Debt (Tables)

12 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of outstanding debt

Debt consisted of the following:

(in millions)	2021		Effective Interest Rate		2020		Effective Interest Rate
as of September 30,
Notes issued by Franklin Resources, Inc.
$300 million 2.800% senior notes due September 2022	$	299.9	2.93	%	$	299.8	2.93	%
$400 million 2.850% senior notes due March 2025	399.7		2.97	%	399.7		2.97	%
$850 million 1.600% senior notes due October 2030	846.3		1.74	%	—		N/A
$350 million 2.950% senior notes due August 2051	347.8		3.00	%	—		N/A
Total notes issued by Franklin Resources, Inc.	1,893.7				699.5
Notes issued by Legg Mason (a subsidiary of Franklin)
$250 million 3.950% senior notes due July 2024	266.5		1.53	%	272.4		1.53	%
$450 million 4.750% senior notes due March 2026	509.6		1.80	%	523.0		1.80	%
$550 million 5.625% senior notes due January 2044	742.2		3.38	%	747.5		3.38	%
$250 million 6.375% junior notes due March 2056	—		N/A		260.7		6.08	%
$500 million 5.450% junior notes due September 2056	—		N/A		516.1		5.25	%
Total notes issued by Legg Mason	1,518.3				2,319.7
Debt issuance costs	(12.6)				(2.1)
Total	$	3,399.4			$	3,017.1

Debt of CIPs consisted of the following:

(in millions) as of September 30,	2021			2020
	Amount		Weighted- Average Effective Interest Rate	Amount		Weighted- Average Effective Interest Rate
Debt of CLOs	$	3,634.1	2.11%	$	2,646.9	2.99%
Other debt	36.9		1.95%	153.7		2.97%
Total	$	3,671.0		$	2,800.6