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Consolidated Investment Products (Tables)
 12 Months Ended
Sep. 30, 2023
Consolidated Investment Products [Abstract]  
Schedule of balances of CIPs
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)
as of September 30, 20232022
Assets
Cash and cash equivalents$716.0 $647.6 
Receivables166.7 134.0 
Investments, at fair value9,637.2 7,898.1 
Total Assets$10,519.9 $8,679.7 
Liabilities
Accounts payable and accrued expenses$349.7 $646.9 
Debt8,231.8 5,457.7 
Other liabilities25.1 175.0 
Total liabilities8,606.6 6,279.6 
Redeemable Noncontrolling Interests580.1 942.2 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,033.9 960.8 
Nonredeemable noncontrolling interests299.3 497.1 
Total stockholders’ equity1,333.2 1,457.9 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$10,519.9 $8,679.7 
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets of CIPs measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2023
Assets
Cash and cash equivalents of CLOs$352.3 $— $— $— $352.3 
Receivables of CLOs— 116.7 — — 116.7 
Investments
Equity and debt securities210.9 642.6 584.9 154.0 1,592.4 
Loans— 8,044.8 — — 8,044.8 
Total Assets Measured at Fair Value$563.2 $8,804.1 $584.9 $154.0 $10,106.2 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		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 securities75.4 881.0 555.8 173.5 1,685.7 
Loans— 5,704.4 239.4 — 5,943.8 
Real estate— — 268.6 — 268.6 
Total Assets Measured at Fair Value$344.5 $6,652.8 $1,063.8 $173.5 $8,234.6 
Schedule of CIPs investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows:
(in millions)
as of September 30,20232022
Nonredeemable investments1
Investments with known liquidation periods$— $19.5 
Investments with unknown liquidation periods21.8 12.0 
Redeemable investments2
132.2 142.0 
Unfunded commitments3
— 0.2 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities		Real EstateLoansTotal
Level 3
Assets
for the fiscal year ended September 30, 2023
Balance at beginning of year$555.8 $268.6 $239.4 $1,063.8 
Gains (losses) included in investment and other income (losses) of consolidated investment products, net(47.6)(9.0)0.2 (56.4)
Purchases91.9 86.1 58.4 236.4 
Sales(25.3)— (3.3)(28.6)
Net consolidations (deconsolidations)10.4 (345.7)(293.0)(628.3)
Transfers into Level 3— — 3.6 3.6 
Transfers out of Level 3(0.3)— (5.3)(5.6)
Balance at End of Year
$584.9 $— $— $584.9 
Change in unrealized losses included in net income relating to assets held at end of year$(46.3)$— $— $(46.3)
(in millions)Equity and Debt
Securities		Real EstateLoansTotal
Level 3
Assets
for the fiscal year ended September 30, 2022
Balance at beginning of year$453.3 $89.4 $20.5 $563.2 
Gains included in investment and other income (losses) of consolidated investment products, net106.0 29.2 0.1 135.3 
Purchases177.5 150.0 14.0 341.5 
Sales(119.7)— (1.3)(121.0)
Net consolidations (deconsolidations)(52.1)— 200.4 148.3 
Transfers into Level 30.1 — 5.7 5.8 
Transfers out of Level 3(9.3)— — (9.3)
Balance at End of Year
$555.8 $268.6 $239.4 $1,063.8 
Change in unrealized gains included in net income relating to assets held at end of year$101.1 $29.2 $— $130.3 
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions)
as of September 30, 2023Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$238.9 Market comparable companiesEnterprise value/ Revenue multiple
11.4–13.5 (12.1)
Discount for lack of marketability
11.2%–13.6% (12.2%)
346.0 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($23.88) per share
Discount for lack of marketability
21.9%
(in millions)
as of September 30, 2022Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$555.8 Market pricingPrivate sale pricing
$0.01–$558.45 ($33.31) per share
Discount for lack of marketability
23.5%–25.1% (24.9%)
Real estate268.6 Discounted cash flowDiscount rate
4.5%–6.3% (5.1%)
Exit capitalization rate
5.5%–6.8% (6.0%)
Loans147.2 Market pricingPrice
$0.97–$0.98 ($0.98)
60.4 Discounted cash flowDiscount rate9.9%
31.9 Yield capitalizationCredit spread6.3%
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
Level		20232022
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Asset
Cash and cash equivalents 1$363.7 $363.7 $378.5 $378.5 
Financial Liabilities
Debt of CLOs1
2 or 38,210.0 8,013.2 5,408.0 5,548.8 
Other debt321.8 8.6 49.7 42.4 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for debt of CIPs at September 30, 2023 were as follows: 
(in millions)
for the fiscal years ending September 30,Amount
2024$28.7 
2025— 
2026— 
2027— 
2028— 
Thereafter8,203.1 
Total$8,231.8 
Schedule of unpaid principal balance and fair value of investments of CLOs
The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions)
as of September 30,20232022
Unpaid principal balance$8,317.5 $6,118.4 
Difference between unpaid principal balance and fair value(120.7)(356.1)
Fair Value$8,196.8 $5,762.3 
Schedule of outstanding debt
Debt consisted of the following:
(in millions)2023Effective
Interest Rate		2022Effective
Interest Rate
as of September 30,
Debt of Franklin Resources, Inc.
$400 million 2.850% senior notes due March 2025
$399.9 2.97 %$399.8 2.97 %
$850 million 1.600% senior notes due October 2030
847.1 1.74 %846.7 1.74 %
$350 million 2.950% senior notes due August 2051
347.9 3.00 %347.9 3.00 %
$300 million term loan due September 2025
— N/A300.0 3.50 %
Total debt of Franklin Resources, Inc.1,594.9 1,894.4 
Debt of Legg Mason (a subsidiary of Franklin)
$250 million 3.950% senior notes due July 2024
254.7 1.53 %260.6 1.53 %
$450 million 4.750% senior notes due March 2026
482.9 1.80 %496.2 1.80 %
$550 million 5.625% senior notes due January 2044
730.2 3.38 %736.3 3.38 %
Total debt of Legg Mason1,467.8 1,493.1 
Debt issuance costs(9.9)(11.1)
Total$3,052.8 $3,376.4 
Debt of CIPs consisted of the following:
(in millions)
as of September 30,
20232022
AmountWeighted-
Average
Effective
Interest
Rate		AmountWeighted-
Average
Effective
Interest
Rate
Debt of CLOs
$8,210.0 7.12%$5,408.0 2.78%
Other debt
21.8 6.00%49.7 5.19%
Total
$8,231.8 $5,457.7