Franklin Resources (BEN) 10-Q1 Feb 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2021	Jan. 25, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-09318
Entity Central Index Key	0000038777
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		502,124,386
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
Entity Shell Company	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Revenues
Operating revenues	$ 2,224	$ 1,995.1
Operating Expenses
Compensation and benefits	802.6	725.5
Sales, distribution and marketing	510.1	506.5
Information systems and technology	123.8	116.5
Occupancy	56.3	55.7
Amortization of intangible assets	58.3	58.2
General, administrative and other	115.2	123.6
Total operating expenses	1,666.3	1,586
Operating Income	557.7	409.1
Other Income (Expenses)
Investment and other income, net	57	77.2
Interest expense	(19.3)	(29.7)
Expenses of consolidated investment products	13.2	6.3
Other Income, Net	138.2	128.2
Income before taxes	695.9	537.3
Taxes on income	151.1	142.5
Net income	544.8	394.8
Less: net income attributable to
Redeemable noncontrolling interests	7.5	18.7
Nonredeemable noncontrolling interests	84.1	30.8
Net Income Attributable to Franklin Resources, Inc.	$ 453.2	$ 345.3
Earnings per Share
Basic	$ 0.89	$ 0.67
Diluted	$ 0.88	$ 0.67
CIPs [Member]
Other Income (Expenses)
Investment and other income, net	$ 104.7	$ 91.1
Expenses of consolidated investment products	(4.2)	(10.4)
Less: net income attributable to
Redeemable noncontrolling interests	(4.8)	13
Investment management fees [Member]
Operating Revenues
Operating revenues	1,760.5	1,540.4
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	398.2	396.9
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	47.7	49.4
Other [Member]
Operating Revenues
Operating revenues	$ 17.6	$ 8.4

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 544.8	$ 394.8
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	(6.9)	93.5
Net unrealized losses on defined benefit plans, net of tax	(5.1)	(0.6)
Other comprehensive income (loss)	(12)	92.9
Total comprehensive income	532.8	487.7
Less: comprehensive income attributable to
Redeemable noncontrolling interests	7.5	18.7
Nonredeemable noncontrolling interests	84.1	30.8
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 441.2	$ 438.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Assets
Cash and cash equivalents	$ 4,544.3	$ 4,647.2
Receivables	1,434.7	1,428.2
Investments	1,663.2	1,510.3
Total investments, at fair value	731.9	588.3
Property and equipment, net	756.4	770
Goodwill	4,724.5	4,457.7
Intangible assets, net	4,784.4	4,710.2
Operating lease right-of-use assets	422.5	448.4
Other	323.5	376.3
Total Assets	24,995.1	24,168.4
Liabilities
Compensation and benefits	906	1,179.3
Accounts payable and accrued expenses	519.4	479.3
Commissions	237.1	259.8
Income taxes	866.7	693.6
Debt	3,393.7	3,399.4
Deferred tax liabilities	218.5	311.7
Operating lease liabilities	491.3	518.4
Other	372.1	354.3
Total liabilities	11,815.3	11,424.8
Commitments and Contingencies (Note 9)
Redeemable Noncontrolling Interests	983.4	933
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; 502,519,277 and 501,807,677 shares issued and outstanding at December 31, 2021 and September 30, 2021	50.3	50.2
Retained earnings	11,892.2	11,550.8
Accumulated other comprehensive loss	(389.6)	(377.6)
Total Franklin Resources, Inc. stockholders’ equity	11,552.9	11,223.4
Nonredeemable noncontrolling interests	643.5	587.2
Total stockholders’ equity	12,196.4	11,810.6
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	24,995.1	24,168.4
CIPs [Member]
Assets
Cash and cash equivalents	365.5	289.4
Receivables	197.1	127.8
Total investments, at fair value	6,341.6	5,820.1
Total Assets	6,904.2	6,237.3
Liabilities
Accounts payable and accrued expenses	631.9	558
Debt	4,178.6	3,671
Other	17.6	13.8
Total liabilities	4,828.1	4,242.8
Redeemable Noncontrolling Interests	662.5	622.5
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	980	1,000.7
Nonredeemable noncontrolling interests	433.6	371.3
Total stockholders’ equity	1,413.6	1,372
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	6,904.2	6,237.3
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 4,178.8	$ 4,357.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Paranthetical) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Statement of Financial Position [Abstract]
Investments, at fair value	$ 731.9	$ 588.3
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 issued	502,519,277	501,807,677
Common stock, shares outstanding	502,519,277	501,807,677

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss [Member]	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) 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) at Sep. 30, 2020		$ (3.3)
Stockholders' Equity [Roll Forward]
Net income	376.1				345.3			345.3		30.8
Other comprehensive income (loss)	92.9						92.9	92.9
Dividends declared on common stock	(144)				(144)			(144)
Repurchase of common stock - Shares			(2.1)
Repurchase of common stock - Amount	(45.6)		$ (0.2)	(39.9)	(5.5)			(45.6)
Issuance of common stock - Shares			12.5
Issuance of common stock - Amount	33.7		$ 1.2	32.5				33.7
Stock-based compensation	7.4			7.4				7.4
Net subscriptions and other	93.3									93.3
Ending balance - Shares at Dec. 31, 2020			505.5
Ending balance at Dec. 31, 2020			$ 50.5	0	10,665.1		(314.7)	10,400.9
Ending balance at Dec. 31, 2020										878.7
Ending balance at Dec. 31, 2020	11,279.6
Beginning balance - Shares at Sep. 30, 2021			501.8
Beginning balance at Sep. 30, 2021	11,223.4		$ 50.2	0	11,550.8		(377.6)	11,223.4
Beginning balance at Sep. 30, 2021	587.2									587.2
Beginning balance at Sep. 30, 2021	11,810.6
Stockholders' Equity [Roll Forward]
Net income	537.3				453.2			453.2		84.1
Other comprehensive income (loss)	(12)						(12)	(12)
Dividends declared on common stock	(148.9)				(148.9)			(148.9)
Repurchase of common stock - Shares			(0.7)
Repurchase of common stock - Amount	(21.7)		$ 0	(58.8)	37.1			(21.7)
Issuance of common stock - Shares			1.4
Issuance of common stock - Amount	47.7		$ 0.1	47.6				47.7
Stock-based compensation	11.2			11.2				11.2
Net subscriptions and other	(27.8)									(27.8)
Ending balance - Shares at Dec. 31, 2021			502.5
Ending balance at Dec. 31, 2021	11,552.9		$ 50.3	$ 0	$ 11,892.2		$ (389.6)	$ 11,552.9
Ending balance at Dec. 31, 2021	643.5									$ 643.5
Ending balance at Dec. 31, 2021	$ 12,196.4

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.29	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net cash provided by operating activities
Net Income	$ 544.8	$ 394.8
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	59.4	41
Amortization of deferred sales commissions	18.4	19
Depreciation and other amortization	22.4	21.8
Amortization of intangible assets	58.3	58.2
Net gains on investments	(25.8)	(47.8)
Income from investments in equity method investees	(24.7)	(38.5)
Net gains on investments of consolidated investment products	(88)	(55.2)
Net purchase of investments by consolidated investment products	(67.9)	(106.2)
Deferred income taxes	(34.8)	(17.5)
Other	8.3	(5.6)
Changes in operating assets and liabilities:
Increase in receivables and other assets	(140.6)	(14.4)
Increase in investments, net	(44.6)	0
Decrease in accrued compensation and benefits	(273.1)	(104.2)
Increase (decrease) in commissions payable	(22.7)	11.4
Increase in income taxes payable	174.5	135.3
Increase in accounts payable, accrued expenses and other liabilities	16.4	12.3
Decrease in accounts payable and accrued expenses of consolidated investment products	(13.9)	(13.2)
Net cash provided by operating activities	166.4	291.2
Net cash used in investing activities
Purchase of investments	(321.7)	(193.7)
Liquidation of investments	388.8	82.9
Purchase of investments by consolidated collateralized loan obligations	(839.2)	(915.6)
Liquidation of investments by consolidated collateralized loan obligations	435.2	187.9
Decrease in loans receivable, net	0	28.2
Additions of property and equipment, net	(16.7)	(13.6)
Acquisitions, net of cash acquired	(372.3)	0
Payments of contingent consideration asset	3.9	2.8
Net (deconsolidation) consolidation of investment products	(6.6)	9.5
Net cash used in investing activities	(728.6)	(811.6)
Net cash provided by financing activities
Dividends paid on common stock	(143.1)	(134.8)
Repurchase of common stock	(21.7)	(45.1)
Proceeds from issuance of debt	0	748.3
Payment of debt issuance costs	0	(6.7)
Proceeds from debt of consolidated investment products	1,727.6	543.1
Payments on debt of consolidated investment products	(1,228.1)	(207.4)
Payment on contingent consideration liabilities	(4)	0
Noncontrolling interests	136.6	63.4
Net cash provided by financing activities	467.3	960.8
Effect of exchange rate changes on cash and cash equivalents	(8)	27.7
Increase (decrease) in cash and cash equivalents	(102.9)	468.1
Cash and cash equivalents, beginning of period	4,647.2	3,989.8
Cash and Cash Equivalents, End of Period	4,544.3	4,457.9
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	17.6	22.7
Cash paid for interest	8.5	10.9
Cash paid for interest by consolidated investment products	$ 37.4	$ 23.4

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2021 (“fiscal year 2021”). Certain comparative amounts for the prior fiscal year period have been reclassified to conform to the financial statement presentation as of and for the period ended December 31, 2021. During the quarter ended June 30, 2021, the Company identified an error related to the accounting of its indirect interests in certain collateralized loan obligations (“CLOs”) held through a limited partnership and the Company’s conclusion to consolidate that limited partnership. In accordance with U.S. GAAP, the Company should have consolidated the CLOs as the Company is the primary beneficiary of these entities and should not have consolidated the limited partnership. The error had no impact to net income attributable to the Company, earnings per share, retained earnings, or total Franklin Resources, Inc. stockholders’ equity. The Company determined that the error did not result in a material misstatement to its previously issued consolidated financial statements. Nonetheless, for comparability, the Company has revised the comparative prior period amounts included in the consolidated statements of cash flows and related footnote disclosures. The impact of the error on the consolidated statement of cash flows for the three months ended December 31, 2020 is as follows: (in millions) As Reported Adjustments As Revised Net cash provided by operating activities $ 290.0 $ 1.2 $ 291.2 Net cash used in investing activities (521.8) (289.8) (811.6) Net cash provided by financing activities 666.1 294.7 960.8

Earnings per Share

Earnings per Share	3 Months Ended
Earnings per Share	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2021 2020 Net income attributable to Franklin Resources, Inc. $ 453.2 $ 345.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 19.3 14.6 Net Income Available to Common Stockholders $ 433.9 $ 330.7 Weighted-average shares outstanding – basic 489.8 491.1 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.6 Weighted-Average Shares Outstanding – Diluted 490.6 491.7 Earnings per Share Basic $ 0.89 $ 0.67 Diluted 0.88 0.67

Revenues

Revenues	3 Months Ended
Revenues	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended December 31, 2021 Investment management fees $ 1,284.0 $ 258.4 $ 70.3 $ 81.8 $ 66.0 $ 1,760.5 Sales and distribution fees 278.4 98.8 13.4 7.6 — 398.2 Shareholder servicing fees 36.8 10.1 0.1 0.4 0.3 47.7 Other 17.1 0.3 — 0.2 — 17.6 Total $ 1,616.3 $ 367.6 $ 83.8 $ 90.0 $ 66.3 $ 2,224.0 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended December 31, 2020 Investment management fees $ 1,112.1 $ 221.8 $ 70.0 $ 78.7 $ 57.8 $ 1,540.4 Sales and distribution fees 277.9 89.8 12.3 14.0 2.9 396.9 Shareholder servicing fees 38.0 5.8 0.1 1.9 3.6 49.4 Other 6.5 0.3 — 0.3 1.3 8.4 Total $ 1,434.5 $ 317.7 $ 82.4 $ 94.9 $ 65.6 $ 1,995.1 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 81% and 80% of the Company’s total operating revenues for the three months ended December 31, 2021 and 2020.

Investments

Investments	3 Months Ended
Investments	Dec. 31, 2021
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 6 – 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 $ 497.2 $ 368.3 Investments related to long-term incentive plans 184.2 160.0 Other equity and debt investments 50.5 60.0 Total investments, at fair value 731.9 588.3 Investments in equity method investees 760.9 814.3 Other investments 170.4 107.7 Total $ 1,663.2 $ 1,510.3

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 6 – 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, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 360.0 $ 46.7 $ 18.2 $ 72.3 $ 497.2 Investments related to long-term incentive plans 183.7 0.5 — — 184.2 Other equity and debt investments 3.4 13.6 — 33.5 50.5 Contingent consideration asset — — 15.5 — 15.5 Total Assets Measured at Fair Value $ 547.1 $ 60.8 $ 33.7 $ 105.8 $ 747.4 Liabilities Contingent consideration liabilities $ — $ — $ 56.7 $ — $ 56.7 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 241.3 $ 18.4 $ 24.6 $ 84.0 $ 368.3 Investments related to long-term incentive plans 160.0 — — — 160.0 Other equity and debt investments 3.3 13.3 — 43.4 60.0 Contingent consideration asset — — 19.4 — 19.4 Total Assets Measured at Fair Value $ 404.6 $ 31.7 $ 44.0 $ 127.4 $ 607.7 Liabilities Contingent consideration liabilities $ — $ — $ 42.4 $ — $ 42.4 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 46.4 $ 46.6 Investments with known liquidation periods 32.3 53.9 Redeemable investments 2 27.1 26.9 Unfunded commitments 51.7 51.8 _______________ 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 4.0 years at both December 31, 2021 and September 30, 2021. 2 Investments are redeemable on a monthly and quarterly basis. Changes in the Level 3 assets and liabilities were as follows: 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Asset Contingent Consideration Liabilities for the three months ended December 31, Balance at beginning of period $ 24.6 $ 19.4 $ (42.4) $ 17.4 $ 39.7 $ (25.3) Acquisitions — — (24.5) — — Total realized and unrealized gains (losses) Included in investment and other income, net 0.2 — — (0.1) — — Included in general, administrative and other expense — — 1.1 — — — Purchases 3.5 — — 5.5 — — Sales (5.0) — — (4.3) — — Settlements (3.2) (3.9) 9.0 (0.5) (2.8) — Transfers out of Level 3 (1.9) — — (0.2) — — Foreign exchange revaluation — — 0.1 — — (0.2) Balance at End of Period $ 18.2 $ 15.5 $ (56.7) $ 17.8 $ 36.9 $ (25.5) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.2) $ — $ 1.3 $ (0.1) $ — $ — Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2021 September 30, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 4,178.8 $ 4,178.8 $ 4,357.8 $ 4,357.8 Other investments Time deposits 2 12.2 12.2 13.2 13.2 Equity securities 3 158.2 158.2 94.5 99.1 Financial Liability Debt 2 $ 3,393.7 $ 3,395.1 $ 3,399.4 $ 3,434.1

Consolidated Investment Product

Consolidated Investment Products	3 Months Ended
Consolidated Investment Products	Dec. 31, 2021
Consolidated Investment Products [Abstract]
Consolidated Investment Products	Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, all of which are sponsored by the Company, and include both voting interest entities and variable interest entities. The Company had 63 CIPs, including 11 CLOs, as of December 31, 2021 and 60 CIPs, including 10 CLOs, as of September 30, 2021. 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 $ 365.5 $ 289.4 Receivables 197.1 127.8 Investments, at fair value 6,341.6 5,820.1 Total Assets $ 6,904.2 $ 6,237.3 Liabilities Accounts payable and accrued expenses $ 631.9 $ 558.0 Debt 4,178.6 3,671.0 Other liabilities 17.6 13.8 Total liabilities 4,828.1 4,242.8 Redeemable Noncontrolling Interests 662.5 622.5 Stockholders ’ Equity Franklin Resources, Inc.’s interests 980.0 1,000.7 Nonredeemable noncontrolling interests 433.6 371.3 Total stockholders’ equity 1,413.6 1,372.0 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 6,904.2 $ 6,237.3 The CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2021 and 2020. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2021 Assets Cash and cash equivalents of CLOs $ 249.9 $ — $ — $ — $ 249.9 Receivables of CLOs — 88.0 — — 88.0 Investments Equity and debt securities 622.5 352.0 539.0 249.5 1,763.0 Loans — 4,445.5 34.2 — 4,479.7 Real estate — — 98.9 — 98.9 Total Assets Measured at Fair Value $ 872.4 $ 4,885.5 $ 672.1 $ 249.5 $ 6,679.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2021 Assets Cash and cash equivalents of CLOs $ 145.4 $ — $ — $ — $ 145.4 Receivables of CLOs — 84.0 — — 84.0 Investments Equity and debt securities 310.8 647.3 453.3 343.5 1,754.9 Loans — 3,955.3 20.5 — 3,975.8 Real estate — — 89.4 — 89.4 Total Assets Measured at Fair Value $ 456.2 $ 4,686.6 $ 563.2 $ 343.5 $ 6,049.5 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, nonredeemable private equity funds and a redeemable U.S. equity fund. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 53.8 $ 141.4 Redeemable investments 2 195.7 202.1 Unfunded commitments 3 0.5 0.5 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments have an expected weighted-average life of 1.0 year at December 31, 2021 and 1.3 years at September 30, 2021. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. 3 Of the total unfunded commitments, the Company was contractually obligated to fund $0.2 million based on its ownership percentage in the CIPs, at December 31, 2021 and September 30, 2021. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2021 Balance at October 1, 2021 $ 453.3 $ 89.4 $ 20.5 $ 563.2 Realized and unrealized gains included in investment and other income of consolidated investment products, net 92.3 8.6 0.3 101.2 Purchases 18.2 0.9 14.0 33.1 Sales and settlements (23.9) — (0.6) (24.5) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (1.0) — — (1.0) Balance at December 31, 2021 $ 539.0 $ 98.9 $ 34.2 $ 672.1 Change in unrealized gains included in net income relating to assets held at December 31, 2021 $ 92.5 $ 8.6 $ 0.3 $ 101.4 (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2020 Balance at October 1, 2020 $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income of consolidated investment products, net 19.1 1.5 — 20.6 Purchases 12.6 51.1 — 63.7 Sales and settlements (1.0) — (1.4) (2.4) Foreign exchange revaluation 3.0 16.0 — 19.0 Balance at December 31, 2020 $ 356.0 $ 407.8 $ 23.5 $ 787.3 Change in unrealized gains included in net income relating to assets held at December 31, 2020 $ 18.3 $ 1.5 $ 0.1 $ 19.9 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 404.0 Market pricing Private sale pricing $0.39–$100.00 ($21.11) per share 85.2 Market comparable companies Enterprise value/ 16.3–20.6 (18.7) Discount for lack of marketability 7.9%–25.5% (17.2%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 27.9 49.8 Discounted cash flow Discount rate 3.1%–6.3% (4.2%) Real estate 98.9 Discounted cash flow Discount rate 5.5%–6.3% (5.9%) Exit capitalization rate 4.8%–5.0% (4.9%) (in millions) as of September 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 301.1 Market pricing Private sale pricing $0.39-$100.00 ($19.34) per share 102.3 Market comparable companies Enterprise value/ 6.0–20.6 (13.7) Discount for lack of marketability 6.0%–25.5% (17.6%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 28.8 49.9 Discounted cash flow Discount rate 3.3%–6.3% (4.3%) Real estate 89.4 Discounted cash flow Discount rate 5.8%–6.0% (5.9%) Exit capitalization rate 5.0%–5.3% (5.1%) __________________ 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 December 31, 2021, the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow valuations, as well as the discount for lack of marketability used in the market-based valuations, were independently higher (lower) as of December 31, 2021, the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2021 September 30, 2021 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 115.6 $ 115.6 $ 144.0 $ 144.0 Financial Liabilities Debt of CLOs 1 2 or 3 $ 4,134.8 $ 4,140.0 $ 3,634.1 $ 3,610.6 Other debt 3 43.8 44.0 36.9 36.6 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: December 31, 2021 September 30, 2021 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 4,134.8 1.85% $ 3,634.1 2.11% Other debt 43.8 1.94% 36.9 1.95% Total $ 4,178.6 $ 3,671.0 The debt of CLOs had fixed and floating interest rates ranging from 0.87% to 7.30% at December 31, 2021, and from 1.00% to 8.22% at September 30, 2021. The other debt had floating interest rates ranging from 1.63% to 2.42% at both December 31, 2021 and September 30, 2021. The floating rates were primarily based on LIBOR. The contractual maturities for the debt of CIPs at December 31, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2022 (remainder of year) $ 185.8 2023 — 2024 — 2025 9.8 2026 — Thereafter 3,983.0 Total $ 4,178.6 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 $ 4,442.7 $ 3,951.1 Difference between unpaid principal balance and fair value 20.1 20.9 Fair Value $ 4,462.8 $ 3,972.0 There were no investments 90 days or more past due at December 31, 2021 and September 30, 2021.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
Redeemable Noncontrolling Interests	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2021 2020 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 622.5 $ 310.5 $ 933.0 $ 397.3 $ 144.6 $ 541.9 Net income (loss) (4.8) 12.3 7.5 13.0 5.7 18.7 Net subscriptions (distributions) and other 166.3 (1.9) 164.4 (29.9) — (29.9) Net consolidations (deconsolidations) (121.5) — (121.5) 84.9 — 84.9 Balance at End of Period $ 662.5 $ 320.9 $ 983.4 $ 465.3 $ 150.3 $ 615.6

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	3 Months Ended
Nonconsolidated Variable Interest Entities	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	Nonconsolidated Variable Interest Entities Variable interest entities (“VIEs”) for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 721.9 $ 639.2 Receivables 153.5 172.1 Total $ 875.4 $ 811.3 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds during the three months ended December 31, 2021. During the fiscal year ended September 30, 2020, the Company authorized loans to certain sponsored funds in India that experienced increased liquidity risks and redemptions. See Note 9 – Commitments and Contingencies for further information. The loans were fully repaid by March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . Effective April 24, 2020, Franklin Templeton Trustee Services Private Limited (“FTTS”), a subsidiary of Franklin, announced its decision to wind up six fixed income mutual fund schemes of the Franklin Templeton Mutual Fund in India (referred to herein as the “Funds”), closing the Funds to redemptions. At the time, the Funds had collective assets under management of approximately $3.4 billion. In connection with the wind-up decision, FTTS sought to convene unitholder meetings for the Funds to approve the appointment of a liquidator and the asset management company to the Funds, Franklin Templeton Asset Management (India) Private Limited (“FTAMI”), ceased earning investment management fees on the Funds. In May and June 2020, certain Fund unitholders and others commenced multiple writ petition actions in different courts in India against a number of respondents, including Franklin, its subsidiaries FTTS, FTAMI, and Templeton International, Inc., as sponsor of the Franklin Templeton Mutual Fund, and related individuals (collectively, the “Company Respondents”), the Securities and Exchange Board of India (“SEBI”), and other governmental entities. The petitioners challenged the decision to wind up the Funds and alleged that the Company Respondents violated various SEBI regulations, mismanaged the Funds, misrepresented or omitted certain information relating to the Funds, and/or engaged in other alleged misconduct. The petitioners requested a wide range of relief, including, among other items, an order quashing the winding up notices and blocking the unitholder votes, initiating investigations into the Company Respondents, and allowing the unitholder petitioners to redeem their investments with interest. One of the petitioners obtained an interim injunction order staying the operation and implementation of the unitholder voting process. Following appeals to the Supreme Court of India, the petitions were transferred to the High Court of Karnataka for further consolidated proceedings. In October 2020, the High Court of Karnataka issued its judgment, in which it upheld the decision taken by FTTS to wind up the Funds and held that there was “nothing wrong with the decision making process,” but determined that, under applicable regulations, unitholder approval is required to implement the decision. Certain Company Respondents and other parties filed cross-appeals to the Supreme Court of India, and certain intervenors filed applications, challenging aspects of the High Court’s judgment. In December 2020, with the approval of the Supreme Court, and without prejudice to its arguments on appeal that unitholder approval of the wind-up decision is not required, FTTS proceeded to obtain approval from the majority of the voting unitholders for winding up the six Funds. In February 2021, the Supreme Court issued a decision confirming the results of the unitholder votes and appointed a third-party asset manager to serve as the liquidator and begin cash distributions to unitholders. In July 2021, the Supreme Court issued a ruling interpreting applicable regulations to require unitholder consent to effect a trustee’s decision to wind up a fund, while finding that, upon the trustee’s publication of its decision to unitholders under applicable regulations, fund business activities, including redemptions, are suspended pending the results of the unitholder vote. The Supreme Court further found that FTTS’ April 2020 publication to unitholders of its wind-up decision complied with applicable regulations, effectively freezing redemptions. Further hearings are expected to occur in connection with the remaining issues on appeal. FTAMI continues to cooperate with the court-appointed liquidator in its work to liquidate the Funds’ remaining investments and distribute proceeds to unitholders. As of December 2021, approximately $3.5 billion has been distributed to Fund unitholders. Separately, following the completion of a forensic audit/inspection, in late November and early December 2020, SEBI initiated regulatory proceedings by issuing show cause notices against FTAMI, FTTS and certain FTAMI employees (including in their officer or director capacities), alleging certain deficiencies and areas of non-compliance in the management of the Funds. In June 2021, SEBI issued orders against FTAMI, FTTS, and the FTAMI employee respondents, finding violations of certain regulatory provisions, including with respect to similarity in investment strategies among the Funds, calculation of duration and valuation of portfolio securities, deficiencies in documentation relating to investment diligence and investment terms, and portfolio risk management. SEBI’s orders include, as applicable, aggregate monetary penalties of INR 20.0 crore (approximately $2.7 million); disgorgement of investment management and advisory fees, together with interest through the date of SEBI’s order, totaling INR 512.5 crore (approximately $68.8 million), with continuing accrual of 12% interest until paid; and a prohibition on FTAMI from launching new fixed income funds in India for a two-year period. The respondents filed appeals, as well as applications to stay enforcement of SEBI’s orders pending resolution of the appeals, with the Securities Appellate Tribunal (the “SAT”) in India. In June 2021, the SAT granted the stay requested by FTAMI, subject to FTAMI’s deposit of INR 250.0 crore (approximately $33.6 million) into an escrow account, which has been deposited. In July 2021, SEBI appealed the SAT’s stay order to the Supreme Court of India. Based on FTAMI’s submission that it would not launch new fixed income schemes in India pending resolution of its appeal, the Supreme Court of India did not interfere with the SAT’s stay order with respect to the monetary amounts and disposed of SEBI’s appeal. In July 2021, the SAT also granted the stay requests of FTTS and the FTAMI employee respondents, subject to the deposit of an aggregate of INR 7.5 crore (approximately $1.0 million) into an escrow account. The SAT appeals remain pending. The Company has also responded to related inquiries and investigations commenced by certain governmental agencies in India, including the previously-reported “first information report” (the preliminary step in an investigation) registered by the Economic Offences Wing of the Chennai police department against certain of the Company Respondents in connection with a complaint by two Fund unitholders, as well as a related investigation by India’s Enforcement Directorate commenced in or around April 2021. The Company has been cooperating in these matters. The Company strongly believes that the decision taken by FTTS to wind up the Funds was in the best interests of unitholders. The Company further believes that it has meritorious defenses to the outstanding claims in the pending proceedings and intends to continue vigorously defending against the claims. The Company cannot at this time predict the eventual outcome of the matters described above or reasonably estimate the possible loss or range of loss that may arise from any final outcome of such matters, including due to the complexities and uncertainty involved in the appeals and the various questions of law and fact at issue. Other Litigation Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 2021 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service in those positions. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of December 31, 2021. Other Commitments and Contingencies At December 31, 2021, there were no material changes in the other commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for fiscal year 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2021 Nonvested balance at October 1, 2021 14,176 3,658 17,834 $ 22.27 Granted 4,291 145 4,436 35.20 Vested (1,653) (98) (1,751) 24.99 Forfeited/canceled (207) (156) (363) 24.35 Nonvested Balance at December 31, 2021 16,607 3,549 20,156 $ 24.53 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $379.7 million at December 31, 2021. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.4 years.

Investment and Other Income, Ne

Investment and Other Income, Net	3 Months Ended
Investment and Other Income, Net	Dec. 31, 2021
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 (in millions) 2021 2020 Dividend and interest income $ 6.1 $ 5.1 Gains on investments, net 25.8 48.7 Income from investments in equity method investees 24.7 38.5 Rental income 9.7 7.7 Foreign currency exchange gains (losses), net 3.9 (16.5) Other, net (13.2) (6.3) Investment and other income, net $ 57.0 $ 77.2 Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company at December 31, 2021 and 2020 were $(4.4) million for the three months ended December 31, 2021, and $30.4 million for the three months ended December 31, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Total for the three months ended December 31, 2021 Balance at October 1, 2021 $ (370.5) $ (7.1) $ (377.6) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (6.9) (4.6) (11.5) Reclassifications to compensation and benefits expense, net of tax — (0.5) (0.5) Total other comprehensive loss (6.9) (5.1) (12.0) Balance at December 31, 2021 $ (377.4) $ (12.2) $ (389.6) (in millions) Currency Unrealized Total for the three months ended December 31, 2020 Balance at October 1, 2020 $ (399.6) $ (8.0) $ (407.6) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 93.4 (0.6) 92.8 Reclassifications to net investment and other income, net of tax 0.1 — 0.1 Total other comprehensive income (loss) 93.5 (0.6) 92.9 Balance at December 31, 2020 $ (306.1) $ (8.6) $ (314.7)

Subsequent Event

Subsequent Event	3 Months Ended
Subsequent Event	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn January 10, 2022, the Company entered into a bi-lateral credit agreement with Bank of America, N.A. to establish a 364 day revolving credit facility with aggregate commitments of $500.0 million. As of the time of this filing, there were no amounts outstanding.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
Basis of Presentation (Tables)	Dec. 31, 2021
Accounting Policies [Abstract]
Effects of the changes to the previously reported statements of cash flows	The impact of the error on the consolidated statement of cash flows for the three months ended December 31, 2020 is as follows: (in millions) As Reported Adjustments As Revised Net cash provided by operating activities $ 290.0 $ 1.2 $ 291.2 Net cash used in investing activities (521.8) (289.8) (811.6) Net cash provided by financing activities 666.1 294.7 960.8

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Dec. 31, 2021
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2021 2020 Net income attributable to Franklin Resources, Inc. $ 453.2 $ 345.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 19.3 14.6 Net Income Available to Common Stockholders $ 433.9 $ 330.7 Weighted-average shares outstanding – basic 489.8 491.1 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.6 Weighted-Average Shares Outstanding – Diluted 490.6 491.7 Earnings per Share Basic $ 0.89 $ 0.67 Diluted 0.88 0.67

Revenues (Tables)

Revenues (Tables)	3 Months Ended
Revenues (Tables)	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended December 31, 2021 Investment management fees $ 1,284.0 $ 258.4 $ 70.3 $ 81.8 $ 66.0 $ 1,760.5 Sales and distribution fees 278.4 98.8 13.4 7.6 — 398.2 Shareholder servicing fees 36.8 10.1 0.1 0.4 0.3 47.7 Other 17.1 0.3 — 0.2 — 17.6 Total $ 1,616.3 $ 367.6 $ 83.8 $ 90.0 $ 66.3 $ 2,224.0 (in millions) United States Luxembourg Americas Asia-Pacific Europe, Total for the three months ended December 31, 2020 Investment management fees $ 1,112.1 $ 221.8 $ 70.0 $ 78.7 $ 57.8 $ 1,540.4 Sales and distribution fees 277.9 89.8 12.3 14.0 2.9 396.9 Shareholder servicing fees 38.0 5.8 0.1 1.9 3.6 49.4 Other 6.5 0.3 — 0.3 1.3 8.4 Total $ 1,434.5 $ 317.7 $ 82.4 $ 94.9 $ 65.6 $ 1,995.1

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Dec. 31, 2021
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 $ 497.2 $ 368.3 Investments related to long-term incentive plans 184.2 160.0 Other equity and debt investments 50.5 60.0 Total investments, at fair value 731.9 588.3 Investments in equity method investees 760.9 814.3 Other investments 170.4 107.7 Total $ 1,663.2 $ 1,510.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 360.0 $ 46.7 $ 18.2 $ 72.3 $ 497.2 Investments related to long-term incentive plans 183.7 0.5 — — 184.2 Other equity and debt investments 3.4 13.6 — 33.5 50.5 Contingent consideration asset — — 15.5 — 15.5 Total Assets Measured at Fair Value $ 547.1 $ 60.8 $ 33.7 $ 105.8 $ 747.4 Liabilities Contingent consideration liabilities $ — $ — $ 56.7 $ — $ 56.7 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2021 Assets Investments, at fair value Sponsored funds and separate accounts $ 241.3 $ 18.4 $ 24.6 $ 84.0 $ 368.3 Investments related to long-term incentive plans 160.0 — — — 160.0 Other equity and debt investments 3.3 13.3 — 43.4 60.0 Contingent consideration asset — — 19.4 — 19.4 Total Assets Measured at Fair Value $ 404.6 $ 31.7 $ 44.0 $ 127.4 $ 607.7 Liabilities Contingent consideration liabilities $ — $ — $ 42.4 $ — $ 42.4
Schedule of investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 46.4 $ 46.6 Investments with known liquidation periods 32.3 53.9 Redeemable investments 2 27.1 26.9 Unfunded commitments 51.7 51.8
Schedule of changes in Level 3 assets and liabilities	Changes in the Level 3 assets and liabilities were as follows: 2021 2020 (in millions) Investments Contingent Consideration Asset Contingent Consideration Liabilities Investments Contingent Consideration Asset Contingent Consideration Liabilities for the three months ended December 31, Balance at beginning of period $ 24.6 $ 19.4 $ (42.4) $ 17.4 $ 39.7 $ (25.3) Acquisitions — — (24.5) — — Total realized and unrealized gains (losses) Included in investment and other income, net 0.2 — — (0.1) — — Included in general, administrative and other expense — — 1.1 — — — Purchases 3.5 — — 5.5 — — Sales (5.0) — — (4.3) — — Settlements (3.2) (3.9) 9.0 (0.5) (2.8) — Transfers out of Level 3 (1.9) — — (0.2) — — Foreign exchange revaluation — — 0.1 — — (0.2) Balance at End of Period $ 18.2 $ 15.5 $ (56.7) $ 17.8 $ 36.9 $ (25.5) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.2) $ — $ 1.3 $ (0.1) $ — $ —
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, 2021 September 30, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 4,178.8 $ 4,178.8 $ 4,357.8 $ 4,357.8 Other investments Time deposits 2 12.2 12.2 13.2 13.2 Equity securities 3 158.2 158.2 94.5 99.1 Financial Liability Debt 2 $ 3,393.7 $ 3,395.1 $ 3,399.4 $ 3,434.1

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	3 Months Ended
Consolidated Investment Products (Tables)	Dec. 31, 2021
Consolidated Investment Products [Abstract]
Schedule of balances of CIPs	The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 365.5 $ 289.4 Receivables 197.1 127.8 Investments, at fair value 6,341.6 5,820.1 Total Assets $ 6,904.2 $ 6,237.3 Liabilities Accounts payable and accrued expenses $ 631.9 $ 558.0 Debt 4,178.6 3,671.0 Other liabilities 17.6 13.8 Total liabilities 4,828.1 4,242.8 Redeemable Noncontrolling Interests 662.5 622.5 Stockholders ’ Equity Franklin Resources, Inc.’s interests 980.0 1,000.7 Nonredeemable noncontrolling interests 433.6 371.3 Total stockholders’ equity 1,413.6 1,372.0 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 6,904.2 $ 6,237.3
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2021 Assets Cash and cash equivalents of CLOs $ 249.9 $ — $ — $ — $ 249.9 Receivables of CLOs — 88.0 — — 88.0 Investments Equity and debt securities 622.5 352.0 539.0 249.5 1,763.0 Loans — 4,445.5 34.2 — 4,479.7 Real estate — — 98.9 — 98.9 Total Assets Measured at Fair Value $ 872.4 $ 4,885.5 $ 672.1 $ 249.5 $ 6,679.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2021 Assets Cash and cash equivalents of CLOs $ 145.4 $ — $ — $ — $ 145.4 Receivables of CLOs — 84.0 — — 84.0 Investments Equity and debt securities 310.8 647.3 453.3 343.5 1,754.9 Loans — 3,955.3 20.5 — 3,975.8 Real estate — — 89.4 — 89.4 Total Assets Measured at Fair Value $ 456.2 $ 4,686.6 $ 563.2 $ 343.5 $ 6,049.5
Schedule of 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, nonredeemable private equity funds and a redeemable U.S. equity fund. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 53.8 $ 141.4 Redeemable investments 2 195.7 202.1 Unfunded commitments 3 0.5 0.5
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2021 Balance at October 1, 2021 $ 453.3 $ 89.4 $ 20.5 $ 563.2 Realized and unrealized gains included in investment and other income of consolidated investment products, net 92.3 8.6 0.3 101.2 Purchases 18.2 0.9 14.0 33.1 Sales and settlements (23.9) — (0.6) (24.5) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (1.0) — — (1.0) Balance at December 31, 2021 $ 539.0 $ 98.9 $ 34.2 $ 672.1 Change in unrealized gains included in net income relating to assets held at December 31, 2021 $ 92.5 $ 8.6 $ 0.3 $ 101.4 (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2020 Balance at October 1, 2020 $ 322.3 $ 339.2 $ 24.9 $ 686.4 Realized and unrealized gains included in investment and other income of consolidated investment products, net 19.1 1.5 — 20.6 Purchases 12.6 51.1 — 63.7 Sales and settlements (1.0) — (1.4) (2.4) Foreign exchange revaluation 3.0 16.0 — 19.0 Balance at December 31, 2020 $ 356.0 $ 407.8 $ 23.5 $ 787.3 Change in unrealized gains included in net income relating to assets held at December 31, 2020 $ 18.3 $ 1.5 $ 0.1 $ 19.9
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, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 404.0 Market pricing Private sale pricing $0.39–$100.00 ($21.11) per share 85.2 Market comparable companies Enterprise value/ 16.3–20.6 (18.7) Discount for lack of marketability 7.9%–25.5% (17.2%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 27.9 49.8 Discounted cash flow Discount rate 3.1%–6.3% (4.2%) Real estate 98.9 Discounted cash flow Discount rate 5.5%–6.3% (5.9%) Exit capitalization rate 4.8%–5.0% (4.9%) (in millions) as of September 30, 2021 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 301.1 Market pricing Private sale pricing $0.39-$100.00 ($19.34) per share 102.3 Market comparable companies Enterprise value/ 6.0–20.6 (13.7) Discount for lack of marketability 6.0%–25.5% (17.6%) Enterprise value/ 0.6–7.2 (5.1) Price-to-book value ratio 0.7–1.8 (1.4) Control premium 20% Price-to-earnings ratio 28.8 49.9 Discounted cash flow Discount rate 3.3%–6.3% (4.3%) Real estate 89.4 Discounted cash flow Discount rate 5.8%–6.0% (5.9%) Exit capitalization rate 5.0%–5.3% (5.1%)
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, 2021 September 30, 2021 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 115.6 $ 115.6 $ 144.0 $ 144.0 Financial Liabilities Debt of CLOs 1 2 or 3 $ 4,134.8 $ 4,140.0 $ 3,634.1 $ 3,610.6 Other debt 3 43.8 44.0 36.9 36.6
Schedule of debt of CIPs	Debt of CIPs consisted of the following: December 31, 2021 September 30, 2021 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 4,134.8 1.85% $ 3,634.1 2.11% Other debt 43.8 1.94% 36.9 1.95% Total $ 4,178.6 $ 3,671.0
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CIPs at December 31, 2021 were as follows: (in millions) for the fiscal years ending September 30, Amount 2022 (remainder of year) $ 185.8 2023 — 2024 — 2025 9.8 2026 — Thereafter 3,983.0 Total $ 4,178.6
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 $ 4,442.7 $ 3,951.1 Difference between unpaid principal balance and fair value 20.1 20.9 Fair Value $ 4,462.8 $ 3,972.0

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
Redeemable Noncontrolling Interests (Tables)	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests were as follows: (in millions) 2021 2020 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 622.5 $ 310.5 $ 933.0 $ 397.3 $ 144.6 $ 541.9 Net income (loss) (4.8) 12.3 7.5 13.0 5.7 18.7 Net subscriptions (distributions) and other 166.3 (1.9) 164.4 (29.9) — (29.9) Net consolidations (deconsolidations) (121.5) — (121.5) 84.9 — 84.9 Balance at End of Period $ 662.5 $ 320.9 $ 983.4 $ 465.3 $ 150.3 $ 615.6

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	3 Months Ended
Nonconsolidated Variable Interest Entities (Tables)	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss from nonconsolidated VIEs	The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 721.9 $ 639.2 Receivables 153.5 172.1 Total $ 875.4 $ 811.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of stock and stock unit award activity	Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2021 Nonvested balance at October 1, 2021 14,176 3,658 17,834 $ 22.27 Granted 4,291 145 4,436 35.20 Vested (1,653) (98) (1,751) 24.99 Forfeited/canceled (207) (156) (363) 24.35 Nonvested Balance at December 31, 2021 16,607 3,549 20,156 $ 24.53

Investment and Other Income, _2

Investment and Other Income, Net (Tables)	3 Months Ended
Investment and Other Income, Net (Tables)	Dec. 31, 2021
Other Income and Expenses [Abstract]
Schedule of investment and other income, net	Investment and other income, net consisted of the following: Three Months Ended (in millions) 2021 2020 Dividend and interest income $ 6.1 $ 5.1 Gains on investments, net 25.8 48.7 Income from investments in equity method investees 24.7 38.5 Rental income 9.7 7.7 Foreign currency exchange gains (losses), net 3.9 (16.5) Other, net (13.2) (6.3) Investment and other income, net $ 57.0 $ 77.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component	Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Total for the three months ended December 31, 2021 Balance at October 1, 2021 $ (370.5) $ (7.1) $ (377.6) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (6.9) (4.6) (11.5) Reclassifications to compensation and benefits expense, net of tax — (0.5) (0.5) Total other comprehensive loss (6.9) (5.1) (12.0) Balance at December 31, 2021 $ (377.4) $ (12.2) $ (389.6) (in millions) Currency Unrealized Total for the three months ended December 31, 2020 Balance at October 1, 2020 $ (399.6) $ (8.0) $ (407.6) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 93.4 (0.6) 92.8 Reclassifications to net investment and other income, net of tax 0.1 — 0.1 Total other comprehensive income (loss) 93.5 (0.6) 92.9 Balance at December 31, 2020 $ (306.1) $ (8.6) $ (314.7)

Basis of Presentation - Effects

Basis of Presentation - Effects of the changes to the previously reported statement of income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net cash provided by operating activities	$ 166.4	$ 291.2
Net cash used in investing activities	(728.6)	(811.6)
Net cash provided by financing activities	$ 467.3	960.8
As Reported
Net cash provided by operating activities		290
Net cash used in investing activities		(521.8)
Net cash provided by financing activities		666.1
Adjustments
Net cash provided by operating activities		1.2
Net cash used in investing activities		(289.8)
Net cash provided by financing activities		294.7
As Revised
Net cash provided by operating activities		291.2
Net cash used in investing activities		(811.6)
Net cash provided by financing activities		$ 960.8

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) shares in Millions	3 Months Ended
Earnings per Share - Narrative (Details) shares in Millions	Dec. 31, 2020shares
Earnings Per Share [Abstract]
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS	0.4

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	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 453.2	$ 345.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	19.3	14.6
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	19.3	14.6
Net Income Available to Common Stockholders - basic	433.9	330.7
Net Income Available to Common Stockholders - diluted	$ 433.9	$ 330.7
Weighted-average shares outstanding – basic	489.8	491.1
Dilutive effect of nonparticipating nonvested stock unit awards	0.8	0.6
Weighted-Average Shares Outstanding – Diluted	490.6	491.7
Earnings per Share [Abstract]
Basic	$ 0.89	$ 0.67
Diluted	$ 0.88	$ 0.67

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended
Revenues Narratives (Details)	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	81.00%	80.00%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 2,224	$ 1,995.1
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,760.5	1,540.4
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	398.2	396.9
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	47.7	49.4
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	17.6	8.4
United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,616.3	1,434.5
United States [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,284	1,112.1
United States [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	278.4	277.9
United States [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	36.8	38
United States [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	17.1	6.5
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	367.6	317.7
Luxembourg [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	258.4	221.8
Luxembourg [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	98.8	89.8
Luxembourg [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	10.1	5.8
Luxembourg [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.3	0.3
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	83.8	82.4
Americas Excluding United States [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	70.3	70
Americas Excluding United States [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	13.4	12.3
Americas Excluding United States [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.1	0.1
Americas Excluding United States [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	90	94.9
Asia-Pacific [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	81.8	78.7
Asia-Pacific [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	7.6	14
Asia-Pacific [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.4	1.9
Asia-Pacific [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.2	0.3
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	66.3	65.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	66	57.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	2.9
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.3	3.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 0	$ 1.3

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Investment Holdings [Line Items]
Total investments, at fair value	$ 731.9	$ 588.3
Investments in equity method investees	760.9	814.3
Other investments	170.4	107.7
Total	1,663.2	1,510.3
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	497.2	368.3
Investments related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	184.2	160
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 50.5	$ 60

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details)	Dec. 31, 2021	Sep. 30, 2021
Nonredeemable Investments With Known Liquidation Periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation weighted-average period	4 years	4 years

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, 2021	Sep. 30, 2021
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 497.2	$ 368.3
Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	184.2	160
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.5	60
Fair Value, Recurring [Member]
Assets [Abstract]
Contingent consideration asset	15.5	19.4
Total Assets Measured at Fair Value	747.4	607.7
Liability [Abstract]
Contingent consideration liabilities	56.7	42.4
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	547.1	404.6
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	60.8	31.7
Liability [Abstract]
Contingent consideration liabilities	0	0
Fair Value, Recurring [Member] \| Level 3 [Member]
Assets [Abstract]
Contingent consideration asset	15.5	19.4
Total Assets Measured at Fair Value	33.7	44
Liability [Abstract]
Contingent consideration liabilities	56.7	42.4
Fair Value, Recurring [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	105.8	127.4
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	497.2	368.3
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	360	241.3
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	46.7	18.4
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	18.2	24.6
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	72.3	84
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	184.2	160
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	183.7	160
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0.5	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	0	0
Fair Value, Recurring [Member] \| Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.5	60
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.4	3.3
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	13.6	13.3
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 33.5	$ 43.4

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		Dec. 31, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 51.7	$ 51.8
Nonredeemable Investments With Unknown Liquidation Periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	46.4	46.6
Nonredeemable Investments With Known Liquidation Periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	32.3	53.9
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 27.1	$ 26.9

[1]	The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 4.0 years at both December 31, 2021 and September 30, 2021.
[2]	Investments are redeemable on a monthly and quarterly basis.

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - liabilities	$ (42.4)	$ (25.3)
Acquisitions	(24.5)	0
Purchases - liabilities	0	0
Sales - liabilities	0	0
Settlements - liabilities	9	0
Transfers out of Level 3 - liabilities	0	0
Foreign exchange revaluation	0.1	(0.2)
Balance at End of Period - liabilities	(56.7)	(25.5)
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period - liabilities	1.3	0
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	24.6	17.4
Purchases - assets	3.5	5.5
Sales - assets	(5)	(4.3)
Settlements - assets	(3.2)	(0.5)
Transfers out of Level 3	(1.9)	(0.2)
Foreign exchange revaluation	0	0
Balance at End of Period - assets	18.2	17.8
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period - assets	(0.2)	(0.1)
Contingent Consideration Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	19.4	39.7
Purchases - assets	0	0
Sales - assets	0	0
Settlements - assets	(3.9)	(2.8)
Transfers out of Level 3	0	0
Foreign exchange revaluation	0	0
Balance at End of Period - assets	15.5	36.9
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period - assets	0	0
Investment and other income [Member] \| Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	0	0
Investment and other income [Member] \| Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0.2	(0.1)
Investment and other income [Member] \| Contingent Consideration Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0	0
General, administrative and other expense [Member] \| Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	1.1	0
General, administrative and other expense [Member] \| Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	0	$ 0
General, administrative and other expense [Member] \| Contingent Consideration Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	$ 0

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Financial Assets [Abstract]
Cash and cash equivalents	$ 4,544.3	$ 4,647.2	$ 4,457.9	$ 3,989.8
Other investments	170.4	107.7
Financial Liability [Abstract]
Debt	3,393.7	3,399.4
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,178.8	4,357.8
Time deposits	12.2	13.2
Financial Liability [Abstract]
Debt	3,393.7	3,399.4
Estimated Fair Value [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	4,178.8	4,357.8
Estimated Fair Value [Member] \| Level 2 [Member]
Financial Assets [Abstract]
Time deposits	12.2	13.2
Financial Liability [Abstract]
Debt	3,395.1	3,434.1
Other equity securities [Member] \| Carrying Value [Member]
Financial Assets [Abstract]
Other investments	158.2	94.5
Other equity securities [Member] \| Estimated Fair Value [Member] \| Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 158.2	$ 99.1

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021USD ($)CIPs	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products \| CIPs	63		60
Number of CLOs \| CIPs	11		10
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments Company contractually obligated to fund	$ 0.2		$ 0.2
CIPs [Member] \| Nonredeemable Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period	1 year		1 year 3 months 18 days
CIPs [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	1.63%		1.63%
CIPs [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.42%		2.42%
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests	$ 5.3	$ 0.9
Debt face amount	$ 4,136.9		$ 3,629.9
Collateralized loan obligations [Member] \| CIPs [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	0.87%		1.00%
Collateralized loan obligations [Member] \| CIPs [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	7.30%		8.22%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Assets [Abstract]
Cash and cash equivalents	$ 4,544.3	$ 4,647.2	$ 4,457.9	$ 3,989.8
Receivables	1,434.7	1,428.2
Investments, at fair value	731.9	588.3
Total Assets	24,995.1	24,168.4
Liabilities [Abstract]
Accounts payable and accrued expenses	519.4	479.3
Debt	3,393.7	3,399.4
Other	372.1	354.3
Total liabilities	11,815.3	11,424.8
Redeemable Noncontrolling Interests	983.4	933
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	11,552.9	11,223.4
Nonredeemable noncontrolling interests	643.5	587.2
Total stockholders’ equity	12,196.4	11,810.6	11,279.6	10,869.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	24,995.1	24,168.4
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	365.5	289.4
Receivables	197.1	127.8
Investments, at fair value	6,341.6	5,820.1
Total Assets	6,904.2	6,237.3
Liabilities [Abstract]
Accounts payable and accrued expenses	631.9	558
Debt	4,178.6	3,671
Other	17.6	13.8
Total liabilities	4,828.1	4,242.8
Redeemable Noncontrolling Interests	662.5	622.5	$ 465.3	$ 397.3
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	980	1,000.7
Nonredeemable noncontrolling interests	433.6	371.3
Total stockholders’ equity	1,413.6	1,372
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 6,904.2	$ 6,237.3

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Assets [Abstract]
Investments, at fair value	$ 731.9	$ 588.3
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	4,462.8	3,972
CIPs [Member]
Assets [Abstract]
Investments, at fair value	6,341.6	5,820.1
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	747.4	607.7
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	547.1	404.6
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	60.8	31.7
Fair Value, Recurring [Member] \| Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	33.7	44
Fair Value, Recurring [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	105.8	127.4
Fair Value, Recurring [Member] \| Collateralized loan obligations [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	249.9	145.4
Receivables of CLOs	88	84
Fair Value, Recurring [Member] \| Collateralized loan obligations [Member] \| Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	249.9	145.4
Receivables of CLOs	0	0
Fair Value, Recurring [Member] \| Collateralized loan obligations [Member] \| Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	88	84
Fair Value, Recurring [Member] \| Collateralized loan obligations [Member] \| Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	0	0
Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	6,679.5	6,049.5
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	872.4	456.2
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	4,885.5	4,686.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	672.1	563.2
Fair Value, Recurring [Member] \| CIPs [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	249.5	343.5
Equity and debt securities \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,763	1,754.9
Equity and debt securities \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	622.5	310.8
Equity and debt securities \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	352	647.3
Equity and debt securities \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	539	453.3
Equity and debt securities \| Fair Value, Recurring [Member] \| CIPs [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	249.5	343.5
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value	4,479.7	3,975.8
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	4,445.5	3,955.3
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	34.2	20.5
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value	98.9	89.4
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	$ 98.9	$ 89.4

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions		Dec. 31, 2021	Sep. 30, 2021
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 51.7	$ 51.8
Nonredeemable Investments With Known Liquidation Periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	32.3	53.9
Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	27.1	26.9
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments	[3]	0.5	0.5
CIPs [Member] \| Nonredeemable Investments With Known Liquidation Periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	53.8	141.4
CIPs [Member] \| Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[5]	$ 195.7	$ 202.1

[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 4.0 years at both December 31, 2021 and September 30, 2021.
[2]	Investments are redeemable on a monthly and quarterly basis.
[3]	Of the total unfunded commitments, the Company was contractually obligated to fund $0.2 million based on its ownership percentage in the CIPs, at December 31, 2021 and September 30, 2021.
[4]	The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments have an expected weighted-average life of 1.0 year at December 31, 2021 and 1.3 years at September 30, 2021.
[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	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 563.2	$ 686.4
Realized and unrealized gains included in investment and other income of consolidated investment products, net	101.2	20.6
Purchases	33.1	63.7
Sales and settlements	(24.5)	(2.4)
Transfers into Level 3	0.1
Transfers out of Level 3	(1)
Foreign exchange revaluation		19
Balance at End of Period - assets	672.1	787.3
Change in unrealized gains included in net income relating to assets held at December 31, 2021	101.4	19.9
Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	453.3	322.3
Realized and unrealized gains included in investment and other income of consolidated investment products, net	92.3	19.1
Purchases	18.2	12.6
Sales and settlements	(23.9)	(1)
Transfers into Level 3	0.1
Transfers out of Level 3	(1)
Foreign exchange revaluation		3
Balance at End of Period - assets	539	356
Change in unrealized gains included in net income relating to assets held at December 31, 2021	92.5	18.3
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	20.5	24.9
Realized and unrealized gains included in investment and other income of consolidated investment products, net	0.3	0
Purchases	14	0
Sales and settlements	(0.6)	(1.4)
Transfers into Level 3	0
Transfers out of Level 3	0
Foreign exchange revaluation		0
Balance at End of Period - assets	34.2	23.5
Change in unrealized gains included in net income relating to assets held at December 31, 2021	0.3	0.1
Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	89.4	339.2
Realized and unrealized gains included in investment and other income of consolidated investment products, net	8.6	1.5
Purchases	0.9	51.1
Sales and settlements	0	0
Transfers into Level 3	0
Transfers out of Level 3	0
Foreign exchange revaluation		16
Balance at End of Period - assets	98.9	407.8
Change in unrealized gains included in net income relating to assets held at December 31, 2021	$ 8.6	$ 1.5

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, 2021USD ($)$ / shares	Sep. 30, 2021USD ($)$ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 731.9	$ 588.3
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		6,341.6	5,820.1
Fair Value, Recurring [Member] \| CIPs [Member] \| Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		1,763	1,754.9
Fair Value, Recurring [Member] \| CIPs [Member] \| Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		98.9	89.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		539	453.3
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		49.8	49.9
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		404	301.1
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 85.2	$ 102.3
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount rate [Member] \| Minimum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.031	0.033
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount rate [Member] \| Maximum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.063	0.063
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount rate [Member] \| Weighted Average [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.042	0.043
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount for lack of marketability [Member] \| Minimum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.079	0.060
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount for lack of marketability [Member] \| Maximum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.255	0.255
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Discount for lack of marketability [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.172	0.176
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| EBITDA multiple [Member] \| Minimum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		16.3	6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| EBITDA multiple [Member] \| Maximum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		20.6	20.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| EBITDA multiple [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	18.7	13.7
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Control premium [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.20	0.20
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Revenue multiple [Member] \| Minimum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.6	0.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Revenue multiple [Member] \| Maximum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		7.2	7.2
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Revenue multiple [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	5.1	5.1
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Price-to-earnings ratio [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	27.9	28.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Private sale pricing [Member] \| Minimum [Member] \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares		0.39	0.39
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Private sale pricing [Member] \| Maximum [Member] \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares		100	100
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Private sale pricing [Member] \| Weighted Average [Member] \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares	[1]	21.11	19.34
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Price to book value ratio [Member] \| Minimum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.7	0.7
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Price to book value ratio [Member] \| Maximum [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		1.8	1.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities \| Price to book value ratio [Member] \| Weighted Average [Member] \| Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	1.4	1.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 98.9	$ 89.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 98.9	$ 89.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discount rate [Member] \| Minimum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.055	0.058
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discount rate [Member] \| Maximum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.063	0.060
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discount rate [Member] \| Weighted Average [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.059	0.059
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Exit Capitalization Rate [Member] \| Minimum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.048	0.050
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Exit Capitalization Rate [Member] \| Maximum [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.050	0.053
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Exit Capitalization Rate [Member] \| Weighted Average [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.049	0.051

[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, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents		$ 4,178.8	$ 4,357.8
Financial Liability [Abstract]
Debt of CLOs1		3,393.7	3,399.4
Carrying Value [Member] \| CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		115.6	144
Financial Liability [Abstract]
Other debt		43.8	36.9
Estimated Fair Value [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		4,178.8	4,357.8
Estimated Fair Value [Member] \| Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1		3,395.1	3,434.1
Estimated Fair Value [Member] \| CIPs [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		115.6	144
Estimated Fair Value [Member] \| CIPs [Member] \| Level 3 [Member]
Financial Liability [Abstract]
Other debt		44	36.6
Cash and cash equivalents		4,544.3	4,647.2	$ 4,457.9	$ 3,989.8
Debt of CLOs1		3,393.7	3,399.4
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		365.5	289.4
Financial Liability [Abstract]
Debt of CLOs1		4,178.6	3,671
Other debt		43.8	36.9
Collateralized loan obligations [Member] \| Carrying Value [Member] \| CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	4,134.8	3,634.1
Collateralized loan obligations [Member] \| Estimated Fair Value [Member] \| CIPs [Member] \| Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	4,140	3,610.6
Collateralized loan obligations [Member] \| CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1		$ 4,134.8	$ 3,634.1

[1]	Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,393.7	$ 3,399.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	4,178.6	3,671
Other debt	$ 43.8	$ 36.9
Effective interest rate	1.94%	1.95%
CIPs [Member] \| Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 4,134.8	$ 3,634.1
Effective interest rate	1.85%	2.11%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,393.7	$ 3,399.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2022 (remainder of year)	185.8
2023	0
2024	0
2025	9.8
2026	0
Thereafter	3,983
Debt	$ 4,178.6

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	Dec. 31, 2021	Sep. 30, 2021
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 1,663.2	$ 1,510.3
Total investments, at fair value	731.9	588.3
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	4,442.7	3,951.1
Difference between unpaid principal balance and fair value	20.1	20.9
Total investments, at fair value	$ 4,462.8	$ 3,972

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Balance at beginning of period	$ 933
Net income (loss)	7.5	$ 18.7
Net subscriptions (distributions) and other	(27.8)	93.3
Balance at End of Period	983.4
Minority Interests
Noncontrolling Interest [Line Items]
Balance at beginning of period	310.5	144.6
Net income (loss)	12.3	5.7
Net subscriptions (distributions) and other	(1.9)	0
Net consolidations (deconsolidations)	0	0
Balance at End of Period	320.9	150.3
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	933	541.9
Net income (loss)	7.5	18.7
Net subscriptions (distributions) and other	164.4	(29.9)
Net consolidations (deconsolidations)	(121.5)	84.9
Balance at End of Period	983.4	615.6
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	622.5	397.3
Net income (loss)	(4.8)	13
Net subscriptions (distributions) and other	166.3	(29.9)
Net consolidations (deconsolidations)	(121.5)	84.9
Balance at End of Period	$ 662.5	$ 465.3

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, 2021	Sep. 30, 2021
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 875.4	$ 811.3
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	721.9	639.2
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 153.5	$ 172.1

Commitments and Contingencies (

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

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)
Share-based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 379.7
Remaining weighted-average vesting period	2 years 4 months 24 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2021	17,834
Granted	4,436
Vested	(1,751)
Forfeited/canceled	(363)
Nonvested Balance at December 31, 2021	20,156
Nonvested beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 22.27
Weighted Average Grant Date Fair Value of shares granted \| $ / shares	35.20
Weighted Average Grant Date Fair Value of shares vested \| $ / shares	24.99
Weighted Average Grant Date Fair Value of shares forfeited/canceled \| $ / shares	24.35
Nonvested ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 24.53
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, 2021	14,176
Granted	4,291
Vested	(1,653)
Forfeited/canceled	(207)
Nonvested Balance at December 31, 2021	16,607
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, 2021	3,658
Granted	145
Vested	(98)
Forfeited/canceled	(156)
Nonvested Balance at December 31, 2021	3,549

Investment and Other Income, _3

Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ (4.4)	$ 30.4

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, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Dividend and interest income	$ 6.1	$ 5.1
Gains on investments, net	25.8	48.7
Income from investments in equity method investees	24.7	38.5
Rental income	9.7	7.7
Foreign currency exchange gains (losses), net	3.9	(16.5)
Other, net	(13.2)	(6.3)
Investment and other income, net	$ 57	$ 77.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (377.6)	$ (407.6)
Other comprehensive income (loss) before reclassifications, net of tax	(11.5)	92.8
Reclassification to compensation and benefits expense, Current Period, Net of Tax	(0.5)
Reclassifications to net investment and other income, net of tax		0.1
Other comprehensive income (loss)	(12)	92.9
Balance at end of period	(389.6)	(314.7)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(370.5)	(399.6)
Other comprehensive income (loss) before reclassifications, net of tax	(6.9)	93.4
Reclassification to compensation and benefits expense, Current Period, Net of Tax	0
Reclassifications to net investment and other income, net of tax		0.1
Other comprehensive income (loss)	(6.9)	93.5
Balance at end of period	(377.4)	(306.1)
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(7.1)	(8)
Other comprehensive income (loss) before reclassifications, net of tax	(4.6)	(0.6)
Reclassification to compensation and benefits expense, Current Period, Net of Tax	(0.5)
Reclassifications to net investment and other income, net of tax		0
Other comprehensive income (loss)	(5.1)	(0.6)
Balance at end of period	$ (12.2)	$ (8.6)

Subsequent Event Narrative (Det

Subsequent Event Narrative (Details) $ in Millions	Jan. 10, 2022USD ($)
Revolving Credit Facility \| Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate commitments	$ 500