Franklin Resources (BEN) 10-Q1 May 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 24, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-09318
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Central Index Key	0000038777
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		500,863,407

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues
Operating revenues	$ 1,927.2	$ 2,081	$ 3,894.3	$ 4,305
Operating Expenses
Compensation and benefits	847.3	752.5	1,826.5	1,555.1
Sales, distribution and marketing	406.6	482.4	795.2	992.5
Information systems and technology	128	126.9	249.4	250.7
Occupancy	59.7	53	114.2	109.3
Amortization of intangible assets	86	60.4	169.2	118.7
General, administrative and other	144.5	142.8	290.7	258
Total operating expenses	1,672.1	1,618	3,445.2	3,284.3
Operating Income	255.1	463	449.1	1,020.7
Other Income (Expenses)
Investment and other income, net	125.6	27.7	216.7	84.7
Interest expense	(33.5)	(22.9)	(64.4)	(42.2)
Expenses of consolidated investment products	2.2		9.8	8.9
Other Income, Net	175.9	3.2	211	141.4
Income before taxes	431	466.2	660.1	1,162.1
Taxes on income	92.9	107.1	153.2	258.2
Net income	338.1	359.1	506.9	903.9
Less: net income (loss) attributable to
Redeemable noncontrolling interests	83.2	(57.2)	81.7	(49.7)
Nonredeemable noncontrolling interests	60.7	66.7	65.4	150.8
Net income attributable to Franklin Resources, Inc.	$ 194.2	$ 349.6	$ 359.8	$ 802.8
Earnings per Share
Basic	$ 0.38	$ 0.68	$ 0.70	$ 1.57
Diluted	$ 0.38	$ 0.68	$ 0.70	$ 1.57
CIPs [Member]
Other Income (Expenses)
Investment and other income, net	$ 87.2	$ 3	$ 73.6	$ 107.7
Expenses of consolidated investment products	(3.4)	(4.6)	(14.9)	(8.8)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	70.2	(69.6)	58	(74.4)
Investment management fees [Member]
Operating Revenues
Operating revenues	1,573.3	1,649.2	3,205.1	3,409.7
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	301.4	370.2	593.3	768.4
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	43.3	52.2	76.7	99.9
Other [Member]
Operating Revenues
Operating revenues	$ 9.2	$ 9.4	$ 19.2	$ 27

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 338.1	$ 359.1	$ 506.9	$ 903.9
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	15.9	(16.3)	143.2	(23.2)
Net unrealized gains (losses) on defined benefit plans, net of tax	1.8	5.3	(0.8)	0.2
Net unrealized gains on investments, net of tax	0.2	0	0.2	0
Total other comprehensive income (loss)	17.9	(11)	142.6	(23)
Total comprehensive income	356	348.1	649.5	880.9
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	83.2	(57.2)	81.7	(49.7)
Nonredeemable noncontrolling interests	60.7	66.7	65.4	150.8
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 212.1	$ 338.6	$ 502.4	$ 779.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Assets
Receivables	$ 1,300.8	$ 1,264.8
Investments	2,378	1,651.3
Total investments, at fair value	987.1	613.5
Property and equipment, net	749.8	743.3
Goodwill	6,007.2	5,778.6
Intangible assets, net	5,070.4	5,082.1
Operating lease right-of-use assets	454.1	464.5
Other	425.5	395.4
Total Assets	29,085.7	28,060.6
Liabilities
Compensation and benefits	1,206.3	1,464.4
Accounts payable and accrued expenses	501.2	466.2
Income taxes	486.9	523.1
Debt	3,364.6	3,376.4
Deferred tax liabilities	339.6	347.8
Operating lease liabilities	522.6	528.4
Other	1,630.3	1,425
Total liabilities	15,682.6	14,235.9
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests	960.5	1,525.8
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued	0	0
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 500,912,066 and 499,575,175 shares issued and outstanding at March 31, 2023 and September 30, 2022	50.1	50
Retained earnings	12,260.1	12,045.6
Accumulated other comprehensive loss	(478.4)	(621)
Total Franklin Resources, Inc. stockholders’ equity	11,831.8	11,474.6
Nonredeemable noncontrolling interests	610.8	824.3
Total stockholders’ equity	12,442.6	12,298.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	29,085.7	28,060.6
CIPs [Member]
Assets
Cash and cash equivalents	807.3	647.6
Receivables	71.4	134
Total investments, at fair value	8,421.3	7,898.1
Total Assets	9,300	8,679.7
Liabilities
Accounts payable and accrued expenses	478	646.9
Debt	7,153.1	5,457.7
Other	26.6	175
Total liabilities	7,657.7	6,279.6
Redeemable Noncontrolling Interests	445.6	942.2
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	909.5	960.8
Nonredeemable noncontrolling interests	287.2	497.1
Total stockholders’ equity	1,196.7	1,457.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	9,300	8,679.7
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 3,471.3	$ 4,134.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Investments, at fair value	$ 987.1	$ 613.5
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	500,912,066	499,575,175
Common Stock, Shares, Outstanding	500,912,066	499,575,175

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Stockholders' Equity [Member]	Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2021		501.8
Beginning balance at Sep. 30, 2021		$ 50.2	$ 0	$ 11,550.8	$ (377.6)	$ 11,223.4
Beginning balance at Sep. 30, 2021							$ 587.2
Beginning balance at Sep. 30, 2021	$ 11,810.6
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.				453.2		453.2
Nonredeemable noncontrolling interests							84.1
Net income	537.3
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 (distributions) and other	(27.8)						(27.8)
Ending balance - Shares at Dec. 31, 2021		502.5
Ending balance at Dec. 31, 2021		$ 50.3	0	11,892.2	(389.6)	11,552.9
Ending balance at Dec. 31, 2021							643.5
Ending balance at Dec. 31, 2021	12,196.4
Beginning balance - Shares at Sep. 30, 2021		501.8
Beginning balance at Sep. 30, 2021		$ 50.2	0	11,550.8	(377.6)	11,223.4
Beginning balance at Sep. 30, 2021							587.2
Beginning balance at Sep. 30, 2021	11,810.6
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	802.8
Nonredeemable noncontrolling interests	150.8
Other comprehensive income (loss)	(23)
Ending balance - Shares at Mar. 31, 2022		500.4
Ending balance at Mar. 31, 2022		$ 50	0	11,891.3	(400.6)	11,540.7
Ending balance at Mar. 31, 2022							648.9
Ending balance at Mar. 31, 2022	12,189.6
Beginning balance - Shares at Dec. 31, 2021		502.5
Beginning balance at Dec. 31, 2021		$ 50.3	0	11,892.2	(389.6)	11,552.9
Beginning balance at Dec. 31, 2021							643.5
Beginning balance at Dec. 31, 2021	12,196.4
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	349.6			349.6		349.6
Nonredeemable noncontrolling interests	66.7						66.7
Net income	416.3
Other comprehensive income (loss)	(11)				(11)	(11)
Dividends declared on common stock	(148.3)			(148.3)		(148.3)
Repurchase of common stock - Shares		(2.7)
Repurchase of common stock - Amount	(80.8)	$ (0.4)	(66.7)	(13.7)		(80.8)
Issuance of common stock - Shares		0.6
Issuance of common stock - Amount	18.6	$ 0.1	18.5			18.6
Stock-based compensation	48.2		48.2			48.2
Net subscriptions (distributions) and other	(21.7)						(21.7)
Net deconsolidation of investment products	(39.6)						(39.6)
Adjustment to fair value	(188.5)			(188.5)		(188.5)
Ending balance - Shares at Mar. 31, 2022		500.4
Ending balance at Mar. 31, 2022		$ 50	0	11,891.3	(400.6)	11,540.7
Ending balance at Mar. 31, 2022							648.9
Ending balance at Mar. 31, 2022	12,189.6
Beginning balance - Shares at Sep. 30, 2022		499.6
Beginning balance at Sep. 30, 2022	11,474.6	$ 50	0	12,045.6	(621)	11,474.6
Beginning balance at Sep. 30, 2022	824.3						824.3
Beginning balance at Sep. 30, 2022	12,298.9
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.				165.6		165.6
Nonredeemable noncontrolling interests							4.7
Net income	170.3
Other comprehensive income (loss)	124.7				124.7	124.7
Dividends declared on common stock	(153.6)			(153.6)		(153.6)
Repurchase of common stock - Shares		(0.5)
Repurchase of common stock - Amount	(14.2)	$ (0.1)	(69.1)	55		(14.2)
Issuance of common stock - Shares		1.2
Issuance of common stock - Amount	33.6	$ 0.1	33.5			33.6
Stock-based compensation	35.6		35.6			35.6
Net subscriptions (distributions) and other	95.9						95.9
Net deconsolidation of investment products	(35.7)						(35.7)
Ending balance - Shares at Dec. 31, 2022		500.3
Ending balance at Dec. 31, 2022		$ 50	0	12,112.6	(496.3)	11,666.3
Ending balance at Dec. 31, 2022							889.2
Ending balance at Dec. 31, 2022	12,555.5
Beginning balance - Shares at Sep. 30, 2022		499.6
Beginning balance at Sep. 30, 2022	11,474.6	$ 50	0	12,045.6	(621)	11,474.6
Beginning balance at Sep. 30, 2022	824.3						824.3
Beginning balance at Sep. 30, 2022	12,298.9
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	359.8
Nonredeemable noncontrolling interests	65.4
Other comprehensive income (loss)	142.6
Ending balance - Shares at Mar. 31, 2023		500.9
Ending balance at Mar. 31, 2023	11,831.8	$ 50.1	0	12,260.1	(478.4)	11,831.8
Ending balance at Mar. 31, 2023	610.8						610.8
Ending balance at Mar. 31, 2023	12,442.6
Beginning balance - Shares at Dec. 31, 2022		500.3
Beginning balance at Dec. 31, 2022		$ 50	0	12,112.6	(496.3)	11,666.3
Beginning balance at Dec. 31, 2022							889.2
Beginning balance at Dec. 31, 2022	12,555.5
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	194.2			194.2		194.2
Nonredeemable noncontrolling interests	60.7						60.7
Net income	254.9
Other comprehensive income (loss)	17.9				17.9	17.9
Dividends declared on common stock	(153.8)			(153.8)		(153.8)
Repurchase of common stock - Shares		(0.1)
Repurchase of common stock - Amount	(3.6)	$ 0	(66)	62.4		(3.6)
Issuance of common stock - Shares		0.7
Issuance of common stock - Amount	25.3	$ 0.1	25.2			25.3
Stock-based compensation	40.8		40.8			40.8
Net subscriptions (distributions) and other	(14.9)						(14.9)
Net deconsolidation of investment products	(324.2)						(324.2)
Adjustment to fair value	44.7			44.7		44.7
Ending balance - Shares at Mar. 31, 2023		500.9
Ending balance at Mar. 31, 2023	11,831.8	$ 50.1	$ 0	$ 12,260.1	$ (478.4)	$ 11,831.8
Ending balance at Mar. 31, 2023	610.8						$ 610.8
Ending balance at Mar. 31, 2023	$ 12,442.6

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.30	$ 0.30	$ 0.29	$ 0.29

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net cash (used in) provided by operating activities
Net Income	$ 506.9	$ 903.9
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Stock-based compensation	122	112.5
Amortization of deferred sales commissions	25	35
Depreciation and other amortization	52.9	42.7
Amortization of intangible assets	169.2	118.7
Net gains on investments	(48.5)	(2.7)
Income from investments in equity method investees	(118.8)	(51.7)
Net losses (gains) on investments of consolidated investment products	57.5	(62.6)
Net purchase of investments by consolidated investment products	(613)	(321.8)
Deferred income taxes	(55.7)	3.3
Other	68.7	10
Changes in operating assets and liabilities:
Increase in receivables and other assets	(144.4)	(121.6)
Increase in investments, net	(36)	(21.3)
Decrease in accrued compensation and benefits	(336.1)	(162.2)
Decrease in income taxes payable	(28.5)	(104.9)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	85.4	(90)
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products	3.7	(16.8)
Net cash (used in) provided by operating activities	(289.7)	270.5
Net cash used in investing activities
Purchase of investments	(504.7)	(375.9)
Liquidation of investments	411.7	726
Purchase of investments by consolidated collateralized loan obligations	(2,097.6)	(2,170.2)
Liquidation of investments by consolidated collateralized loan obligations	618.8	1,058.8
Additions of property and equipment, net	(42.8)	(42.5)
Acquisitions, net of cash acquired	(500.5)	(372.3)
Payments of contingent consideration asset	5.5	12.6
Net (deconsolidation) consolidation of investment products	(85.4)	12.2
Net cash used in investing activities	(2,195)	(1,151.3)
Net cash provided by financing activities
Issuance of common stock	13.4	13.6
Dividends paid on common stock	(301.8)	(290.5)
Repurchase of common stock	(17.8)	(104.3)
Proceeds from repurchase agreement	174.8	0
Proceeds from debt of consolidated investment products	2,258.7	3,016.9
Payments on debt of consolidated investment products	(688.3)	(1,609.9)
Payments on contingent consideration liabilities	(4.2)	(4.1)
Noncontrolling interests	485.8	254.2
Net cash provided by financing activities	1,920.6	1,275.9
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	60.2	(27.6)
Increase (decrease) in cash and cash equivalents	(503.9)	367.5
Cash and cash equivalents, beginning of period	4,782.5	4,647.2
Cash and Cash Equivalents, End of Period	4,278.6	5,014.7
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	204.6	350.1
Cash paid for interest	47.1	54.7
Cash paid for interest by consolidated investment products	$ 128.6	$ 65.7

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (“fiscal year 2022”).

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisition BNY Alcentra Group Holdings, Inc. On November 1, 2022, the Company acquired all of the outstanding ownership interests in BNY Alcentra Group Holdings, Inc. (together with its subsidiaries “Alcentra”) from The Bank of New York Mellon Corporation. Total purchase price consisted of cash consideration of $594.1 million, which includes $188.3 million for certain securities held in Alcentra’s collateralized loan obligations (“CLOs”); deferred consideration of $62.0 million due November 1, 2023; and contingent consideration to be paid upon the achievement of certain performance thresholds over the next four years of up to $350.0 million that has an acquisition-date fair value of $24.6 million. The consideration paid was funded from existing cash. During the quarter ended March 31, 2023, cash consideration increased by $6.8 million due to a net working capital adjustment and deferred consideration increased by $1.6 million. The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date: (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of November 1, 2022 Cash and cash equivalents $ 93.6 $ — $ 93.6 Receivables 57.2 (8.8) 48.4 Investments 285.3 1.6 286.9 Goodwill 152.6 52.7 205.3 Indefinite-lived intangible assets 89.9 — 89.9 Definite-lived intangible assets 55.7 — 55.7 Other assets 9.0 3.1 12.1 Deferred tax liabilities — (36.7) (36.7) Compensation and benefits and other liabilities (71.0) (3.5) (74.5) Total Identifiable Net Assets $ 672.3 $ 8.4 $ 680.7 The adjustments to the initial estimated fair values are a result of new information obtained about the facts that existed as of the acquisition date. The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed. The goodwill is primarily attributable to expected growth opportunities from the combined operations and is not deductible for tax purposes. The definite-lived intangible assets relate to acquired investment management contracts and trade names, which are amortized over their estimated useful lives ranging from 3.0 years to 10.0 years. Amortization expense related to the definite-lived intangible assets was $3.5 million and $5.8 million for the three and six months ended March 31, 2023. These assets had a weighted-average remaining useful life of 4.9 years at March 31, 2023, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2023 (remainder of year) $ 7.0 2024 14.0 2025 14.0 2026 3.9 2027 2.9 Thereafter 8.1 Total $ 49.9 Costs incurred in connection with the acquisition were $14.1 million for the six months ended March 31, 2023. Alcentra contributed $71.4 million of revenue and did not have a material impact to net income attributable to Franklin Resources, Inc. for the six months ended March 31, 2023. Consequently, the Company has not presented pro forma combined results of operations for this acquisition. In connection with the acquisition, the Company on December 15, 2022 entered into repurchase agreements with a third-party financing company for certain securities held by the Company in Alcentra’s CLOs. As of March 31, 2023, other liabilities includes repurchase agreements of €125.5 million (equivalent to $136.1 million at March 31, 2023) and $40.8 million with maturity values of €132.3 million and $42.4 million, respectively. The Company has pledged Alcentra investments with a carrying value of $201.4 million as collateral as of March 31, 2023. The repurchase agreements have contractual maturity dates ranging between 2029 to 2034.

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income attributable to Franklin Resources, Inc. $ 194.2 $ 349.6 $ 359.8 $ 802.8 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.0 15.1 16.7 34.3 Net Income Available to Common Stockholders $ 185.2 $ 334.5 $ 343.1 $ 768.5 Weighted-average shares outstanding – basic 490.7 490.0 490.1 489.9 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.5 0.7 0.6 Weighted-Average Shares Outstanding – Diluted 491.4 490.5 490.8 490.5 Earnings per Share Basic $ 0.38 $ 0.68 $ 0.70 $ 1.57 Diluted 0.38 0.68 0.70 1.57 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three and six months ended March 31, 2023 and 2022.

Revenues

Revenues	6 Months Ended
Revenues	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended March 31, 2023 Investment management fees $ 1,165.8 $ 196.6 $ 82.5 $ 56.3 $ 72.1 $ 1,573.3 Sales and distribution fees 212.4 73.6 5.0 10.4 — 301.4 Shareholder servicing fees 34.6 7.8 0.7 0.2 — 43.3 Other 8.5 0.3 0.1 — 0.3 9.2 Total $ 1,421.3 $ 278.3 $ 88.3 $ 66.9 $ 72.4 $ 1,927.2 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the six months ended March 31, 2023 Investment management fees $ 2,440.6 $ 378.4 $ 150.1 $ 108.1 $ 127.9 $ 3,205.1 Sales and distribution fees 420.6 142.0 10.0 20.7 — 593.3 Shareholder servicing fees 59.9 15.5 1.1 0.2 — 76.7 Other 18.2 0.3 0.4 — 0.3 19.2 Total $ 2,939.3 $ 536.2 $ 161.6 $ 129.0 $ 128.2 $ 3,894.3 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended March 31, 2022 Investment management fees $ 1,202.1 $ 237.2 $ 89.5 $ 64.6 $ 55.8 $ 1,649.2 Sales and distribution fees 261.6 89.3 6.6 12.7 — 370.2 Shareholder servicing fees 42.1 9.3 0.3 — 0.5 52.2 Other 9.1 0.2 0.1 — — 9.4 Total $ 1,514.9 $ 336.0 $ 96.5 $ 77.3 $ 56.3 $ 2,081.0 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the six months ended March 31, 2022 Investment management fees $ 2,486.1 $ 495.6 $ 171.3 $ 134.9 $ 121.8 $ 3,409.7 Sales and distribution fees 540.0 188.1 14.2 26.1 — 768.4 Shareholder servicing fees 78.9 19.4 0.7 0.1 0.8 99.9 Other 26.2 0.5 0.3 — — 27.0 Total $ 3,131.2 $ 703.6 $ 186.5 $ 161.1 $ 122.6 $ 4,305.0 Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three and six months ended March 31, 2023 and 79% and 80% for the three and six months ended March 31, 2022.

Investments

Investments	6 Months Ended
Investments	Mar. 31, 2023
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) March 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 721.5 $ 413.0 Investments related to long-term incentive plans 214.9 143.3 Other equity and debt investments 50.7 57.2 Total investments, at fair value 987.1 613.5 Investments in equity method investees 1,138.1 771.5 Other investments 252.8 266.3 Total $ 2,378.0 $ 1,651.3

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of March 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 466.1 $ 192.6 $ 19.1 $ 43.7 $ 721.5 Investments related to long-term incentive plans 190.1 — — 24.8 214.9 Other equity and debt investments 3.1 13.7 — 33.9 50.7 Contingent consideration asset — — 4.4 — 4.4 Total Assets Measured at Fair Value $ 659.3 $ 206.3 $ 23.5 $ 102.4 $ 991.5 Liabilities Securities sold short $ 211.2 $ — $ — $ — $ 211.2 Contingent consideration liabilities — — 51.7 — 51.7 Total Liabilities Measured at Fair Value $ 211.2 $ — $ 51.7 $ — $ 262.9 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Investments, at fair value Sponsored funds and separate accounts $ 289.5 $ 55.4 $ 14.1 $ 54.0 $ 413.0 Investments related to long-term incentive plans 143.3 — — — 143.3 Other equity and debt investments 3.1 19.4 2.7 32.0 57.2 Contingent consideration asset — — 9.8 — 9.8 Total Assets Measured at Fair Value $ 435.9 $ 74.8 $ 26.6 $ 86.0 $ 623.3 Liabilities Contingent consideration liabilities $ — $ — $ 31.6 $ — $ 31.6 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows: (in millions) March 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 33.0 $ 32.8 Investments with unknown liquidation periods 17.4 29.4 Redeemable investments 2 52.0 23.8 Unfunded commitments 45.6 51.4 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.3 years and 3.4 years at March 31, 2023 and September 30, 2022. 2 Investments are redeemable on a semi-monthly, monthly and quarterly basis. Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value March 31, 2023 September 30, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,471.3 $ 3,471.3 $ 4,134.9 $ 4,134.9 Other investments Time deposits 2 10.6 10.6 9.4 9.4 Equity securities 3 242.2 242.2 256.9 256.9 Financial Liability Debt 2 $ 3,364.6 $ 2,834.8 $ 3,376.4 $ 2,750.1

Consolidated Investment Product

Consolidated Investment Products	6 Months Ended
Consolidated Investment Products	Mar. 31, 2023
Consolidated Investment Products [Abstract]
Consolidated Investment Products	Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, all of which are sponsored by the Company, and include both voting interest entities and variable interest entities (“VIEs”). The Company had 64 CIPs, including 18 CLOs, as of March 31, 2023 and 59 CIPs, including 15 CLOs, as of September 30, 2022. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) March 31, September 30, Assets Cash and cash equivalents $ 807.3 $ 647.6 Receivables 71.4 134.0 Investments, at fair value 8,421.3 7,898.1 Total Assets $ 9,300.0 $ 8,679.7 Liabilities Accounts payable and accrued expenses $ 478.0 $ 646.9 Debt 7,153.1 5,457.7 Other liabilities 26.6 175.0 Total liabilities 7,657.7 6,279.6 Redeemable Noncontrolling Interests 445.6 942.2 Stockholders ’ Equity Franklin Resources, Inc.’s interests 909.5 960.8 Nonredeemable noncontrolling interests 287.2 497.1 Total stockholders’ equity 1,196.7 1,457.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 9,300.0 $ 8,679.7 The CIPs did not have a significant impact on net income attributable to the Company during the three and six months ended March 31, 2023 and 2022. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of March 31, 2023 Assets Cash and cash equivalents of CLOs $ 507.6 $ — $ — $ — $ 507.6 Receivables of CLOs — 29.6 — — 29.6 Investments Equity and debt securities 63.2 551.2 539.0 146.4 1,299.8 Loans — 7,118.4 3.1 — 7,121.5 Total Assets Measured at Fair Value $ 570.8 $ 7,699.2 $ 542.1 $ 146.4 $ 8,958.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Cash and cash equivalents of CLOs $ 269.1 $ — $ — $ — $ 269.1 Receivables of CLOs — 67.4 — — 67.4 Investments Equity and debt securities 75.4 881.0 555.8 173.5 1,685.7 Loans — 5,704.4 239.4 — 5,943.8 Real estate — — 268.6 — 268.6 Total Assets Measured at Fair Value $ 344.5 $ 6,652.8 $ 1,063.8 $ 173.5 $ 8,234.6 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) March 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ — $ 19.5 Investments with unknown liquidation periods 19.9 12.0 Redeemable investments 2 126.5 142.0 Unfunded commitments 3 — 0.2 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. As of March 31, 2023, there were no investments with known liquidation periods. Investments with known liquidation periods have an expected weighted-average life of 0.3 years at September 30, 2022. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. 3 As of March 31, 2023, there were no investments with unfunded commitments. Of the total unfunded commitments, the Company was contractually obligated to fund $0.1 million based on its ownership percentage in the CIPs, at September 30, 2022. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended March 31, 2023 Balance at January 1, 2023 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Losses included in investment and other income of consolidated investment products, net (18.4) (12.7) — (31.1) Purchases 13.5 0.4 31.1 45.0 Sales and settlements (19.4) — — (19.4) Net (deconsolidations) consolidations 7.5 (345.7) (90.5) (428.7) Transfers into Level 3 — — 3.1 3.1 Transfers out of Level 3 — — (5.3) (5.3) Balance at March 31, 2023 $ 539.0 $ — $ 3.1 $ 542.1 Change in unrealized losses included in net income relating to assets held at March 31, 2023 $ (25.0) $ — $ — $ (25.0) (in millions) Equity and Debt Real Estate Loans Total for the six months ended March 31, 2023 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income of consolidated investment products, net (24.7) (9.0) 0.1 (33.6) Purchases 22.5 86.1 58.6 167.2 Sales and settlements (25.0) — (0.2) (25.2) Net (deconsolidations) consolidations 10.4 (345.7) (292.6) (627.9) Transfers into Level 3 — — 3.1 3.1 Transfers out of Level 3 — — (5.3) (5.3) Balance at March 31, 2023 $ 539.0 $ — $ 3.1 $ 542.1 Change in unrealized losses included in net income relating to assets held at March 31, 2023 $ (22.3) $ — $ — $ (22.3) (in millions) Equity and Debt Real Estate Loans Total for the three months ended March 31, 2022 Balance at January 1, 2022 $ 539.0 $ 98.9 $ 34.2 $ 672.1 Gains (losses) included in investment and other income of consolidated investment products, net 78.0 5.7 (0.3) 83.4 Purchases 115.3 70.8 0.1 186.2 Sales and settlements (81.9) — (0.4) (82.3) Net deconsolidations (55.0) — — (55.0) Balance at March 31, 2022 $ 595.4 $ 175.4 $ 33.6 $ 804.4 Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2022 $ 73.6 $ 5.7 $ (0.3) $ 79.0 (in millions) Equity and Debt Real Estate Loans Total for the six months ended March 31, 2022 Balance at October 1, 2021 $ 453.3 $ 89.4 $ 20.5 $ 563.2 Gains included in investment and other income of consolidated investment products, net 170.3 14.3 — 184.6 Purchases 133.5 71.7 14.1 219.3 Sales and settlements (105.8) — (1.0) (106.8) Net deconsolidations (55.0) — — (55.0) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (1.0) — — (1.0) Balance at March 31, 2022 $ 595.4 $ 175.4 $ 33.6 $ 804.4 Change in unrealized gains included in net income relating to assets held at March 31, 2022 $ 166.1 $ 14.3 $ — $ 180.4 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of March 31, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 539.0 Market pricing Private sale pricing $0.01–$1,000.00 ($45.98) per share Discount for lack of liquidity 13.0%–25.1% (23.2%) (in millions) as of September 30, 2022 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 555.8 Market pricing Private sale pricing $0.01-$558.45 ($33.31) per share Discount for lack of liquidity 23.5%–25.1% (24.9%) Real estate 268.6 Discounted cash flow Discount rate 4.5%–6.3% (5.1%) Exit capitalization rate 5.5%–6.8% (6.0%) Loans 147.2 Market pricing Price $0.97–$0.98 ($0.98) 60.4 Discounted cash flow Discount rate 9.9% 31.9 Yield capitalization Credit spread 6.3% Loan-to-value ratio 79.1%–88.1% (83.1%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the market-based valuations, other than discount for lack of liquidity, were independently higher (lower) as of March 31, 2023, 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 liquidity used in the market-based valuations, were independently higher (lower) as of March 31, 2023, the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value March 31, 2023 September 30, 2022 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 299.7 $ 299.7 $ 378.5 $ 378.5 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,131.4 $ 7,402.0 $ 5,408.0 $ 5,548.8 Other debt 3 21.7 11.1 49.7 42.4 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: March 31, 2023 September 30, 2022 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,131.4 6.01% $ 5,408.0 2.78% Other debt 21.7 6.00% 49.7 5.19% Total $ 7,153.1 $ 5,457.7 The debt of CIPs had fixed and floating interest rates ranging from 2.39% to 13.73% at March 31, 2023, and from 1.42% to 8.51% at September 30, 2022. The floating rates were based on the London Interbank Offered Rate and Secured Overnight Financing Rate. The contractual maturities for the debt of CIPs at March 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2023 (remainder of year) $ 25.0 2024 — 2025 — 2026 — 2027 — Thereafter 7,128.1 Total $ 7,153.1 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) March 31, September 30, Unpaid principal balance $ 7,487.5 $ 6,118.4 Difference between unpaid principal balance and fair value (282.2) (356.1) Fair Value $ 7,205.3 $ 5,762.3 Investments 90 days or more past due were immaterial at March 31, 2023 and September 30, 2022.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	6 Months Ended
Redeemable Noncontrolling Interests	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended March 31, Balance at beginning of period $ 1,379.7 $ 599.5 $ 1,979.2 $ 662.5 $ 320.9 $ 983.4 Net income (loss) 70.2 13.0 83.2 (69.6) 12.4 (57.2) Net subscriptions (distributions) and other 289.6 (52.9) 236.7 148.3 (9.0) 139.3 Net deconsolidations (1,293.9) — (1,293.9) (115.9) — (115.9) Adjustment to fair value — (44.7) (44.7) — 188.5 188.5 Balance at End of Period $ 445.6 $ 514.9 $ 960.5 $ 625.3 $ 512.8 $ 1,138.1 (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the six months ended March 31, Balance at beginning of period $ 942.2 $ 583.6 $ 1,525.8 $ 622.5 $ 310.5 $ 933.0 Net income (loss) 58.0 23.7 81.7 (74.4) 24.7 (49.7) Net subscriptions (distributions) and other 468.0 (47.7) 420.3 314.6 (10.9) 303.7 Net deconsolidations (1,022.6) — (1,022.6) (237.4) — (237.4) Adjustment to fair value — (44.7) (44.7) — 188.5 188.5 Balance at End of Period $ 445.6 $ 514.9 $ 960.5 $ 625.3 $ 512.8 $ 1,138.1

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	6 Months Ended
Nonconsolidated Variable Interest Entities	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	Nonconsolidated Variable Interest Entities VIEs for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) March 31, September 30, Investments $ 1,105.3 $ 718.0 Receivables 230.1 165.4 Total $ 1,335.4 $ 883.4 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds assessed as VIEs during the six months ended March 31, 2023 or fiscal year 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . During the six months ended March 31, 2023, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2022. As of March 31, 2023, the amount reported as distributed to fund unitholders in the aggregate is INR 26,931.3 crore (approximately $3.3 billion). 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 March 31, 2023 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of March 31, 2023. Other Commitments and Contingencies At March 31, 2023, 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 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the six months ended March 31, 2023 Nonvested balance at October 1, 2022 13,492 3,401 16,893 $ 24.04 Granted 6,907 271 7,178 22.66 Vested (1,628) (138) (1,766) 24.40 Forfeited/canceled (284) (90) (374) 25.66 Nonvested Balance at March 31, 2023 18,487 3,444 21,931 $ 23.53 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $281.9 million at March 31, 2023. This expense is expected to be recognized over a remaining weighted-average vesting period of 1.8 years.

Investment and Other Income, Ne

Investment and Other Income, Net	6 Months Ended
Investment and Other Income, Net	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other Income (Expenses)	Investment and Other Income, Net Investment and other income, net consisted of the following: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Dividend and interest income $ 32.3 $ 5.1 $ 68.8 $ 11.2 Gains (losses) on investments, net 3.0 (23.1) 48.5 2.7 Income from investments in equity method investees 85.6 27.0 118.8 51.7 Rental income 13.4 8.6 24.0 18.3 Foreign currency exchange (losses) gains, net (6.5) 5.8 (33.6) 9.7 Other, net (2.2) 4.3 (9.8) (8.9) Investment and other income, net $ 125.6 $ 27.7 $ 216.7 $ 84.7 Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $13.1 million and $78.2 million for the three and six months ended March 31, 2023 and $(29.2) million and $(34.5) million for the three and six months ended March 31, 2022.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of initial and revised estimated fair values of assets acquired, liabilities assumed and resulting goodwill.	The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date: (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of November 1, 2022 Cash and cash equivalents $ 93.6 $ — $ 93.6 Receivables 57.2 (8.8) 48.4 Investments 285.3 1.6 286.9 Goodwill 152.6 52.7 205.3 Indefinite-lived intangible assets 89.9 — 89.9 Definite-lived intangible assets 55.7 — 55.7 Other assets 9.0 3.1 12.1 Deferred tax liabilities — (36.7) (36.7) Compensation and benefits and other liabilities (71.0) (3.5) (74.5) Total Identifiable Net Assets $ 672.3 $ 8.4 $ 680.7
Schedule of Definite-Lived Intangible Assets, Remaining Amortization Expense	These assets had a weighted-average remaining useful life of 4.9 years at March 31, 2023, with estimated remaining amortization expense as follows: (in millions) for the fiscal years ending September 30, Amount 2023 (remainder of year) $ 7.0 2024 14.0 2025 14.0 2026 3.9 2027 2.9 Thereafter 8.1 Total $ 49.9

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income attributable to Franklin Resources, Inc. $ 194.2 $ 349.6 $ 359.8 $ 802.8 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.0 15.1 16.7 34.3 Net Income Available to Common Stockholders $ 185.2 $ 334.5 $ 343.1 $ 768.5 Weighted-average shares outstanding – basic 490.7 490.0 490.1 489.9 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.5 0.7 0.6 Weighted-Average Shares Outstanding – Diluted 491.4 490.5 490.8 490.5 Earnings per Share Basic $ 0.38 $ 0.68 $ 0.70 $ 1.57 Diluted 0.38 0.68 0.70 1.57

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended March 31, 2023 Investment management fees $ 1,165.8 $ 196.6 $ 82.5 $ 56.3 $ 72.1 $ 1,573.3 Sales and distribution fees 212.4 73.6 5.0 10.4 — 301.4 Shareholder servicing fees 34.6 7.8 0.7 0.2 — 43.3 Other 8.5 0.3 0.1 — 0.3 9.2 Total $ 1,421.3 $ 278.3 $ 88.3 $ 66.9 $ 72.4 $ 1,927.2 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the six months ended March 31, 2023 Investment management fees $ 2,440.6 $ 378.4 $ 150.1 $ 108.1 $ 127.9 $ 3,205.1 Sales and distribution fees 420.6 142.0 10.0 20.7 — 593.3 Shareholder servicing fees 59.9 15.5 1.1 0.2 — 76.7 Other 18.2 0.3 0.4 — 0.3 19.2 Total $ 2,939.3 $ 536.2 $ 161.6 $ 129.0 $ 128.2 $ 3,894.3 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended March 31, 2022 Investment management fees $ 1,202.1 $ 237.2 $ 89.5 $ 64.6 $ 55.8 $ 1,649.2 Sales and distribution fees 261.6 89.3 6.6 12.7 — 370.2 Shareholder servicing fees 42.1 9.3 0.3 — 0.5 52.2 Other 9.1 0.2 0.1 — — 9.4 Total $ 1,514.9 $ 336.0 $ 96.5 $ 77.3 $ 56.3 $ 2,081.0 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the six months ended March 31, 2022 Investment management fees $ 2,486.1 $ 495.6 $ 171.3 $ 134.9 $ 121.8 $ 3,409.7 Sales and distribution fees 540.0 188.1 14.2 26.1 — 768.4 Shareholder servicing fees 78.9 19.4 0.7 0.1 0.8 99.9 Other 26.2 0.5 0.3 — — 27.0 Total $ 3,131.2 $ 703.6 $ 186.5 $ 161.1 $ 122.6 $ 4,305.0

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) March 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 721.5 $ 413.0 Investments related to long-term incentive plans 214.9 143.3 Other equity and debt investments 50.7 57.2 Total investments, at fair value 987.1 613.5 Investments in equity method investees 1,138.1 771.5 Other investments 252.8 266.3 Total $ 2,378.0 $ 1,651.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of March 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 466.1 $ 192.6 $ 19.1 $ 43.7 $ 721.5 Investments related to long-term incentive plans 190.1 — — 24.8 214.9 Other equity and debt investments 3.1 13.7 — 33.9 50.7 Contingent consideration asset — — 4.4 — 4.4 Total Assets Measured at Fair Value $ 659.3 $ 206.3 $ 23.5 $ 102.4 $ 991.5 Liabilities Securities sold short $ 211.2 $ — $ — $ — $ 211.2 Contingent consideration liabilities — — 51.7 — 51.7 Total Liabilities Measured at Fair Value $ 211.2 $ — $ 51.7 $ — $ 262.9 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Investments, at fair value Sponsored funds and separate accounts $ 289.5 $ 55.4 $ 14.1 $ 54.0 $ 413.0 Investments related to long-term incentive plans 143.3 — — — 143.3 Other equity and debt investments 3.1 19.4 2.7 32.0 57.2 Contingent consideration asset — — 9.8 — 9.8 Total Assets Measured at Fair Value $ 435.9 $ 74.8 $ 26.6 $ 86.0 $ 623.3 Liabilities Contingent consideration liabilities $ — $ — $ 31.6 $ — $ 31.6
Schedule of investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows: (in millions) March 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 33.0 $ 32.8 Investments with unknown liquidation periods 17.4 29.4 Redeemable investments 2 52.0 23.8 Unfunded commitments 45.6 51.4
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 March 31, 2023 September 30, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,471.3 $ 3,471.3 $ 4,134.9 $ 4,134.9 Other investments Time deposits 2 10.6 10.6 9.4 9.4 Equity securities 3 242.2 242.2 256.9 256.9 Financial Liability Debt 2 $ 3,364.6 $ 2,834.8 $ 3,376.4 $ 2,750.1

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	6 Months Ended
Consolidated Investment Products (Tables)	Mar. 31, 2023
Consolidated Investment Products [Abstract]
Schedule of balances of CIPs	The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) March 31, September 30, Assets Cash and cash equivalents $ 807.3 $ 647.6 Receivables 71.4 134.0 Investments, at fair value 8,421.3 7,898.1 Total Assets $ 9,300.0 $ 8,679.7 Liabilities Accounts payable and accrued expenses $ 478.0 $ 646.9 Debt 7,153.1 5,457.7 Other liabilities 26.6 175.0 Total liabilities 7,657.7 6,279.6 Redeemable Noncontrolling Interests 445.6 942.2 Stockholders ’ Equity Franklin Resources, Inc.’s interests 909.5 960.8 Nonredeemable noncontrolling interests 287.2 497.1 Total stockholders’ equity 1,196.7 1,457.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 9,300.0 $ 8,679.7
Schedule of assets measured at fair value on a recurring basis	Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of March 31, 2023 Assets Cash and cash equivalents of CLOs $ 507.6 $ — $ — $ — $ 507.6 Receivables of CLOs — 29.6 — — 29.6 Investments Equity and debt securities 63.2 551.2 539.0 146.4 1,299.8 Loans — 7,118.4 3.1 — 7,121.5 Total Assets Measured at Fair Value $ 570.8 $ 7,699.2 $ 542.1 $ 146.4 $ 8,958.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2022 Assets Cash and cash equivalents of CLOs $ 269.1 $ — $ — $ — $ 269.1 Receivables of CLOs — 67.4 — — 67.4 Investments Equity and debt securities 75.4 881.0 555.8 173.5 1,685.7 Loans — 5,704.4 239.4 — 5,943.8 Real estate — — 268.6 — 268.6 Total Assets Measured at Fair Value $ 344.5 $ 6,652.8 $ 1,063.8 $ 173.5 $ 8,234.6
Schedule of CIPs investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) March 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ — $ 19.5 Investments with unknown liquidation periods 19.9 12.0 Redeemable investments 2 126.5 142.0 Unfunded commitments 3 — 0.2
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity and Debt Real Estate Loans Total for the three months ended March 31, 2023 Balance at January 1, 2023 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Losses included in investment and other income of consolidated investment products, net (18.4) (12.7) — (31.1) Purchases 13.5 0.4 31.1 45.0 Sales and settlements (19.4) — — (19.4) Net (deconsolidations) consolidations 7.5 (345.7) (90.5) (428.7) Transfers into Level 3 — — 3.1 3.1 Transfers out of Level 3 — — (5.3) (5.3) Balance at March 31, 2023 $ 539.0 $ — $ 3.1 $ 542.1 Change in unrealized losses included in net income relating to assets held at March 31, 2023 $ (25.0) $ — $ — $ (25.0) (in millions) Equity and Debt Real Estate Loans Total for the six months ended March 31, 2023 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income of consolidated investment products, net (24.7) (9.0) 0.1 (33.6) Purchases 22.5 86.1 58.6 167.2 Sales and settlements (25.0) — (0.2) (25.2) Net (deconsolidations) consolidations 10.4 (345.7) (292.6) (627.9) Transfers into Level 3 — — 3.1 3.1 Transfers out of Level 3 — — (5.3) (5.3) Balance at March 31, 2023 $ 539.0 $ — $ 3.1 $ 542.1 Change in unrealized losses included in net income relating to assets held at March 31, 2023 $ (22.3) $ — $ — $ (22.3) (in millions) Equity and Debt Real Estate Loans Total for the three months ended March 31, 2022 Balance at January 1, 2022 $ 539.0 $ 98.9 $ 34.2 $ 672.1 Gains (losses) included in investment and other income of consolidated investment products, net 78.0 5.7 (0.3) 83.4 Purchases 115.3 70.8 0.1 186.2 Sales and settlements (81.9) — (0.4) (82.3) Net deconsolidations (55.0) — — (55.0) Balance at March 31, 2022 $ 595.4 $ 175.4 $ 33.6 $ 804.4 Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2022 $ 73.6 $ 5.7 $ (0.3) $ 79.0 (in millions) Equity and Debt Real Estate Loans Total for the six months ended March 31, 2022 Balance at October 1, 2021 $ 453.3 $ 89.4 $ 20.5 $ 563.2 Gains included in investment and other income of consolidated investment products, net 170.3 14.3 — 184.6 Purchases 133.5 71.7 14.1 219.3 Sales and settlements (105.8) — (1.0) (106.8) Net deconsolidations (55.0) — — (55.0) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (1.0) — — (1.0) Balance at March 31, 2022 $ 595.4 $ 175.4 $ 33.6 $ 804.4 Change in unrealized gains included in net income relating to assets held at March 31, 2022 $ 166.1 $ 14.3 $ — $ 180.4
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 March 31, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 539.0 Market pricing Private sale pricing $0.01–$1,000.00 ($45.98) per share Discount for lack of liquidity 13.0%–25.1% (23.2%) (in millions) as of September 30, 2022 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 555.8 Market pricing Private sale pricing $0.01-$558.45 ($33.31) per share Discount for lack of liquidity 23.5%–25.1% (24.9%) Real estate 268.6 Discounted cash flow Discount rate 4.5%–6.3% (5.1%) Exit capitalization rate 5.5%–6.8% (6.0%) Loans 147.2 Market pricing Price $0.97–$0.98 ($0.98) 60.4 Discounted cash flow Discount rate 9.9% 31.9 Yield capitalization Credit spread 6.3% Loan-to-value ratio 79.1%–88.1% (83.1%)
Schedule of financial instruments of CIPs not measured at fair value	Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value March 31, 2023 September 30, 2022 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 299.7 $ 299.7 $ 378.5 $ 378.5 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,131.4 $ 7,402.0 $ 5,408.0 $ 5,548.8 Other debt 3 21.7 11.1 49.7 42.4
Schedule of debt of CIPs	Debt of CIPs consisted of the following: March 31, 2023 September 30, 2022 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,131.4 6.01% $ 5,408.0 2.78% Other debt 21.7 6.00% 49.7 5.19% Total $ 7,153.1 $ 5,457.7
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CIPs at March 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2023 (remainder of year) $ 25.0 2024 — 2025 — 2026 — 2027 — Thereafter 7,128.1 Total $ 7,153.1
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) March 31, September 30, Unpaid principal balance $ 7,487.5 $ 6,118.4 Difference between unpaid principal balance and fair value (282.2) (356.1) Fair Value $ 7,205.3 $ 5,762.3

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	6 Months Ended
Redeemable Noncontrolling Interests (Tables)	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended March 31, Balance at beginning of period $ 1,379.7 $ 599.5 $ 1,979.2 $ 662.5 $ 320.9 $ 983.4 Net income (loss) 70.2 13.0 83.2 (69.6) 12.4 (57.2) Net subscriptions (distributions) and other 289.6 (52.9) 236.7 148.3 (9.0) 139.3 Net deconsolidations (1,293.9) — (1,293.9) (115.9) — (115.9) Adjustment to fair value — (44.7) (44.7) — 188.5 188.5 Balance at End of Period $ 445.6 $ 514.9 $ 960.5 $ 625.3 $ 512.8 $ 1,138.1 (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the six months ended March 31, Balance at beginning of period $ 942.2 $ 583.6 $ 1,525.8 $ 622.5 $ 310.5 $ 933.0 Net income (loss) 58.0 23.7 81.7 (74.4) 24.7 (49.7) Net subscriptions (distributions) and other 468.0 (47.7) 420.3 314.6 (10.9) 303.7 Net deconsolidations (1,022.6) — (1,022.6) (237.4) — (237.4) Adjustment to fair value — (44.7) (44.7) — 188.5 188.5 Balance at End of Period $ 445.6 $ 514.9 $ 960.5 $ 625.3 $ 512.8 $ 1,138.1

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	6 Months Ended
Nonconsolidated Variable Interest Entities (Tables)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss from nonconsolidated VIEs	The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) March 31, September 30, Investments $ 1,105.3 $ 718.0 Receivables 230.1 165.4 Total $ 1,335.4 $ 883.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary of stock and stock unit award activity	Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the six months ended March 31, 2023 Nonvested balance at October 1, 2022 13,492 3,401 16,893 $ 24.04 Granted 6,907 271 7,178 22.66 Vested (1,628) (138) (1,766) 24.40 Forfeited/canceled (284) (90) (374) 25.66 Nonvested Balance at March 31, 2023 18,487 3,444 21,931 $ 23.53

Investment and Other Income, _2

Investment and Other Income, Net (Tables)	6 Months Ended
Investment and Other Income, Net (Tables)	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of investment and other income (losses), net	Investment and other income, net consisted of the following: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Dividend and interest income $ 32.3 $ 5.1 $ 68.8 $ 11.2 Gains (losses) on investments, net 3.0 (23.1) 48.5 2.7 Income from investments in equity method investees 85.6 27.0 118.8 51.7 Rental income 13.4 8.6 24.0 18.3 Foreign currency exchange (losses) gains, net (6.5) 5.8 (33.6) 9.7 Other, net (2.2) 4.3 (9.8) (8.9) Investment and other income, net $ 125.6 $ 27.7 $ 216.7 $ 84.7

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) € in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Nov. 01, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Amortization of intangible assets		$ 86	$ 60.4	$ 169.2	$ 118.7
Goodwill		6,007.2		6,007.2			$ 5,778.6
Payments to Acquire Investments				504.7	$ 375.9
BNY Alcentra Group Holdings Inc
Business Acquisition [Line Items]
Cash purchase consideration	$ 594.1
PlannedPaymentsToAcquireBusinessesGross	62
Business Combination, Consideration Transferred, Liabilities Incurred	24.6
Amortization of intangible assets		3.5		$ 5.8
Definite-lived Intangible Assets, Weighted Average Useful Life				4 years 10 months 24 days
Acquisition Related Costs				$ 14.1
Proforma Revenue				71.4
Contingent consideration liabilities	350
Securities Borrowed, Fair Value of Collateral		201.4		201.4
Payments to Acquire Investments	$ 188.3
BNY Alcentra Group Holdings Inc \| Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Cash purchase consideration		6.8
Goodwill		52.7		52.7
BNY Alcentra Group Holdings Inc \| Alcentra's repurchase agreement - Euro
Business Acquisition [Line Items]
Securities Sold under Agreements to Repurchase		136.1		136.1
Total Contractual Maturity \| €						€ 132.3
BNY Alcentra Group Holdings Inc \| Alcentra's repurchase agreement - USD
Business Acquisition [Line Items]
Securities Sold under Agreements to Repurchase		40.8		40.8
Total Contractual Maturity		$ 42.4		$ 42.4
BNY Alcentra Group Holdings Inc \| Minimum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				3 years
BNY Alcentra Group Holdings Inc \| Maximum [Member]
Business Acquisition [Line Items]
Intangible assets, estimated useful lives				10 years

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Mar. 31, 2023	Nov. 01, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill	$ 6,007.2		$ 5,778.6
BNY Alcentra Group Holdings Inc
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder of year)	7
2024	14
2025	14
2026	3.9
2027	2.9
Thereafter	8.1
Total	49.9
BNY Alcentra Group Holdings Inc \| Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		$ 93.6
Receivables		57.2
Investments		285.3
Goodwill		152.6
Indefinite-lived intangible assets		89.9
Definite-lived intangible assets		55.7
Other assets		9
Deferred tax liabilities	0
Compensation and benefits and other liabilities		(71)
Total Identifiable Net Assets		672.3
BNY Alcentra Group Holdings Inc \| Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Cash and cash equivalents		0
Receivables	(8.8)
Investments	1.6
Goodwill	52.7
Indefinite-lived intangible assets		0
Definite-lived intangible assets		$ 0
Other assets	3.1
Deferred tax liabilities	(36.7)
Compensation and benefits and other liabilities	(3.5)
Total Identifiable Net Assets	8.4
BNY Alcentra Group Holdings Inc \| Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents	93.6
Receivables	48.4
Investments	286.9
Goodwill	205.3
Indefinite-lived intangible assets	89.9
Definite-lived intangible assets	55.7
Other assets	12.1
Deferred tax liabilities	(36.7)
Compensation and benefits and other liabilities	(74.5)
Total Identifiable Net Assets	$ 680.7

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		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 194.2	$ 349.6	$ 359.8	$ 802.8
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	9	15.1	16.7	34.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	9	15.1	16.7	34.3
Net Income Available to Common Stockholders - basic	185.2	334.5	343.1	768.5
Net Income Available to Common Stockholders - diluted	$ 185.2	$ 334.5	$ 343.1	$ 768.5
Weighted-average shares outstanding – basic	490.7	490	490.1	489.9
Dilutive effect of nonparticipating nonvested stock unit awards	0.7	0.5	0.7	0.6
Weighted-Average Shares Outstanding – Diluted	491.4	490.5	490.8	490.5
Earnings per Share [Abstract]
Basic	$ 0.38	$ 0.68	$ 0.70	$ 1.57
Diluted	$ 0.38	$ 0.68	$ 0.70	$ 1.57

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended	6 Months Ended
Revenues Narratives (Details)	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	79%	83%	80%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 1,927.2	$ 2,081	$ 3,894.3	$ 4,305
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,573.3	1,649.2	3,205.1	3,409.7
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	301.4	370.2	593.3	768.4
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	43.3	52.2	76.7	99.9
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	9.2	9.4	19.2	27
United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,421.3	1,514.9	2,939.3	3,131.2
United States [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,165.8	1,202.1	2,440.6	2,486.1
United States [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	212.4	261.6	420.6	540
United States [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	34.6	42.1	59.9	78.9
United States [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	8.5	9.1	18.2	26.2
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	278.3	336	536.2	703.6
Luxembourg [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	196.6	237.2	378.4	495.6
Luxembourg [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	73.6	89.3	142	188.1
Luxembourg [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	7.8	9.3	15.5	19.4
Luxembourg [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.3	0.2	0.3	0.5
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	88.3	96.5	161.6	186.5
Asia-Pacific [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	82.5	89.5	150.1	171.3
Asia-Pacific [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	5	6.6	10	14.2
Asia-Pacific [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.7	0.3	1.1	0.7
Asia-Pacific [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.1	0.1	0.4	0.3
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	66.9	77.3	129	161.1
Americas Excluding United States [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	56.3	64.6	108.1	134.9
Americas Excluding United States [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	10.4	12.7	20.7	26.1
Americas Excluding United States [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.2	0	0.2	0.1
Americas Excluding United States [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	72.4	56.3	128.2	122.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	72.1	55.8	127.9	121.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0.5	0	0.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 0.3	$ 0	$ 0.3	$ 0

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Investment Holdings [Line Items]
Total investments, at fair value	$ 987.1	$ 613.5
Investments in equity method investees	1,138.1	771.5
Other investments	252.8	266.3
Total	2,378	1,651.3
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	721.5	413
Investments related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	214.9	143.3
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 50.7	$ 57.2

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 721.5	$ 413
Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	214.9	143.3
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.7	57.2
Fair Value, Recurring [Member]
Assets [Abstract]
Contingent consideration asset	4.4	9.8
Total Assets Measured at Fair Value	991.5	623.3
Liability [Abstract]
Securities sold short	211.2
Contingent consideration liabilities	51.7	31.6
Total Liabilities Measured at Fair Value	262.9
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	659.3	435.9
Liability [Abstract]
Securities sold short	211.2
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	211.2
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets [Abstract]
Contingent consideration asset	0	0
Total Assets Measured at Fair Value	206.3	74.8
Liability [Abstract]
Securities sold short	0
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	0
Fair Value, Recurring [Member] \| Level 3 [Member]
Assets [Abstract]
Contingent consideration asset	4.4	9.8
Total Assets Measured at Fair Value	23.5	26.6
Liability [Abstract]
Securities sold short	0
Contingent consideration liabilities	51.7	31.6
Total Liabilities Measured at Fair Value	51.7
Fair Value, Recurring [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	102.4	86
Liability [Abstract]
Securities sold short	0
Contingent consideration liabilities	0
Total Liabilities Measured at Fair Value	0
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	721.5	413
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	466.1	289.5
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	192.6	55.4
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	19.1	14.1
Fair Value, Recurring [Member] \| Sponsored funds and separate accounts [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	43.7	54
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	214.9	143.3
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	190.1	143.3
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Fair Value, Recurring [Member] \| Investments related to long-term incentive plans [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	24.8	0
Fair Value, Recurring [Member] \| Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	50.7	57.2
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.1	3.1
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	13.7	19.4
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	2.7
Fair Value, Recurring [Member] \| Other equity and debt investments [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 33.9	$ 32

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Mar. 31, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 45.6	$ 51.4
Nonredeemable investments with unknown liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	17.4	29.4
Nonredeemable investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 33	$ 32.8
Liquidation weighted-average period		3 years 3 months 18 days	3 years 4 months 24 days
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 52	$ 23.8

[1]The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.3 years and 3.4 years at March 31, 2023 and September 30, 2022.[2]Investments are redeemable on a semi-monthly, monthly and quarterly basis.

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Financial Assets [Abstract]
Other investments	$ 252.8	$ 266.3
Financial Liability [Abstract]
Debt	3,364.6	3,376.4
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,471.3	4,134.9
Time deposits	10.6	9.4
Financial Liability [Abstract]
Debt	3,364.6	3,376.4
Estimated Fair Value [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,471.3	4,134.9
Estimated Fair Value [Member] \| Level 2 [Member]
Financial Assets [Abstract]
Time deposits	10.6	9.4
Financial Liability [Abstract]
Debt	2,834.8	2,750.1
Equity securities [Member] \| Carrying Value [Member]
Financial Assets [Abstract]
Other investments	242.2	256.9
Equity securities [Member] \| Estimated Fair Value [Member] \| Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 242.2	$ 256.9

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023 USD ($) CIPs	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) CIPs	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products \| CIPs	64		64		59
Number of CLOs \| CIPs	18		18		15
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests. \| $	$ 4.8	$ 7.6	$ 2.5	$ 12.9
Debt, unpaid principal balance \| $	$ 7,401.4		$ 7,401.4		$ 5,781.3
Collateralized loan obligations [Member] \| CIPs [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.39%		2.39%		1.42%
Collateralized loan obligations [Member] \| CIPs [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	13.73%		13.73%		8.51%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Assets [Abstract]
Receivables	$ 1,300.8		$ 1,264.8
Investments, at fair value	987.1		613.5
Total Assets	29,085.7		28,060.6
Liabilities [Abstract]
Accounts payable and accrued expenses	501.2		466.2
Debt	3,364.6		3,376.4
Other liabilities	1,630.3		1,425
Total liabilities	15,682.6		14,235.9
Redeemable Noncontrolling Interests	960.5		1,525.8
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	11,831.8		11,474.6
Nonredeemable noncontrolling interests	610.8		824.3
Total stockholders’ equity	12,442.6	$ 12,555.5	12,298.9	$ 12,189.6	$ 12,196.4	$ 11,810.6
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	29,085.7		28,060.6
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	807.3		647.6
Receivables	71.4		134
Investments, at fair value	8,421.3		7,898.1
Total Assets	9,300		8,679.7
Liabilities [Abstract]
Accounts payable and accrued expenses	478		646.9
Debt	7,153.1		5,457.7
Other liabilities	26.6		175
Total liabilities	7,657.7		6,279.6
Redeemable Noncontrolling Interests	445.6	$ 1,379.7	942.2	$ 625.3	$ 662.5	$ 622.5
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	909.5		960.8
Nonredeemable noncontrolling interests	287.2		497.1
Total stockholders’ equity	1,196.7		1,457.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 9,300		$ 8,679.7

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Assets [Abstract]
Investments, at fair value	$ 987.1	$ 613.5
CIPs [Member]
Assets [Abstract]
Investments, at fair value	8,421.3	7,898.1
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	991.5	623.3
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	659.3	435.9
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	206.3	74.8
Fair Value, Recurring [Member] \| Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	23.5	26.6
Fair Value, Recurring [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	102.4	86
Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	8,958.5	8,234.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	570.8	344.5
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	7,699.2	6,652.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	542.1	1,063.8
Fair Value, Recurring [Member] \| CIPs [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	146.4	173.5
Equity and debt securities [Member] \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value	1,299.8	1,685.7
Equity and debt securities [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	63.2	75.4
Equity and debt securities [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	551.2	881
Equity and debt securities [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	539	555.8
Equity and debt securities [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	146.4	173.5
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value	7,121.5	5,943.8
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value	7,118.4	5,704.4
Loans [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value	3.1	239.4
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member]
Assets [Abstract]
Investments, at fair value		268.6
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 1 [Member]
Assets [Abstract]
Investments, at fair value		0
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 2 [Member]
Assets [Abstract]
Investments, at fair value		0
Real Estate [Member] \| Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member]
Assets [Abstract]
Investments, at fair value		268.6
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	7,205.3	5,762.3
Collateralized loan obligations [Member] \| Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	507.6	269.1
Receivables of CLOs	29.6	67.4
Collateralized loan obligations [Member] \| Fair Value, Recurring [Member] \| Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	507.6	269.1
Receivables of CLOs	0	0
Collateralized loan obligations [Member] \| Fair Value, Recurring [Member] \| Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	29.6	67.4
Collateralized loan obligations [Member] \| Fair Value, Recurring [Member] \| Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	$ 0	$ 0

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Mar. 31, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 45.6	$ 51.4
Nonredeemable investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 33	$ 32.8
Liquidation weighted-average period		3 years 3 months 18 days	3 years 4 months 24 days
Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 17.4	$ 29.4
Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	52	23.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments	[3]	0	0.2
Unfunded commitments Company contractually obligated to fund			0.1
CIPs [Member] \| Nonredeemable investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	0	19.5
CIPs [Member] \| Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	19.9	12
CIPs [Member] \| Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[5]	$ 126.5	$ 142
CIPs [Member] \| Nonredeemable Private Debt, Equity and Infrastructure Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period			3 months 18 days

[1]The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.3 years and 3.4 years at March 31, 2023 and September 30, 2022.[2]Investments are redeemable on a semi-monthly, monthly and quarterly basis.[3]Of the total unfunded commitments, the Company was contractually obligated to fund $0.1 million based on its ownership percentage in the CIPs, at September 30, 2022.[4]The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. As of March 31, 2023, there were no investments with known liquidation periods. Investments with known liquidation periods have an expected weighted-average life of 0.3 years at September 30, 2022.[5]Investments are redeemable on a monthly basis and liquidation periods are unknown.

Consolidated Investment Produ_7

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 978.5	$ 672.1	$ 1,063.8	$ 563.2
Losses included in investment and other income of consolidated investment products, net	(31.1)	83.4	(33.6)	184.6
Purchases	45	186.2	167.2	219.3
Sales and settlements	(19.4)	(82.3)	(25.2)	(106.8)
Net consolidations/ (deconsolidations)	(428.7)	(55)	(627.9)	(55)
Transfers Into Level 3	3.1		3.1	0.1
Transfers out of Level 3 - assets	(5.3)		(5.3)	(1)
Balance at End of Period - assets	542.1	804.4	542.1	804.4
Change in unrealized losses included in net income relating to assets held at March 31, 2023	(25)	79	(22.3)	180.4
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	555.8	539	555.8	453.3
Losses included in investment and other income of consolidated investment products, net	(18.4)	78	(24.7)	170.3
Purchases	13.5	115.3	22.5	133.5
Sales and settlements	(19.4)	(81.9)	(25)	(105.8)
Net consolidations/ (deconsolidations)	7.5	(55)	10.4	(55)
Transfers Into Level 3	0		0	0.1
Transfers out of Level 3 - assets	0		0	(1)
Balance at End of Period - assets	539	595.4	539	595.4
Change in unrealized losses included in net income relating to assets held at March 31, 2023	(25)	73.6	(22.3)	166.1
Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	358	98.9	268.6	89.4
Losses included in investment and other income of consolidated investment products, net	(12.7)	5.7	(9)	14.3
Purchases	0.4	70.8	86.1	71.7
Sales and settlements	0	0	0	0
Net consolidations/ (deconsolidations)	(345.7)	0	(345.7)	0
Transfers Into Level 3	0		0	0
Transfers out of Level 3 - assets	0		0	0
Balance at End of Period - assets	0	175.4	0	175.4
Change in unrealized losses included in net income relating to assets held at March 31, 2023	0	5.7	0	14.3
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	64.7	34.2	239.4	20.5
Losses included in investment and other income of consolidated investment products, net	0	(0.3)	0.1	0
Purchases	31.1	0.1	58.6	14.1
Sales and settlements	0	(0.4)	(0.2)	(1)
Net consolidations/ (deconsolidations)	(90.5)	0	(292.6)	0
Transfers Into Level 3	3.1		3.1	0
Transfers out of Level 3 - assets	(5.3)		(5.3)	0
Balance at End of Period - assets	3.1	33.6	3.1	33.6
Change in unrealized losses included in net income relating to assets held at March 31, 2023	$ 0	$ (0.3)	$ 0	$ 0

Consolidated Investment Produ_8

Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		Mar. 31, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 987.1	$ 613.5
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		8,421.3	7,898.1
Fair Value, Recurring [Member] \| CIPs [Member] \| Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		1,299.8	1,685.7
Fair Value, Recurring [Member] \| CIPs [Member] \| Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			268.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		7,121.5	5,943.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		539	555.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 539	$ 555.8
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares		0.01	0.01
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares		1,000	558.45
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares	[1]	45.98	33.31
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market comparable companies [Member] \| Measurement Input, Discount for lack of liquidity \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.130	0.235
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market comparable companies [Member] \| Measurement Input, Discount for lack of liquidity \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.251	0.251
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Equity and debt securities [Member] \| Market comparable companies [Member] \| Measurement Input, Discount for lack of liquidity \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.232	0.249
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			$ 268.6
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			$ 268.6
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Discount rate [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.045
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Discount rate [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.063
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Discount rate [Member] \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.051
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Exit Capitalization Rate [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.055
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Exit Capitalization Rate [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.068
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Real Estate [Member] \| Discounted cash flow [Member] \| Exit Capitalization Rate [Member] \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]		0.060
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 3.1	$ 239.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			$ 60.4
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Discounted cash flow [Member] \| Discount rate [Member] \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			9.9
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			$ 147.2
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares			0.97
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares			0.98
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Market pricing [Member] \| Private sale pricing [Member] \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input \| $ / shares			0.98
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value			$ 31.9
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Yield capitalization [Member] \| Measurement Input, Credit Spread \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			6.3
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Yield capitalization [Member] \| Measurement Input, Loan-to-value ratio \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.791
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Yield capitalization [Member] \| Measurement Input, Loan-to-value ratio \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.881
Fair Value, Recurring [Member] \| CIPs [Member] \| Level 3 [Member] \| Loans [Member] \| Yield capitalization [Member] \| Measurement Input, Loan-to-value ratio \| Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input			0.831

[1]Based on the relative fair value of the instruments.

Consolidated Investment Produ_9

Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions		Mar. 31, 2023	Sep. 30, 2022
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents		$ 3,471.3	$ 4,134.9
Financial Liability [Abstract]
Debt of CLOs1		3,364.6	3,376.4
Carrying Value [Member] \| CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		299.7	378.5
Financial Liability [Abstract]
Other debt		21.7	49.7
Estimated Fair Value [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		3,471.3	4,134.9
Estimated Fair Value [Member] \| Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1		2,834.8	2,750.1
Estimated Fair Value [Member] \| CIPs [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		299.7	378.5
Estimated Fair Value [Member] \| CIPs [Member] \| Level 3 [Member]
Financial Liability [Abstract]
Other debt		11.1	42.4
Receivables		1,300.8	1,264.8
Debt of CLOs1		3,364.6	3,376.4
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		807.3	647.6
Receivables		71.4	134
Financial Liability [Abstract]
Debt of CLOs1		7,153.1	5,457.7
Other debt		21.7	49.7
Collateralized loan obligations [Member] \| Carrying Value [Member] \| CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	7,131.4	5,408
Collateralized loan obligations [Member] \| Estimated Fair Value [Member] \| CIPs [Member] \| Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	7,402	5,548.8
Collateralized loan obligations [Member] \| CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1		$ 7,131.4	$ 5,408

[1]Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,364.6	$ 3,376.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	7,153.1	5,457.7
Other debt	$ 21.7	$ 49.7
Effective interest rate	6%	5.19%
Collateralized loan obligations [Member] \| CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 7,131.4	$ 5,408
Effective interest rate	6.01%	2.78%
Collateralized loan obligations [Member] \| CIPs [Member] \| Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.39%	1.42%
Collateralized loan obligations [Member] \| CIPs [Member] \| Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	13.73%	8.51%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 3,364.6	$ 3,376.4
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2023 (remainder of year)	25
2023	0
2024	0
2025	0
2026	0
Thereafter	7,128.1
Total	$ 7,153.1

Consolidated Investment Prod_12

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 2,378	$ 1,651.3
Total investments, at fair value	987.1	613.5
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	7,487.5	6,118.4
Difference between unpaid principal balance and fair value	(282.2)	(356.1)
Total investments, at fair value	$ 7,205.3	$ 5,762.3

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling Interest [Line Items]
Balance at beginning of period		$ 1,525.8			$ 1,525.8
Net income (loss)	$ 83.2		$ (57.2)		81.7	$ (49.7)
Net subscriptions (distributions) and other	(14.9)	95.9	(21.7)	$ (27.8)
Net deconsolidations	(324.2)	(35.7)	(39.6)
Adjustment to fair value	44.7		(188.5)
Balance at End of Period	960.5				960.5
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	599.5	583.6	320.9	310.5	583.6	310.5
Net income (loss)	13		12.4		23.7	24.7
Net subscriptions (distributions) and other	(52.9)		(9)		(47.7)	(10.9)
Net deconsolidations	0		0		0	0
Adjustment to fair value	(44.7)		188.5		(44.7)	188.5
Balance at End of Period	514.9	599.5	512.8	320.9	514.9	512.8
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	1,979.2	1,525.8	983.4	933	1,525.8	933
Net income (loss)	83.2		(57.2)		81.7	(49.7)
Net subscriptions (distributions) and other	236.7		139.3		420.3	303.7
Net deconsolidations	(1,293.9)		(115.9)		(1,022.6)	(237.4)
Adjustment to fair value	(44.7)		188.5		(44.7)	188.5
Balance at End of Period	960.5	1,979.2	1,138.1	983.4	960.5	1,138.1
Retained Earnings [Member]
Noncontrolling Interest [Line Items]
Adjustment to fair value	44.7		(188.5)
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	1,379.7	942.2	662.5	622.5	942.2	622.5
Net income (loss)	70.2		(69.6)		58	(74.4)
Net subscriptions (distributions) and other	289.6		148.3		468	314.6
Net deconsolidations	(1,293.9)		(115.9)		(1,022.6)	(237.4)
Balance at End of Period	$ 445.6	$ 1,379.7	$ 625.3	$ 662.5	$ 445.6	$ 625.3

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,335.4	$ 883.4
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	1,105.3	718
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 230.1	$ 165.4

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Distribution to Unitholders of India Fixed Income Mutual Funds	$ 3,300

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 281.9
Remaining weighted-average vesting period	1 year 9 months 18 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	6 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2022	16,893
Granted	7,178
Vested	(1,766)
Forfeited/canceled	(374)
Nonvested Balance at March 31, 2023	21,931
Nonvested beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 24.04
Weighted Average Grant Date Fair Value of shares granted \| $ / shares	22.66
Weighted Average Grant Date Fair Value of shares vested \| $ / shares	24.40
Weighted Average Grant Date Fair Value of shares forfeited/canceled \| $ / shares	25.66
Nonvested ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 23.53
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, 2022	13,492
Granted	6,907
Vested	(1,628)
Forfeited/canceled	(284)
Nonvested Balance at March 31, 2023	18,487
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, 2022	3,401
Granted	271
Vested	(138)
Forfeited/canceled	(90)
Nonvested Balance at March 31, 2023	3,444

Investment and Other Income, _3

Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ 13.1	$ (29.2)	$ 78.2	$ (34.5)

Investment and Other Income , N

Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Dividend and interest income	$ 32.3	$ 5.1	$ 68.8	$ 11.2
Gains (losses) on investments, net	3	(23.1)	48.5	2.7
Income from investments in equity method investees	85.6	27	118.8	51.7
Rental income	13.4	8.6	24	18.3
Foreign currency exchange (losses) gains, net	(6.5)	5.8	(33.6)	9.7
Other, net	(2.2)		(9.8)	(8.9)
Other, net		4.3
Investment and other income, net	$ 125.6	$ 27.7	$ 216.7	$ 84.7