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Consolidated Investment Products (Tables)
 12 Months Ended
Sep. 30, 2021
Consolidated Investment Products [Abstract]  
Schedule of balances of CIPs
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)
as of September 30, 20212020
Assets
Cash and cash equivalents$289.4 $963.0 
Receivables127.8 118.3 
Investments, at fair value5,820.1 4,074.0 
Total Assets$6,237.3 $5,155.3 
Liabilities
Accounts payable and accrued expenses
$558.0 $611.2 
Debt3,671.0 2,800.6 
Other liabilities13.8 12.1 
Total liabilities4,242.8 3,423.9 
Redeemable Noncontrolling Interests
622.5 397.3 
Stockholders’ Equity
Franklin Resources, Inc.’s interests
1,000.7 754.4 
Nonredeemable noncontrolling interests
371.3 579.7 
Total stockholders’ equity1,372.0 1,334.1 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$6,237.3 $5,155.3 
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets of CIPs measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2021
Assets
Cash and cash equivalents of CLOs$145.4 $— $— $— $145.4 
Receivables of CLOs— 84.0 — — 84.0 
Investments
Equity and debt securities310.8 647.3 453.3 343.5 1,754.9 
Loans— 3,955.3 20.5 — 3,975.8 
Real Estate— — 89.4 — 89.4 
Total Assets Measured at Fair Value$456.2 $4,686.6 $563.2 $343.5 $6,049.5 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2020
Assets
Cash and cash equivalents of CLOs$527.3 $— $— $— $527.3 
Receivables of CLOs— 57.8 — — 57.8 
Investments
Equity and debt securities177.6 285.7 322.3 261.1 1,046.7 
Loans— 2,663.2 24.9 — 2,688.1 
Real estate— — 339.2 — 339.2 
Total Assets Measured at Fair Value$704.9 $3,006.7 $686.4 $261.1 $4,659.1 
Schedule of CIPs investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient consist of redeemable global hedge fund, nonredeemable private equity funds and redeemable U.S. equity fund. These investments were as follows:
(in millions)
as of September 30,20212020
Nonredeemable investments1
Investments with known liquidation periods$141.4 $261.1 
Redeemable investments2
202.1 — 
Unfunded commitments3
0.5 94.0 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities		Real EstateLoansTotal
Level 3
Assets
for the fiscal year ended September 30, 2021
Balance at beginning of year$322.3 $339.2 $24.9 $686.4 
Realized and unrealized gains included in investment and other income of consolidated investment products, net122.8 8.3 0.3 131.4 
Purchases105.7 161.7 — 267.4 
Sales and settlements(62.8)— (4.7)(67.5)
Deconsolidations(36.2)(448.8)— (485.0)
Transfers into Level 32.7 18.5 — 21.2 
Transfers out of Level 3(1.9)— — (1.9)
Foreign exchange revaluation0.7 10.5 — 11.2 
Balance at End of Year
$453.3 $89.4 $20.5 $563.2 
Change in unrealized gains included in net income relating to assets held at end of year$123.9 $5.4 $0.5 $129.8 
(in millions)Equity and Debt
Securities		Real EstateLoansTotal
Level 3
Assets
for the fiscal year ended September 30, 2020
Balance at beginning of year$333.8 $152.7 $16.6 $503.1 
Acquisition— 20.3 17.6 37.9 
Realized and unrealized losses included in investment and other income of consolidated investment products, net(47.2)(5.2)(1.8)(54.2)
Purchases84.0 154.9 — 238.9 
Sales and settlements(5.0)— (7.5)(12.5)
Deconsolidations(47.8)— — (47.8)
Transfers into Level 32.2 — — 2.2 
Transfers out of Level 3(1.1)— — (1.1)
Foreign exchange revaluation3.4 16.5 — 19.9 
Balance at End of Year
$322.3 $339.2 $24.9 $686.4 
Change in unrealized losses included in net income relating to assets held at end of year$(47.2)$(5.2)$(1.8)$(54.2)
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, 2021Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$301.1 Market pricingPrivate sale pricing
$0.39–$100.00 ($19.34) per share
102.3 Market comparable companiesEnterprise value/
EBITDA multiple
6.0–20.6 (13.7)
Discount for lack of marketability
6.0%–25.5% (17.6%)
Enterprise value/
Revenue multiple
0.6–7.2 (5.1)
Price-to-book value ratio
0.7–1.8 (1.4)
Control premium20%
Price-to-earnings ratio28.8
49.9 Discounted cash flowDiscount rate
3.3%–6.3% (4.3%)
Real estate89.4 Discounted cash flowDiscount rate
5.8%–6.0% (5.9%)
Exit capitalization rate
5.0%–5.3% (5.1%)
(in millions)
as of September 30, 2020Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$119.8 Discounted cash flowDiscount rate
4.0%–23.0% (11.4%)
Discount for lack of marketability17.0%
Risk premium
9.7%–19.3% (16.7%)
108.5 Market comparable companiesEnterprise value/
EBITDA multiple
7.0–19.1 (10.8)
Discount for lack of marketability
20.0%–25.2% (21.9%)
Price-to-earnings ratio
9.4–10.0 (9.7)
Risk premium55.0%
Enterprise value/
Revenue multiple		7.5
94.0 Market pricingPrivate sale pricing
$0.02–$100.00 ($13.01) per share
Real estate231.8 Discounted cash flowDiscount rate
4.5%–6.5% (5.2%)
Exit capitalization rate6.0%
107.4 Yield capitalizationEquivalent yield
4.3%–6.1% (5.2%)
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		20212020
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Asset
Cash and cash equivalents 1$144.0 $144.0 $435.7 $435.7 
Financial Liabilities
Debt of CLOs1
2 or 33,634.1 3,610.6 2,646.9 2,683.2 
Other debt336.9 36.6 153.7 155.2 
Schedule of debt of CIPs
Debt consisted of the following:
(in millions)2021Effective
Interest Rate		2020Effective
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/A260.7 6.08 %
$500 million 5.450% junior notes due September 2056
— N/A516.1 5.25 %
Total notes issued by Legg Mason1,518.3 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,
20212020
AmountWeighted-
Average
Effective
Interest
Rate		AmountWeighted-
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 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for debt of CIPs at September 30, 2021 were as follows: 
(in millions)
for the fiscal years ending September 30,Amount
2022$72.9 
2023— 
2024— 
20259.8 
2026— 
Thereafter3,588.3 
Total$3,671.0 
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 30,20212020
Unpaid principal balance$3,951.1 $2,809.8 
Difference between unpaid principal balance and fair value20.9 (146.6)
Fair Value$3,972.0 $2,663.2