Earnings per Share - Components

Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 251.3	$ 165.6
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	9.7	7.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	9.7	7.7
Net Income Available to Common Stockholders - basic	241.6	157.9
Net Income Available to Common Stockholders - diluted	$ 241.6	$ 157.9
Weighted-average shares outstanding – basic	487	489.6
Dilutive effect of nonparticipating nonvested stock unit awards	0.9	0.6
Weighted-Average Shares Outstanding – Diluted	487.9	490.2
Earnings per Share [Abstract]
Basic	$ 0.50	$ 0.32
Diluted	$ 0.50	$ 0.32

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	83%	83%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 1,991.1	$ 1,967.1
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,652.2	1,631.8
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	296.4	291.9
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	32.5	33.4
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	10	10
United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,499.5	1,518
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,260.6	1,274.8
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	205.7	208.2
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	24.2	25.3
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	9	9.7
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	276.3	257.9
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	191.7	181.8
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	76.5	68.4
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	7.6	7.7
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.5	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	73.9	73.3
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	68.5	67.6
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	4.6	5
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.6	0.4
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.2	0.3
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	61.2	62.1
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	51.5	51.8
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	9.6	10.3
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.1	0
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	80.2	55.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	79.9	55.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 0.3	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Investments [Abstract]
Securities Sold under Agreements to Repurchase	$ 167.9
Securities Borrowed, Fair Value of Collateral	$ 176

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Investment Holdings [Line Items]
Total investments, at fair value	$ 894.2	$ 872.8
Investments in equity method investees	1,156.2	1,089.2
Other investments	266.9	260
Total	2,317.3	2,222
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	621.1	630.5
Investments related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	223.2	191.6
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 49.9	$ 50.7

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 621.1	$ 630.5
Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	223.2	191.6
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	49.9	50.7
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	894.2	872.8
Liability [Abstract]
Securities sold short	155.2	158.3
Contingent consideration liabilities	53.5	55
Total Liabilities Measured at Fair Value	208.7	213.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	555.1	528.1
Liability [Abstract]
Securities sold short	155.2	158.3
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	155.2	158.3
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	220.2	223.2
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	15.9	21.8
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	53.5	55
Total Liabilities Measured at Fair Value	53.5	55
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	103	99.7
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	621.1	630.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	353.6	356.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	208.2	211.9
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	14.9	18.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	44.4	43.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	223.2	191.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	198.1	168.2
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	25.1	23.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	49.9	50.7
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.4	3.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	12	11.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	1	3.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 33.5	$ 32.7

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 43.1	$ 43.1
Nonredeemable investments with unknown liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	17.3	17.4
Nonredeemable investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 32.4	$ 32.1
Liquidation weighted-average period		3 years 1 month 6 days	2 years 10 months 24 days
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 53.3	$ 50.2
[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. Investments with known liquidation periods have an expected weighted-average life of 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis.

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Financial Assets [Abstract]
Other investments	$ 266.9	$ 260
Financial Liability [Abstract]
Debt	3,046.9	3,052.8
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,327.4	3,686.4
Time deposits	10.5	9.9
Financial Liability [Abstract]
Debt	3,046.9	3,052.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,327.4	3,686.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	10.5	9.9
Financial Liability [Abstract]
Debt	2,566.4	2,419.4
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	256.4	250.1
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 256.4	$ 250.1

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($) CIPs	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	69		70
Number of CLOs | CIPs	19		20
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests. | $	$ 20.8	$ 2.3
Debt, unpaid principal balance | $	$ 7,811.1		$ 8,281.5
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.39%		2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	15.77%		15.49%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets [Abstract]
Receivables	$ 1,469.6	$ 1,348.4
Investments, at fair value	894.2	872.8
Total Assets	29,865.8	30,121.2
Liabilities [Abstract]
Accounts payable and accrued expenses	533.9	530
Debt	3,046.9	3,052.8
Other liabilities	1,219.7	1,286.2
Total liabilities	16,149.7	16,547.3
Redeemable Noncontrolling Interests	1,078.5	1,026.1
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	12,001.6	11,916.9
Nonredeemable noncontrolling interests	636	630.9
Total stockholders’ equity	12,637.6	12,547.8	$ 12,555.5	$ 12,298.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	29,865.8	30,121.2
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	552.2	716
Receivables	294	166.7
Investments, at fair value	9,363.1	9,637.2
Total Assets	10,209.3	10,519.9
Liabilities [Abstract]
Accounts payable and accrued expenses	467.2	349.7
Debt	7,839.6	8,231.8
Other liabilities	24.3	25.1
Total liabilities	8,331.1	8,606.6
Redeemable Noncontrolling Interests	555.3	580.1	$ 1,379.7	$ 942.2
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	1,038.7	1,033.9
Nonredeemable noncontrolling interests	284.2	299.3
Total stockholders’ equity	1,322.9	1,333.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 10,209.3	$ 10,519.9

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Assets [Abstract]
Investments, at fair value	$ 894.2	$ 872.8
CIPs [Member]
Assets [Abstract]
Investments, at fair value	9,363.1	9,637.2
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	894.2	872.8
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	555.1	528.1
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	220.2	223.2
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	15.9	21.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	103	99.7
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	9,866.5	10,106.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	442.9	563.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	8,732.5	8,804.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	552.1	584.9
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	139	154
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,602.3	1,592.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	146.7	210.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	765.1	642.6
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	551.5	584.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	139	154
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	7,760.8	8,044.8
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	7,760.2	8,044.8
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0.6	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	0	0
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	7,901.5	8,196.8
Collateralized loan obligations [Member] | Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	296.2	352.3
Receivables of CLOs	207.2	116.7
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	296.2	352.3
Receivables of CLOs	0	0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	207.2	116.7
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		3 Months Ended	12 Months Ended
		Dec. 31, 2023	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 43.1	$ 43.1
Nonredeemable investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 32.4	$ 32.1
Liquidation weighted-average period		3 years 1 month 6 days	2 years 10 months 24 days
Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 17.3	$ 17.4
Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	53.3	50.2
CIPs [Member] | Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[3]	21.9	21.8
CIPs [Member] | Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	$ 117.1	$ 132.2
[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. Investments with known liquidation periods have an expected weighted-average life of 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis. 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 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	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 584.9	$ 1,063.8
Losses included in investment and other losses of consolidated investment products, net	(38.1)	(2.5)
Purchases	3.8	122.2
Sales	(0.2)	(5.8)
Net consolidations/ (deconsolidations)		(199.2)
Transfers Into Level 3	1.7
Balance at End of Period - assets	552.1	978.5
Change in unrealized losses included in net income relating to assets held at December 31, 2023	(37.8)	5.8
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	584.9	555.8
Losses included in investment and other losses of consolidated investment products, net	(38.1)	(6.3)
Purchases	3.8	9
Sales	(0.2)	(5.6)
Net consolidations/ (deconsolidations)		2.9
Transfers Into Level 3	(1.1)
Balance at End of Period - assets	551.5	555.8
Change in unrealized losses included in net income relating to assets held at December 31, 2023	(37.8)	2
Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets		268.6
Losses included in investment and other losses of consolidated investment products, net		3.7
Purchases		85.7
Sales		0
Net consolidations/ (deconsolidations)		0
Balance at End of Period - assets		358
Change in unrealized losses included in net income relating to assets held at December 31, 2023		3.7
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	0	239.4
Losses included in investment and other losses of consolidated investment products, net	0	0.1
Purchases	0	27.5
Sales	0	(0.2)
Net consolidations/ (deconsolidations)		(202.1)
Transfers Into Level 3	0.6
Balance at End of Period - assets	0.6	64.7
Change in unrealized losses included in net income relating to assets held at December 31, 2023	$ 0	$ 0.1

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		Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 894.2	$ 872.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		9,363.1	9,637.2
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		1,602.3	1,592.4
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		7,760.8	8,044.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		551.5	584.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 290.4	$ 346
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		0.37	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	1,000
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]	27.23	23.88
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Measurement Input, Discount for lack of liquidity | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.172	0.219
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]
Total investments, at fair value		$ 261.1	$ 238.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		1.2	11.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		31.2	13.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		15.5	12.1	[1]
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		0.083	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		0.120	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		0.099	0.122	[1]
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 0.6	$ 0
[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		Dec. 31, 2023	Sep. 30, 2023
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents		$ 3,327.4	$ 3,686.4
Financial Liability [Abstract]
Debt of CLOs1		3,046.9	3,052.8
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		256	363.7
Financial Liability [Abstract]
Other debt		0	21.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		3,327.4	3,686.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1		2,566.4	2,419.4
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		256	363.7
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Other debt		0	8.6
Receivables		1,469.6	1,348.4
Debt of CLOs1		3,046.9	3,052.8
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		552.2	716
Receivables		294	166.7
Financial Liability [Abstract]
Debt of CLOs1		7,839.6	8,231.8
Other debt		0	21.8
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	7,839.6	8,210
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	7,618.9	8,013.2
Collateralized loan obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1		$ 7,839.6	$ 8,210
[1] Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,046.9	$ 3,052.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	7,839.6	8,231.8
Other debt	0	$ 21.8
Effective interest rate		6%
Collateralized loan obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 7,839.6	$ 8,210
Effective interest rate	7.41%	7.12%
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.39%	2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	15.77%	15.49%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 3,046.9	$ 3,052.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2024 (remainder of year)	59.8
2023	0
2024	0
2025	0
2026	0
Thereafter	7,779.8
Total	$ 7,839.6

Consolidated Investment Prod_12

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 2,317.3	$ 2,222
Total investments, at fair value	894.2	872.8
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	7,937.2	8,317.5
Difference between unpaid principal balance and fair value	(35.7)	(120.7)
Total investments, at fair value	$ 7,901.5	$ 8,196.8

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Balance at beginning of period	$ 1,026.1
Net income (loss)	9.5	$ (1.5)
Net subscriptions (distributions) and other	9.6	95.9
Net consolidations (deconsolidations)		(35.7)
Adjustment to fair value	(65.9)
Balance at End of Period	1,078.5
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	446	583.6
Net income (loss)	12.4	10.7
Net subscriptions (distributions) and other	(1.1)	5.2
Net consolidations (deconsolidations)	0	0
Adjustment to fair value	65.9	0
Balance at End of Period	523.2	599.5
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	1,026.1	1,525.8
Net income (loss)	9.5	(1.5)
Net subscriptions (distributions) and other	37	183.6
Net consolidations (deconsolidations)	(60)	271.3
Adjustment to fair value	65.9	0
Balance at End of Period	1,078.5	1,979.2
Retained Earnings [Member]
Noncontrolling Interest [Line Items]
Adjustment to fair value	(65.9)
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	580.1	942.2
Net income (loss)	(2.9)	(12.2)
Net subscriptions (distributions) and other	38.1	178.4
Net consolidations (deconsolidations)	(60)	271.3
Adjustment to fair value	0	0
Balance at End of Period	$ 555.3	$ 1,379.7

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,220	$ 1,132
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	997.2	925.9
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 222.8	$ 206.1

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Nov. 01, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 396.6
Lessee, Operating Lease, Term of Contract		16 years
Lessee, Operating Lease, Liability, Payments, Due		$ 707.3

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 280
Remaining weighted-average vesting period	2 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2023	15,881
Granted	7,480
Vested	(1,127)
Forfeited/canceled	(340)
Nonvested Balance at December 31, 2023	21,894
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 23.09
Weighted Average Grant Date Fair Value of shares granted | $ / shares	23.60
Weighted Average Grant Date Fair Value of shares vested | $ / shares	23.06
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	21.25
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 23.29
Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2023	12,782
Granted	7,038
Vested	(965)
Forfeited/canceled	(192)
Nonvested Balance at December 31, 2023	18,663
Performance-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2023	3,099
Granted	442
Vested	(162)
Forfeited/canceled	(148)
Nonvested Balance at December 31, 2023	3,231

Investment and Other Income, _3

Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ 68.5	$ 68.3

Investment and Other Income , N

Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Dividend and interest income	$ 54.8	$ 36.5
Gains on investments, net	60.1	45.5
Income from investments in equity method investees	56.9	33.2
Rental income	10.8	10.6
Foreign currency exchange losses, net	(7.4)	(27.1)
Other, net	(2)	(7.6)
Investment and other income, net	$ 173.2	$ 91.1

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) - Subsequent Event [Member] - Putnam Investments shares in Millions, $ in Millions	Jan. 01, 2024 USD ($) shares
Subsequent Event [Line Items]
Cash purchase consideration	$ 220
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	31.6
PlannedPaymentsToAcquireBusinessesGross	$ 100
Contingent consideration liabilities	$ 375