FRANKLIN RESOURCES INC, 10-K filed on 11/12/2024
Annual Report
v3.24.3
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Mar. 31, 2024
Document And Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 30, 2024    
Document Transition Report false    
Entity File Number 001-09318    
Entity Registrant Name FRANKLIN RESOURCES, INC.    
Entity Central Index Key 0000038777    
Current Fiscal Year End Date --09-30    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-2670991    
Entity Address, Address Line One One Franklin Parkway    
Entity Address, City or Town San Mateo    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94403    
City Area Code 650    
Local Phone Number 312-2000    
Title of 12(b) Security Common Stock, par value $0.10 per share    
Trading Symbol BEN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 8.7
Entity Common Stock, Shares Outstanding   523,667,677  
Documents Incorporated by Reference [Text Block] Certain portions of the registrant’s definitive proxy statement for its annual meeting of stockholders, to be filed with the Securities and Exchange Commission within 120 days after September 30, 2024, are incorporated by reference into Part III of this report.    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
v3.24.3
Audit Information
 12 Months Ended
Sep. 30, 2024
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Francisco, California
Auditor Firm ID 238
v3.24.3
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Operating Revenues      
Operating revenues $ 8,478.0 $ 7,849.4 $ 8,275.3
Operating Expenses      
Compensation and benefits 3,831.1 3,494.0 3,089.8
Sales, distribution and marketing 1,863.1 1,613.1 1,845.6
Information systems and technology 620.1 505.0 500.2
Occupancy 325.4 228.9 218.9
Amortization of intangible assets 338.2 341.1 282.0
Impairment of intangible asset 389.2 0.0 0.0
General, administrative and other 703.3 565.0 564.9
Total operating expenses 8,070.4 6,747.1 6,501.4
Operating Income 407.6 1,102.3 1,773.9
Other Income (Expenses)      
Investment and other income, net 395.5 262.3 91.1
Interest expense (97.2) (123.7) (98.2)
Expenses of consolidated investment products     7.0
Other income (expenses), net 415.6 235.7 (44.5)
Income before taxes 823.2 1,338.0 1,729.4
Taxes on income 215.3 312.3 396.2
Net income 607.9 1,025.7 1,333.2
Less: net income (loss) attributable to      
Redeemable noncontrolling interests 127.9 135.5 (46.9)
Nonredeemable noncontrolling interests 15.2 7.4 88.2
Net Income Attributable to Franklin Resources, Inc. $ 464.8 $ 882.8 $ 1,291.9
Earnings per Share      
Basic $ 0.85 $ 1.72 $ 2.53
Diluted $ 0.85 $ 1.72 $ 2.53
Consolidated Investment Products [Member]      
Other Income (Expenses)      
Investment and other income, net $ 149.9 $ 115.8 $ (17.7)
Expenses of consolidated investment products (32.6) (18.7) (19.7)
Less: net income (loss) attributable to      
Redeemable noncontrolling interests 80.2 77.4 (106.1)
Investment management fees [Member]      
Operating Revenues      
Operating revenues 6,822.2 6,452.9 6,616.8
Sales and distribution fees [Member]      
Operating Revenues      
Operating revenues 1,381.0 1,203.7 1,415.0
Shareholder servicing fees [Member]      
Operating Revenues      
Operating revenues 229.3 152.7 193.0
Other [Member]      
Operating Revenues      
Operating revenues $ 45.5 $ 40.1 $ 50.5
v3.24.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]      
Net Income $ 607.9 $ 1,025.7 $ 1,333.2
Other Comprehensive Income (Loss)      
Currency translation adjustments, net of tax 89.8 112.8 (244.6)
Net unrealized gains (losses) on defined benefit plans, net of tax 0.1 (1.3) 0.8
Net unrealized gains (losses) on investments, net of tax (0.1) 0.2 0.4
Total other comprehensive income (loss) 89.8 111.7 (243.4)
Total comprehensive income 697.7 1,137.4 1,089.8
Less: comprehensive income (loss) attributable to      
Redeemable noncontrolling interests 127.9 135.5 (46.9)
Nonredeemable noncontrolling interests 15.2 7.4 88.2
Comprehensive Income Attributable to Franklin Resources, Inc. $ 554.6 $ 994.5 $ 1,048.5
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Assets    
Receivables $ 1,479.1 $ 1,348.4
Investments 2,338.4 2,222.0
Investments, at fair value 838.0 872.8
Property and equipment, net 946.4 800.1
Goodwill 6,211.4 6,003.8
Intangible assets, net 4,802.1 4,902.2
Operating lease right-of-use assets 823.3 406.3
Other 420.0 398.8
Total Assets 32,464.5 30,121.2
Liabilities    
Compensation and benefits 1,801.3 1,665.1
Accounts payable and accrued expenses 551.5 530.0
Income taxes 406.4 513.5
Debt 2,780.3 3,052.8
Deferred tax liabilities 284.9 450.4
Operating lease liabilities 965.1 467.8
Other 907.4 1,286.2
Total liabilities 17,899.7 16,547.3
Commitments and Contingencies (Note 16)
Redeemable Noncontrolling Interests 1,321.8 1,026.1
Stockholders’ Equity    
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued 0.0 0.0
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 523,596,548 and 495,937,891 shares issued and outstanding at September 30, 2024 and 2023 52.4 49.6
Additional Paid in Capital, Common Stock 947.6 0.0
Retained earnings 11,927.6 12,376.6
Accumulated other comprehensive loss (419.5) (509.3)
Total Franklin Resources, Inc. stockholders’ equity 12,508.1 11,916.9
Nonredeemable noncontrolling interests 734.9 630.9
Total stockholders’ equity 13,243.0 12,547.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 32,464.5 30,121.2
Consolidated Investment Products [Member]    
Assets    
Cash and cash equivalents 1,099.4 716.0
Receivables 217.5 166.7
Investments, at fair value 11,034.9 9,637.2
Total Assets 12,351.8 10,519.9
Liabilities    
Accounts payable and accrued expenses 861.3 349.7
Debt 9,341.5 8,231.8
Other 39.9 25.1
Total liabilities 10,242.7 8,606.6
Redeemable Noncontrolling Interests 687.8 580.1
Stockholders’ Equity    
Total Franklin Resources, Inc. stockholders’ equity 1,080.9 1,033.9
Nonredeemable noncontrolling interests 340.4 299.3
Total stockholders’ equity 1,421.3 1,333.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 12,351.8 10,519.9
Franklin Resources, Inc. [Member]    
Assets    
Cash and cash equivalents $ 3,309.5 $ 3,686.4
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Investments, at fair value $ 838.0 $ 872.8
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 1,000,000 1,000,000
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares outstanding 523,596,548 495,937,891
Common stock, shares issued 523,596,548 495,937,891
Additional Paid in Capital, Common Stock $ 947.6 $ 0.0
v3.24.3
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 $ 0.0 $ 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 1,291.9     1,291.9   1,291.9  
Nonredeemable noncontrolling interests 88.2           88.2
Net income 1,380.1            
Other comprehensive income (loss) (243.4)       (243.4) (243.4)  
Dividends declared on common stock (585.2)     (585.2)   (585.2)  
Repurchase of common stock - Shares   (6.5)          
Repurchase of common stock - Amount (180.8) $ (0.6) (231.4) 51.2   (180.8)  
Issuance of common stock - Shares   4.3          
Issuance of common stock - Amount 171.8 $ 0.4 171.4     171.8  
Stock-based compensation 60.0   60.0     60.0  
Net subscriptions and other 24.7     0.0   0.0 24.7
Net consolidation (deconsolidation) of investment products (25.7)           (25.7)
Acquisitions 149.9           149.9
Adjustment to fair value of redeemable noncontrolling interests (263.1)     (263.1)   (263.1)  
Ending balance - Shares at Sep. 30, 2022   499.6          
Ending balance at Sep. 30, 2022   $ 50.0 0.0 12,045.6 (621.0) 11,474.6  
Ending balance at Sep. 30, 2022             824.3
Ending balance at Sep. 30, 2022 12,298.9            
Stockholders' Equity [Roll Forward]              
Net income 882.8     882.8   882.8  
Nonredeemable noncontrolling interests 7.4           7.4
Net income 890.2            
Other comprehensive income (loss) 111.7       111.7 111.7  
Dividends declared on common stock (611.4)     (611.4)   (611.4)  
Repurchase of common stock - Shares   (9.6)          
Repurchase of common stock - Amount (256.3) $ (1.0) (205.5) (49.8)   (256.3)  
Issuance of common stock - Shares   5.9          
Issuance of common stock - Amount 215.1 $ 0.6 214.5     215.1  
Stock-based compensation (9.0)   (9.0)     (9.0)  
Net subscriptions and other 159.8     0.0   0.0 159.8
Net consolidation (deconsolidation) of investment products (360.6)           (360.6)
Adjustment to fair value of redeemable noncontrolling interests 109.4     109.4   109.4  
Ending balance - Shares at Sep. 30, 2023   495.9          
Ending balance at Sep. 30, 2023 11,916.9 $ 49.6 0.0 12,376.6 (509.3) 11,916.9  
Ending balance at Sep. 30, 2023 630.9           630.9
Ending balance at Sep. 30, 2023 12,547.8            
Stockholders' Equity [Roll Forward]              
Net income 464.8     464.8   464.8  
Nonredeemable noncontrolling interests 15.2           15.2
Net income 480.0            
Other comprehensive income (loss) 89.8       89.8 89.8  
Dividends declared on common stock (670.1)     (670.1)   (670.1)  
Repurchase of common stock - Shares   (12.0)          
Repurchase of common stock - Amount (274.4) $ (1.2) (281.2) 8.0   (274.4)  
Issuance of common stock - Shares   8.1          
Issuance of common stock - Amount 231.6 $ 0.8 230.8     231.6  
Stock-based compensation 61.1   61.1     61.1  
Acquisition - Amount 965.9 $ 3.2 936.9     940.1  
Acquisition - Shares   31.6          
Net subscriptions and other 108.7     0.0   0.0 108.7
Net consolidation (deconsolidation) of investment products (45.7)           (45.7)
Acquisitions             25.8
Adjustment to fair value of redeemable noncontrolling interests (251.7)     (251.7)   (251.7)  
Ending balance - Shares at Sep. 30, 2024   523.6          
Ending balance at Sep. 30, 2024 12,508.1 $ 52.4 $ 947.6 $ 11,927.6 $ (419.5) $ 12,508.1  
Ending balance at Sep. 30, 2024 734.9           $ 734.9
Ending balance at Sep. 30, 2024 $ 13,243.0            
v3.24.3
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share $ 1.24 $ 1.20 $ 1.16
Total stockholders’ equity $ 13,243.0 $ 12,547.8 $ 12,298.9
Net subscriptions (distributions) and other 108.7 159.8 24.7
Adjustment to fair value (251.7) 109.4 (263.1)
Acquisitions     149.9
Net subscriptions (distributions) and other 108.7 159.8 24.7
Acquisition - Amount 965.9    
Stockholders' Equity [Member]      
Statement of Stockholders' Equity [Abstract]      
Net subscriptions (distributions) and other 0.0 0.0 0.0
Adjustment to fair value (251.7) 109.4 (263.1)
Net subscriptions (distributions) and other 0.0 $ 0.0 $ 0.0
Acquisition - Amount $ 940.1    
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
Net cash provided by operating activities        
Net Income $ 607.9 $ 1,025.7 $ 1,333.2  
Adjustments to reconcile net income to net cash provided by operating activities:        
Stock-based compensation 246.1 182.6 208.2  
Amortization of deferred sales commissions 62.0 50.0 64.8  
Depreciation and other amortization 116.5 104.3 95.8  
Amortization of intangible assets 338.2 341.1 282.0  
Impairment of intangible asset 389.2 0.0 0.0  
Net (gains) losses on investments (57.6) (39.5) 75.4  
Income from investments in equity method investees (137.5) (45.4) (36.2)  
Net losses on investments of consolidated investment products 24.9 120.4 95.1  
Net purchase of investments by consolidated investment products (520.2) (829.4) (355.9)  
Deferred income taxes (124.6) 41.5 98.0  
Other 172.2 73.2 25.1  
Changes in operating assets and liabilities:        
Increase in receivables and other assets (111.8) (63.2) (86.7)  
Decrease (increase) in investments, net 9.4 2.8 (3.7)  
Increase in accrued compensation and benefits 86.5 128.9 281.7  
Decrease in income taxes payable (93.4) (1.1) (180.1)  
Increase (decrease) in accounts payable, accrued expenses and other liabilities 3.9 (4.5) 64.8  
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products (40.4) 1.8 (4.8)  
Net cash provided by operating activities 971.3 1,089.2 1,956.7  
Net cash used in investing activities        
Purchase of investments (1,127.7) (757.8) (926.4)  
Liquidation of investments 1,406.8 608.6 1,026.4  
Purchase of investments by consolidated collateralized loan obligations (6,310.0) (4,364.1) (3,991.7)  
Payments of deferred consideration liability (534.9) (241.8) 0.0  
Liquidation of investments by consolidated collateralized loan obligations 4,250.7 1,834.1 1,948.8  
Additions of property and equipment, net (177.1) (148.8) (90.3)  
Acquisitions, net of cash acquired (including $281.4 in cash and cash equivalents of consolidated investment products in fiscal year 2024) 175.1 (500.5) (1,354.7)  
Payments of contingent consideration asset 0.0 9.8 19.9  
Net (deconsolidation) consolidation of investment products (106.6) 49.8 (38.8)  
Net cash used in investing activities (2,423.7) (3,610.3) (3,329.2)  
Net cash provided by financing activities        
Issuance of common stock 20.8 23.3 25.1  
Dividends paid on common stock (656.4) (607.3) (583.1)  
Repurchase of common stock (274.4) (256.3) (180.8)  
Proceeds from repurchase agreement 5.3 174.8 0.0  
Payments on repurchase agreement (81.1) 0.0 0.0  
Payments on debt (250.0) (300.0) (300.0)  
Proceeds from loan 0.0 0.0 300.0  
Proceeds from debt of consolidated investment products 4,346.7 3,539.9 4,884.4  
Payments on debt by consolidated investment products (1,912.9) (1,105.0) (2,745.8)  
Payments on contingent consideration liabilities (22.8) (7.6) (14.8)  
Noncontrolling interests 240.4 644.9 200.0  
Net cash provided by financing activities 1,415.6 2,106.7 1,585.0  
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 43.3 34.3 (77.2)  
Increase (decrease) in cash and cash equivalents 6.5 (380.1) 135.3  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 4,408.9 4,402.4 4,782.5 $ 4,647.2
Supplemental Disclosure of Cash Flow Information        
Cash paid for income taxes 435.7 233.2 467.5  
Cash paid for interest 113.4 121.9 133.3  
Cash paid for interest by consolidated investment products $ 694.2 $ 379.2 $ 148.2  
v3.24.3
Significant Accounting Policies
 12 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. The Company’s related services include fund administration, sales and distribution, and shareholder servicing.
Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates.
During the quarter ended March 31, 2024, the Company identified that it did not eliminate the investment income from certain consolidated limited partnerships for the fiscal year ended September 30, 2023 (“fiscal year 2023”) resulting in offsetting adjustments to investment and other income, net and net income attributable to nonredeemable noncontrolling interest. The Company is not entitled to the economic returns associated with the underlying investments held by these limited partnerships.
There is no impact on operating income, net income attributable to Franklin Resources, Inc., earnings per share, total assets, total liabilities, retained earnings or total shareholders’ equity. There is no impact on the financial results attributable to the Company’s shareholders. The Company has determined this did not result in a material misstatement to its previously issued consolidated financial statements. For comparability, the Company has revised the comparative prior period amounts included in the consolidated statements of income, consolidated statements of stockholders’ equity, consolidated statements of cash flows, and related footnote disclosures.
The impact on the consolidated statements of income for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Operating Income$1,102.3 $— $1,102.3 
Other income, net
Investment and other income, net
340.0 (77.7)262.3 
Other income, net
313.4 (77.7)235.7 
Income before taxes
1,415.7 (77.7)1,338.0 
Net income
1,103.4 (77.7)1,025.7 
Less: net income (loss) attributable to nonredeemable noncontrolling interest
85.1 (77.7)7.4 
Net Income Attributable to Franklin Resources, Inc.882.8 — 882.8 
The impact on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Net cash provided by (used in) operating activities
$1,138.7 $(49.5)$1,089.2 
Net cash used in investing activities
(3,582.1)(28.2)(3,610.3)
Net cash provided by financing activities2,029.0 77.7 2,106.7 
Decrease in cash and cash equivalents
(380.1)— (380.1)
Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and consolidated investment products (“CIPs”) in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated.
A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company’s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products.
The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service.
Related Parties include sponsored funds and equity method investees. A substantial amount of the Company’s operating revenues and receivables are from related parties.
Earnings per Share. Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company’s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company’s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period.
Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from three to 16 years, using the straight-line method, unless the asset is determined to have an indefinite useful life. Indefinite-lived intangible assets represent contracts to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Amortization and impairment are recognized in general, administrative and other expenses.
Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned.
Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed.
The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate,
average effective fee rate and effective tax rate.
If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit.
If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values.
Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade names intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type.
Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities, which may include published net asset values (“NAV”) for fund products.
Level 2Observable inputs other than Level 1 quoted prices, such as non-binding quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or model-based valuation methodologies that utilize significant assumptions that are observable or corroborated by observable market data.
Level 3Unobservable inputs that are supported by little or no market activity. These inputs require significant management judgment and reflect the Company’s estimation of assumptions that market participants would use in pricing the asset or liability.
Quoted market prices may be adjusted if events occur, such as global market fluctuations, issuer specific news, economic and geopolitical events, natural disasters, and governmental actions. A pricing vendor is engaged to provide a valuation factor, which represents an estimate as to how much a specific investment value would have changed between the time that the investment stopped trading in its local market and the time that the fund’s NAV was determined. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market.
The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value.
Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business.
Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments.
Investments in sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available.
Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient.
Other equity and debt investments consist of equity and debt securities carried at fair value. Changes in the fair value of equity securities other than fund products are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on either a market-based or income-based approach using significant unobservable inputs. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient.
Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company’s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company’s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company’s proportionate share of the entities’ net income, which is recognized in earnings.
Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost which approximates fair value due to their short-term nature and liquidity.
Impairment of Investments. Investments in equity method investees and equity investments that do not have a readily determinable fair value are evaluated for impairment on a quarterly basis. The evaluation of equity investments considers qualitative factors, including the financial condition and specific events related to an investee that may indicate the fair value of the investment is less than its carrying value. Impairment of equity securities is recognized in earnings.
Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets, and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available.
The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient.
Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from three to 35 years. Expenditures for repairs and maintenance are charged to expense when
incurred. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or the lease term, whichever is shorter.
Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production.
Property and equipment are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined to not be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted future cash flows models, appraisals or other applicable methods.
Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less.
ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised.
Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable.
Debt consists of senior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense.
Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which is measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs.
Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Subscriptions and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows.
The fair values of third-party equity interests in CIPs are determined based on the published NAV or estimated using NAV a practical expedient. The fair values of redeemable noncontrolling interests related to minority interest in certain subsidiaries are determined using discounted cash flows and guideline public company methods, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate and public company earnings multiples.
Revenues. The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution
obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct.
Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generally generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods.
Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods.
Shareholder servicing fees are primarily determined based on a contractual margin, or a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time.
AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM.
Revenue is recorded gross of payments made to third-party providers in the Company’s role as principal as it controls the delegated services provided to customers.
Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company’s common stock and is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally three years. Expense relating to awards subject to performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. Forfeitures are accounted for as they occur. The fair value of cash-settled phantom stock awards is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally four years, and the related liability is carried at fair value.
Postretirement Benefits. Defined contribution plan costs are expensed as incurred.
Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses.
The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries.
Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the reporting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.
v3.24.3
New Accounting Guidance
 12 Months Ended
Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
New Accounting Guidance New Accounting Guidance
Accounting Guidance Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the existing segment reporting guidance. The amendment requires annual and interim disclosures of significant segment expenses that are regularly provided to the chief operating decision maker by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment disclosures in the guidance. The amendment is effective for the Company on October 1, 2024, and is retrospectively applicable to all prior periods presented in its consolidated financial statements. The Company does not expect the additional disclosure requirements will have a material impact on its consolidated financial statements.
In December 2023, the FASB issued an amendment to the existing income taxes guidance. The amendment requires the disclosure of additional information with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes and requires greater detail about significant reconciling items in the reconciliation. Additionally, the amendment requires disaggregated information pertaining to taxes paid, net of refunds received, for federal, state, and foreign income taxes. The amendment allows for either a prospective or retrospective approach on adoption and is effective for the Company on October 1, 2025. The Company is currently evaluating the impact that the adoption will have on its consolidated financial statements and has not yet determined its transition approach.
In November 2024, the FASB issued new guidance requiring disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the Company on October 1, 2027, and allows for either a prospective or retrospective approach on adoption. The Company is currently evaluating the impact that the adoption will have on its financial statements and has not yet determined its transition approach.
v3.24.3
Acquisition
 12 Months Ended
Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisition
Putnam Investments
On January 1, 2024, the Company acquired Putnam Investments (“Putnam”) from Great-West Lifeco Inc. (“Great-West”) for 31.6 million1 shares of its common stock, cash consideration paid at closing of $221.7 million for investments and other purchase-related amounts, and deferred cash consideration of $100.0 million paid on July 1, 2024. The cash consideration paid at closing and the deferred cash consideration were funded from existing cash. See below for a summary of the total purchase consideration transferred at closing:
(in millions)Total
Equity consideration1, 2
$940.1 
Cash consideration221.7 
Deferred cash consideration100.0 
Less: Other adjustments3
(27.4)
Total Purchase Consideration$1,234.4 
1Excludes shares granted under a deferred compensation program.
2Market price on closing date of $29.79.
3Primarily relates to payments treated as future compensation expense.

Great-West became a long-term shareholder of the Company with an approximate 6.0% stake in the common stock of the Company as of the acquisition date. Shares representing 4.9% of the Company’s outstanding Common Stock at closing are subject to a five-year lock-up. The remaining shares were subject to a 180-day lock-up following the date of closing, which has expired.

The acquisition of Putnam accelerates the Company’s growth in the retirement sector by increasing the amount of the Company’s defined contribution AUM. Additionally, the acquisition expands the Company’s insurance assets, further strengthening its presence in these key market segments to better serve clients.
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. The issuance of common stock consideration represents a non-cash financing activity related to the statement of cash flows.

(in millions)
Initial Estimated Fair Value
Adjustments
Revised Estimated Fair Value
as of January 1, 2024
Cash and cash equivalents
$101.1 $— $101.1 
Receivables118.9 — 118.9 
Investments111.2 (4.3)106.9 
Assets of consolidated investment products
Cash and cash equivalents281.4 — 281.4 
Investments, at fair value849.5 — 849.5 
Property and equipment
87.1 (5.7)81.4 
Goodwill
189.8 4.7 194.5 
Indefinite-lived intangible assets
542.5 14.7 557.2 
Definite-lived intangible asset
52.9 4.8 57.7 
Operating lease right-of-use assets
109.2 — 109.2 
Other assets20.4 — 20.4 
Compensation and benefits
(57.8)— (57.8)
Accounts payable and accrued expenses
(40.9)(11.4)(52.3)
Liabilities of consolidated investment products
Accounts payable and accrued expenses(259.6)— (259.6)
Debt(706.8)— (706.8)
Operating lease liabilities
(109.2)— (109.2)
Other liabilities
(12.1)— (12.1)
Redeemable noncontrolling interests
(20.2)— (20.2)
Nonredeemable noncontrolling interests
(25.8)— (25.8)
Total Identifiable Net Assets$1,231.6 $2.8 $1,234.4 

The adjustments to the initial estimated fair values are primarily a result of new information obtained about 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 expected to be deductible for tax purposes. The definite-lived intangible asset relates to a trade name, which is amortized over its estimated useful life of 10.0 years. Amortization expense related to the trade name was $4.3 million for the fiscal year ended September 30, 2024 (“fiscal year 2024”).

Transaction costs incurred in connection with the acquisition were $19.3 million for fiscal year 2024. These costs are primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred $152.9 million of acquisition-related compensation and benefits expense during the period, primarily related to the acceleration of expense for historical Putnam compensation arrangements, retention bonuses and termination benefits.

In addition, the Company will pay up to $375.0 million between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West and its affiliates which will be recognized in operating income.
Operating revenues of the acquired business from January 1, 2024 through September 30, 2024 were approximately $640 million. Net income is not available to be separately reported due to the ongoing integration of the combined businesses.
v3.24.3
Earnings per Share
 12 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The components of basic and diluted earnings per share were as follows:
(in millions, except per share data)
for the fiscal years ended September 30,202420232022
Net income attributable to Franklin Resources, Inc.$464.8 $882.8 $1,291.9 
Less: allocation of earnings to participating nonvested stock and stock unit awards
32.6 37.7 54.1 
Net Income Available to Common Stockholders$432.2 $845.1 $1,237.8 
Weighted-average shares outstanding – basic
509.5 490.0 488.7 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 0.6 
Weighted-Average Shares Outstanding – Diluted510.3 490.8 489.3 
Earnings per Share
Basic$0.85 $1.72 $2.53 
Diluted0.85 1.72 2.53 
Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for fiscal year 2024, fiscal year 2023 and the fiscal year ended September 30, 2022 (“fiscal year 2022”).
v3.24.3
Revenues
 12 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Operating revenues by geographic area were as follows:
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2024
Investment management fees
$5,142.8 $862.3 $283.8 $228.1 $305.2 $6,822.2 
Sales and distribution fees
979.2 342.8 19.2 39.8 — 1,381.0 
Shareholder servicing fees
195.3 31.7 2.2 0.1 — 229.3 
Other
40.5 0.7 3.7 — 0.6 45.5 
Total
$6,357.8 $1,237.5 $308.9 $268.0 $305.8 $8,478.0 
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2023
Investment management fees
$4,877.1 $803.9 $285.6 $216.2 $270.1 $6,452.9 
Sales and distribution fees
847.3 296.0 19.8 40.6 — 1,203.7 
Shareholder servicing fees
118.7 31.5 2.2 0.3 — 152.7 
Other
37.7 0.8 1.2 — 0.4 40.1 
Total
$5,880.8 $1,132.2 $308.8 $257.1 $270.5 $7,849.4 
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2022
Investment management fees
$4,926.6 $901.1 $309.6 $246.5 $233.0 $6,616.8 
Sales and distribution fees
997.7 341.8 25.5 50.0 — 1,415.0 
Shareholder servicing fees
153.8 36.0 1.4 0.2 1.6 193.0 
Other
48.1 1.0 0.7 0.5 0.2 50.5 
Total
$6,126.2 $1,279.9 $337.2 $297.2 $234.8 $8,275.3 
Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.
Revenues earned from sponsored funds were 82%, 82% and 81% of the Company’s total operating revenues for the fiscal years 2024, 2023 and 2022.
v3.24.3
Investments
 12 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments Investments
The disclosures below include details of the Company’s investments, excluding those of CIPs. See Note 11 – Consolidated Investment Products for information related to the investments held by these entities.
Investments consisted of the following:
(in millions)
as of September 30,20242023
Investments, at fair value
Sponsored funds and separate accounts$509.1 $630.5 
Investments related to long-term incentive plans271.6 191.6 
Other equity and debt investments57.3 50.7 
Total investments, at fair value838.0 872.8 
Investments in equity method investees1,219.7 1,089.2 
Other investments280.7 260.0 
Total$2,338.4 $2,222.0 
The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of September 30, 2024, other liabilities includes repurchase agreements of $111.4 million with investments of $121.7 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2030 to 2037.
v3.24.3
Fair Value Measurements
 12 Months Ended
Sep. 30, 2024
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 11 – 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 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts
$306.3 $157.4 $5.2 $40.2 $509.1 
Investments related to long-term incentive plans
242.5 — — 29.1 271.6 
Other equity and debt investments4.1 11.1 2.6 39.5 57.3 
Total Assets Measured at Fair Value$552.9 $168.5 $7.8 $108.8 $838.0 
Liabilities
Securities sold short$178.1 $— $— $— $178.1 
Contingent consideration liabilities— — 28.2 — 28.2 
Total Liabilities Measured at Fair Value$178.1 $— $28.2 $— $206.3 

(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2023
Assets
Investments, at fair value
Sponsored funds and separate accounts
$356.5 $211.9 $18.5 $43.6 $630.5 
Investments related to long-term incentive plans
168.2 — — 23.4 191.6 
Other equity and debt investments
3.4 11.3 3.3 32.7 50.7 
Total Assets Measured at Fair Value$528.1 $223.2 $21.8 $99.7 $872.8 
Liabilities
Securities sold short
$158.3 $— $— $— $158.3 
Contingent consideration liabilities— — 55.0 — 55.0 
Total Liabilities Measured at Fair Value$158.3 $— $55.0 $— $213.3 
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows:
(in millions)
as of September 30,20242023
Nonredeemable investments1
Investments with known liquidation periods$32.4 $32.1 
Investments with unknown liquidation periods16.1 17.4 
Redeemable investments2
60.3 50.2 
Unfunded commitments14.0 43.1 
_______________
1The 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 1.9 years and 2.9 years at September 30, 2024 and 2023.
2Investments are redeemable on a semi-monthly, monthly and quarterly basis.
Financial instruments that were not measured at fair value were as follows:
Fair
Value
Level		20242023
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Assets
Cash and cash equivalents1$3,309.5 $3,309.5 $3,686.4 $3,686.4 
Other investments
Time deposits29.8 9.8 9.9 9.9 
Equity securities3270.9 270.9 250.1 250.1 
Financial Liability
Debt2$2,780.3 $2,387.0 $3,052.8 $2,419.4 
v3.24.3
Property and Equipment
 12 Months Ended
Sep. 30, 2024
Property, Plant and Equipment, Net [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consisted of the following:
(in millions)Useful Lives
In Years
as of September 30,20242023
Buildings and leasehold improvements$1,064.3 $932.9 
5-35
Software426.6 379.1 
3-10
Equipment and furniture337.9 366.7 
3-10
Land79.3 78.7 N/A
Total cost1,908.1 1,757.4 
Less: accumulated depreciation and amortization(961.7)(957.3)
Property and Equipment, Net$946.4 $800.1 
Depreciation and amortization expense related to property and equipment was $129.9 million, $108.2 million and $108.1 million in fiscal years 2024, 2023 and 2022. The Company recognized no impairment of property and equipment in fiscal years 2024, 2023 and 2022.
v3.24.3
Goodwill and Other Intangible Assets
 12 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets, net consisted of the following:
(in millions)
as of September 30,20242023
Goodwill$6,211.4 $6,003.8 
Indefinite-lived intangible assets3,851.5 3,672.1 
Definite-lived intangible assets, net950.6 1,230.1 
Goodwill and Other Intangible Assets, Net$11,013.5 $10,906.0 
Changes in the carrying value of goodwill were as follows:
(in millions)
for the fiscal years ended September 30,20242023
Balance at beginning of year$6,003.8 $5,778.6 
Acquisitions189.8 152.6 
Purchase price allocation adjustment4.7 62.0 
Foreign exchange revaluation13.1 10.6 
Balance at End of Year$6,211.4 $6,003.8 
During fiscal years 2024 and 2023, no impairment of goodwill was recognized.
The Company recognized an impairment of an indefinite-lived intangible asset of $389.2 million during fiscal year 2024 related to Western Asset Management Company (“WAM”) management contracts primarily due to accelerated net outflows from WAM managed funds. The impairment reduced the carrying value of these assets to $650.0 million as of September 30, 2024. The Company recognized insignificant impairments of indefinite-lived intangible assets during fiscal year 2024 and 2023 due to declines in market prices of crypto assets.
Definite-lived intangible assets were as follows:
20242023
(in millions)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
as of September 30,
Management contracts$1,758.8 $(1,061.8)$697.0 $1,822.5 $(824.3)$998.2 
Trade names367.8 (115.9)251.9 310.1 (82.8)227.3 
Developed software14.4 (12.7)1.7 14.4 (9.8)4.6 
Total$2,141.0 $(1,190.4)$950.6 $2,147.0 $(916.9)$1,230.1 
No impairment of definite-lived intangible assets was recognized during fiscal years 2024 and 2023.
Definite-lived intangible assets had a weighted-average remaining useful life of 5.8 years at September 30, 2024, with estimated remaining amortization expense as follows:
(in millions)
for the fiscal years ending September 30,Amount
2025$406.6 
2026170.3 
2027116.1 
202870.5 
202920.8 
Thereafter166.3 
Total$950.6 
v3.24.3
Debt
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 11 – Consolidated Investment Products for information related to the debt of these entities.
Debt consisted of the following:
(in millions)2024Effective
Interest Rate		2023Effective
Interest Rate
as of September 30,
Debt of Franklin Resources, Inc.
$400 million 2.850% senior notes due March 2025
$400.0 2.97 %$399.9 2.97 %
$850 million 1.600% senior notes due October 2030
847.5 1.74 %847.1 1.74 %
$350 million 2.950% senior notes due August 2051
348.0 3.00 %347.9 3.00 %
Total debt of Franklin Resources, Inc.1,595.5 1,594.9 
Debt of Legg Mason (a subsidiary of Franklin)
$250 million 3.950% senior notes due July 2024
— N/A254.7 1.53 %
$450 million 4.750% senior notes due March 2026
469.5 1.80 %482.9 1.80 %
$550 million 5.625% senior notes due January 2044
723.9 3.38 %730.2 3.38 %
Total debt of Legg Mason1,193.4 1,467.8 
Debt issuance costs(8.6)(9.9)
Total$2,780.3 $3,052.8 

On July 15, 2024, the Company repaid all of the outstanding $250.0 million 3.950% senior notes due July 2024 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $4.9 million.
At September 30, 2024, the Company had $800.0 million revolving credit available under a 5-year credit facility scheduled to mature on July 25, 2028. As of the time of this filing, there were no borrowings outstanding under the credit facility.
At September 30, 2024, the Company had $500.0 million of short-term commercial paper available for issuance under an uncommitted private placement program which has been inactive since 2012.
At September 30, 2024, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,600.0 million. The notes have fixed interest rates with interest payable semi-annually.
At September 30, 2024, Legg Mason’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,000.0 million. The notes have fixed interest rates with interest payable semi-annually. Franklin unconditionally and irrevocably guarantees all of the outstanding notes issued by Legg Mason.
The Franklin and Legg Mason senior notes contain an optional redemption feature that allows the Company to redeem each series of notes prior to maturity in whole or in part at any time, at a make-whole redemption price. The indentures governing the senior notes contain limitations on the Company’s ability and the ability of its subsidiaries to pledge voting stock or profit participating equity interests in its subsidiaries to secure other debt without similarly securing the notes equally and ratably. In addition, the indentures include requirements that must be met if the Company consolidates or merges with, or sells all or substantially all of its assets to another entity. The revolving credit facility contains a financial performance covenant requiring that the Company maintain a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.25 to 1.00. The Company was in compliance with all covenants at September 30, 2024.
v3.24.3
Consolidated Investment Products
 12 Months Ended
Sep. 30, 2024
Consolidated Investment Products [Abstract]  
Consolidated Investment Products Consolidated Investment Products
CIPs consist of mutual and other investment funds, limited partnerships and similar structures, and CLOs, all of which are sponsored by the Company, and include both VOEs and VIEs. The Company had 77 CIPs, including 22 CLOs, as of September 30, 2024 and 70 CIPs, including 20 CLOs, as of September 30, 2023.
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)
as of September 30, 20242023
Assets
Cash and cash equivalents$1,099.4 $716.0 
Receivables217.5 166.7 
Investments, at fair value11,034.9 9,637.2 
Total Assets$12,351.8 $10,519.9 
Liabilities
Accounts payable and accrued expenses$861.3 $349.7 
Debt9,341.5 8,231.8 
Other liabilities39.9 25.1 
Total liabilities10,242.7 8,606.6 
Redeemable Noncontrolling Interests687.8 580.1 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,080.9 1,033.9 
Nonredeemable noncontrolling interests340.4 299.3 
Total stockholders’ equity1,421.3 1,333.2 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$12,351.8 $10,519.9 
The CIPs did not have a significant impact on net income attributable to the Company in fiscal years 2024, 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 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Cash and cash equivalents of CLOs$764.3 $— $— $— $764.3 
Receivables of CLOs— 149.6 — — 149.6 
Investments
Equity and debt securities229.7 889.4 550.1 187.1 1,856.3 
Loans— 9,178.1 0.5 — 9,178.6 
Total Assets Measured at Fair Value$994.0 $10,217.1 $550.6 $187.1 $11,948.8 
(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 
Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows:
(in millions)
as of September 30,20242023
Nonredeemable investments1
Investments with unknown liquidation periods$49.0 $21.8 
Redeemable investments2
138.1 132.2 
Unfunded commitments3
42.8 — 
_______________
1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets.
2Investments are redeemable on a monthly basis and liquidation periods are unknown.
3Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at September 30, 2024. As of September 30, 2023, there were no investments with unfunded commitments.
Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities
for the fiscal year ended September 30, 2024
Balance at beginning of year$584.9 
Acquisition29.6 
Losses included in investment and other income (losses) of consolidated investment products, net(80.4)
Purchases57.2 
Sales(29.8)
Net deconsolidations(12.5)
Transfers into Level 31.1 
Balance at End of Year
$550.1 
Change in unrealized gains (losses) included in net income relating to assets held at end of year$(50.9)
(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)
Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions)
as of September 30, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$291.6 Market comparable companiesEnterprise value/ Revenue multiple
1.2–22.8 (10.9)
Discount for lack of marketability
0.1%–10.4% (8.1%)

214.5 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($73.04) per share
Discount for lack of marketability
9.8%–17.5% (11.5%)
44.0 Discounted cash flowDiscount rate6.8%
(in millions)
as of September 30, 2023Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities
$346.0 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($23.88) per share
Discount for lack of marketability
21.9%
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%)
__________________
1Based on the relative fair value of the instruments.
If the relevant significant inputs used in the market-based valuations, other than discount for lack of marketability, were independently higher (lower) as of September 30, 2024, the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow, as well as the discount for lack of marketability used in the market-based valuations, were independently higher (lower) as of September 30, 2024, 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
Level		20242023
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Asset
Cash and cash equivalents 1$335.1 $335.1 $363.7 $363.7 
Financial Liabilities
Debt of CLOs1
2 or 39,341.5 9,167.3 8,210.0 8,013.2 
Other debt3— — 21.8 8.6 
__________________
1Substantially all was Level 2.
Debt
Debt of CIPs consisted of the following:
(in millions)
as of September 30,
20242023
AmountWeighted-
Average
Effective
Interest
Rate		AmountWeighted-
Average
Effective
Interest
Rate
Debt of CLOs
$9,341.5 7.36%$8,210.0 7.12%
Other debt
— N/A21.8 6.00%
Total
$9,341.5 $8,231.8 
The debt of CIPs had fixed and floating interest rates ranging from 2.39% to 13.73% at September 30, 2024, and from 2.39% to 15.49% at September 30, 2023. The floating rates were based on the Secured Overnight Financing Rate.
The contractual maturities for debt of CIPs at September 30, 2024 were as follows: 
(in millions)
for the fiscal years ending September 30,Amount
2025$— 
202637.6 
2027— 
2028— 
2029— 
Thereafter9,303.9 
Total$9,341.5 
Collateralized Loan Obligations
The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions)
as of September 30,20242023
Unpaid principal balance$9,371.9 $8,317.5 
Difference between unpaid principal balance and fair value(19.8)(120.7)
Fair Value$9,352.1 $8,196.8 
Investments 90 days or more past due were immaterial at September 30, 2024 and September 30, 2023.
During fiscal years 2024 and 2023, the Company recognized $59.7 million and $19.0 million of net gains related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $9,282.8 million and $8,281.5 million at September 30, 2024 and 2023.
v3.24.3
Redeemable Noncontrolling Interests
 12 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure [Text Block] Redeemable Noncontrolling Interests
Changes in redeemable noncontrolling interests were as follows:
(in millions)
for the fiscal years ended September 30, 2024, 2023 and 2022
CIPsMinority InterestsTotal
Balance at October 1, 2021$622.5 $310.5 $933.0 
Net income (loss)(106.1)59.2 (46.9)
Net subscriptions (distributions) and other244.5 (49.2)195.3 
Net consolidations181.3 — 181.3 
Adjustment to fair value— 263.1 263.1 
Balance at September 30, 2022$942.2 $583.6 $1,525.8 
Net income77.4 58.1 135.5 
Net subscriptions (distributions) and other605.5 (86.3)519.2 
Net deconsolidations(1,045.0)— (1,045.0)
Adjustment to fair value— (109.4)(109.4)
Balance at September 30, 2023$580.1 $446.0 $1,026.1 
Net income80.2 47.7 127.9 
Net subscriptions (distributions) and other213.4 (111.4)102.0 
Net deconsolidations(206.1)— (206.1)
Acquisition
20.2 — 20.2 
Adjustment to fair value— 251.7 251.7 
Balance at September 30, 2024$687.8 $634.0 $1,321.8 
v3.24.3
Nonconsolidated Variable Interest Entities
 12 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nonconsolidated Variable Interest Entities Nonconsolidated Variable Interest Entities
VIEs for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: 
(in millions)
as of September 30, 20242023
Investments$1,074.4 $925.9 
Receivables226.0 206.1 
Total$1,300.4 $1,132.0 
While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds assessed as VIEs during fiscal years 2024 and 2023.
v3.24.3
Taxes on Income
 12 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Taxes on Income Taxes on Income
Taxes on income were as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Current expense
Federal$212.0 $148.1 $174.6 
State54.0 55.6 45.0 
Non-U.S.73.9 67.1 78.6 
Deferred (benefit) expense(124.6)41.5 98.0 
Total$215.3 $312.3 $396.2 
Income before taxes consisted of the following:
(in millions)
for the fiscal years ended September 30,202420232022
U.S.$286.3 $819.2 $1,427.2 
Non-U.S.536.9 518.8 302.2 
Total$823.2 $1,338.0 $1,729.4 
The significant components of deferred tax assets and deferred tax liabilities were as follows:
(in millions)
as of September 30,20242023
Deferred Tax Assets
Capitalized mixed service costs$162.6 $167.5 
Net operating loss and state credit carry-forwards325.8 331.8 
Deferred compensation and benefits210.5 193.8 
Foreign tax credit carry-forwards81.6 99.0 
Operating lease liability
186.4 — 
Debt premium48.6 54.6 
Other116.1 135.7 
Total deferred tax assets1,131.6 982.4 
Valuation allowance(290.5)(292.9)
Deferred tax assets, net of valuation allowance841.1 689.5 
Deferred Tax Liabilities
Goodwill and other purchased intangibles800.8 918.0 
Right of use asset
160.3 — 
Other88.8 90.0 
Total deferred tax liabilities1,049.9 1,008.0 
Net Deferred Tax Liability$208.8 $318.5 
Deferred income tax assets and liabilities that relate to the same tax jurisdiction are presented net on the consolidated balance sheets. The components of the net deferred tax liability were classified in the consolidated balance sheets as follows:
(in millions)
as of September 30,20242023
Other assets$76.1 $131.9 
Deferred tax liabilities284.9 450.4 
Net Deferred Tax Liability$208.8 $318.5 
Included in the Company’s net deferred tax liability were the deferred tax effects associated with the fair value of assets acquired and liabilities assumed from the acquisition of Legg Mason and acquired attributes that carry over to post-acquisition tax periods, including U.S. state and foreign net operating losses and foreign tax credits. Utilization of the U.S. state net operating losses and federal credit carry-forwards may be subject to annual limitations due to ownership change provisions under Section 382 of the Internal Revenue Code. Foreign tax credits can only be used to offset tax attributable to foreign source income.
At September 30, 2024, there were $119.1 million of non-U.S. tax effected net operating loss and capital loss carry-forwards which expire between fiscal years 2025 and 2043. In addition, there were $135.8 million in tax effected state net operating loss carry-forwards that expire between fiscal years 2025 and 2044, with some having an indefinite carry-forward period. The Company also has federal net operating losses of $9.4 million, the majority of which will carry-forward indefinitely and $81.6 million of foreign tax credit carry-forwards that expire between fiscal years 2025 and 2029.
The valuation allowance decreased $2.4 million in fiscal year 2024 and increased $34.6 million in fiscal year 2023, primarily related to non-US net operating loss utilization. At September 30, 2024, the valuation allowance of $290.5 million was related to $170.3 million for federal, state, and foreign net operating loss carry-forwards, $65.8 million due to uncertainty of realizing the benefit of foreign tax credits, $32.6 million for capital losses, and $21.8 million for other state deferred taxes.
A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Federal taxes at statutory rate$172.9 21.0 %$281.0 21.0 %$363.2 21.0 %
State taxes, net of federal tax effect
42.8 5.2 %71.3 5.3 %45.6 2.6 %
Tax reserve (release) for audit settlements, net of valuation allowance
0.5 0.1 %(11.4)(0.9 %)(5.3)(0.3 %)
Effect of net income attributable to noncontrolling interests(29.7)(3.6 %)(22.0)(1.6 %)(8.6)(0.5 %)
Effect of non-U.S. operations4.0 0.5 %(14.7)(1.1 %)13.0 0.8 %
Capital loss on investments, net of valuation allowance
7.4 0.9 %(8.8)(0.7 %)— — 
Foreign tax credit valuation allowance release1
5.1 0.6 %7.2 0.5 %(20.6)(1.2 %)
Other
12.3 1.5 %9.7 0.8 %8.9 0.5 %
Tax Provision
$215.3 26.2 %$312.3 23.3 %$396.2 22.9 %
______________
1The Company released a valuation allowance on foreign tax credit in fiscal year 2022 due to additional foreign source income from foreign investments.
A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Balance at beginning of year$138.8 $168.7 $184.3 
Additions for tax positions of prior years1.2 6.1 2.5 
Reductions for tax positions of prior years(4.9)(14.9)(16.0)
Tax positions related to the current year12.1 13.3 18.4 
Settlements with taxing authorities(6.6)(19.9)(0.4)
Expirations of statute of limitations(7.1)(14.5)(20.1)
Balance at End of Year$133.5 $138.8 $168.7 
If recognized, $132.8 million for 2024, $132.2 million for 2023 and $161.9 million for 2022 would favorably affect the Company’s effective income tax rate in future periods.
The Company accrues interest and penalties related to unrecognized tax benefits in interest expense and general, administrative and other expenses. Accrued interest on uncertain tax positions at September 30, 2024 and 2023 was $23.7 million and $29.5 million, and is not presented in the unrecognized tax benefits table above. Accrued penalties at September 30, 2024 and 2023 were $1.6 million and $2.1 million.
The Company files a consolidated U.S. federal income tax return, multiple U.S. state and local income tax returns, and income tax returns in multiple non-U.S. jurisdictions. The Company is subject to examination by the taxing authorities in these jurisdictions. The Company’s major tax jurisdictions and the tax years for which the statutes of limitations have not expired are as follows: India 2003 to 2024; Brazil 2008 to 2024; Luxembourg 2019 to 2024; U.K. 2021 to 2024; U.S. federal 2020 to 2024; the City of New York 2019 to 2024; and States of California, Florida, Massachusetts and New York 2020 to 2024.
The Company has ongoing litigation and examinations in various stages, including U.S. federal for the fiscal year ended September 30, 2020, and in the States of California and City of New York, and in Brazil and India. Examination outcomes and the timing of settlements are subject to significant uncertainty. Such settlements may involve some or all of the following: the payment of additional taxes, the adjustment of deferred taxes and/or the recognition of unrecognized tax
benefits. The Company has recognized a tax benefit only for those positions that meet the more-likely-than-not recognition threshold. It is reasonably possible that the total unrecognized tax benefit as of September 30, 2024 could decrease by an estimated $34.5 million within the next twelve months as a result of the expiration of statutes of limitations in the U.S. federal and certain U.S. state and local and non-U.S. tax jurisdictions, and potential settlements with U.S. states and non-U.S. taxing authorities.
The Tax Cuts and Jobs Act which was enacted into law in the U.S. in December 2017, includes various changes to the tax law, including a permanent reduction in the corporate income tax rate and assessment of a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiaries’ earnings. The payment for the Company’s remaining federal portion of the transition tax liability were as follows:
(in millions)Amount
for the fiscal years ending September 30,
2025
$185.2 
2026
231.6 
Total$416.8 
v3.24.3
Leases
 12 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
Lessee Arrangements
The Company’s leases generally include one or more options to renew. Lease expense was as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Operating lease cost
$188.3 $124.1 $127.9 
Variable lease cost10.3 5.8 8.3 
Finance lease cost0.8 0.6 0.2 
Less: sublease income(13.1)(25.0)(26.7)
Total lease expense$186.3 $105.5 $109.7 

Supplemental cash flow information related to leases was as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Operating cash flows from operating leases included in the measurement of operating lease liabilities$109.6 $125.6 $130.5 
ROU assets obtained in exchange for new/modified operating lease liabilities448.9 45.4 53.4 
The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows:
(in millions)
as of September 30,20242023
Weighted-average remaining lease term
11.4 years8.0 years
Weighted-average discount rate
5.0 %3.2 %
The maturities of the liabilities were as follows:
(in millions)Amount
for the fiscal years ending September 30,
2025$42.3 
2026132.9 
2027128.7 
2028118.9 
2029112.3 
Thereafter818.4 
Total lease payments1,353.5 
Less: interest(388.4)
Operating lease liabilities$965.1 
Lessor Arrangements
The Company leases excess owned space in its San Mateo, California corporate headquarters and other office buildings, primarily in the U.S., to third parties, and generally include one or more options to renew. The Company subleases excess leased office spaces to various firms, primarily in the U.S., and generally include options to renew or terminate within a specified period.
The maturities of lease payments due to the Company as of September 30, 2024 were as follows:
(in millions)SubleasesLeases
for the fiscal years ending September 30,
2025$1.7 $49.9 
20265.1 48.8 
20279.1 41.3 
20288.8 27.9 
20298.8 28.6 
Thereafter19.1 58.2 
Total$52.6 $254.7 
v3.24.3
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
India Credit Fund Closure Matters. Effective April 24, 2020, Franklin Templeton Trustee Services Private Limited (“FTTS”), a subsidiary of Franklin, announced its decision to wind up six fixed income mutual fund schemes of the Franklin Templeton Mutual Fund in India (referred to herein as the “Funds”), closing the Funds to redemptions. At the time, the Funds had collective AUM of INR 25,648.3 crore (approximately $3.4 billion). In connection with the wind-up decision, FTTS sought to convene unitholder meetings for the Funds to approve the appointment of a liquidator, and the asset management company to the Funds, Franklin Templeton Asset Management (India) Private Limited (“FTAMI”), ceased earning investment management fees on the Funds.
In May and June 2020, certain Fund unitholders and others challenged the wind-up decision by filing legal petitions in India against a number of respondents, including Franklin, its subsidiaries FTTS, FTAMI, and Templeton International, Inc., as sponsor of the Franklin Templeton Mutual Fund, and related individuals (collectively, the “Company Respondents”), the Securities and Exchange Board of India (“SEBI”), and other governmental entities. The petitioners alleged that the Company Respondents violated various SEBI regulations, mismanaged the Funds, misrepresented or omitted certain information relating to the Funds, and/or engaged in other alleged misconduct. The petitioners requested a wide range of relief, including, among other items, an order quashing the winding up notices and blocking the unitholder votes, initiating investigations into the Company Respondents, and allowing the unitholder petitioners to redeem their
investments with interest. An interim injunction order staying the operation and implementation of the unitholder voting process was issued and the petitions were transferred to the High Court of Karnataka for further consolidated proceedings. The court upheld the decision taken by FTTS to wind up the Funds while finding that unitholder approval was required to implement the decision. Cross appeals from the judgment were then filed in the Supreme Court of India. In the interim, FTTS proceeded to obtain approval from the majority of the voting unitholders for winding up the six Funds and in February 2021, the Supreme Court confirmed the results and appointed a third-party asset manager to serve as the liquidator and begin cash distributions to unitholders. The additional issues on appeal remain pending.
By September 2023, all performing securities across the Funds were liquidated and an aggregate of INR 27,508.1 crore (approximately $3.3 billion) was distributed to Fund unitholders, exceeding the aggregate value of the Funds’ AUM at the date of the wind-up announcement, reported above.
Separately, following the completion of a forensic audit/inspection, in late November and early December 2020, SEBI initiated regulatory proceedings by issuing show cause notices against FTAMI, FTTS and certain FTAMI employees (including in their officer or director capacities), alleging certain deficiencies and areas of non-compliance in the management of the Funds. In June 2021, SEBI issued orders against FTAMI, FTTS, and the FTAMI employee respondents, finding violations of certain regulatory provisions, including with respect to similarity in investment strategies among the Funds, calculation of duration and valuation of portfolio securities, deficiencies in documentation relating to investment diligence and investment terms, and portfolio risk management. SEBI’s orders include, as applicable, aggregate monetary penalties of INR 20.0 crore (approximately $2.4 million); disgorgement of investment management and advisory fees, together with interest through the date of SEBI’s order, totaling INR 512.5 crore (approximately $61.7 million), with continuing accrual of 12% interest until paid; and a prohibition on FTAMI from launching new fixed income funds in India for a two-year period. The respondents filed appeals, as well as applications to stay enforcement of SEBI’s orders pending resolution of the appeals, with the Securities Appellate Tribunal (the “SAT”) in India, which stay applications were granted in June and July 2021, subject to respondents’ deposit in escrow of a portion of the ordered penalties for an aggregate deposit made of INR 257.5 crore (approximately $34.7 million). The SAT appeals remain pending and in the interim, SEBI has approved FTAMI’s launch of certain new fixed income funds.
The Company has also responded to related inquiries and investigations commenced by certain governmental agencies in India that remain pending, including a “first information report” (the preliminary step in an investigation) registered by the Economic Offences Wing of the Chennai police department in or around September 2020 against certain of the Company Respondents in connection with a complaint by certain Fund unitholders, as well as a related investigation by India’s Enforcement Directorate commenced in or around April 2021.
The Company strongly believes that the decision taken by FTTS to wind up the Funds was in the best interests of unitholders and allowed for the orderly liquidation and distribution of Fund assets as described above. The Company further believes that it has meritorious defenses to the outstanding claims in the pending proceedings and intends to continue vigorously defending against the claims. The Company cannot at this time predict the eventual outcome of the matters described above or reasonably estimate the possible loss or range of loss that may arise from any final outcome of such matters, including due to the complexities and uncertainty involved in the appeals and the various questions of law and fact at issue.
Western Asset Management Investigations. Following the launch of an internal investigation focusing on certain trade allocations of treasury derivatives in select Western Asset Management (“WAM”) managed accounts, WAM received notification of parallel investigations by the SEC and the DOJ. WAM also received notice of an investigation into these trading activities by the CFTC. As previously disclosed, Ken Leech, the former co-Chief Investment Officer of WAM, received a “Wells Notice” from the staff of the SEC in August 2024 and is now on administrative leave. The Company and WAM are cooperating fully with the government investigations.
Other Litigation and Regulatory Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of September 30, 2024 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount.
Indemnifications and Guarantees
In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of September 30, 2024.
Other Commitments and Contingencies
While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. At September 30, 2024, the Company had $227.0 million of committed capital contributions which relate to discretionary commitments to invest in sponsored funds and other investment products and entities, including CIPs. These unfunded commitments are not recorded in the Company’s consolidated balance sheet.
v3.24.3
Stock-Based Compensation
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company’s stock-based compensation plans consist of the Amended and Restated Annual Incentive Compensation Plan (the “AIP”), the 2002 Universal Stock Incentive Plan, as amended and restated (the “USIP”), the amended and restated Franklin Resources, Inc. 1998 Employee Stock Investment Plan (the “ESIP”), and the Amended and Restated Franklin Resources, Inc. 2017 Equity Incentive Plan (the “EIP”).
Stock-based compensation expenses were as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Stock and stock unit awards$240.3 $174.7 $200.8 
Phantom unit awards13.8 33.2 13.5 
Employee stock investment plan5.8 7.9 7.4 
Total$259.9 $215.8 $221.7 
Stock and Stock Unit Awards
Under the terms of the AIP, eligible employees may receive cash, equity awards and/or mutual fund unit awards generally based on the performance of the Company and/or its funds, and the individual employee. The USIP and EIP provide for the issuance of the Company’s common stock for various stock-related awards to officers, directors and employees. In February 2024, the Company’s stockholders approved an amendment and restatement of the USIP increasing the number of shares authorized by 25.0 million shares to a total of 165.0 million shares. There are 23.0 million shares authorized under the EIP. At September 30, 2024, 25.6 million shares and 13.9 million shares were available for grant under the USIP and EIP.
Stock awards entitle holders to the right to sell the underlying shares of the Company’s common stock once the awards vest. Stock unit awards entitle holders to receive the underlying shares of common stock once the awards vest. Awards vest based on the passage of time or the achievement of predetermined Company financial performance goals.
Stock and stock unit award activity was as follows:
(shares in thousands)Time-Based
Shares		Performance-
Based Shares		Total
Shares		Weighted-Average
Grant-Date
Fair Value
for the fiscal year ended September 30, 2024
Nonvested balance at beginning of year
12,782 3,099 15,881 $23.09 
Granted12,312 935 13,247 25.60 
Vested(8,168)(162)(8,330)24.91 
Forfeited/canceled(332)(558)(890)22.24 
Nonvested Balance at End of Year
16,594 3,314 19,908 $24.03 
Total unrecognized compensation expense related to nonvested stock and stock unit awards was $213.7 million at September 30, 2024. This expense is expected to be recognized over a remaining weighted-average vesting period of 1.9 years. The weighted-average grant-date fair values of stock awards and stock unit awards granted during fiscal years 2024, 2023 and 2022 were $25.60, $22.74 and $34.20 per share. The total fair value of stock and stock unit awards vested during the same periods was $180.4 million, $210.4 million and $147.8 million.
The Company may repurchase shares in connection with vesting of stock and stock unit awards. Also, in order to pay taxes due in connection with the vesting of employee and executive officer stock and stock unit awards, shares are repurchased using a net stock issuance method.
Employee Stock Investment Plan
The ESIP allows eligible participants to buy shares of the Company’s common stock at a discount of its market value on defined dates. A total of 1.0 million shares were issued under the ESIP during fiscal year 2024, and 1.7 million shares were reserved for future issuance at September 30, 2024.
v3.24.3
Defined Contribution Plans
 12 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Defined Contribution Plans Defined Contribution Plans
The Company sponsors a 401(k) plan which covers substantially all U.S. employees meeting certain employment requirements. Participants may contribute up to 50% of their eligible salary and up to 100% of the cash portion of their year-end bonus, as defined by the plan and subject to Internal Revenue Code limitations, each year to the plan. The Company makes a matching contribution equal to 85% of eligible compensation contributed by participants. Certain of the Company’s non-U.S. subsidiaries also sponsor defined contribution plans primarily for the purpose of providing deferred compensation incentives for employees and to comply with local regulatory requirements. The total expenses recognized for defined contribution plans were $102.3 million, $93.0 million and $84.9 million for fiscal years 2024, 2023 and 2022.
v3.24.3
Segment and Geographic Information
 12 Months Ended
Sep. 30, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location.
(in millions)
as of September 30,20242023
Property and Equipment, Net
United States$758.4 $640.8 
Europe, Middle East and Africa149.2 124.0 
Asia-Pacific33.5 29.7 
Americas excluding United States5.3 5.6 
Total$946.4 $800.1 
v3.24.3
Investment and Other Income (Losses), Net
 12 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block] Investment and Other Income, Net
Investment and other income, net consisted of the following:  
(in millions)
for the fiscal years ended September 30,202420232022
Dividend and interest income$176.9 $159.9 $37.9 
Gains (losses) on investments, net57.6 39.5 (75.4)
Income from investments in equity method investees137.5 45.4 36.2 
Gains (losses) on derivatives, net(16.2)(15.1)20.9 
Rental income43.7 46.3 37.9 
Foreign currency exchange (losses) gains, net(19.9)(26.7)40.6 
Other, net15.9 13.0 (7.0)
Investment and Other Income, Net
$395.5 $262.3 $91.1 
Substantially all dividend income was generated by investments in nonconsolidated sponsored funds. Gains (losses) on investments, net consists primarily of realized and unrealized gains (losses) on equity securities measured at fair value.
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company at September 30, 2024, 2023 and 2022 were $108.1 million, $66.1 million, and $(128.9) million.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component were as follows: 
(in millions)Currency
Translation
Adjustments		Unrealized
Losses on
Defined Benefit
Plans		Unrealized
Gains on
Investments		Total
as of and for the fiscal years ended
September 30, 2024, 2023 and 2022
Balance at October 1, 2021$(370.5)$(7.1)$— $(377.6)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax(246.8)2.3 0.4 (244.1)
Reclassifications to compensation and benefits expense, net of tax— (1.5)— (1.5)
Reclassifications to net investment and other income, net of tax2.2 — — 2.2 
Total other comprehensive income (loss)(244.6)0.8 0.4 (243.4)
Balance at September 30, 2022$(615.1)$(6.3)$0.4 $(621.0)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax108.5 (0.6)0.2 108.1 
Reclassifications to compensation and benefits expense, net of tax— (0.7)— (0.7)
Reclassifications to net investment and other income, net of tax4.3 — — 4.3 
Total other comprehensive income (loss)112.8 (1.3)0.2 111.7 
Balance at September 30, 2023$(502.3)$(7.6)$0.6 $(509.3)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax89.8 (0.3)(0.1)89.4 
Reclassifications to compensation and benefits expense, net of tax— 0.4 — 0.4 
Total other comprehensive income (loss)89.8 0.1 (0.1)89.8 
Balance at September 30, 2024$(412.5)$(7.5)$0.5 $(419.5)
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure      
Net income attributable to Franklin Resources, Inc. $ 464.8 $ 882.8 $ 1,291.9
v3.24.3
Insider Trading Arrangements
 12 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Business Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. The Company’s related services include fund administration, sales and distribution, and shareholder servicing.
Basis of Presentation
Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates.
During the quarter ended March 31, 2024, the Company identified that it did not eliminate the investment income from certain consolidated limited partnerships for the fiscal year ended September 30, 2023 (“fiscal year 2023”) resulting in offsetting adjustments to investment and other income, net and net income attributable to nonredeemable noncontrolling interest. The Company is not entitled to the economic returns associated with the underlying investments held by these limited partnerships.
There is no impact on operating income, net income attributable to Franklin Resources, Inc., earnings per share, total assets, total liabilities, retained earnings or total shareholders’ equity. There is no impact on the financial results attributable to the Company’s shareholders. The Company has determined this did not result in a material misstatement to its previously issued consolidated financial statements. For comparability, the Company has revised the comparative prior period amounts included in the consolidated statements of income, consolidated statements of stockholders’ equity, consolidated statements of cash flows, and related footnote disclosures.
The impact on the consolidated statements of income for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Operating Income$1,102.3 $— $1,102.3 
Other income, net
Investment and other income, net
340.0 (77.7)262.3 
Other income, net
313.4 (77.7)235.7 
Income before taxes
1,415.7 (77.7)1,338.0 
Net income
1,103.4 (77.7)1,025.7 
Less: net income (loss) attributable to nonredeemable noncontrolling interest
85.1 (77.7)7.4 
Net Income Attributable to Franklin Resources, Inc.882.8 — 882.8 
The impact on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Net cash provided by (used in) operating activities
$1,138.7 $(49.5)$1,089.2 
Net cash used in investing activities
(3,582.1)(28.2)(3,610.3)
Net cash provided by financing activities2,029.0 77.7 2,106.7 
Decrease in cash and cash equivalents
(380.1)— (380.1)
Consolidation
Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and consolidated investment products (“CIPs”) in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated.
A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company’s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products.
The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service.
Related Parties
Related Parties include sponsored funds and equity method investees. A substantial amount of the Company’s operating revenues and receivables are from related parties.
Earnings per Share
Earnings per Share. Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company’s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company’s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period.
Business combinations
Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from three to 16 years, using the straight-line method, unless the asset is determined to have an indefinite useful life. Indefinite-lived intangible assets represent contracts to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Amortization and impairment are recognized in general, administrative and other expenses.
Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned.
Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed.
The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate,
average effective fee rate and effective tax rate.
If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit.
If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values.
Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade names intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type.
Fair Value Measurements
Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities, which may include published net asset values (“NAV”) for fund products.
Level 2Observable inputs other than Level 1 quoted prices, such as non-binding quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or model-based valuation methodologies that utilize significant assumptions that are observable or corroborated by observable market data.
Level 3Unobservable inputs that are supported by little or no market activity. These inputs require significant management judgment and reflect the Company’s estimation of assumptions that market participants would use in pricing the asset or liability.
Quoted market prices may be adjusted if events occur, such as global market fluctuations, issuer specific news, economic and geopolitical events, natural disasters, and governmental actions. A pricing vendor is engaged to provide a valuation factor, which represents an estimate as to how much a specific investment value would have changed between the time that the investment stopped trading in its local market and the time that the fund’s NAV was determined. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market.
The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value.
Cash and Cash Equivalents
Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business.
Receivables
Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments
Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments.
Investments in sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available.
Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient.
Other equity and debt investments consist of equity and debt securities carried at fair value. Changes in the fair value of equity securities other than fund products are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on either a market-based or income-based approach using significant unobservable inputs. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient.
Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company’s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company’s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company’s proportionate share of the entities’ net income, which is recognized in earnings.
Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost which approximates fair value due to their short-term nature and liquidity.
Impairment of Investments. Investments in equity method investees and equity investments that do not have a readily determinable fair value are evaluated for impairment on a quarterly basis. The evaluation of equity investments considers qualitative factors, including the financial condition and specific events related to an investee that may indicate the fair value of the investment is less than its carrying value. Impairment of equity securities is recognized in earnings.
Cash and Cash Equivalents of CIPs Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.
Receivables of CIPs
Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value.
Investments of CIPs
Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets, and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available.
The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient.
Property and Equipment, net
Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from three to 35 years. Expenditures for repairs and maintenance are charged to expense when
incurred. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or the lease term, whichever is shorter.
Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production.
Property and equipment are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined to not be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted future cash flows models, appraisals or other applicable methods.
Leases
Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less.
ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised.
Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable.
Debt
Debt consists of senior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense.
Debt of CIPs
Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which is measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs.
Noncontrolling Interests
Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Subscriptions and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows.
The fair values of third-party equity interests in CIPs are determined based on the published NAV or estimated using NAV a practical expedient. The fair values of redeemable noncontrolling interests related to minority interest in certain subsidiaries are determined using discounted cash flows and guideline public company methods, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate and public company earnings multiples.
Revenues
Revenues. The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution
obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct.
Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generally generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods.
Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods.
Shareholder servicing fees are primarily determined based on a contractual margin, or a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time.
AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM.
Revenue is recorded gross of payments made to third-party providers in the Company’s role as principal as it controls the delegated services provided to customers.
Stock-Based Compensation Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company’s common stock and is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally three years. Expense relating to awards subject to performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. Forfeitures are accounted for as they occur. The fair value of cash-settled phantom stock awards is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally four years, and the related liability is carried at fair value.
Postretirement Benefits Postretirement Benefits. Defined contribution plan costs are expensed as incurred.
Income Taxes
Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses.
The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries.
Foreign Currency Translation and Transactions
Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the reporting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.
v3.24.3
Significant Accounting Policies Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Effects of the changes to the previously reported statements of income
The impact on the consolidated statements of income for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Operating Income$1,102.3 $— $1,102.3 
Other income, net
Investment and other income, net
340.0 (77.7)262.3 
Other income, net
313.4 (77.7)235.7 
Income before taxes
1,415.7 (77.7)1,338.0 
Net income
1,103.4 (77.7)1,025.7 
Less: net income (loss) attributable to nonredeemable noncontrolling interest
85.1 (77.7)7.4 
Net Income Attributable to Franklin Resources, Inc.882.8 — 882.8 
The impact on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 is as follows:
(in millions)
As Reported
Adjustments
As Revised
Net cash provided by (used in) operating activities
$1,138.7 $(49.5)$1,089.2 
Net cash used in investing activities
(3,582.1)(28.2)(3,610.3)
Net cash provided by financing activities2,029.0 77.7 2,106.7 
Decrease in cash and cash equivalents
(380.1)— (380.1)
v3.24.3
Acquisition (Tables)
 12 Months Ended
Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of purchase consideration See below for a summary of the total purchase consideration transferred at closing:
(in millions)Total
Equity consideration1, 2
$940.1 
Cash consideration221.7 
Deferred cash consideration100.0 
Less: Other adjustments3
(27.4)
Total Purchase Consideration$1,234.4 
1Excludes shares granted under a deferred compensation program.
2Market price on closing date of $29.79.
3Primarily relates to payments treated as future compensation expense.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date. The issuance of common stock consideration represents a non-cash financing activity related to the statement of cash flows.

(in millions)
Initial Estimated Fair Value
Adjustments
Revised Estimated Fair Value
as of January 1, 2024
Cash and cash equivalents
$101.1 $— $101.1 
Receivables118.9 — 118.9 
Investments111.2 (4.3)106.9 
Assets of consolidated investment products
Cash and cash equivalents281.4 — 281.4 
Investments, at fair value849.5 — 849.5 
Property and equipment
87.1 (5.7)81.4 
Goodwill
189.8 4.7 194.5 
Indefinite-lived intangible assets
542.5 14.7 557.2 
Definite-lived intangible asset
52.9 4.8 57.7 
Operating lease right-of-use assets
109.2 — 109.2 
Other assets20.4 — 20.4 
Compensation and benefits
(57.8)— (57.8)
Accounts payable and accrued expenses
(40.9)(11.4)(52.3)
Liabilities of consolidated investment products
Accounts payable and accrued expenses(259.6)— (259.6)
Debt(706.8)— (706.8)
Operating lease liabilities
(109.2)— (109.2)
Other liabilities
(12.1)— (12.1)
Redeemable noncontrolling interests
(20.2)— (20.2)
Nonredeemable noncontrolling interests
(25.8)— (25.8)
Total Identifiable Net Assets$1,231.6 $2.8 $1,234.4 
v3.24.3
Earnings per Share (Tables)
 12 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Components of basic and diluted earnings per share
The components of basic and diluted earnings per share were as follows:
(in millions, except per share data)
for the fiscal years ended September 30,202420232022
Net income attributable to Franklin Resources, Inc.$464.8 $882.8 $1,291.9 
Less: allocation of earnings to participating nonvested stock and stock unit awards
32.6 37.7 54.1 
Net Income Available to Common Stockholders$432.2 $845.1 $1,237.8 
Weighted-average shares outstanding – basic
509.5 490.0 488.7 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 0.6 
Weighted-Average Shares Outstanding – Diluted510.3 490.8 489.3 
Earnings per Share
Basic$0.85 $1.72 $2.53 
Diluted0.85 1.72 2.53 
v3.24.3
Revenues (Tables)
 12 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Operating revenues by geographic area
Operating revenues by geographic area were as follows:
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2024
Investment management fees
$5,142.8 $862.3 $283.8 $228.1 $305.2 $6,822.2 
Sales and distribution fees
979.2 342.8 19.2 39.8 — 1,381.0 
Shareholder servicing fees
195.3 31.7 2.2 0.1 — 229.3 
Other
40.5 0.7 3.7 — 0.6 45.5 
Total
$6,357.8 $1,237.5 $308.9 $268.0 $305.8 $8,478.0 
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2023
Investment management fees
$4,877.1 $803.9 $285.6 $216.2 $270.1 $6,452.9 
Sales and distribution fees
847.3 296.0 19.8 40.6 — 1,203.7 
Shareholder servicing fees
118.7 31.5 2.2 0.3 — 152.7 
Other
37.7 0.8 1.2 — 0.4 40.1 
Total
$5,880.8 $1,132.2 $308.8 $257.1 $270.5 $7,849.4 
(in millions)United
States		LuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the fiscal year ended
September 30, 2022
Investment management fees
$4,926.6 $901.1 $309.6 $246.5 $233.0 $6,616.8 
Sales and distribution fees
997.7 341.8 25.5 50.0 — 1,415.0 
Shareholder servicing fees
153.8 36.0 1.4 0.2 1.6 193.0 
Other
48.1 1.0 0.7 0.5 0.2 50.5 
Total
$6,126.2 $1,279.9 $337.2 $297.2 $234.8 $8,275.3 
v3.24.3
Investments (Tables)
 12 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Summary of investments
Investments consisted of the following:
(in millions)
as of September 30,20242023
Investments, at fair value
Sponsored funds and separate accounts$509.1 $630.5 
Investments related to long-term incentive plans271.6 191.6 
Other equity and debt investments57.3 50.7 
Total investments, at fair value838.0 872.8 
Investments in equity method investees1,219.7 1,089.2 
Other investments280.7 260.0 
Total$2,338.4 $2,222.0 
The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of September 30, 2024, other liabilities includes repurchase agreements of $111.4 million with investments of $121.7 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2030 to 2037.
v3.24.3
Fair Value Measurements (Tables)
 12 Months Ended
Sep. 30, 2024
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 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts
$306.3 $157.4 $5.2 $40.2 $509.1 
Investments related to long-term incentive plans
242.5 — — 29.1 271.6 
Other equity and debt investments4.1 11.1 2.6 39.5 57.3 
Total Assets Measured at Fair Value$552.9 $168.5 $7.8 $108.8 $838.0 
Liabilities
Securities sold short$178.1 $— $— $— $178.1 
Contingent consideration liabilities— — 28.2 — 28.2 
Total Liabilities Measured at Fair Value$178.1 $— $28.2 $— $206.3 

(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2023
Assets
Investments, at fair value
Sponsored funds and separate accounts
$356.5 $211.9 $18.5 $43.6 $630.5 
Investments related to long-term incentive plans
168.2 — — 23.4 191.6 
Other equity and debt investments
3.4 11.3 3.3 32.7 50.7 
Total Assets Measured at Fair Value$528.1 $223.2 $21.8 $99.7 $872.8 
Liabilities
Securities sold short
$158.3 $— $— $— $158.3 
Contingent consideration liabilities— — 55.0 — 55.0 
Total Liabilities Measured at Fair Value$158.3 $— $55.0 $— $213.3 
Schedule of investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows:
(in millions)
as of September 30,20242023
Nonredeemable investments1
Investments with known liquidation periods$32.4 $32.1 
Investments with unknown liquidation periods16.1 17.4 
Redeemable investments2
60.3 50.2 
Unfunded commitments14.0 43.1 
Schedule of financial instruments not measured at fair value
Financial instruments that were not measured at fair value were as follows:
Fair
Value
Level		20242023
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Assets
Cash and cash equivalents1$3,309.5 $3,309.5 $3,686.4 $3,686.4 
Other investments
Time deposits29.8 9.8 9.9 9.9 
Equity securities3270.9 270.9 250.1 250.1 
Financial Liability
Debt2$2,780.3 $2,387.0 $3,052.8 $2,419.4 
v3.24.3
Property and Equipment (Tables)
 12 Months Ended
Sep. 30, 2024
Property, Plant and Equipment, Net [Abstract]  
Summary of property and equipment
Property and equipment, net consisted of the following:
(in millions)Useful Lives
In Years
as of September 30,20242023
Buildings and leasehold improvements$1,064.3 $932.9 
5-35
Software426.6 379.1 
3-10
Equipment and furniture337.9 366.7 
3-10
Land79.3 78.7 N/A
Total cost1,908.1 1,757.4 
Less: accumulated depreciation and amortization(961.7)(957.3)
Property and Equipment, Net$946.4 $800.1 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill and other intangible assets
Goodwill and other intangible assets, net consisted of the following:
(in millions)
as of September 30,20242023
Goodwill$6,211.4 $6,003.8 
Indefinite-lived intangible assets3,851.5 3,672.1 
Definite-lived intangible assets, net950.6 1,230.1 
Goodwill and Other Intangible Assets, Net$11,013.5 $10,906.0 
Schedule of changes in carrying value of goodwill
Changes in the carrying value of goodwill were as follows:
(in millions)
for the fiscal years ended September 30,20242023
Balance at beginning of year$6,003.8 $5,778.6 
Acquisitions189.8 152.6 
Purchase price allocation adjustment4.7 62.0 
Foreign exchange revaluation13.1 10.6 
Balance at End of Year$6,211.4 $6,003.8 
Schedule of definite-lived intangible assets
Definite-lived intangible assets were as follows:
20242023
(in millions)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
as of September 30,
Management contracts$1,758.8 $(1,061.8)$697.0 $1,822.5 $(824.3)$998.2 
Trade names367.8 (115.9)251.9 310.1 (82.8)227.3 
Developed software14.4 (12.7)1.7 14.4 (9.8)4.6 
Total$2,141.0 $(1,190.4)$950.6 $2,147.0 $(916.9)$1,230.1 
Schedule of Definite-Lived Intangible Assets, Remaining Amortization Expense
Definite-lived intangible assets had a weighted-average remaining useful life of 5.8 years at September 30, 2024, with estimated remaining amortization expense as follows:
(in millions)
for the fiscal years ending September 30,Amount
2025$406.6 
2026170.3 
2027116.1 
202870.5 
202920.8 
Thereafter166.3 
Total$950.6 
v3.24.3
Debt (Tables)
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of outstanding debt
Debt consisted of the following:
(in millions)2024Effective
Interest Rate		2023Effective
Interest Rate
as of September 30,
Debt of Franklin Resources, Inc.
$400 million 2.850% senior notes due March 2025
$400.0 2.97 %$399.9 2.97 %
$850 million 1.600% senior notes due October 2030
847.5 1.74 %847.1 1.74 %
$350 million 2.950% senior notes due August 2051
348.0 3.00 %347.9 3.00 %
Total debt of Franklin Resources, Inc.1,595.5 1,594.9 
Debt of Legg Mason (a subsidiary of Franklin)
$250 million 3.950% senior notes due July 2024
— N/A254.7 1.53 %
$450 million 4.750% senior notes due March 2026
469.5 1.80 %482.9 1.80 %
$550 million 5.625% senior notes due January 2044
723.9 3.38 %730.2 3.38 %
Total debt of Legg Mason1,193.4 1,467.8 
Debt issuance costs(8.6)(9.9)
Total$2,780.3 $3,052.8 
Debt of CIPs consisted of the following:
(in millions)
as of September 30,
20242023
AmountWeighted-
Average
Effective
Interest
Rate		AmountWeighted-
Average
Effective
Interest
Rate
Debt of CLOs
$9,341.5 7.36%$8,210.0 7.12%
Other debt
— N/A21.8 6.00%
Total
$9,341.5 $8,231.8 
v3.24.3
Consolidated Investment Products (Tables)
 12 Months Ended
Sep. 30, 2024
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, 20242023
Assets
Cash and cash equivalents$1,099.4 $716.0 
Receivables217.5 166.7 
Investments, at fair value11,034.9 9,637.2 
Total Assets$12,351.8 $10,519.9 
Liabilities
Accounts payable and accrued expenses$861.3 $349.7 
Debt9,341.5 8,231.8 
Other liabilities39.9 25.1 
Total liabilities10,242.7 8,606.6 
Redeemable Noncontrolling Interests687.8 580.1 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,080.9 1,033.9 
Nonredeemable noncontrolling interests340.4 299.3 
Total stockholders’ equity1,421.3 1,333.2 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$12,351.8 $10,519.9 
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, 2024
Assets
Cash and cash equivalents of CLOs$764.3 $— $— $— $764.3 
Receivables of CLOs— 149.6 — — 149.6 
Investments
Equity and debt securities229.7 889.4 550.1 187.1 1,856.3 
Loans— 9,178.1 0.5 — 9,178.6 
Total Assets Measured at Fair Value$994.0 $10,217.1 $550.6 $187.1 $11,948.8 
(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 
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 U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows:
(in millions)
as of September 30,20242023
Nonredeemable investments1
Investments with unknown liquidation periods$49.0 $21.8 
Redeemable investments2
138.1 132.2 
Unfunded commitments3
42.8 — 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities
for the fiscal year ended September 30, 2024
Balance at beginning of year$584.9 
Acquisition29.6 
Losses included in investment and other income (losses) of consolidated investment products, net(80.4)
Purchases57.2 
Sales(29.8)
Net deconsolidations(12.5)
Transfers into Level 31.1 
Balance at End of Year
$550.1 
Change in unrealized gains (losses) included in net income relating to assets held at end of year$(50.9)
(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)
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, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$291.6 Market comparable companiesEnterprise value/ Revenue multiple
1.2–22.8 (10.9)
Discount for lack of marketability
0.1%–10.4% (8.1%)

214.5 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($73.04) per share
Discount for lack of marketability
9.8%–17.5% (11.5%)
44.0 Discounted cash flowDiscount rate6.8%
(in millions)
as of September 30, 2023Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities
$346.0 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($23.88) per share
Discount for lack of marketability
21.9%
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%)
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		20242023
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Asset
Cash and cash equivalents 1$335.1 $335.1 $363.7 $363.7 
Financial Liabilities
Debt of CLOs1
2 or 39,341.5 9,167.3 8,210.0 8,013.2 
Other debt3— — 21.8 8.6 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for debt of CIPs at September 30, 2024 were as follows: 
(in millions)
for the fiscal years ending September 30,Amount
2025$— 
202637.6 
2027— 
2028— 
2029— 
Thereafter9,303.9 
Total$9,341.5 
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 30,20242023
Unpaid principal balance$9,371.9 $8,317.5 
Difference between unpaid principal balance and fair value(19.8)(120.7)
Fair Value$9,352.1 $8,196.8 
Schedule of outstanding debt
Debt consisted of the following:
(in millions)2024Effective
Interest Rate		2023Effective
Interest Rate
as of September 30,
Debt of Franklin Resources, Inc.
$400 million 2.850% senior notes due March 2025
$400.0 2.97 %$399.9 2.97 %
$850 million 1.600% senior notes due October 2030
847.5 1.74 %847.1 1.74 %
$350 million 2.950% senior notes due August 2051
348.0 3.00 %347.9 3.00 %
Total debt of Franklin Resources, Inc.1,595.5 1,594.9 
Debt of Legg Mason (a subsidiary of Franklin)
$250 million 3.950% senior notes due July 2024
— N/A254.7 1.53 %
$450 million 4.750% senior notes due March 2026
469.5 1.80 %482.9 1.80 %
$550 million 5.625% senior notes due January 2044
723.9 3.38 %730.2 3.38 %
Total debt of Legg Mason1,193.4 1,467.8 
Debt issuance costs(8.6)(9.9)
Total$2,780.3 $3,052.8 
Debt of CIPs consisted of the following:
(in millions)
as of September 30,
20242023
AmountWeighted-
Average
Effective
Interest
Rate		AmountWeighted-
Average
Effective
Interest
Rate
Debt of CLOs
$9,341.5 7.36%$8,210.0 7.12%
Other debt
— N/A21.8 6.00%
Total
$9,341.5 $8,231.8 
v3.24.3
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest [Table Text Block]
Changes in redeemable noncontrolling interests were as follows:
(in millions)
for the fiscal years ended September 30, 2024, 2023 and 2022
CIPsMinority InterestsTotal
Balance at October 1, 2021$622.5 $310.5 $933.0 
Net income (loss)(106.1)59.2 (46.9)
Net subscriptions (distributions) and other244.5 (49.2)195.3 
Net consolidations181.3 — 181.3 
Adjustment to fair value— 263.1 263.1 
Balance at September 30, 2022$942.2 $583.6 $1,525.8 
Net income77.4 58.1 135.5 
Net subscriptions (distributions) and other605.5 (86.3)519.2 
Net deconsolidations(1,045.0)— (1,045.0)
Adjustment to fair value— (109.4)(109.4)
Balance at September 30, 2023$580.1 $446.0 $1,026.1 
Net income80.2 47.7 127.9 
Net subscriptions (distributions) and other213.4 (111.4)102.0 
Net deconsolidations(206.1)— (206.1)
Acquisition
20.2 — 20.2 
Adjustment to fair value— 251.7 251.7 
Balance at September 30, 2024$687.8 $634.0 $1,321.8 
v3.24.3
Nonconsolidated Variable Interest Entities (Tables)
 12 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of maximum exposure to loss from nonconsolidated VIEs The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: 
(in millions)
as of September 30, 20242023
Investments$1,074.4 $925.9 
Receivables226.0 206.1 
Total$1,300.4 $1,132.0 
v3.24.3
Taxes on Income (Tables)
 12 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of taxes on income
Taxes on income were as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Current expense
Federal$212.0 $148.1 $174.6 
State54.0 55.6 45.0 
Non-U.S.73.9 67.1 78.6 
Deferred (benefit) expense(124.6)41.5 98.0 
Total$215.3 $312.3 $396.2 
Schedule of income before taxes
Income before taxes consisted of the following:
(in millions)
for the fiscal years ended September 30,202420232022
U.S.$286.3 $819.2 $1,427.2 
Non-U.S.536.9 518.8 302.2 
Total$823.2 $1,338.0 $1,729.4 
Components of deferred tax assets and liabilities
The significant components of deferred tax assets and deferred tax liabilities were as follows:
(in millions)
as of September 30,20242023
Deferred Tax Assets
Capitalized mixed service costs$162.6 $167.5 
Net operating loss and state credit carry-forwards325.8 331.8 
Deferred compensation and benefits210.5 193.8 
Foreign tax credit carry-forwards81.6 99.0 
Operating lease liability
186.4 — 
Debt premium48.6 54.6 
Other116.1 135.7 
Total deferred tax assets1,131.6 982.4 
Valuation allowance(290.5)(292.9)
Deferred tax assets, net of valuation allowance841.1 689.5 
Deferred Tax Liabilities
Goodwill and other purchased intangibles800.8 918.0 
Right of use asset
160.3 — 
Other88.8 90.0 
Total deferred tax liabilities1,049.9 1,008.0 
Net Deferred Tax Liability$208.8 $318.5 
Components of net deferred tax liability as classified in the consolidated balance sheets The components of the net deferred tax liability were classified in the consolidated balance sheets as follows:
(in millions)
as of September 30,20242023
Other assets$76.1 $131.9 
Deferred tax liabilities284.9 450.4 
Net Deferred Tax Liability$208.8 $318.5 
Reconciliation of the amount of tax expense at the federal statutory rate and taxes on income
A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Federal taxes at statutory rate$172.9 21.0 %$281.0 21.0 %$363.2 21.0 %
State taxes, net of federal tax effect
42.8 5.2 %71.3 5.3 %45.6 2.6 %
Tax reserve (release) for audit settlements, net of valuation allowance
0.5 0.1 %(11.4)(0.9 %)(5.3)(0.3 %)
Effect of net income attributable to noncontrolling interests(29.7)(3.6 %)(22.0)(1.6 %)(8.6)(0.5 %)
Effect of non-U.S. operations4.0 0.5 %(14.7)(1.1 %)13.0 0.8 %
Capital loss on investments, net of valuation allowance
7.4 0.9 %(8.8)(0.7 %)— — 
Foreign tax credit valuation allowance release1
5.1 0.6 %7.2 0.5 %(20.6)(1.2 %)
Other
12.3 1.5 %9.7 0.8 %8.9 0.5 %
Tax Provision
$215.3 26.2 %$312.3 23.3 %$396.2 22.9 %
Reconciliation of gross unrecognized tax benefits
A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Balance at beginning of year$138.8 $168.7 $184.3 
Additions for tax positions of prior years1.2 6.1 2.5 
Reductions for tax positions of prior years(4.9)(14.9)(16.0)
Tax positions related to the current year12.1 13.3 18.4 
Settlements with taxing authorities(6.6)(19.9)(0.4)
Expirations of statute of limitations(7.1)(14.5)(20.1)
Balance at End of Year$133.5 $138.8 $168.7 
Schedule of transition tax payable The payment for the Company’s remaining federal portion of the transition tax liability were as follows:
(in millions)Amount
for the fiscal years ending September 30,
2025
$185.2 
2026
231.6 
Total$416.8 
v3.24.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of lease expenses Lease expense was as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Operating lease cost
$188.3 $124.1 $127.9 
Variable lease cost10.3 5.8 8.3 
Finance lease cost0.8 0.6 0.2 
Less: sublease income(13.1)(25.0)(26.7)
Total lease expense$186.3 $105.5 $109.7 
Supplemental cash flow information related to leases
Supplemental cash flow information related to leases was as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Operating cash flows from operating leases included in the measurement of operating lease liabilities$109.6 $125.6 $130.5 
ROU assets obtained in exchange for new/modified operating lease liabilities448.9 45.4 53.4 
Schedule of lease quantitative disclosure of operating leases
The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows:
(in millions)
as of September 30,20242023
Weighted-average remaining lease term
11.4 years8.0 years
Weighted-average discount rate
5.0 %3.2 %
Schedule of maturities of operating lease liabilities
The maturities of the liabilities were as follows:
(in millions)Amount
for the fiscal years ending September 30,
2025$42.3 
2026132.9 
2027128.7 
2028118.9 
2029112.3 
Thereafter818.4 
Total lease payments1,353.5 
Less: interest(388.4)
Operating lease liabilities$965.1 
Schedule of maturities of lease payments due to the Company
The maturities of lease payments due to the Company as of September 30, 2024 were as follows:
(in millions)SubleasesLeases
for the fiscal years ending September 30,
2025$1.7 $49.9 
20265.1 48.8 
20279.1 41.3 
20288.8 27.9 
20298.8 28.6 
Thereafter19.1 58.2 
Total$52.6 $254.7 
v3.24.3
Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of stock-based compensation expenses
Stock-based compensation expenses were as follows:
(in millions)
for the fiscal years ended September 30,202420232022
Stock and stock unit awards$240.3 $174.7 $200.8 
Phantom unit awards13.8 33.2 13.5 
Employee stock investment plan5.8 7.9 7.4 
Total$259.9 $215.8 $221.7 
Summary of stock and stock unit award activity
Stock and stock unit award activity was as follows:
(shares in thousands)Time-Based
Shares		Performance-
Based Shares		Total
Shares		Weighted-Average
Grant-Date
Fair Value
for the fiscal year ended September 30, 2024
Nonvested balance at beginning of year
12,782 3,099 15,881 $23.09 
Granted12,312 935 13,247 25.60 
Vested(8,168)(162)(8,330)24.91 
Forfeited/canceled(332)(558)(890)22.24 
Nonvested Balance at End of Year
16,594 3,314 19,908 $24.03 
v3.24.3
Segment and Geographic Information (Tables)
 12 Months Ended
Sep. 30, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of geographic information
The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location.
(in millions)
as of September 30,20242023
Property and Equipment, Net
United States$758.4 $640.8 
Europe, Middle East and Africa149.2 124.0 
Asia-Pacific33.5 29.7 
Americas excluding United States5.3 5.6 
Total$946.4 $800.1 
v3.24.3
Investment and Other Income (Losses), Net (Tables)
 12 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of investment and other income (losses), net
Investment and other income, net consisted of the following:  
(in millions)
for the fiscal years ended September 30,202420232022
Dividend and interest income$176.9 $159.9 $37.9 
Gains (losses) on investments, net57.6 39.5 (75.4)
Income from investments in equity method investees137.5 45.4 36.2 
Gains (losses) on derivatives, net(16.2)(15.1)20.9 
Rental income43.7 46.3 37.9 
Foreign currency exchange (losses) gains, net(19.9)(26.7)40.6 
Other, net15.9 13.0 (7.0)
Investment and Other Income, Net
$395.5 $262.3 $91.1 
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of changes in accumulated other comprehensive income (loss) by component
Changes in accumulated other comprehensive income (loss) by component were as follows: 
(in millions)Currency
Translation
Adjustments		Unrealized
Losses on
Defined Benefit
Plans		Unrealized
Gains on
Investments		Total
as of and for the fiscal years ended
September 30, 2024, 2023 and 2022
Balance at October 1, 2021$(370.5)$(7.1)$— $(377.6)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax(246.8)2.3 0.4 (244.1)
Reclassifications to compensation and benefits expense, net of tax— (1.5)— (1.5)
Reclassifications to net investment and other income, net of tax2.2 — — 2.2 
Total other comprehensive income (loss)(244.6)0.8 0.4 (243.4)
Balance at September 30, 2022$(615.1)$(6.3)$0.4 $(621.0)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax108.5 (0.6)0.2 108.1 
Reclassifications to compensation and benefits expense, net of tax— (0.7)— (0.7)
Reclassifications to net investment and other income, net of tax4.3 — — 4.3 
Total other comprehensive income (loss)112.8 (1.3)0.2 111.7 
Balance at September 30, 2023$(502.3)$(7.6)$0.6 $(509.3)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications, net of tax89.8 (0.3)(0.1)89.4 
Reclassifications to compensation and benefits expense, net of tax— 0.4 — 0.4 
Total other comprehensive income (loss)89.8 0.1 (0.1)89.8 
Balance at September 30, 2024$(412.5)$(7.5)$0.5 $(419.5)
v3.24.3
Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Line Items]  
Number of reporting unit 1
Stock-based compensation awards vesting period 3 years
Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Intangible assets, estimated useful lives 3 years
Property and equipment, estimated useful lives 3 years
Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Intangible assets, estimated useful lives 16 years
Property and equipment, estimated useful lives 35 years
v3.24.3
Significant Accounting Policies Significant Accounting Policies - Effects of the changes to the previously reported statement of income (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Net cash provided by (used in) operating activities $ 971.3 $ 1,089.2 $ 1,956.7
Net cash used in investing activities (2,423.7) (3,610.3) (3,329.2)
Net cash provided by financing activities 1,415.6 2,106.7 1,585.0
Decrease in cash and cash equivalents 6.5 (380.1) 135.3
Operating Income 407.6 1,102.3 1,773.9
Investment and other income, net 395.5 262.3 91.1
Other income (expenses), net 415.6 235.7 (44.5)
Income before taxes 823.2 1,338.0 1,729.4
Net Income 607.9 1,025.7 1,333.2
Nonredeemable noncontrolling interests 15.2 7.4 88.2
Net income attributable to Franklin Resources, Inc. $ 464.8 882.8 $ 1,291.9
Previously Reported [Member]      
Net cash provided by (used in) operating activities   1,138.7  
Net cash used in investing activities   (3,582.1)  
Net cash provided by financing activities   2,029.0  
Decrease in cash and cash equivalents   (380.1)  
Operating Income   1,102.3  
Investment and other income, net   340.0  
Other income (expenses), net   313.4  
Income before taxes   1,415.7  
Net Income   1,103.4  
Nonredeemable noncontrolling interests   85.1  
Net income attributable to Franklin Resources, Inc.   882.8  
Restatement Adjustment [Member]      
Net cash provided by (used in) operating activities   (49.5)  
Net cash used in investing activities   (28.2)  
Net cash provided by financing activities   77.7  
Decrease in cash and cash equivalents   0.0  
Operating Income   0.0  
Investment and other income, net   (77.7)  
Other income (expenses), net   (77.7)  
Income before taxes   (77.7)  
Net Income   (77.7)  
Nonredeemable noncontrolling interests   (77.7)  
Net income attributable to Franklin Resources, Inc.   0.0  
As Amended [Member]      
Net cash provided by (used in) operating activities   1,089.2  
Net cash used in investing activities   (3,610.3)  
Net cash provided by financing activities   2,106.7  
Decrease in cash and cash equivalents   (380.1)  
Operating Income   1,102.3  
Investment and other income, net   262.3  
Other income (expenses), net   235.7  
Income before taxes   1,338.0  
Net Income   1,025.7  
Nonredeemable noncontrolling interests   7.4  
Net income attributable to Franklin Resources, Inc.   $ 882.8  
v3.24.3
Acquisition - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Jan. 01, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Business Acquisition [Line Items]        
Amortization of intangible assets   $ 338.2 $ 341.1 $ 282.0
Minimum [Member]        
Business Acquisition [Line Items]        
Intangible assets, estimated useful lives   3 years    
Maximum [Member]        
Business Acquisition [Line Items]        
Intangible assets, estimated useful lives   16 years    
Putnam Investments        
Business Acquisition [Line Items]        
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares 31,600      
Cash consideration $ 221.7      
Deferred cash consideration 100.0      
Intangible assets, estimated useful lives   10 years    
Amortization of intangible assets   $ 4.3    
Contingent consideration liabilities $ 375.0      
Proforma Revenue   640.0    
Putnam Investments | 4.9% holding        
Business Acquisition [Line Items]        
Business Combination, Equity Consideration Transferred, Lock-up Period for 4.9% holding 5 years      
Putnam Investments | Great-West Lifeco Inc.        
Business Acquisition [Line Items]        
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent 6.00%      
Putnam Investments | Great-West Lifeco Inc. | five year        
Business Acquisition [Line Items]        
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent 4.90%      
Putnam Investments | remaining shares        
Business Acquisition [Line Items]        
Business Combination, Equity Consideration Transferred, Lock-up Period for 4.9% holding 180 days      
Putnam Investments | Compensation and Benefits        
Business Acquisition [Line Items]        
Business Combination, Integration Related Costs   152.9    
Putnam Investments | General, administrative and other expense [Member]        
Business Acquisition [Line Items]        
Acquisition Related Costs   $ 19.3    
v3.24.3
Acquisitions - Schedule of Purchase Consideration (Details) - Putnam Investments
$ / shares in Units, $ in Millions
Jan. 01, 2024
USD ($)
$ / shares
Business Acquisition [Line Items]  
Equity consideration1, 2 $ 940.1
Cash consideration 221.7
Deferred cash consideration 100.0
Business Combination, Upfront Purchase Consideration (27.4)
Total Purchase Consideration $ 1,234.4
Business Acquisition, Share Price | $ / shares $ 29.79
v3.24.3
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jan. 01, 2024
Sep. 30, 2023
Sep. 30, 2022
Business Acquisition [Line Items]        
Goodwill $ 6,211.4   $ 6,003.8 $ 5,778.6
Putnam Investments | Consolidated Investment Products [Member]        
Business Acquisition [Line Items]        
Cash and cash equivalents   $ 281.4    
Putnam Investments | Initial Estimated Fair Value        
Business Acquisition [Line Items]        
Cash and cash equivalents   101.1    
Receivables   118.9    
Investments, at fair value   111.2    
Property and equipment   87.1    
Goodwill   189.8    
Indefinite-lived intangible assets   542.5    
Definite-lived intangible asset   52.9    
Operating lease right-of-use assets   109.2    
Other assets   20.4    
Compensation and benefits   (57.8)    
Accounts payable and accrued expenses   (40.9)    
Operating lease liabilities   (109.2)    
Other liabilities   (12.1)    
Total Identifiable Net Assets   1,231.6    
Putnam Investments | Initial Estimated Fair Value | Redeemable Noncontrolling Interest [Member]        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   (20.2)    
Putnam Investments | Initial Estimated Fair Value | Nonredeemable Noncontrolling Interest        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   (25.8)    
Putnam Investments | Initial Estimated Fair Value | Consolidated Investment Products [Member]        
Business Acquisition [Line Items]        
Cash and cash equivalents   281.4    
Investments, at fair value   849.5    
Accounts payable and accrued expenses   (259.6)    
Amount of debt assumed   (706.8)    
Putnam Investments | Revised Estimated Fair Value        
Business Acquisition [Line Items]        
Cash and cash equivalents   101.1    
Receivables   118.9    
Investments, at fair value   106.9    
Property and equipment   81.4    
Goodwill   194.5    
Indefinite-lived intangible assets   557.2    
Definite-lived intangible asset   57.7    
Operating lease right-of-use assets   109.2    
Other assets   20.4    
Compensation and benefits   (57.8)    
Accounts payable and accrued expenses   (52.3)    
Operating lease liabilities   (109.2)    
Other liabilities   (12.1)    
Total Identifiable Net Assets   1,234.4    
Putnam Investments | Revised Estimated Fair Value | Redeemable Noncontrolling Interest [Member]        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   (20.2)    
Putnam Investments | Revised Estimated Fair Value | Nonredeemable Noncontrolling Interest        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   (25.8)    
Putnam Investments | Revised Estimated Fair Value | Consolidated Investment Products [Member]        
Business Acquisition [Line Items]        
Cash and cash equivalents   281.4    
Investments, at fair value   849.5    
Accounts payable and accrued expenses   (259.6)    
Amount of debt assumed   (706.8)    
Putnam Investments | Adjustments [Member]        
Business Acquisition [Line Items]        
Cash and cash equivalents   0.0    
Receivables   0.0    
Investments, at fair value   (4.3)    
Property and equipment   (5.7)    
Goodwill   4.7    
Indefinite-lived intangible assets   14.7    
Definite-lived intangible asset   4.8    
Operating lease right-of-use assets   0.0    
Other assets   0.0    
Compensation and benefits   0.0    
Accounts payable and accrued expenses   (11.4)    
Operating lease liabilities   0.0    
Other liabilities   0.0    
Total Identifiable Net Assets   2.8    
Putnam Investments | Adjustments [Member] | Redeemable Noncontrolling Interest [Member]        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   0.0    
Putnam Investments | Adjustments [Member] | Nonredeemable Noncontrolling Interest        
Business Acquisition [Line Items]        
Noncontrolling Interest, Fair Value   0.0    
Putnam Investments | Adjustments [Member] | Consolidated Investment Products [Member]        
Business Acquisition [Line Items]        
Cash and cash equivalents   0.0    
Investments, at fair value   0.0    
Accounts payable and accrued expenses   0.0    
Amount of debt assumed   $ 0.0    
v3.24.3
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share Reconciliation [Abstract]      
Net income attributable to Franklin Resources, Inc. $ 464.8 $ 882.8 $ 1,291.9
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic 32.6 37.7 54.1
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted 32.6 37.7 54.1
Net Income Available to Common Stockholders - basic 432.2 845.1 1,237.8
Net Income Available to Common Stockholders - diluted $ 432.2 $ 845.1 $ 1,237.8
Weighted-average shares outstanding – basic 509.5 490.0 488.7
Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.8 0.6
Weighted-Average Shares Outstanding – Diluted 510.3 490.8 489.3
Earnings per Share [Abstract]      
Basic $ 0.85 $ 1.72 $ 2.53
Diluted $ 0.85 $ 1.72 $ 2.53
v3.24.3
Revenue Narratives (Details)
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]      
Revenue From Sponsored Funds 82.00% 82.00% 81.00%
v3.24.3
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers $ 8,478.0 $ 7,849.4 $ 8,275.3
Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 6,822.2 6,452.9 6,616.8
Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 1,381.0 1,203.7 1,415.0
Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 229.3 152.7 193.0
Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 45.5 40.1 50.5
United States [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 6,357.8 5,880.8 6,126.2
United States [Member] | Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 5,142.8 4,877.1 4,926.6
United States [Member] | Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 979.2 847.3 997.7
United States [Member] | Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 195.3 118.7 153.8
United States [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 40.5 37.7 48.1
Luxembourg [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 1,237.5 1,132.2 1,279.9
Luxembourg [Member] | Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 862.3 803.9 901.1
Luxembourg [Member] | Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 342.8 296.0 341.8
Luxembourg [Member] | Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 31.7 31.5 36.0
Luxembourg [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 0.7 0.8 1.0
Americas Excluding United States [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 268.0 257.1 297.2
Americas Excluding United States [Member] | Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 228.1 216.2 246.5
Americas Excluding United States [Member] | Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 39.8 40.6 50.0
Americas Excluding United States [Member] | Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 0.1 0.3 0.2
Americas Excluding United States [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 0.0 0.0 0.5
Asia-Pacific [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 308.9 308.8 337.2
Asia-Pacific [Member] | Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 283.8 285.6 309.6
Asia-Pacific [Member] | Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 19.2 19.8 25.5
Asia-Pacific [Member] | Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 2.2 2.2 1.4
Asia-Pacific [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 3.7 1.2 0.7
Europe, Middle East and Africa, Excluding Luxembourg [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 305.8 270.5 234.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 305.2 270.1 233.0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 0.0 0.0 0.0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers 0.0 0.0 1.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Earned From Contracts With Customers $ 0.6 $ 0.4 $ 0.2
v3.24.3
Investments - Narratives (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Investments [Abstract]      
Securities Sold under Agreements to Repurchase $ 111.4    
Securities Borrowed, Fair Value of Collateral 121.7    
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities $ 108.1 $ 66.1 $ (128.9)
v3.24.3
Investments - Summary of Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Investment Holdings [Line Items]    
Total investments, at fair value $ 838.0 $ 872.8
Investments in equity method investees 1,219.7 1,089.2
Other investments 280.7 260.0
Total 2,338.4 2,222.0
Sponsored funds and separate accounts [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 509.1 630.5
Investment related to long-term incentive plans [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 271.6 191.6
Other equity and debt investments [Member]    
Investment Holdings [Line Items]    
Investments, at fair value $ 57.3 $ 50.7
v3.24.3
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Sponsored funds and separate accounts [Member]    
Assets [Abstract]    
Investments, at fair value $ 509.1 $ 630.5
Investment related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 271.6 191.6
Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 57.3 50.7
Fair Value, Recurring [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 838.0 872.8
Liability [Abstract]    
Contingent consideration liabilities 28.2 55.0
Liabilities, Fair Value Disclosure 206.3 213.3
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts 178.1 158.3
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 552.9 528.1
Liability [Abstract]    
Contingent consideration liabilities 0.0 0.0
Liabilities, Fair Value Disclosure 178.1 158.3
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts 178.1 158.3
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 168.5 223.2
Liability [Abstract]    
Contingent consideration liabilities 0.0 0.0
Liabilities, Fair Value Disclosure 0.0 0.0
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts 0.0 0.0
Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 7.8 21.8
Liability [Abstract]    
Contingent consideration liabilities 28.2 55.0
Liabilities, Fair Value Disclosure 28.2 55.0
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts 0.0 0.0
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 108.8 99.7
Liability [Abstract]    
Contingent consideration liabilities 0.0 0.0
Liabilities, Fair Value Disclosure 0.0 0.0
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts 0.0 0.0
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]    
Assets [Abstract]    
Investments, at fair value 509.1 630.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 306.3 356.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 157.4 211.9
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 5.2 18.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 40.2 43.6
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 271.6 191.6
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 242.5 168.2
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 29.1 23.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 57.3 50.7
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 4.1 3.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 11.1 11.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 2.6 3.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value $ 39.5 $ 32.7
v3.24.3
Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unfunded commitments $ 14.0 $ 43.1
Nonredeemable Investments with known liquidation periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] $ 32.4 $ 32.1
Liquidation weighted-average period 1 year 10 months 24 days 2 years 10 months 24 days
Nonredeemable Investments With Unknown Liquidation Periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] $ 16.1 $ 17.4
Redeemable Investments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [2] $ 60.3 $ 50.2
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 1.9 years and 2.9 years at September 30, 2024 and 2023.
[2] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
v3.24.3
Fair Value Measurements - Financial Instruments not Measured at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Financial Assets [Abstract]    
Other investments $ 280.7 $ 260.0
Debt 2,780.3 3,052.8
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 3,309.5 3,686.4
Time deposits 9.8 9.9
Debt 2,780.3 3,052.8
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 3,309.5 3,686.4
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Assets [Abstract]    
Time deposits 9.8 9.9
Debt 2,387.0 2,419.4
Equity securities [Member] | Carrying Value [Member]    
Financial Assets [Abstract]    
Other investments 270.9 250.1
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]    
Financial Assets [Abstract]    
Other investments $ 270.9 $ 250.1
v3.24.3
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Property, Plant and Equipment, Net [Abstract]      
Depreciation and amortization $ 129.9 $ 108.2 $ 108.1
v3.24.3
Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment, Net, by Type [Abstract]    
Total cost $ 1,908.1 $ 1,757.4
Less: accumulated depreciation and amortization (961.7) (957.3)
Property and Equipment, Net $ 946.4 800.1
Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 3 years  
Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 35 years  
Buildings and leasehold improvements [Member]    
Property, Plant and Equipment, Net, by Type [Abstract]    
Total cost $ 1,064.3 932.9
Buildings and leasehold improvements [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 5 years  
Buildings and leasehold improvements [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 35 years  
Software [Member]    
Property, Plant and Equipment, Net, by Type [Abstract]    
Total cost $ 426.6 379.1
Software [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 3 years  
Software [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 10 years  
Equipment and Furniture [Member]    
Property, Plant and Equipment, Net, by Type [Abstract]    
Total cost $ 337.9 366.7
Equipment and Furniture [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 3 years  
Equipment and Furniture [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 10 years  
Land [Member]    
Property, Plant and Equipment, Net, by Type [Abstract]    
Total cost $ 79.3 $ 78.7
v3.24.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Definite-lived Intangible Assets, Weighted Average Useful Life 5 years 9 months 18 days    
Impairment of intangible asset $ 389.2 $ 0.0 $ 0.0
Legg Mason [Member]      
Finite-Lived Intangible Assets [Line Items]      
Other Indefinite-Lived Intangible Assets $ 650.0    
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 6,211.4 $ 6,003.8 $ 5,778.6
Indefinite-lived intangible assets 3,851.5 3,672.1  
Definite-lived intangible assets, net 950.6 1,230.1  
Goodwill and Other Intangible Assets, Net $ 11,013.5 $ 10,906.0  
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Balance at beginning of year $ 6,003.8 $ 5,778.6
Acquisitions 189.8 152.6
Purchase price allocation adjustment 4.7 62.0
Foreign exchange revaluation 13.1 10.6
Balance at End of Year $ 6,211.4 $ 6,003.8
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 2,141.0 $ 2,147.0
Accumulated Amortization (1,190.4) (916.9)
Total 950.6 1,230.1
Management contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 1,758.8 1,822.5
Accumulated Amortization (1,061.8) (824.3)
Total 697.0 998.2
Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 367.8 310.1
Accumulated Amortization (115.9) (82.8)
Total 251.9 227.3
Developed software [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 14.4 14.4
Accumulated Amortization (12.7) (9.8)
Total $ 1.7 $ 4.6
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Estimated Remaining Amortization Expense (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2025 $ 406.6  
2026 170.3  
2027 116.1  
2028 70.5  
2029 20.8  
Thereafter 166.3  
Total $ 950.6 $ 1,230.1
v3.24.3
Debt - Narrative (Details) - USD ($)
Sep. 30, 2024
Jul. 15, 2024
Franklin Resources, Inc. [Member]    
Debt Instrument [Line Items]    
Unsecure debt $ 1,600,000,000  
Legg Mason [Member]    
Debt Instrument [Line Items]    
Unsecure debt 1,000,000,000  
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]    
Debt Instrument [Line Items]    
Debt Face Amount $ 350,000,000  
Stated Interest Rate 2.95%  
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]    
Debt Instrument [Line Items]    
Debt Face Amount $ 850,000,000  
Stated Interest Rate 1.60%  
Commercial Paper [Member]    
Debt Instrument [Line Items]    
Line of credit Facility, maximum Borrowing capacity $ 500,000,000  
5-year Revolving Credit Facility    
Debt Instrument [Line Items]    
Line of credit Facility, maximum Borrowing capacity 800,000,000.0  
Notes Due July 2024 [Member] | Legg Mason [Member]    
Debt Instrument [Line Items]    
Debt Face Amount $ 250,000,000 $ 250,000,000
Stated Interest Rate 3.95% 3.95%
Interest Payable   $ 4,900,000
v3.24.3
Debt - Outstanding Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jul. 15, 2024
Sep. 30, 2023
Debt Instrument [Line Items]      
Total $ 2,780.3   $ 3,052.8
Debt issuance costs (8.6)   (9.9)
Franklin Resources, Inc. [Member]      
Debt Instrument [Line Items]      
Senior notes 1,595.5   1,594.9
Legg Mason [Member]      
Debt Instrument [Line Items]      
Total 1,193.4   1,467.8
Notes Due March 2025 [Member] | Franklin Resources, Inc. [Member]      
Debt Instrument [Line Items]      
Senior notes $ 400.0   $ 399.9
Effective Interest Rate 2.97%   2.97%
Debt Face Amount $ 400.0    
Stated Interest Rate 2.85%    
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member]      
Debt Instrument [Line Items]      
Senior notes $ 847.5   $ 847.1
Effective Interest Rate 1.74%   1.74%
Debt Face Amount $ 850.0    
Stated Interest Rate 1.60%    
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member]      
Debt Instrument [Line Items]      
Senior notes $ 348.0   $ 347.9
Effective Interest Rate 3.00%   3.00%
Debt Face Amount $ 350.0    
Stated Interest Rate 2.95%    
Notes Due July 2024 [Member] | Legg Mason [Member]      
Debt Instrument [Line Items]      
Senior notes $ 0.0   $ 254.7
Effective Interest Rate     1.53%
Debt Face Amount $ 250.0 $ 250.0  
Stated Interest Rate 3.95% 3.95%  
Notes Due March 2026 [Member] | Legg Mason [Member]      
Debt Instrument [Line Items]      
Senior notes $ 469.5   $ 482.9
Effective Interest Rate 1.80%   1.80%
Debt Face Amount $ 450.0    
Stated Interest Rate 4.75%    
Notes Due January 2044 [Member] | Legg Mason [Member]      
Debt Instrument [Line Items]      
Senior notes $ 723.9   $ 730.2
Effective Interest Rate 3.38%   3.38%
Debt Face Amount $ 550.0    
Stated Interest Rate 5.625%    
v3.24.3
Consolidated Investment Products - Narrative (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2024
USD ($)
CIPs
Sep. 30, 2023
USD ($)
CIPs
Consolidated Investment Products [Abstract]    
Number of consolidated investment products | CIPs 77 70
Number of CLOs 22 20
Schedule Of Consolidated Investment Products [Line Items]    
Debt, unpaid principal balance $ 2,780.3 $ 3,052.8
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments Company contractually obligated to fund 9.9  
Debt, unpaid principal balance 9,341.5 8,231.8
Collateralized Loan Obligations [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Net gains/losses related to its own economic interests 59.7 19.0
Debt Face Amount 9,282.8 8,281.5
Collateralized Loan Obligations [Member] | CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Debt, unpaid principal balance $ 9,341.5 $ 8,210.0
Collateralized Loan Obligations [Member] | CIPs [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Stated Interest Rate 2.39% 2.39%
Collateralized Loan Obligations [Member] | CIPs [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Stated Interest Rate 13.73% 15.49%
v3.24.3
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
Assets [Abstract]        
Receivables $ 1,479.1 $ 1,348.4    
Investments, at fair value 838.0 872.8    
Total Assets 32,464.5 30,121.2    
Liabilities [Abstract]        
Accounts payable and accrued expenses 551.5 530.0    
Debt 2,780.3 3,052.8    
Other liabilities 907.4 1,286.2    
Total liabilities 17,899.7 16,547.3    
Redeemable Noncontrolling Interests 1,321.8 1,026.1    
Stockholders' Equity [Abstract]        
Franklin Resources, Inc.’s interests 12,508.1 11,916.9    
Nonredeemable noncontrolling interests 734.9 630.9    
Total stockholders’ equity 13,243.0 12,547.8 $ 12,298.9 $ 11,810.6
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 32,464.5 30,121.2    
CIPs [Member]        
Assets [Abstract]        
Cash and cash equivalents 1,099.4 716.0    
Receivables 217.5 166.7    
Investments, at fair value 11,034.9 9,637.2    
Total Assets 12,351.8 10,519.9    
Liabilities [Abstract]        
Accounts payable and accrued expenses 861.3 349.7    
Debt 9,341.5 8,231.8    
Other liabilities 39.9 25.1    
Total liabilities 10,242.7 8,606.6    
Redeemable Noncontrolling Interests 687.8 580.1 $ 942.2 $ 622.5
Stockholders' Equity [Abstract]        
Franklin Resources, Inc.’s interests 1,080.9 1,033.9    
Nonredeemable noncontrolling interests 340.4 299.3    
Total stockholders’ equity 1,421.3 1,333.2    
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity $ 12,351.8 $ 10,519.9    
v3.24.3
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Assets [Abstract]    
Investments, at fair value $ 838.0 $ 872.8
CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 11,034.9 9,637.2
Fair Value, Recurring [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 838.0 872.8
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 552.9 528.1
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 168.5 223.2
Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 7.8 21.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 108.8 99.7
Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 11,948.8 10,106.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 994.0 563.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 10,217.1 8,804.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 550.6 584.9
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 187.1 154.0
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 1,856.3 1,592.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 229.7 210.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 889.4 642.6
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 550.1 584.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 187.1 154.0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 9,178.6 8,044.8
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 9,178.1 8,044.8
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 0.5 0.0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Collateralized Loan Obligations [Member]    
Assets [Abstract]    
Investments, at fair value 9,352.1 8,196.8
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 764.3 352.3
Receivables of CLOs 149.6 116.7
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 764.3 352.3
Receivables of CLOs 0.0 0.0
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs 149.6 116.7
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs 0.0 0.0
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs $ 0.0 $ 0.0
v3.24.3
Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments $ 14.0 $ 43.1
Redeemable Investments [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [1] 60.3 50.2
Nonredeemable Investments With Unknown Liquidation Periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [2] 16.1 17.4
Consolidated Investment Products [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments 42.8 0.0
Consolidated Investment Products [Member] | Redeemable Investments [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [3] 138.1 132.2
Consolidated Investment Products [Member] | Nonredeemable Investments With Unknown Liquidation Periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment $ 49.0 $ 21.8
[1] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
[2] 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 1.9 years and 2.9 years at September 30, 2024 and 2023.
[3] Investments are redeemable on a monthly basis and liquidation periods are unknown.
3Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at September 30, 2024. As of September 30, 2023, there were no investments with unfunded commitments.
v3.24.3
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]    
Balance at beginning of year - assets $ 584.9 $ 1,063.8
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net   (56.4)
Purchases   236.4
Sales   (28.6)
Net deconsolidations   (628.3)
Transfers into Level 3 - assets   3.6
Transfers out of level 3 - assets   (5.6)
Balance at End of Year - assets   584.9
Change in unrealized losses included in net income relating to assets held at end of year   (46.3)
Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Balance at beginning of year - assets 584.9 555.8
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net (80.4) (47.6)
Purchases 57.2 91.9
Sales (29.8) (25.3)
Net deconsolidations (12.5) (10.4)
Transfers into Level 3 - assets 1.1 0.0
Transfers out of level 3 - assets   (0.3)
Balance at End of Year - assets 550.1 584.9
Change in unrealized losses included in net income relating to assets held at end of year (50.9) (46.3)
Acquisition 29.6  
Real estate [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Balance at beginning of year - assets 0.0 268.6
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net   (9.0)
Purchases   86.1
Sales   0.0
Net deconsolidations   (345.7)
Transfers into Level 3 - assets   0.0
Transfers out of level 3 - assets   0.0
Balance at End of Year - assets   0.0
Change in unrealized losses included in net income relating to assets held at end of year   0.0
Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Balance at beginning of year - assets $ 0.0 239.4
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net   0.2
Purchases   58.4
Sales   (3.3)
Net deconsolidations   (293.0)
Transfers into Level 3 - assets   3.6
Transfers out of level 3 - assets   (5.3)
Balance at End of Year - assets   0.0
Change in unrealized losses included in net income relating to assets held at end of year   $ 0.0
v3.24.3
Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details)
$ in Millions
Sep. 30, 2024
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
$ / shares
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value $ 838.0 $ 872.8
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value 11,034.9 9,637.2
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value 1,856.3 1,592.4
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value 9,178.6 8,044.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value 550.1 584.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value $ 214.5 $ 346.0
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 1,000
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input | $ / shares [1] 73.04 23.88
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.098  
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.175  
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.115 0.219
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value $ 291.6 $ 238.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.001 0.112
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.104 0.136
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.081 0.122
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 1.2 11.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 22.8 13.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 10.9 12.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value $ 44.0  
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.068  
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, at fair value $ 0.5 $ 0.0
[1] Based on the relative fair value of the instruments.
v3.24.3
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Financial Liability [Abstract]    
Debt $ 2,780.3 $ 3,052.8
CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 1,099.4 716.0
Financial Liability [Abstract]    
Debt 9,341.5 8,231.8
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 3,309.5 3,686.4
Financial Liability [Abstract]    
Debt 2,780.3 3,052.8
Carrying Value [Member] | CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 335.1 363.7
Financial Liability [Abstract]    
Debt 0.0 21.8
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 3,309.5 3,686.4
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt 2,387.0 2,419.4
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 335.1 363.7
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]    
Financial Liability [Abstract]    
Debt 0.0 8.6
Collateralized Loan Obligations [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt 9,341.5 8,210.0
Collateralized Loan Obligations [Member] | Carrying Value [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt 9,341.5 8,210.0
Collateralized Loan Obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt $ 9,167.3 [1] $ 8,013.2
[1] Substantially all was Level 2.
v3.24.3
Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]    
Debt $ 2,780.3 $ 3,052.8
Consolidated Investment Products [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Debt 9,341.5 8,231.8
Other debt 0.0 $ 21.8
Effective Interest Rate   6.00%
Collateralized Loan Obligations [Member] | Consolidated Investment Products [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Debt $ 9,341.5 $ 8,210.0
Effective Interest Rate 7.36% 7.12%
v3.24.3
Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]    
Total $ 2,780.3 $ 3,052.8
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
2023 0.0  
2024 37.6  
2025 0.0  
2026 0.0  
2027 0.0  
Thereafter 9,303.9  
Total $ 9,341.5  
v3.24.3
Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance $ 2,338.4 $ 2,222.0
Investments, at fair value 838.0 872.8
Collateralized Loan Obligations [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance 9,371.9 8,317.5
Difference between unpaid principal balance and fair value (19.8) (120.7)
Investments, at fair value $ 9,352.1 $ 8,196.8
v3.24.3
Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Noncontrolling Interest [Line Items]      
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance $ 1,026.1    
Acquisition     $ 149.9
Net income 127.9 $ 135.5 (46.9)
Net subscriptions (distributions) and other 108.7 159.8 24.7
Net deconsolidations (45.7) (360.6) (25.7)
Adjustment to fair value (251.7) 109.4 (263.1)
Balance at September 30, 2024 1,321.8 1,026.1  
Minority Interests [Member]      
Noncontrolling Interest [Line Items]      
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance 446.0 583.6 310.5
Acquisition 0.0    
Net income 47.7 58.1 59.2
Net subscriptions (distributions) and other (111.4) (86.3) (49.2)
Net deconsolidations 0.0 0.0 0.0
Adjustment to fair value 251.7 (109.4) 263.1
Balance at September 30, 2024 634.0 446.0 583.6
Redeemable Noncontrolling Interest [Member]      
Noncontrolling Interest [Line Items]      
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance 1,026.1 1,525.8 933.0
Acquisition 20.2    
Net income 127.9 135.5 (46.9)
Net subscriptions (distributions) and other 102.0 519.2 195.3
Net deconsolidations (206.1) (1,045.0) 181.3
Adjustment to fair value 251.7 (109.4) 263.1
Balance at September 30, 2024 1,321.8 1,026.1 1,525.8
Consolidated Investment Products [Member]      
Noncontrolling Interest [Line Items]      
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance 580.1 942.2 622.5
Acquisition 20.2    
Net income 80.2 77.4 (106.1)
Net subscriptions (distributions) and other 213.4 605.5 244.5
Net deconsolidations (206.1) (1,045.0) 181.3
Adjustment to fair value 0.0 0.0 0.0
Balance at September 30, 2024 $ 687.8 $ 580.1 $ 942.2
v3.24.3
Nonconsolidated Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 1,300.4 $ 1,132.0
Investments [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss 1,074.4 925.9
Receivables [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 226.0 $ 206.1
v3.24.3
Taxes on Income - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Income Tax Examination [Line Items]      
Net operating loss and state credit carry-forwards $ 325.8 $ 331.8  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 132.8 132.2 $ 161.9
Foreign tax credit carry-forwards 81.6 99.0  
Increase (decrease) in valuation allowance (2.4) 34.6  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 132.8 132.2 $ 161.9
Accrued interest on uncertain tax positions 23.7 29.5  
Accrued penalties on uncertain tax positions 1.6 $ 2.1  
Estimated decrease in unrecognized tax benefits within the next twelve months 34.5    
Domestic Tax Authority [Member]      
Income Tax Examination [Line Items]      
Net operating loss and state credit carry-forwards 9.4    
Foreign Tax Authority [Member]      
Income Tax Examination [Line Items]      
Net operating loss and state credit carry-forwards 119.1    
State [Member]      
Income Tax Examination [Line Items]      
Net operating loss and state credit carry-forwards $ 135.8    
v3.24.3
Taxes on Income - Narrative - Valuation Allowance (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Valuation Allowance [Line Items]    
Valuation allowance $ 290.5 $ 292.9
Capital loss [Member]    
Valuation Allowance [Line Items]    
Valuation allowance 32.6  
Domestic, State and Foreign Jurisdiction [Member] | Operating loss carryforward [Member]    
Valuation Allowance [Line Items]    
Valuation allowance 170.3  
Foreign Tax Authority [Member] | Tax credit carryforward [Member]    
Valuation Allowance [Line Items]    
Valuation allowance 65.8  
Domestic Tax Authority [Member] | Other tax carryforward [Member]    
Valuation Allowance [Line Items]    
Valuation allowance $ 21.8  
v3.24.3
Taxes on Income - Schedule of Taxes on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Current expense [Abstract]      
Federal $ 212.0 $ 148.1 $ 174.6
State 54.0 55.6 45.0
Non-U.S. 73.9 67.1 78.6
Deferred (benefit) expense (124.6) 41.5 98.0
Total $ 215.3 $ 312.3 $ 396.2
v3.24.3
Taxes on Income - Schedule of Income Before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]      
U.S. $ 286.3 $ 819.2 $ 1,427.2
Non-U.S. 536.9 518.8 302.2
Income before taxes $ 823.2 $ 1,338.0 $ 1,729.4
v3.24.3
Taxes on Income - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Deferred Tax Assets [Abstract]    
Capitalized mixed service costs $ 162.6 $ 167.5
Net operating loss and state credit carry-forwards 325.8 331.8
Deferred compensation and benefits 210.5 193.8
Foreign tax credit carry-forwards 81.6 99.0
Debt premium 48.6 54.6
Other 116.1 135.7
Total deferred tax assets 1,131.6 982.4
Valuation allowance (290.5) (292.9)
Deferred tax assets, net of valuation allowance 841.1 689.5
Deferred Tax Liabilities [Abstract]    
Goodwill and other purchased intangibles 800.8 918.0
Deferred Tax Liabilities, Right-of-Use Asset 160.3 0.0
Other 88.8 90.0
Total deferred tax liabilities 1,049.9 1,008.0
Net Deferred Tax Liability 208.8 318.5
Deferred Tax Assets, Lease Liability $ 186.4 $ 0.0
v3.24.3
Taxes on Income - Components of Net Deferred Tax Liability as Classified in the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]    
Other assets $ 76.1 $ 131.9
Deferred tax liabilities 284.9 450.4
Net Deferred Tax Liability $ 208.8 $ 318.5
v3.24.3
Taxes on Income - Reconciliation of the Amount of Tax Expense at the Federal Statutory Rate and Taxes on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]      
Federal taxes at statutory rate $ 172.9 $ 281.0 $ 363.2
Federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal tax effect $ 42.8 $ 71.3 $ 45.6
State taxes, net of federal tax effect rate 5.20% 5.30% 2.60%
Tax reserve release on audit settlement, net of valuation allowance $ 0.5 $ (11.4) $ (5.3)
Tax reserve release on audit settlement, net of valuation allowance rate 0.10% (0.90%) (0.30%)
Effect of net income attributable to noncontrolling interests $ (29.7) $ (22.0) $ (8.6)
Effect of net income attributable to noncontrolling interest rate (3.60%) (1.60%) (0.50%)
Effect of non-U.S. operations $ 4.0 $ (14.7) $ 13.0
Effect of non-U.S. operation rate 0.50% (1.10%) 0.80%
Capital loss on investment, net of valuation allowance $ 7.4 $ (8.8) $ 0.0
Capital loss on investment, net of valuation allowance rate 0.90% (0.70%) 0.00%
Effective Income Tax Rate Reconciliation, Foreign tax credit valuation allowance release $ 5.1 $ 7.2 $ (20.6)
Effective Income Tax Rate Reconciliation, Foreign tax credit valuation allowance release Percent 0.60% 0.50% (1.20%)
Other $ 12.3 $ 9.7 $ 8.9
Other rate 1.50% 0.80% 0.50%
Tax Provision $ 215.3 $ 312.3 $ 396.2
Effective Tax Rate 26.20% 23.30% 22.90%
v3.24.3
Taxes on Income - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 138.8 $ 168.7 $ 184.3
Additions for tax positions of prior years 1.2 6.1 2.5
Reductions for tax positions of prior years (4.9) (14.9) (16.0)
Tax positions related to the current year 12.1 13.3 18.4
Settlements with taxing authorities (6.6) (19.9) (0.4)
Expirations of statute of limitations (7.1) (14.5) (20.1)
Balance at End of Year $ 133.5 $ 138.8 $ 168.7
v3.24.3
Taxes on Income - Schedule of Transition Tax Payable (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Income Tax Disclosure [Abstract]  
2025 $ 185.2
2026 231.6
Total $ 416.8
v3.24.3
Leases - Lease Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Lease, Cost [Abstract]      
Operating lease cost $ 188.3 $ 124.1 $ 127.9
Variable lease cost 10.3 5.8 8.3
Finance lease cost 0.8 0.6 0.2
Sublease income (13.1) (25.0) (26.7)
Total lease expense $ 186.3 $ 105.5 $ 109.7
v3.24.3
Leases - Cash Flow Supplemental Disclosure (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 109.6 $ 125.6 $ 130.5
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 448.9 $ 45.4 $ 53.4
v3.24.3
Leases - Quantitative Disclosure Of Operating Leases (Details)
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]    
Weighted-average remaining lease term 11 years 4 months 24 days 8 years
Weighted-average discount rate 5.00% 3.20%
v3.24.3
Leases - Operating Lease Liability Maturities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]    
2025 $ 42.3  
2026 132.9  
2027 128.7  
2028 118.9  
2029 112.3  
Thereafter 818.4  
Total lease payments 1,353.5  
Less: interest (388.4)  
Operating lease liabilities $ 965.1 $ 467.8
v3.24.3
Leases - Lessor Operating Lease Payments (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Subleases [Member]  
Lessor, Lease, Description [Line Items]  
2025 $ 1.7
2026 5.1
2027 9.1
2028 8.8
2029 8.8
Thereafter 19.1
Total Leases 52.6
Leases [Member]  
Lessor, Lease, Description [Line Items]  
2025 49.9
2026 48.8
2027 41.3
2028 27.9
2029 28.6
Thereafter 58.2
Total Leases $ 254.7
v3.24.3
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Apr. 24, 2020
Commitments and Contingencies Disclosure [Abstract]    
Assets under Management   $ 3,400.0
Distribution To Unitholders, India Fixed Income Mutual Funds $ 3,300.0  
Interest Accrued On Disgorgement Of Revenue 12.00%  
Committed capital contributions $ 227.0  
Aggregate Monetary Penalties 2.4  
Disgorgement Of Revenue 61.7  
Escrow Deposit $ 34.7  
v3.24.3
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense related to nonvested stock and stock unit awards $ 213.7    
Remaining weighted-average vesting period 1 year 10 months 24 days    
Weighted-average grant-date fair values of stock awards and stock unit awards granted $ 25.60 $ 22.74 $ 34.20
Fair value of stock awards and stock unit awards vested $ 180.4 $ 210.4 $ 147.8
Total shares issued under ESIP 1.0    
Shares reserved for future issuance under ESIP 1.7    
Universal Stock Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized for issuance under the stock plan 165.0    
Number of shares available for grant under stock plan 25.6    
Number of Additional Shares Authorized 25.0    
Equity Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized for issuance under the stock plan 23.0    
Number of shares available for grant under stock plan 13.9    
v3.24.3
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expenses $ 259.9 $ 215.8 $ 221.7
Employee stock investment plan [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expenses 5.8 7.9 7.4
Phantom Share Units (PSUs)      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expenses 13.8 33.2 13.5
Stock and stock unit awards [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expenses $ 240.3 $ 174.7 $ 200.8
v3.24.3
Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested balance at beginning of year 15,881    
Granted 13,247    
Vested (8,330)    
Forfeited/canceled (890)    
Nonvested Balance at End of Year 19,908 15,881  
Nonvested beginning balance, Weighted Average Grant Date Fair Value $ 23.09    
Weighted Average Grant Date Fair Value of shares granted 25.60 $ 22.74 $ 34.20
Weighted Average Grant Date Fair Value of shares vested 24.91    
Weighted Average Grant Date Fair Value of shares forfeited/canceled 22.24    
Nonvested ending balance, Weighted Average Grant Date Fair Value $ 24.03 $ 23.09  
Time-Based Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested balance at beginning of year 12,782    
Granted 12,312    
Vested (8,168)    
Forfeited/canceled (332)    
Nonvested Balance at End of Year 16,594 12,782  
Performance-Based Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested balance at beginning of year 3,099    
Granted 935    
Vested (162)    
Forfeited/canceled (558)    
Nonvested Balance at End of Year 3,314 3,099  
v3.24.3
Defined Contribution Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Retirement Benefits [Abstract]      
Participants annual maximum contribution to defined contribution plan, pre-tax 50.00%    
Percentage of annual bonus eligible for defined contribution to plan 100.00%    
Loss Contingencies [Line Items]      
Expenses recognized for defined contribution plans $ 102.3 $ 93.0 $ 84.9
Other Plan Changes [Member]      
Loss Contingencies [Line Items]      
Plan's employer matching contribution 85.00%    
v3.24.3
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Sep. 30, 2024
segments
Segment Reporting [Abstract]  
Number of operating segments 1
v3.24.3
Segment and Geographic Information - Schedule of Operating Revenues, Property and Equipment by Geographic Areas (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and Equipment, Net $ 946.4 $ 800.1
United States [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and Equipment, Net 758.4 640.8
Europe, Middle East and Africa [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and Equipment, Net 149.2 124.0
Asia-Pacific [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and Equipment, Net 33.5 29.7
Americas excluding United States [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and Equipment, Net $ 5.3 $ 5.6
v3.24.3
Investment and Other Income (Losses), Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Other Income and Expenses [Abstract]      
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities $ 108.1 $ 66.1 $ (128.9)
v3.24.3
Investment and Other Income (Losses), Net - Schedule of Investment and Other Income (Losses), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Other Income and Expenses [Abstract]      
Dividend and interest income $ 176.9 $ 159.9 $ 37.9
Gains (losses) on investments, net 57.6 39.5 (75.4)
Income from investments in equity method investees 137.5 45.4 36.2
Gains (losses) on derivatives, net (16.2) (15.1) 20.9
Rental income 43.7 46.3 37.9
Foreign currency exchange (losses) gains, net (19.9) (26.7) 40.6
Other, net 15.9 13.0  
Other, net     (7.0)
Investment and Other Income, Net $ 395.5 $ 262.3 $ 91.1
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year $ (509.3) $ (621.0) $ (377.6)
Adoption of new accounting guidance 12,508.1 11,916.9  
Other comprehensive income (loss) before reclassifications, net of tax 89.4 108.1 (244.1)
Reclassifications to compensation and benefits expense, net of tax 0.4 (0.7) (1.5)
Reclassifications to net investment and other income, net of tax   4.3 2.2
Total other comprehensive income (loss) 89.8 111.7 (243.4)
Balance at end of year (419.5) (509.3) (621.0)
Currency Translation Adjustments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (502.3) (615.1) (370.5)
Other comprehensive income (loss) before reclassifications, net of tax 89.8 108.5 (246.8)
Reclassifications to compensation and benefits expense, net of tax 0.0 0.0 0.0
Reclassifications to net investment and other income, net of tax   4.3 2.2
Total other comprehensive income (loss) 89.8 112.8 (244.6)
Balance at end of year (412.5) (502.3) (615.1)
Unrealized Losses on Defined Benefit Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (7.6) (6.3) (7.1)
Other comprehensive income (loss) before reclassifications, net of tax (0.3) (0.6) 2.3
Reclassifications to compensation and benefits expense, net of tax 0.4 (0.7) (1.5)
Reclassifications to net investment and other income, net of tax   0.0 0.0
Total other comprehensive income (loss) 0.1 (1.3) 0.8
Balance at end of year (7.5) (7.6) (6.3)
Unrealized Gains on Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year 0.6 0.4 0.0
Other comprehensive income (loss) before reclassifications, net of tax (0.1) 0.2 0.4
Reclassifications to compensation and benefits expense, net of tax 0.0 0.0 0.0
Reclassifications to net investment and other income, net of tax   0.0 0.0
Total other comprehensive income (loss) (0.1) 0.2 0.4
Balance at end of year $ 0.5 $ 0.6 $ 0.4