Cover Page Document and Entity
Cover Page Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 03, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-08529 | |
Entity Registrant Name | LEGG MASON, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 52-1200960 | |
Entity Address, Address Line One | 100 International Drive | |
Entity Address, City or Town | Baltimore | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21202 | |
City Area Code | 410 | |
Local Phone Number | 539-0000 | |
Title of 12(b) Security | Common stock, $0.10 par value | |
Trading Symbol | LM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 86,892,028 | |
Entity Central Index Key | 0000704051 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Receivables: | ||
Fixed assets, net | $ 138,835 | $ 149,989 |
Operating and Finance Lease, Right-of-Use Asset | 295,665 | 0 |
Current Liabilities | ||
Long-term Debt, Current Maturities | 0 | 250,301 |
Operating and FInance Lease, Liability, Current | 77,377 | 0 |
Operating and Finance Lease Liability, Noncurrent | 285,911 | 0 |
Long-term debt, net | 1,972,413 | 1,971,451 |
REDEEMABLE NONCONTROLLING INTERESTS | $ 668,353 | $ 692,376 |
STOCKHOLDERS' EQUITY | ||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 86,821,437 | 85,556,562 |
Liability, Defined Benefit Pension Plan, Noncurrent | $ 30,266 | $ 33,335 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Current Assets | ||
Cash and Cash Equivalents | 823,665 | 921,071 |
Restricted Cash and Cash Equivalents, Current | 17,666 | 21,213 |
Receivables: | ||
Investment securities | 408,945 | 377,129 |
Other current assets | 85,410 | 82,131 |
Other non-current assets | 157,938 | 145,254 |
Current Liabilities | ||
Other current liabilities | 101,150 | 99,479 |
Consolidated Investment Vehicles [Member] | ||
Current Assets | ||
Cash and Cash Equivalents | 7,320 | 4,219 |
Receivables: | ||
Investment securities | 105,810 | 129,627 |
Other current assets | 406 | 1,889 |
Other non-current assets | 3,942 | 8,993 |
Current Liabilities | ||
Other current liabilities | 1,363 | 5,742 |
Consolidated Legg Mason, Inc. | ||
Receivables: | ||
Investment advisory and related fees | 461,790 | 425,470 |
Other receivables | 64,920 | 57,107 |
Total Current Assets | 1,975,932 | 2,019,856 |
Fixed assets, net | 138,835 | 149,989 |
Intangible assets, net | 3,377,517 | 3,386,759 |
Goodwill | 1,896,097 | 1,883,554 |
Deferred income taxes | 193,792 | 199,717 |
TOTAL ASSETS | 8,039,718 | 7,794,122 |
Current Liabilities | ||
Accrued compensation | 591,554 | 571,301 |
Accounts Payable and Accrued Liabilities, Current | 159,415 | 182,921 |
Total Current Liabilities | 930,859 | 1,109,744 |
Deferred compensation | 104,819 | 85,548 |
Deferred income taxes | 181,115 | 123,420 |
Other non-current liabilities | 60,971 | 122,044 |
Long-term debt, net | 1,972,413 | 1,971,451 |
TOTAL LIABILITIES | 3,536,088 | 3,412,207 |
REDEEMABLE NONCONTROLLING INTERESTS | 668,353 | 692,376 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10; authorized 500,000,000 shares; issued 85,533,667 shares for December 31, 2018 and 84,606,408 shares for March 31, 2017 | 8,682 | 8,556 |
Additional paid-in capital | 2,119,181 | 2,039,671 |
Employee stock trust | (20,108) | (21,416) |
Deferred compensation employee stock trust | 20,108 | 21,416 |
Retained Earnings (Accumulated Deficit) | 1,804,251 | 1,742,764 |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | (127,402) | (131,236) |
Stockholders' Equity Attributable to Parent | 3,804,712 | 3,659,755 |
TOTAL STOCKHOLDERS' EQUITY | 3,835,277 | 3,689,539 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,039,718 | 7,794,122 |
Management Equity Plan [Member] | Royce [Member] | ||
STOCKHOLDERS' EQUITY | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 30,565 | $ 29,784 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING REVENUES | ||||
Total Operating Revenues | $ 753,914 | $ 704,322 | $ 2,202,538 | $ 2,210,654 |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 16,228 | 10,498 | 41,895 | 31,043 |
Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Total Operating Revenues | 753,914 | 704,322 | 2,202,538 | 2,210,654 |
OPERATING EXPENSES | ||||
Compensation and benefits | 375,033 | 316,876 | 1,132,588 | 1,043,329 |
Distribution and servicing | 104,363 | 108,842 | 313,368 | 339,959 |
Communications and technology | 57,101 | 56,664 | 166,328 | 170,893 |
Occupancy | 32,490 | 24,077 | 84,923 | 76,333 |
Amortization of intangible assets | 6,004 | 6,089 | 16,903 | 18,371 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 365,200 | 365,200 | ||
Contingent consideration fair value adjustments | 0 | 0 | (1,165) | 571 |
Other | 48,929 | 63,001 | 150,687 | 171,021 |
Total Operating Expenses | 623,920 | 940,749 | 1,863,632 | 2,185,677 |
OPERATING INCOME | 129,994 | (236,427) | 338,906 | 24,977 |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Interest income | 2,882 | 3,126 | 9,539 | 7,992 |
Interest expense | (27,032) | (28,770) | (82,846) | (88,547) |
Total Other Non-Operating Income (Expense) | (5,327) | (30,317) | (29,337) | (71,764) |
INCOME BEFORE INCOME TAX PROVISION | 124,667 | (266,744) | 309,569 | (46,787) |
Income tax provision | 33,664 | (60,354) | 80,466 | 165 |
NET INCOME | 91,003 | (206,390) | 229,103 | (46,952) |
Net Income (Loss) Attributable to Noncontrolling Interest | 16,228 | 10,498 | 41,895 | 31,043 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ 74,775 | $ (216,888) | $ 187,208 | $ (77,995) |
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS | ||||
Basic (in dollars per share) | $ 0.83 | $ (2.55) | $ 2.09 | $ (0.95) |
Diluted (in dollars per share) | $ 0.83 | $ (2.55) | $ 2.08 | $ (0.95) |
Consolidated Investment Vehicles [Member] | ||||
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Other income (expense), net | $ 814 | $ 2,369 | $ 14,904 | $ 1,954 |
Separate Accounts [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 266,609 | 256,657 | 791,488 | 778,119 |
Mutual Funds [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 378,995 | 361,173 | 1,121,572 | 1,128,660 |
Performance Fees [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39,407 | 12,619 | 81,137 | 68,529 |
Distribution and Shareholder Service [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,634 | 72,185 | 204,635 | 230,449 |
Service, Other [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,269 | 1,688 | 3,706 | 4,897 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
OPERATING REVENUES | ||||
Total Operating Revenues | 753,983 | 704,477 | 2,202,888 | 2,211,115 |
OPERATING EXPENSES | ||||
Total Operating Expenses | 623,817 | 940,561 | 1,862,253 | 2,184,807 |
OPERATING INCOME | 130,166 | (236,084) | 340,635 | 26,308 |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Other income (expense), net | 18,009 | (7,042) | 29,066 | 6,837 |
Total Other Non-Operating Income (Expense) | (7,300) | (32,158) | (40,072) | (74,131) |
INCOME BEFORE INCOME TAX PROVISION | 122,866 | (268,242) | 300,563 | (47,823) |
Income tax provision | 33,664 | (60,354) | 80,466 | 165 |
NET INCOME | 89,202 | (207,888) | 220,097 | (47,988) |
Net Income (Loss) Attributable to Noncontrolling Interest | 14,427 | 9,000 | 32,889 | 30,007 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ 74,775 | $ (216,888) | $ 187,208 | $ (77,995) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Consolidated Legg Mason, Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME | $ 91,003 | $ (206,390) | $ 229,103 | $ (46,952) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 43,933 | (14,012) | 3,761 | (82,032) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1,174) | 354 | 73 | 1,447 |
Total other comprehensive income (loss) | 42,759 | (13,658) | 3,834 | (80,585) |
COMPREHENSIVE INCOME | 133,762 | (220,048) | 232,937 | (127,537) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (16,224) | 11,425 | (42,728) | 36,052 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC. | 149,986 | (231,473) | 275,665 | (163,589) |
AOCI Attributable to Parent [Member] | ||||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (1,174) | 354 | 73 | 1,447 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 43,933 | $ (14,012) | $ 3,761 | $ (82,032) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc.COMMON STOCK | Consolidated Legg Mason, Inc.ADDITIONAL PAID-IN CAPITAL | Consolidated Legg Mason, Inc.EMPLOYEE STOCK TRUST | Consolidated Legg Mason, Inc.DEFERRED COMPENSATION EMPLOYEE STOCK TRUST | Consolidated Legg Mason, Inc.RETAINED EARNINGS | Consolidated Legg Mason, Inc.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET | Royce [Member] | Management Equity Plan [Member]Royce [Member] |
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2014-09 [Member] | $ 12,263 | |||||||||
Stockholders' Equity Attributable to Parent, Beginning of Period at Mar. 31, 2018 | $ 8,461 | $ 1,976,364 | $ (21,996) | $ 21,996 | 1,894,762 | $ (55,182) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Mar. 31, 2018 | $ 27,731 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 6,583 | 6,583 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (25,538) | (6,820) | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 19 | |||||||||
Stock options exercised | 5,814 | |||||||||
Deferred compensation employee stock trust | 1 | 468 | ||||||||
Stock-based compensation | 112 | 49,195 | ||||||||
Employee tax withholdings by settlement of net share transactions | (40) | (15,506) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 12,251 | |||||||||
Shares Issued to plans | (469) | 469 | ||||||||
Distributions and forfeitures | 1,082 | (1,082) | ||||||||
Net Income Attributable to Legg Mason, Inc. | $ (77,995) | (77,995) | ||||||||
Dividends declared | (90,345) | |||||||||
Vesting/Change in Estimated Redemption Value | (14,868) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 1,447 | (82,032) | ||||||||
Foreign currency translation adjustment | (82,032) | 1,447 | ||||||||
Ending Balance at Dec. 31, 2018 | 3,652,683 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2018 | 3,625,189 | 8,553 | 2,028,586 | (21,383) | 21,383 | $ 1,723,817 | (135,767) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Dec. 31, 2018 | 27,494 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.02 | |||||||||
Stockholders' Equity Attributable to Parent, Beginning of Period at Sep. 30, 2018 | 8,550 | 2,013,541 | (22,117) | 22,117 | $ 1,981,939 | (122,109) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Sep. 30, 2018 | 28,074 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,646 | 1,646 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (2,226) | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | 3 | |||||||||
Stock options exercised | 583 | |||||||||
Deferred compensation employee stock trust | 1 | 166 | ||||||||
Stock-based compensation | 0 | 14,380 | ||||||||
Employee tax withholdings by settlement of net share transactions | (1) | (84) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 0 | |||||||||
Shares Issued to plans | (167) | 167 | ||||||||
Distributions and forfeitures | 901 | (901) | ||||||||
Net Income Attributable to Legg Mason, Inc. | (216,888) | (216,888) | ||||||||
Dividends declared | (28,904) | |||||||||
Vesting/Change in Estimated Redemption Value | (12,330) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 354 | (14,012) | ||||||||
Foreign currency translation adjustment | (14,012) | 354 | ||||||||
Ending Balance at Dec. 31, 2018 | 3,652,683 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2018 | 3,625,189 | 8,553 | 2,028,586 | (21,383) | 21,383 | $ 1,723,817 | (135,767) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Dec. 31, 2018 | 27,494 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.34 | |||||||||
Stockholders' Equity Attributable to Parent, Beginning of Period at Mar. 31, 2019 | 3,659,755 | 8,556 | 2,039,671 | (21,416) | 21,416 | $ 1,742,764 | (131,236) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Mar. 31, 2019 | 29,784 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 5,300 | 5,300 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (22,775) | (4,519) | ||||||||
Beginning Balance at Mar. 31, 2019 | 3,689,539 | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | 37 | |||||||||
Stock options exercised | 11,612 | |||||||||
Deferred compensation employee stock trust | 1 | 525 | ||||||||
Stock-based compensation | 129 | 55,866 | ||||||||
Employee tax withholdings by settlement of net share transactions | (41) | (13,862) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 25,369 | |||||||||
Shares Issued to plans | (526) | 526 | ||||||||
Distributions and forfeitures | 1,834 | (1,834) | ||||||||
Net Income Attributable to Legg Mason, Inc. | 187,208 | 187,208 | ||||||||
Dividends declared | (109,968) | |||||||||
Vesting/Change in Estimated Redemption Value | (15,753) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 73 | 3,761 | ||||||||
Foreign currency translation adjustment | 3,761 | 73 | ||||||||
Ending Balance at Dec. 31, 2019 | 3,835,277 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2019 | 3,804,712 | 8,682 | 2,119,181 | (20,108) | 20,108 | $ 1,804,251 | (127,402) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Dec. 31, 2019 | 30,565 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.20 | |||||||||
Stockholders' Equity Attributable to Parent, Beginning of Period at Sep. 30, 2019 | 8,678 | 2,103,791 | (20,003) | 20,003 | $ 1,777,014 | (170,161) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Sep. 30, 2019 | 29,803 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 1,962 | 1,962 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,200) | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | 1 | |||||||||
Stock options exercised | 309 | |||||||||
Deferred compensation employee stock trust | 0 | 181 | ||||||||
Stock-based compensation | 3 | 15,359 | ||||||||
Employee tax withholdings by settlement of net share transactions | 0 | (459) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 0 | |||||||||
Shares Issued to plans | (181) | 181 | ||||||||
Distributions and forfeitures | 76 | (76) | ||||||||
Net Income Attributable to Legg Mason, Inc. | 74,775 | 74,775 | ||||||||
Dividends declared | (36,179) | |||||||||
Vesting/Change in Estimated Redemption Value | (11,359) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1,174) | 43,933 | ||||||||
Foreign currency translation adjustment | 43,933 | (1,174) | ||||||||
Ending Balance at Dec. 31, 2019 | 3,835,277 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2019 | $ 3,804,712 | $ 8,682 | $ 2,119,181 | $ (20,108) | $ 20,108 | $ 1,804,251 | $ (127,402) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Dec. 31, 2019 | $ 30,565 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Other Tax Expense (Benefit) | $ 2,164 | $ 700 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (22,775) | (25,538) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) |
Proceeds from (Payments to) Noncontrolling Interests | (31,307) | (36,328) |
Cash Acquired from Acquisition | 992 | |
Proceeds from Income Tax Refunds | 3,736 | 251 |
Consolidated Legg Mason, Inc. | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 229,103 | (46,952) |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Depreciation and amortization | 51,000 | 54,031 |
Accretion and amortization of securities discounts and premiums, net | 921 | 1,591 |
Stock-based compensation | 57,949 | 49,975 |
Deferred income taxes | 71,648 | (19,634) |
Contingent consideration fair value adjustments | (1,165) | 571 |
Other | 629 | 286 |
Decrease (increase) in assets: | ||
Investment advisory and related fees receivable | (35,807) | 38,170 |
Net (purchases) sales of trading and other current investments | (12,316) | 20,375 |
Other receivables | (13,744) | (16,555) |
Increase (decrease) in liabilities: | ||
Accrued compensation | 20,084 | 51,796 |
Deferred compensation | 19,271 | (10,464) |
Accounts payable and accrued expenses | (25,259) | 31,130 |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 377,084 | 443,989 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments to Acquire Businesses, Net of Cash Acquired | (10,247) | 0 |
Payments for fixed assets | (23,209) | (38,062) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (39,079) | (26,928) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (102,044) | (84,630) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (27,906) | (32,358) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (10,547) | (16,528) |
Employee Tax Withholdings Related to net share transaction | (13,903) | (15,547) |
Issuance of common stock for stock-based compensation | 12,175 | 6,029 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (425,110) | (309,181) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (12,871) | (16,470) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (99,975) | 91,410 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 950,795 | 773,765 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 850,820 | 865,175 |
Income Taxes Paid, Net | 14,664 | 30,542 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 67,718 | 69,748 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 220,097 | (47,988) |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Net unrealized losses (gains) on investments | (20,816) | 40,446 |
Net losses (gains) on investments | (9,739) | (36,495) |
Decrease (increase) in assets: | ||
Other assets | 229 | (6,282) |
Increase (decrease) in liabilities: | ||
Other liabilities | 9,510 | (83,376) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Sale, Maturity and Collection of Investments | 7,170 | 10,211 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash and Cash Equivalents | 823,665 | 835,168 |
Restricted Cash and Cash Equivalents, Current | 17,666 | 22,336 |
Restricted Cash and Cash Equivalents, Noncurrent | 2,169 | 4,143 |
Consolidated Investment Vehicles [Member] | ||
Adjustments to reconcile Net Income to net cash used in operations: | ||
Net losses (gains) on investments | (14,904) | (1,954) |
Decrease (increase) in assets: | ||
Other assets | 54,869 | (751) |
Increase (decrease) in liabilities: | ||
Other liabilities | (4,379) | 10,717 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from (Payments to) Noncontrolling Interests | (32,635) | (36,328) |
Cash and Cash Equivalents | 7,320 | 3,528 |
Consolidated Legg Mason, Inc. | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 229,103 | (46,952) |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Contingent consideration fair value adjustments | (1,165) | 571 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 365,200 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 923 |
Other Payments to Acquire Businesses | (12,793) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Debt | (250,000) | 0 |
QS Investors [Domain] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment for Contingent Consideration Liability, Financing Activities | (250) | (4,319) |
Short-term Debt [Member] | Consolidated Legg Mason, Inc. | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Debt | $ 0 | $ (125,500) |
Interim Basis of Accounting Int
Interim Basis of Accounting Interim Basis of Accounting | 9 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Interim Basis of Reporting The accompanying unaudited interim consolidated financial statements of Legg Mason, Inc. and its subsidiaries (collectively “Legg Mason”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The interim consolidated financial statements have been prepared using the interim basis of reporting and, as such, reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the amounts reported in the interim consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates and the differences could have a material impact on the interim consolidated financial statements. Terms such as “we,” “us,” “our,” and “Company” refer to Legg Mason. The nature of Legg Mason's business is such that the results of any interim period are not necessarily indicative of the results of a full year. Certain disclosures included in the Company's annual report are not required to be included on an interim basis in the Company's Quarterly Reports on Form 10-Q. The Company has condensed or omitted these disclosures. Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation. The information contained in the interim consolidated financial statements should be read in conjunction with the consolidated financial statements contained within Legg Mason's latest Annual Report on Form 10-K filed with the SEC. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Leases Effective April 1, 2019 Legg Mason adopted updated accounting guidance on leases which requires right-of-use ("ROU") assets and lease liabilities to be recorded on the balance sheet for leases. The guidance specifies that at the inception of a contract, an entity must determine whether the contract is or contains a lease. The contract is or contains a lease if the contract conveys the right to control the use of the property, plant, or equipment for a designated term in exchange for consideration. Legg Mason’s evaluation of its contracts to determine whether they are or contain a lease involves assessing whether there is a right to obtain substantially all of the economic benefits from the use and the right to direct the use of the identified asset in the contract. Legg Mason adopted the guidance on a modified retrospective basis as of April 1, 2019, such that related amounts in prior periods have not been restated. Legg Mason has operating leases that primarily relate to real property and financing leases that relate to equipment. As a practical expedient, Legg Mason has elected to not capitalize leases with a term of 12 months or less without a purchase option that it is likely to exercise. Also as a practical expedient for disclosure, Legg Mason has elected to not separate lease and non-lease components on operating and financing leases. Lease components are payment items directly attributable to the use of the underlying asset, while non-lease components are explicit elements of a contract not directly related to the use of the underlying asset, including pass through operating expenses such as common area maintenance, real estate taxes and utilities. ROU assets and lease liabilities are recognized on the consolidated balance sheet at the present value of the future lease payments over the life of the lease term. As implicit rates for leases are not determinable, the Company uses discount rates based on incremental borrowing rates, on a collateralized basis, for the respective underlying assets, for terms similar to the respective leases. Lease costs are included as Occupancy expense in the Consolidated Statements of Income (Loss). Fixed base payments on operating leases paid directly to the lessor are recorded as lease expense on a straight-line basis. Related variable payments based on usage, changes in an index or market rate are expensed as incurred. Payments on financing leases are recorded as lease expense on a level-yield basis. Upon adoption on April 1, 2019, Legg Mason recorded ROU assets of $342,418 and lease liabilities of $411,115 related to its real property operating leases and equipment financing leases. As further discussed in Note 8 , Legg Mason has subleased or has vacated and is pursuing subleases for certain office space. As of March 31, 2019, the lease reserve liability for subleased space and vacated space for which subleases were being pursued of $24,063 was included in other current and non-current liabilities on the Consolidated Balance Sheet under prior accounting guidance. Upon adoption of the updated guidance, the existing lease reserve liability was reclassified as a reduction of the ROU assets. ROU assets are tested for impairment when circumstances indicate that the carrying values may not be recoverable. The adoption of this guidance did not require a cumulative effect adjustment or have a material impact on the Consolidated Statements of Income (Loss) or Consolidated Statements of Cash Flows. See Note 8 for additional information. Income Taxes During the three months ended December 31, 2018, discrete tax expenses of approximately $14,100 related to uncertain federal, state and local tax positions (including those related to the Tax Cuts and Jobs Act of 2017), along with approximately $700 of other discrete tax expenses, reduced the effective income tax rate by 5.5 percentage points for the three months ended December 31, 2018. Also, during the three months ended September 30, 2018 and June 30, 2018, tax benefits totaling $2,800 related to the completion of a prior year tax audit along with $1,100 related to other discrete expenses were recognized. Together, the net impact of these discrete tax items reduced the effective income tax rate by 27.4 percentage points for the nine months ended December 31, 2018. Recent Accounting Developments In January 2017, the Financial Accounting Standards Board ("FASB") updated guidance to simplify the test for goodwill impairment. The updated guidance still requires entities to perform annual goodwill impairment tests by comparing the fair value of a reporting unit with its related carrying amount, but it eliminates the requirement to potentially calculate the implied fair value of goodwill to determine the amount of impairment, if any. Under the new guidance, an entity should recognize an impairment charge if the reporting unit's carrying amount exceeds the reporting unit’s fair value, in the amount of such excess. The guidance will be effective in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. In August 2018, the FASB updated the guidance to clarify accounting for implementation costs incurred for a cloud computing arrangement that is a service contract. The update conforms the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the accounting guidance that provides for capitalization of costs incurred to develop or obtain internal-use-software. The updated guidance is effective for Legg Mason in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. In August 2018, the FASB also updated the guidance for fair value measurements. The updated guidance modifies disclosure requirements based on the revised FASB Conceptual Framework for Financial Reporting finalized in August 2018 to improve effectiveness of financial statement disclosures. The updated guidance will be effective in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Dec. 31, 2019 | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Disclosures [Text Block] | Investments and Fair Value of Assets and Liabilities The disclosures below include details of Legg Mason's financial assets and financial liabilities that are measured at fair value and net asset value ("NAV"), excluding the financial assets and financial liabilities of consolidated investment vehicles ("CIVs"). See Note 16 , Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the assets and liabilities of CIVs that are measured at fair value or NAV. The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs: As of December 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 429,557 $ 13,098 $ — $ — $ 442,655 Equity investments: (2) Seed capital investments 73,738 29,352 21,546 1,650 126,286 Investments related to long-term incentive plans 258,040 — — — 258,040 Other investments 14,965 2,027 — — 16,992 Equity method investments: (3) Seed capital investments (4) — — 43,340 12,035 55,375 Investments related to long-term incentive plans (2) — — — 7,625 7,625 Other investments (4) — — 53 9,533 9,586 Adjusted cost investments (4) — 73 26,366 — 26,439 Derivative assets (5) 3,074 — — — 3,074 Total $ 779,374 $ 44,550 $ 91,305 $ 30,843 $ 946,072 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (3,376 ) $ — $ (3,376 ) Derivative liabilities (5) (1,362 ) — — — (1,362 ) Total $ (1,362 ) $ — $ (3,376 ) $ — $ (4,738 ) As of March 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 556,231 $ 20,160 $ — $ — $ 576,391 Equity investments: (2) Seed capital investments 98,276 30,601 1,455 2,183 132,515 Investments related to long-term incentive plans 211,802 — — — 211,802 Other investments 19,486 2,142 — — 21,628 Equity method investments: (3) Seed capital investments (4) — — 40,854 10,675 51,529 Investments related to long-term incentive plans (2) — — — 11,184 11,184 Other investments (4) — — 1,218 10,251 11,469 Adjusted cost investments (4) — 74 12,171 — 12,245 Derivative assets (5) 4,183 — — — 4,183 Total $ 889,978 $ 52,977 $ 55,698 $ 34,293 $ 1,032,946 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (1,415 ) $ — $ (1,415 ) Derivative liabilities (5) (7,579 ) — — — (7,579 ) Total $ (7,579 ) $ — $ (1,415 ) $ — $ (8,994 ) (1) Cash investments in actively traded money market funds are classified as Level 1. Cash investments in time deposits and other are measured at amortized cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization and are classified as Level 2. (2) Included in Investment securities on the Consolidated Balance Sheets. (3) Primarily investments in private equity and real estate funds. These equity method investments are investment companies that primarily record underlying investments at fair value. Therefore, the fair value of these investments is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee. Other equity method investments not measured at fair value on a recurring basis of $27,051 and $28,160 as of December 31, 2019 and March 31, 2019, respectively, are excluded from the tables above. (4) Included in Other noncurrent assets in the Consolidated Balance Sheets. (5) See Note 14 . (6) See Note 9 . The net realized and unrealized gains (losses) for investment securities classified as equity investments were $25,698 and $(34,793) for the three months ended December 31, 2019 and 2018, respectively, and $30,938 and $(25,246) for the nine months ended December 31, 2019 and 2018, respectively. The net unrealized gains (losses) relating to equity investments still held as of the reporting date were $21,441 and $(38,741) for the three months ended December 31, 2019 and 2018, respectively, and $13,765 and $(51,313) for the nine months ended December 31, 2019 and 2018, respectively. Seed capital investments represent investments made by Legg Mason to fund new investment products and strategies. As of December 31, 2019 and March 31, 2019, seed capital investments totaled $220,077 and $227,756 , respectively, with investments in excess of $1,000 in 45 funds and 52 funds, respectively, comprising over 90% of the total at each period end. Seed capital investments presented in the tables above exclude $38,416 and $43,712 , as of December 31, 2019 and March 31, 2019, respectively, which is related to Legg Mason's investments in CIVs. See Note 16 for additional information regarding Legg Mason's investments in CIVs. The changes in financial assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3) are presented in the tables below: Balance as of September 30, 2019 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of December 31, 2019 Assets: Equity investments - seed capital $ 20,200 $ 1,000 — — — 346 21,546 Equity method investments: Seed capital investments 43,252 283 — (2,073 ) — 1,878 43,340 Other 1,297 — — (1,209 ) — (35 ) 53 Adjusted cost investments 22,869 3,497 — — — — 26,366 $ 87,618 $ 3,780 $ — $ (3,282 ) $ — $ 1,843 $ 91,305 Liabilities: Contingent consideration liabilities $ (3,625 ) $ — n/a $ 250 n/a $ (1 ) $ (3,376 ) Balance as of September 30, 2018 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of December 31, 2018 Assets: Equity investments - seed capital $ 1,394 $ — $ — $ — $ — $ (128 ) $ 1,266 Equity method investments: Seed capital investments 37,020 5,516 — (1,880 ) — 398 41,054 Other 1,840 — — (19 ) — — 1,821 Adjusted cost investments 10,906 1,063 — — — 3 11,972 $ 51,160 $ 6,579 $ — $ (1,899 ) $ — $ 273 $ 56,113 Liabilities: Contingent consideration liabilities $ (1,900 ) $ — n/a $ — n/a $ — $ (1,900 ) Balance Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance Assets: Equity Investments - seed capital $ 1,455 $ 21,200 $ — $ (1,457 ) $ — $ 348 $ 21,546 Equity method investments: Seed capital investments 40,854 2,621 — (3,045 ) — 2,910 43,340 Other 1,218 — — (1,222 ) — 57 53 Adjusted cost investments 12,171 14,318 — (125 ) — 2 26,366 $ 55,698 $ 38,139 $ — $ (5,849 ) $ — $ 3,317 $ 91,305 Liabilities: Contingent consideration liabilities $ (1,415 ) (3,389 ) n/a $ 250 n/a $ 1,178 $ (3,376 ) Balance Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance Assets: Equity Investments - seed capital $ 1,242 $ — $ — $ — $ — $ 24 $ 1,266 Equity method investments: Seed capital investments 33,725 9,483 — (4,280 ) — 2,126 41,054 Other — 1,650 — (19 ) — 190 1,821 Adjusted cost investments 6,951 5,063 — (2 ) — (40 ) 11,972 $ 41,918 $ 16,196 $ — $ (4,301 ) $ — $ 2,300 $ 56,113 Liabilities: Contingent consideration liabilities $ (5,607 ) $ — n/a $ 4,319 n/a $ (612 ) $ (1,900 ) Realized and unrealized gains and losses recorded for Level 3 investments are included in Other non-operating income (expense), net, in the Consolidated Statements of Income (Loss). The change in unrealized gains for Level 3 investments and liabilities still held at the reporting date was $1,776 and $275 for the three months ended December 31, 2019 and 2018, respectively, and $4,089 and $2,336 for the nine months ended December 31, 2019 and 2018, respectively. Level 3 purchases for the nine months ended December 31, 2019 reflect a seed capital investment in a real estate-focused fund designed for individual investors and an adjusted cost minority investment in a U.K. retirement solutions provider. There were no significant transfers between Level 1 and Level 2 during the three or nine months ended December 31, 2019 and 2018. As a practical expedient, Legg Mason relies on the NAV of certain investments as their fair value. The NAVs that have been provided by the investees have been derived from the fair values of the underlying investments as of the respective reporting dates. The following table summarizes the nature of these investments and any related liquidation restrictions or other factors which may impact the ultimate value realized: Fair Value Determined Using NAV As of December 31, 2019 Category of Investment Investment Strategy December 31, 2019 March 31, 2019 Unfunded Commitments Remaining Term Funds-of-hedge funds Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge $ 11,905 (1) $ 9,910 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 1,049 1,515 n/a n/a Private equity funds Long/short equity 10,244 (2) 11,636 $ 5,698 Up to 10 years Equity method investments related to long-term incentive plans Alternatives, structured securities, short-dated fixed income 7,625 (2) 11,185 n/a n/a Other Various 20 47 n/a Various Total $ 30,843 $ 34,293 $ 5,698 n/a - not applicable (1) Liquidation restrictions: 14% monthly redemption, 1% quarterly redemption, and 85% are not subject to redemption or are not currently redeemable. (2) Liquidations are expected over the remaining term. There are no current plans to sell any of these investments held as of December 31, 2019. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisition On April 10, 2019, Clarion Partners acquired a majority stake in Gramercy Europe (Jersey) Limited ("Gramercy"), a European real estate investment business specializing in pan-European logistics and industrial assets. The transaction required an initial cash payment of $10,247 (net of cash acquired), which was paid by Clarion Partners using existing cash resources, and a potential contingent consideration payment of up to approximately $3,735 (using the foreign exchange rate as of April 10, 2019, for the €3,315 potential payment), due on the fifth anniversary of closing upon the achievement of certain financial metrics. In connection with the acquisition, Clarion Partners recognized an amortizable intangible asset management contracts asset of $5,876 , with a useful life of eight years at acquisition, goodwill of $20,196 , and noncontrolling interest of $11,715 . The fair value of the contingent consideration at acquisition was $3,389 . |
Fixed Assets
Fixed Assets | 9 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets The following table reflects the components of fixed assets as of: December 31, 2019 March 31, 2019 Software $ 276,096 $ 269,944 Leasehold improvements 213,439 212,742 Equipment 162,795 159,421 Total cost 652,330 642,107 Less: accumulated depreciation and amortization (513,495 ) (492,118 ) Fixed assets, net $ 138,835 $ 149,989 Depreciation and amortization expense related to fixed assets was $12,252 and $11,799 for the three months ended December 31, 2019 and 2018, respectively, and $34,098 and $35,659 for the nine months ended December 31, 2019 and 2018, respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table reflects the components of intangible assets as of: December 31, 2019 March 31, 2019 Amortizable intangible asset management contracts and other Cost $ 372,808 $ 366,930 Accumulated amortization (257,410 ) (240,488 ) Net (1) 115,398 126,442 Indefinite–life intangible assets U.S. domestic mutual fund management contracts 2,106,351 2,106,351 Clarion Partners fund management contracts 505,200 505,200 EnTrust Global fund management contracts 126,804 126,804 Other fund management contracts 475,069 473,360 Trade names 48,695 48,602 3,262,119 3,260,317 Intangible assets, net $ 3,377,517 $ 3,386,759 (1) As of December 31, 2019, includes $5,305 related to the acquisition of Gramercy by Clarion Partners. See Note 4 for additional information. Certain of Legg Mason's intangible assets are denominated in currencies other than the U.S. dollar and balances related to these assets will fluctuate with changes in the related foreign currency exchange rates. Indefinite-life Intangible Assets and Goodwill Legg Mason performed its annual impairment testing of goodwill and indefinite-life intangible assets as of October 31, 2019, and determined that there was no impairment in the value of these assets. As a result of uncertainty regarding future market conditions and economic results, assessing the fair value of the reporting unit and intangible assets requires management to exercise significant judgment. Legg Mason's goodwill impairment testing noted the assessed fair value of the Global Asset Management business reporting unit exceeded its related carrying value by 22% . The assessed fair values of the EnTrust Global indefinite-life fund management contracts and trade name assets exceeded their respective carrying values of $126,804 and $10,300 by 10% and 6% , respectively. Should market performance, flows, and/or related assets under management ("AUM") levels decrease in the near term, or other factors change, such that cash flow projections deviate from current projections, it is reasonably possible that these assets could become impaired, and the impairment could be a material amount. Legg Mason also determined that no triggering events occurred as of December 31, 2019 that would require further impairment testing. Legg Mason's annual impairment testing process in the prior fiscal year determined that the carrying values of the EnTrust Global indefinite-life fund management contracts and trade name assets, and the RARE Infrastructure indefinite-life fund management contracts and trade name assets, exceeded their respective fair values, which resulted in impairment charges totaling $358,800 in the quarter ended December 31, 2018. The impairment charges at EnTrust Global in the prior year were primarily the result of continued net client outflows from legacy high net worth fund-of-fund products leading to reduced growth expectations in both management fees and performance fees, a declining margin, and a higher discount rate. These changes resulted in a reduction of the projected cash flows and Legg Mason’s overall assessment of fair value of the assets, such that the carrying values of the EnTrust Global fund management contracts intangible asset of $401,404 and trade name asset of $28,500 were impaired by $274,600 and $18,200 , respectively. Management estimated the fair values of these assets based upon discounted cash flow analyses, as well as a relief from royalty method for the trade name asset, using unobservable market inputs, which are Level 3 measurements. The significant assumptions used in the cash flow analyses included projected revenue growth rates, discount rates, and royalty rates. Base revenues related to the EnTrust Global fund management contracts were assumed to have annual growth (contraction) rates ranging from (19.4)% to 3.9% (average: 3.0% ), and the projected cash flows from the EnTrust Global fund management contracts were discounted at 17% . Base revenues related to the EnTrust Global trade name asset were assumed to have annual growth rates ranging from 0.0% to 4.6% (average: 3.9% ), a royalty rate of 1.0% , and a discount rate of 16.5% . The impairment charges at RARE Infrastructure in the prior year were primarily the result of lower than expected net client inflows and performance fees, leading to a lower margin, and a higher discount rate. These changes resulted in a reduction of the related projected cash flows and Legg Mason’s overall assessment of fair value of the assets, such that the RARE Infrastructure fund management contracts asset carrying value of approximately $120,800 and trade name asset carrying value of $2,800 were impaired by $65,000 and $1,000 , respectively. Management estimated the fair values of these assets based upon discounted cash flow analyses, as well as a relief from royalty method for the trade name asset, using unobservable market inputs, which are Level 3 measurements. The significant assumptions used in the cash flow analyses included projected revenue growth rates, discount rates, and royalty rates. Base revenues related to the RARE Infrastructure fund management contracts were assumed to have annual growth rates ranging from 4.4% to 4.9% (average: 4.8% ), and the projected cash flows from the RARE Infrastructure fund management contracts were discounted at 16.5% . Base revenues related to the RARE Infrastructure trade name asset were assumed to have annual growth rates ranging from 0.9% to 4.6% (average: 4.2% ), a royalty rate of 1.0% , and a discount rate of 16.5% . The change in carrying value of goodwill is summarized below: Gross Book Value Accumulated Impairment Net Book Value Balance as of March 31, 2019 $ 3,045,454 $ (1,161,900 ) $ 1,883,554 Impact of excess tax basis amortization (8,256 ) — (8,256 ) Changes in foreign exchange rates 603 — 603 Business acquisition (1) 20,196 — 20,196 Balance as of December 31, 2019 $ 3,057,997 $ (1,161,900 ) $ 1,896,097 (1) See Note 4 for additional information. Amortizable Intangible Asset Management Contracts and Other There were no impairments to amortizable management contract intangible assets during the three or nine months ended December 31, 2019. During the three months ended December 31, 2018, projected revenues related to the RARE Infrastructure separate account contracts asset declined due to losses of separate account clients and AUM. Based on revised attrition estimates, the remaining useful life was decreased from three and one-half to two years at December 31, 2018. As a result of the decline in projected revenues and the revised estimate of useful life, the amortized carrying value of approximately $6,900 as of December 31, 2018 was determined to exceed its fair value and an impairment charge of $6,400 was recorded during the three months ended December 31, 2018. Management estimated the fair value of this asset as of December 31, 2018, based on a discounted cash flow analysis using unobservable market inputs, which are Level 3 measurements. In addition to the useful life, other significant assumptions used in the cash flow analysis included projected revenue growth rates of 7% and a discount rate of 16.5% . As of December 31, 2019 , amortizable intangible asset management contracts and other are being amortized over a weighted-average remaining life of 5.6 years. Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: Remaining fiscal 2020 $ 5,640 2021 21,834 2022 21,485 2023 20,725 2024 19,896 Thereafter 25,818 Total $ 115,398 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, net, consists of the following: December 31, 2019 March 31, 2019 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 248,917 $ 206 $ 877 $ 250,000 $ 248,738 4.75% Senior Notes due March 2026 447,786 — 2,214 450,000 447,521 5.625% Senior Notes due January 2044 548,079 (2,938 ) 4,859 550,000 548,020 6.375% Junior Notes due March 2056 242,614 — 7,386 250,000 242,461 5.45% Junior Notes due September 2056 485,017 — 14,983 500,000 484,711 2.7% Senior Notes due July 2019 — — — — 250,301 Subtotal 1,972,413 (2,732 ) 30,319 2,000,000 2,221,752 Less: Current portion — — — — (250,301 ) Total $ 1,972,413 $ (2,732 ) $ 30,319 $ 2,000,000 $ 1,971,451 On July 15, 2019, Legg Mason repaid the $250,000 of 2.7% Senior Notes due July 2019, using existing cash resources. The remaining $2,000,000 of long-term debt outstanding as of December 31, 2019 matures after fiscal 2024. As of December 31, 2019 , the estimated fair value of long-term debt was $2,170,660 . The fair value of debt was estimated using publicly quoted market prices and was classified as Level 2 in the fair value hierarchy. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Legg Mason leases over 1,500 square feet of office space with approximately one-third currently subleased to various firms, the majority of which are within the U.S. Office facilities and equipment are leased under various non-cancelable operating leases and certain equipment is also leased under financing leases. Legg Mason's current leases have remaining terms that vary up to 19 years. Certain leases provide for options to extend up to 15 years and/or options to terminate within seven years . As previously disclosed in Note 2 , the lease reserve liability related to our subleased space and vacated space for which subleases are being pursued was $24,063 as of March 31, 2019. Upon adoption of the updated lease accounting guidance on April 1, 2019, the existing Other current and non-current liabilities were reclassified as a reduction of the ROU asset recorded in accordance with the updated guidance. Leases included in the Consolidated Balance Sheets were as follows: Classification As of December 31, 2019 Operating leases: Operating lease ROU assets Right-of-use assets $ 294,174 Operating lease liabilities Lease liabilities 361,921 Finance leases: Property and equipment, gross Right-of-use assets $ 2,134 Less: accumulated depreciation Right-of-use assets (643 ) Property and equipment, net $ 1,491 Finance lease liabilities Lease liabilities $ 1,367 The components of lease expense included in the Consolidated Statement of Income (Loss) were as follows: Classification Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Operating lease cost Occupancy expense $ 25,361 $ 67,172 Financing lease cost: Amortization of right-of-use asset Occupancy expense 251 737 Interest on lease liabilities Interest expense 11 36 Total finance lease cost 262 773 Short-term lease cost Occupancy expense 1,190 4,885 Variable lease cost (1) Occupancy expense 6,599 17,788 Less: sublease billings Occupancy expense (6,091 ) (18,624 ) Net lease cost (2) $ 27,321 $ 71,994 (1) Variable lease cost includes operating expenses, real estate and other taxes. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other occupancy expense of $5,292 and $13,123 for the three and nine months ended December 31, 2019, respectively, related to leasehold amortization. During the quarter ended December 31, 2019, in connection with Legg Mason's strategic restructuring, as further discussed in Note 15, it was determined that the carrying values of certain right-of-use assets would not be recoverable. Related impairment charges of $4,328 (exclusive of accelerated depreciation of $ 1,603 ) were recognized in the three months ended December 31, 2019, and are included in operating lease cost in the table above and in Occupancy expense in the Consolidated Statement of Income (Loss). The fair value of the right-of-use asset related to a substantial portion of the charge was estimated based on various assumptions, including the prevailing rental rates in the applicable market and the amount of time it will take to secure a sublease agreement. Lease expense incurred in the three and nine months ended December 31, 2018 was $20,445 and $64,649 , respectively, excluding leasehold amortization of $3,632 and $11,684 , respectively. Sublease amounts billed are recorded as a reduction of Occupancy expense in the Consolidated Statement of Income (Loss). The amounts billed are primarily fixed base rental payments combined with variable lease cost reimbursements. Sublease amounts related to base rent are recorded on a straight-line basis. As of December 31, 2019, undiscounted future cash flows for each of the next five fiscal years and thereafter related to operating and finance leases were as follows: Operating Leases Finance Leases Total Remaining fiscal 2020 $ 23,181 $ 263 $ 23,444 2021 88,048 714 88,762 2022 86,385 271 86,656 2023 84,530 131 84,661 2024 70,210 35 70,245 Thereafter 46,472 5 46,477 Total lease payments 398,826 1,419 400,245 Less: Imputed interest (36,905 ) (52 ) (36,957 ) Present value of lease liabilities $ 361,921 $ 1,367 $ 363,288 As of December 31, 2019, the weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: Operating Leases Finance Leases Weighted-average remaining lease term (in years) 4.8 2.0 Weighted-average discount rates 4.0 % 3.1 % Supplemental cash flow information related to leases was as follows: Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64,470 Financing cash flows from finance leases 727 There was no significant non-cash lease activity for the nine months ended December 31, 2019. As of March 31, 2019, minimum aggregate rentals under operating leases were as follows: Operating Leases (1) 2020 $ 90,667 2021 86,095 2022 84,485 2023 83,425 2024 72,192 Thereafter 47,240 Total $ 464,104 (1) The minimum rental commitments have not been reduced by $105,193 for minimum sublease rentals to be received under non-cancelable subleases. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2019 , Legg Mason had commitments to invest $17,588 in limited partnerships that make private investments. These commitments are expected to be outstanding, or funded as required, through the end of their respective investment periods ranging through fiscal 2030. Also, in connection with the acquisition of Clarion Partners in April 2016, Legg Mason committed to ultimately provide $100,000 of seed capital to Clarion Partners products. As of December 31, 2019, Legg Mason also had future commitments totaling $102,794 related to multi-year agreements for certain services, of which $20,087 , $39,348 and $21,534 will be due during the remainder of fiscal 2020, and in fiscal 2021 and fiscal 2022, respectively. The remaining $21,825 is due through fiscal 2027. In the normal course of business, Legg Mason enters into contracts that contain a variety of representations and warranties and that provide general indemnifications, which are not considered financial guarantees by relevant accounting guidance. Legg Mason’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against Legg Mason that have not yet occurred. Legg Mason has been the subject of customer complaints and has also been named as a defendant in various legal actions arising primarily from asset management, securities brokerage, and investment banking activities, including certain class actions, which primarily allege violations of securities laws and seek unspecified damages, which could be substantial. In the normal course of its business, Legg Mason has also received subpoenas and is currently involved in other governmental and industry self-regulatory agency inquiries, investigations and, from time to time, proceedings involving asset management activities. In accordance with guidance for accounting for contingencies, Legg Mason has established provisions for estimated losses from pending complaints, legal actions, investigations and proceedings when it is probable that a loss has been incurred and a reasonable estimate of loss can be made. There are matters of litigation and other proceedings, including those described above as customer complaints, legal actions, inquiries, proceedings and investigations, where Legg Mason cannot estimate the reasonably possible loss or range of loss. The inability to provide a reasonably possible amount or range of losses is not because there is uncertainty as to the ultimate outcome of a matter, but because liability and damage issues have not developed to the point where Legg Mason can conclude that there is both a reasonable possibility of a loss and a meaningful amount or range of possible losses. There are numerous aspects to customer complaints, legal actions, inquiries, proceedings and investigations that prevent Legg Mason from estimating a related amount or range of reasonably possible losses. These aspects include, among other things, the nature of the matters; that significant relevant facts are not known, are uncertain or are in dispute; and that damages sought are not specified, are uncertain, unsupportable or unexplained. In addition, for legal actions, discovery may not yet have started, may not be complete or may not be conclusive, and meaningful settlement discussions may not have occurred. Further, for regulatory matters, investigations may run their course without any clear indication of wrongdoing or fault until their conclusion. In management's opinion, an adequate accrual has been made as of December 31, 2019 , to provide for any probable losses that may arise from matters for which the Company could reasonably estimate an amount. Legg Mason's financial condition, results of operations and cash flows could be materially affected during a period in which probable losses become apparent or a matter is ultimately resolved. In addition, the ultimate costs of litigation-related charges can vary significantly from period-to-period, depending on factors such as market conditions, the size and volume of customer complaints and claims, including class action suits, and recoveries from indemnification, contribution, insurance reimbursement, or reductions in compensation under revenue share arrangements. Noncontrolling Interests Legg Mason may be obligated to settle redeemable noncontrolling interests related to certain affiliates. As of December 31, 2019 , affiliate redeemable noncontrolling interests, excluding amounts related to management equity plans, aggregated $524,889 . In addition, as of December 31, 2019 , the estimated redemption fair value for units under affiliate management equity plans (redeemable and nonredeemable) aggregated $82,495 . See Notes 10 and 13 for additional information regarding affiliate management equity plans and noncontrolling interests, respectively. Contingent Consideration As further discussed in Note 4 , on April 10, 2019, Clarion Partners acquired a majority interest in Gramercy. The transaction included a potential contingent consideration payment of up to $3,721 (using the foreign exchange rate as of December 31, 2019, for the €3,315 potential payment), due on the fifth anniversary of closing upon the achievement of certain financial metrics. As of December 31, 2019 and March 31, 2019, contingent consideration liabilities totaling $3,376 and $1,415 , respectively, were included in Other non-current liabilities in the Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Legg Mason's stock-based compensation includes restricted stock units, stock options, an employee stock purchase plan, market and performance-based performance shares payable in common stock, affiliate management equity plans and deferred compensation payable in stock. Shares available for issuance under the equity incentive stock plan as of December 31, 2019 , were 6,292 . Options under Legg Mason’s equity incentive stock plans have been granted at prices not less than 100% of the fair market value on the date of grant. Options are generally exercisable in equal increments over four years and expire within eight years to 10 years from the date of grant. The components of Legg Mason's total stock-based compensation expense were as follows: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Restricted stock and restricted stock units $ 12,025 $ 11,668 $ 43,507 $ 38,707 Stock options 728 1,057 2,643 3,513 Employee stock purchase plan 77 96 415 480 Non-employee director awards — — 1,000 1,025 Affiliate management equity plans 23 719 1,670 2,213 Performance share units 2,564 1,202 8,688 4,014 Employee stock trust 9 8 26 23 Total stock-based compensation expense $ 15,426 $ 14,750 $ 57,949 $ 49,975 Restricted Stock Restricted stock and restricted stock unit transactions are summarized below: Nine Months Ended December 31, 2019 2018 Number of Shares Weighted-Average Grant Date Value Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31 3,045 $ 37.76 3,299 $ 38.09 Granted 1,205 35.50 1,179 39.05 Vested (1,288 ) 38.70 (1,286 ) 39.73 Canceled/forfeited (59 ) 36.88 (108 ) 37.62 Unvested shares at December 31 2,903 $ 36.43 3,084 $ 37.80 Unamortized compensation cost related to unvested restricted stock awards at December 31, 2019, of $63,186 is expected to be recognized over a weighted-average period of 1.6 years . Stock Options Stock option transactions under Legg Mason's equity incentive plans are summarized below: Nine Months Ended December 31, 2019 2018 Number of Shares Weighted-Average Exercise Price Per Share Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31 4,115 $ 39.05 4,437 $ 38.78 Exercised (369 ) 31.55 (189 ) 31.62 Canceled/forfeited (80 ) 46.18 (95 ) 43.92 Options outstanding at December 31 3,666 $ 39.65 4,153 $ 38.99 At December 31, 2019, options were exercisable for 3,262 shares, with a weighted-average exercise price of $40.23 and a weighted average remaining contractual life of 3.0 years. Unamortized compensation cost related to unvested options for 404 shares at December 31, 2019, was $920 , which is expected to be recognized over a weighted-average period of 0.9 years . Affiliate Management Equity Plans In connection with the acquisition of Clarion Partners in April 2016, Legg Mason implemented a management equity plan for Clarion Partners that entitles certain of its key employees to participate in 15% of the future growth, if any, of the Clarion Partners enterprise value (subject to appropriate discounts) subsequent to the date of the grant. As of December 31, 2019 , the estimated aggregate redemption fair value of units under the plan, as if they were currently redeemable, was $12,100 . Effective March 1, 2016, Legg Mason implemented a management equity plan for Royce Investment Partners ("Royce") key employees. Under the management equity plan, minority equity interests equivalent to a 24.5% interest in the Royce entity have been issued to certain key employees. Equity holders receive quarterly distributions of a portion of Royce's pre-tax income in amounts equal to the percentage of ownership represented by the equity they hold, subject to payment of Legg Mason's revenue share and reasonable expenses. As of December 31, 2019 , the estimated aggregate redemption fair value of units under the plan, as if they were currently redeemable, was $10,800 . On March 31, 2014, Legg Mason implemented a management equity plan and granted units to key employees of its subsidiary ClearBridge Investments, LLC ("ClearBridge") that entitle them to participate in 15% of the future growth, if any, of the ClearBridge enterprise value (subject to appropriate discounts) subsequent to the grant date. Independent valuation determined the aggregate cost of the award to be approximately $16,000 , which was recognized as Compensation and benefits expense in the Consolidated Statements of Income (Loss) over the related vesting periods through March 2019. Total compensation expense related to the ClearBridge affiliate management equity plan was $23 and $719 for the three months ended December 31, 2019 and 2018, respectively, and $1,670 and $2,213 for the nine months ended December 31, 2019 and 2018, respectively. The compensation expense for the nine months ended December 31, 2019, includes $1,600 related to the modification of the plan settlement features, which resulted in an increase in the fair value of the awards. This arrangement provides for one-half of the cost to be absorbed by the ClearBridge incentive pool. As of December 31, 2019 , the estimated aggregate redemption fair value of vested units under the ClearBridge plan, as if they were currently redeemable, was approximately $59,595 . Other As of December 31, 2019 and 2018, non-employee directors held 34 and 98 restricted stock units, respectively, which vest on the grant date and are, therefore, not included in the unvested shares of restricted stock units in the table above. Upon the acquisition of Clarion Partners in April 2016, Legg Mason granted certain key employees of Clarion Partners a total of 716 performance-based Legg Mason restricted share units, which are not included in the unvested shares of restricted stock units in the table above, with an aggregate fair value of $11,121 , which was included in the purchase price. These restricted share units vest upon Clarion Partners achieving a certain level of EBITDA, as defined in the purchase agreement, within a designated period after the closing of the acquisition. In May 2019 and 2018, Legg Mason granted certain executive officers a total of 168 and 163 performance share units, respectively, as part of their fiscal 2019 and 2018 incentive awards with an aggregate value of $ 6,334 and $5,820 , respectively. The vesting of performance share units granted in May 2019 and 2018 and the number of shares payable at vesting are determined based on Legg Mason’s relative total stockholder return and relative organic growth rate of long-term AUM over three-year periods ending March 31, 2022 and 2021, respectively. The recorded grant date fair values per performance share unit of $ 37.63 and $35.67 , respectively, were estimated based on multiple fair value Monte Carlo pricing models. Expense associated with these grants are adjusted for the level of relative organic growth expected to be ultimately achieved. The estimated fair values for the May 2019 grant range from $ 21.63 to $ 45.63 per performance share unit and for the May 2018 grant range from $18.08 to $44.46 per performance share unit. The following assumptions were used in the Monte Carlo pricing models for the May 2019 and 2018 grants: May 2019 May 2018 Expected dividend yield 4.41 % 3.49 % Risk-free interest rate 2.11 % 2.71 % Average expected volatility 23.96 % 26.14 % |
Revenue Revenue
Revenue Revenue | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table presents Total Operating Revenues disaggregated by asset class: Three Months Ended December 31, Nine Months Ended December 31 2019 2018 2019 2018 Equity $ 293,130 $ 296,738 $ 875,965 $ 931,350 Fixed Income 299,121 275,559 873,687 855,343 Alternative 139,061 110,390 384,068 361,239 Liquidity 22,602 21,635 68,818 62,722 Total Operating Revenues $ 753,914 $ 704,322 $ 2,202,538 $ 2,210,654 Revenues by geographic location are primarily based on the location of the advisor or domicile of fund families managed by Legg Mason and do not necessarily reflect where the customer resides or the currency in which the revenues are denominated. The following table presents Total Operating Revenues disaggregated by geographic location: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 United States $ 583,080 $ 547,696 $ 1,730,546 $ 1,711,426 United Kingdom 56,264 35,142 121,303 111,739 Other International 114,570 121,484 350,689 387,489 Total Operating Revenues $ 753,914 $ 704,322 $ 2,202,538 $ 2,210,654 Certain sales commissions paid in connection with obtaining assets managed in retail separately managed accounts are capitalized as deferred costs. As of December 31, 2019 and March 31, 2019, capitalized sales commissions of $8,565 and $8,126 , respectively, were included in Other current assets and $10,234 and $10,147 , respectively, were included in Other non-current assets in the Consolidated Balance Sheets. Amortization related to capitalized sales commissions included in Compensation and benefits in the Consolidated Statements of Income (Loss) was $2,417 and $2,305 for the three months ended December 31, 2019 and 2018, respectively, and $7,050 and $6,964 for the nine months ended December 31, 2019 and 2018, respectively. There were no impairment losses in relation to the capitalized costs during the three or nine months ended December 31, 2019 or 2018. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share The following table presents the computations of basic and diluted earnings per share attributable to Legg Mason, Inc. shareholders ("EPS"): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Basic weighted-average shares outstanding for EPS 86,878 85,537 86,666 85,381 Potential common shares: Dilutive employee stock options 287 — 266 — Diluted weighted-average shares outstanding for EPS 87,165 85,537 86,932 85,381 Net Income (Loss) Attributable to Legg Mason, Inc. $ 74,775 $ (216,888 ) $ 187,208 $ (77,995 ) Less: Earnings (distributed and undistributed) allocated to participating securities 2,428 1,049 6,138 3,190 Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 72,347 $ (217,937 ) $ 181,070 $ (81,185 ) Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ 0.83 $ (2.55 ) $ 2.09 $ (0.95 ) Diluted 0.83 (2.55 ) 2.08 (0.95 ) The weighted-average shares exclude weighted-average unvested restricted shares deemed to be participating securities of 2,935 and 3,104 for the three months ended December 31, 2019 and 2018 , respectively, and 2,919 and 3,104 for the nine months ended December 31, 2019 and 2018, respectively. Options to purchase 1,860 and 1,995 shares for the three and nine months ended December 31, 2019, respectively, were not included in the computation of diluted EPS because the presumed proceeds from exercising such options, including the related unamortized expense, exceed the average price of the common shares for the period and, therefore, the options are deemed antidilutive. The diluted EPS calculation for the three and nine months ended December 31, 2018, excludes 56 and 143 potential common shares from employee stock options, respectively, that are anti-dilutive due to the net loss in each period. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests Net income attributable to noncontrolling interests included the following amounts: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net income attributable to redeemable noncontrolling interests $ 14,266 $ 8,852 $ 36,595 $ 24,460 Net income attributable to nonredeemable noncontrolling interests 1,962 1,646 5,300 6,583 Total $ 16,228 $ 10,498 $ 41,895 $ 31,043 The following tables present the changes in redeemable and nonredeemable noncontrolling interests: Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling interests Management equity plans Total Nonredeemable noncontrolling interests (3) Balance as of March 31, 2019 $ 103,630 $ 540,595 $ 48,151 $ 692,376 $ 29,784 Net income attributable to noncontrolling interests 9,006 27,589 — 36,595 5,300 Business acquisition 11,715 — 11,715 — Net subscriptions (redemptions) (31,307 ) — — (31,307 ) — Purchase of affiliate noncontrolling interest: Payment (fair value portion) — (8,789 ) — (8,789 ) — Change in redemption value — (25,708 ) — (25,708 ) — Distributions — (22,775 ) — (22,775 ) (4,519 ) Foreign exchange — (833 ) — (833 ) — Vesting/change in estimated redemption value — 3,095 13,984 17,079 — Balance as of December 31, 2019 $ 81,329 $ 524,889 $ 62,135 $ 668,353 $ 30,565 Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling interests Management equity plans Total Nonredeemable noncontrolling interests (2) Balance as of March 31, 2018 $ 125,047 $ 573,950 $ 33,298 $ 732,295 $ 27,731 Net income attributable to noncontrolling interests 1,036 23,424 — 24,460 6,583 Net subscriptions (redemptions) (36,328 ) — — (36,328 ) — Settlement of affiliate noncontrolling interest put: Payment — (15,547 ) — (15,547 ) — Change in redemption value — (12,345 ) — (12,345 ) — Distributions — (25,538 ) — (25,538 ) (6,820 ) Foreign exchange — (5,009 ) — (5,009 ) — Vesting/change in estimated redemption value — 1,037 13,925 14,962 — Balance as of December 31, 2018 $ 89,755 $ 539,972 $ 47,223 $ 676,950 $ 27,494 (1) Related to variable interest entities ("VIEs") and seeded investment products. (2) Related to Royce management equity plan. The following tables present the changes in redeemable noncontrolling interests by affiliate (exclusive of management equity plans): Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2019 $ 380,684 $ 123,502 $ 35,181 $ 1,228 $ 540,595 Net income (loss) attributable to noncontrolling interests 12,694 14,904 106 (115 ) 27,589 Business acquisition — — — 11,715 11,715 Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Distributions (9,892 ) (12,880 ) — (3 ) (22,775 ) Foreign exchange — — (790 ) (43 ) (833 ) Change in estimated redemption value — 3,095 — — 3,095 Balance as of December 31, 2019 $ 383,486 $ 128,621 $ — $ 12,782 $ 524,889 Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2018 $ 386,884 $ 117,272 $ 68,285 $ 1,509 $ 573,950 Net income (loss) attributable to noncontrolling interests 9,752 12,460 1,417 (205 ) 23,424 Distributions (13,475 ) (10,359 ) (1,693 ) (11 ) (25,538 ) Settlement of affiliate noncontrolling interest put: Payment — — (15,547 ) (15,547 ) Change in redemption value — — (12,345 ) (12,345 ) Foreign exchange — — (5,009 ) — (5,009 ) Change in estimated redemption value — 1,037 — — 1,037 Balance as of December 31, 2018 $ 383,161 $ 120,410 $ 35,108 $ 1,293 $ 539,972 Redeemable noncontrolling interests of 35% of the outstanding equity of EnTrust Global and 18% of the outstanding equity of Clarion Partners can be put by the holders or called by Legg Mason for settlement at fair value subject to various conditions, including the passage of time. The amounts for noncontrolling interests, if reported at fair value in the Consolidated Balance Sheets, reflect the total business enterprise value of the combined entity, after appropriate discounts for lack of marketability and control. On May 10, 2019, Legg Mason purchased the 15% equity interest in RARE Infrastructure held by the firm's management team for total consideration of $21,988 . The initial cash payment of $11,967 , which included related dividends in arrears of $1,759 , was paid on May 10, 2019. The remaining balance will be due 50% one year after closing and 50% two years after closing, subject to certain conditions. The $11,440 difference between the fair value of the noncontrolling interest on the settlement date and the total consideration due (excluding dividends in arrears) was recorded as Compensation and benefits in the three months ended June 30, 2019. The $25,708 difference between the fair value and the carrying value of the noncontrolling interest of $ 34,497 on the settlement date was recorded as an increase to additional paid in capital. This purchase was part of Legg Mason's strategic restructuring, as further discussed in Note 15 , to pursue operational efficiencies between RARE Infrastructure and ClearBridge intended to reduce costs and enhance growth opportunities for both of the businesses. On July 2, 2018, the corporate minority owner of RARE Infrastructure exercised the put option for its 10% ownership interest. The settlement value of $ 15,547 was based on the midpoint of the valuations determined by the independent valuation experts appointed by Legg Mason and the corporate minority owner and was paid on October 10, 2018, along with $ 981 of dividends in arrears. The $ 12,345 difference between the settlement value and the carrying value of the noncontrolling interest of $ 27,892 |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging Legg Mason uses currency forwards to economically hedge the risk of movements in exchange rates, primarily between the U.S. dollar, British pound, Australian dollar, Singapore dollar, Japanese yen, and euro. All derivative transactions for which Legg Mason has certain legally enforceable rights of setoff are governed by International Swaps and Derivative Association ("ISDA") Master Agreements. For these derivative transactions, Legg Mason has one ISDA Master Agreement with each of the significant counterparties, which covers transactions with that counterparty. Each of the respective ISDA agreements provides for legally enforceable settlement netting and close-out netting between Legg Mason and that counterparty. Other assets recorded in the Consolidated Balance Sheets as of December 31, 2019 and March 31, 2019, were $3,074 and $4,183 , respectively. Other liabilities recorded in the Consolidated Balance Sheets as of December 31, 2019 and March 31, 2019, were $1,362 and $7,579 , respectively. Legg Mason also uses market hedges on certain seed capital investments by entering into futures contracts to sell index funds and treasuries that benchmark the hedged seed capital investments and has entered into total return swap arrangements with respect to certain Legg Mason sponsored ETFs, as further discussed below. Legg Mason has not designated any derivatives as hedging instruments for accounting purposes during the periods ended December 31, 2019, March 31, 2019, or December 31, 2018. As of December 31, 2019, Legg Mason had open currency forward contracts with aggregate notional amounts totaling $323,654 , and open futures contracts relating to seed capital investments with aggregate notional amounts totaling $95,910 . As of December 31, 2019, the weighted-average remaining contract terms for currency forward contracts was seven months and for futures contracts relating to seed capital investments was three months . Legg Mason has entered into various total return swap arrangements with financial intermediaries with respect to certain Legg Mason sponsored ETFs, which resulted in investments by each of the financial intermediaries in the respective ETF. Under the terms of each of the total return swap arrangements, Legg Mason receives the related investment gains and losses on the underlying shares of the ETF and pays a floating rate on the value of the underlying shares. Each of the total return swap arrangements allows either party to terminate all or part of the arrangement and provides for automatic termination upon occurrence of certain events. Each financial intermediary counterparty may hedge its total return swap position through an investment in the ETF and the financial intermediaries purchased interests in the related Legg Mason ETF on the date of the transactions. The aggregate notional amount for the two total return swaps outstanding as of December 31, 2019 was $34,907 , with a weighted-average remaining contract term of five months . The floating rate paid on the value of the underlying securities for all total return swap arrangements outstanding as of December 31, 2019 was three-month LIBOR plus 1.6% . In connection with the total return swap arrangements, Legg Mason executed futures contracts with notional amounts totaling $7,916 as of December 31, 2019 to partially hedge the gains and losses recognized on the total return swaps. These contracts had a weighted-average remaining contract term of three months . The amounts above are representative of the level of non-hedge designation derivative activity throughout the three and nine months ended December 31, 2019 and 2018. As further discussed in Note 16 , the total return swap arrangements create variable interests in the underlying funds for Legg Mason, and, if significant, Legg Mason is deemed to be the primary beneficiary. Accordingly, Legg Mason may consolidate ETF products with significant open total return swap arrangements. The following table presents the derivative assets and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Net Amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ 4,092 $ (1,310 ) $ 2,782 $ — $ — $ 2,782 Total return swaps — — — 292 961 1,253 Total derivative instruments not designated as hedging instruments $ 4,092 $ (1,310 ) $ 2,782 $ 292 $ 961 $ 4,035 The following table presents the derivative liabilities and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Liabilities Presented in the Balance Sheet Financial Instruments Cash Collateral Net Amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ (1,426 ) $ 986 $ (440 ) $ — $ — $ (440 ) Futures contracts relating to: Seed capital investments — — — (801 ) 4,809 4,008 Total return swaps — — — (49 ) 366 317 Total future contracts — — — (850 ) 5,175 4,325 Total return swaps (72 ) 890 818 Total derivative instruments not designated as hedging instruments $ (1,426 ) $ 986 $ (440 ) $ (922 ) $ 6,065 $ 4,703 The following table presents the derivative assets and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Net amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ 3,997 $ (1,874 ) $ 2,123 $ — $ — $ 2,123 Total return swaps — — — 2,060 2,310 4,370 Total derivative instruments not designated as hedging instruments $ 3,997 $ (1,874 ) $ 2,123 $ 2,060 $ 2,310 $ 6,493 The following table presents the derivative liabilities and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Liabilities Presented in the Balance Sheet Financial Instruments Cash Collateral Net amount as of March 31, 2019 Derivative instruments not designated as hedging instruments Currency forward contracts $ (7,465 ) $ 2,094 $ (5,371 ) $ — $ — $ (5,371 ) Futures contracts relating to: Seed capital investments — — — (1,798 ) 7,640 5,842 Total return swaps — — — (410 ) 1,104 694 Total futures contracts — — — (2,208 ) 8,744 6,536 Total derivative instruments not designated as hedging instruments $ (7,465 ) $ 2,094 $ (5,371 ) $ (2,208 ) $ 8,744 $ 1,165 The following table presents gains (losses) recognized in the Consolidated Statements of Income (Loss) on derivative instruments. As described above, the currency forward contracts and futures and forward contracts for seed capital investments included below are economic hedges of interest rate and market risk of certain operating and investing activities of Legg Mason. Three Months Ended December 31, 2019 2018 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 10,325 $ (4,293 ) $ 3,110 $ (5,587 ) Seed capital investments Other non-operating income (expense) 651 (2,219 ) 1,503 (1,116 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) — (7,351 ) 16,520 (1 ) Total return swaps Other non-operating income (expense) 31 (563 ) 3,121 (467 ) Total return swaps Other non-operating income (expense) 384 (73 ) 203 (832 ) Total gain (loss) from derivatives not designated as hedging instruments $ 11,391 $ (14,499 ) $ 24,457 $ (8,003 ) Nine Months Ended December 31, 2019 2018 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 7,813 $ (8,257 ) $ 9,369 $ (19,366 ) Seed capital investments Other non-operating income (expense) 2,356 (1,233 ) 5,523 (788 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 398 (11,223 ) 19,224 (7,066 ) Total return swaps Other non-operating income (expense) 84 (1,441 ) 3,425 (3,418 ) Total return swaps Other non-operating income (expense) 1,885 — 1,869 (938 ) Total gain (loss) from derivatives not designated as hedging instruments $ 12,536 $ (22,154 ) $ 39,410 $ (31,576 ) |
Strategic Business Initiative (
Strategic Business Initiative (Notes) | 9 Months Ended |
Dec. 31, 2019 | |
Restructuring [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 15 . Strategic Restructuring In fiscal 2019, Legg Mason initiated a strategic restructuring to reduce costs, which includes corporate and distribution functions, as well as efficiency initiatives at certain smaller affiliates that operate outside of revenue-sharing arrangements. The strategic restructuring is expected to be substantially complete by the end of fiscal 2021. This plan involves restructuring costs beginning January 1, 2019, which are primarily comprised of employee termination benefits and retention incentives expensed over identified transition periods. The restructuring costs also include charges for consolidating leased office space and other costs, including professional fees. Legg Mason expects to incur total strategic restructuring costs in the range of $125,000 to $135,000 through March 2021 that are expected to result in future cost savings. Cumulative strategic restructuring costs incurred through December 31, 2019 were $76,649 , including $18,474 and $67,297 incurred during the three and nine months ended December 31, 2019. The table below presents a summary of changes in the strategic restructuring liability from January 1, 2019 through December 31, 2019, and cumulative charges incurred to date: Compensation and benefits Occupancy Other Total Balance as of January 1, 2019 $ — $ — $ — $ — Accrued charges — 2,090 6,504 8,594 Balance as of March 31, 2019 — 2,090 6,504 8,594 Accrued charges 40,860 4,427 8,059 53,346 Payments (7,992 ) (289 ) (9,886 ) (18,167 ) Balance as of December 31, 2019 $ 32,868 $ 6,228 $ 4,677 $ 43,773 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Nine months ended December 31, 2019 12,448 1,503 — 13,951 Total $ 12,448 $ 2,261 $ — $ 14,709 Cumulative charges incurred through December 31, 2019 $ 53,308 $ 8,778 $ 14,563 $ 76,649 (1) Includes stock-based compensation expense and accelerated fixed asset depreciation. The estimates for the remaining strategic restructuring costs expected to be incurred through fiscal 2021 are as follows: Minimum Maximum Compensation and benefits $ 12,000 $ 17,000 Occupancy 16,000 18,000 Other costs 20,000 23,000 Total $ 48,000 $ 58,000 While management expects the total estimated costs to be within the range disclosed, the ultimate nature and timing of the costs may differ from those presented above. |
Variable Interest Entities and
Variable Interest Entities and Consolidation of Investment Vehicles | 9 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities and Consolidation of Investment Vehicles [Abstract] | |
Consolidated Investment Vehicles and Other Variable Interest Entities Disclosure [Text Block] | Variable Interest Entities and Consolidated Investment Vehicles In accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment products, some of which are designated as CIVs. As presented in the table below, Legg Mason concluded it was the primary beneficiary of certain VIEs because it held significant financial interests in the funds. In addition, Legg Mason has entered into various total return swap arrangements with financial intermediaries with respect to certain Legg Mason sponsored ETFs. Under the terms of the total return swaps, Legg Mason absorbs all of the related gains and losses on the underlying ETF investments of these financial intermediaries, and therefore has variable interests in ETFs with open total return swap arrangements and, if significant, Legg Mason is deemed to be the primary beneficiary of such ETFs. Because it was determined to be the primary beneficiary of these VIEs, Legg Mason consolidated and designated the following funds as CIVs in the Consolidated Balance Sheets as of: December 31, 2019 March 31, 2019 December 31, 2018 Number of Consolidated Funds Legg Mason Investment in Funds (1) Number of Consolidated Funds Legg Mason Investment in Funds (1) Number of Consolidated Funds Legg Mason Investment in Funds (1) Sponsored investment partnerships 2 $ 9,419 2 $ 11,671 2 $ 12,863 Trust structure foreign mutual funds 6 21,669 7 23,005 8 49,251 Employee trust structure funds 1 4,564 2 6,215 2 6,963 ETFs (2) 2 2,764 3 2,821 2 2,487 Total 11 $ 38,416 14 $ 43,712 14 $ 71,564 (1) Represents Legg Mason's maximum risk of loss, excluding uncollected advisory fees. (2) Under the total return swap arrangements, Legg Mason receives the related investment gains and losses on investments in two of Legg Mason's ETFs with notional amounts totaling $34,907 as of December 31, 2019. See Note 14 for additional information regarding total return swaps. The assets of these CIVs are primarily comprised of investment securities and as of March 31, 2019, the liabilities of these CIVs were primarily comprised of payables for purchased securities. Investors and creditors of these CIVs have no recourse to the general credit or assets of Legg Mason beyond its investment in these funds. Legg Mason also consolidates certain voting rights entities ("VRE") products with seed capital investments where Legg Mason maintains a controlling financial interest in the product. As of December 31, 2019, March 31, 2019 and December 31, 2018, Legg Mason consolidated four, five, and seven VRE products with seed capital investments totaling $39,130 , $24,924 , and $29,355 , respectively. The following tables reflect the impact of CIVs and other consolidated sponsored investment products in the Consolidated Balance Sheets and the Consolidated Statements of Income (Loss): Consolidating Balance Sheets December 31, 2019 March 31, 2019 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Reclassifications & Eliminations Consolidated Totals Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Reclassifications & Eliminations Consolidated Totals Current Assets $ 1,896,010 $ 117,167 $ (37,245 ) $ 1,975,932 $ 1,916,485 $ 144,091 $ (40,720 ) $ 2,019,856 Non-current assets 6,061,015 3,942 (1,171 ) 6,063,786 5,768,265 8,993 (2,992 ) 5,774,266 Total Assets $ 7,957,025 $ 121,109 $ (38,416 ) $ 8,039,718 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 Current Liabilities $ 929,495 $ 1,364 $ — $ 930,859 $ 1,104,002 $ 5,742 $ — $ 1,109,744 Non-current liabilities 2,605,229 — — 2,605,229 2,302,463 — — 2,302,463 Total Liabilities 3,534,724 1,364 — 3,536,088 3,406,465 5,742 — 3,412,207 Redeemable Non-controlling interests 587,024 — 81,329 668,353 588,746 — 103,630 692,376 Total Stockholders’ Equity 3,835,277 119,745 (119,745 ) 3,835,277 3,689,539 147,342 (147,342 ) 3,689,539 Total Liabilities and Equity $ 7,957,025 $ 121,109 $ (38,416 ) $ 8,039,718 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 (1) Other represents consolidated sponsored investment product VREs that are not designated as CIVs. Consolidating Statements of Income (Loss) $ 51,439 Three Months Ended December 31, 2019 December 31, 2018 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 753,983 $ — $ (69 ) $ 753,914 $ 704,477 $ — $ (155 ) $ 704,322 Total Operating Expenses 623,817 166 (63 ) 623,920 940,561 308 (120 ) 940,749 Operating Income (Loss) 130,166 (166 ) (6 ) 129,994 (236,084 ) (308 ) (35 ) (236,427 ) Total Non-Operating Income (Expense) (7,300 ) 569 1,404 (5,327 ) (32,158 ) 2,612 (771 ) (30,317 ) Income (Loss) Before Income Tax Provision (Benefit) 122,866 403 1,398 124,667 (268,242 ) 2,304 (806 ) (266,744 ) Income tax provision (benefit) 33,664 — — 33,664 (60,354 ) — — (60,354 ) Net Income (Loss) 89,202 403 1,398 91,003 (207,888 ) 2,304 (806 ) (206,390 ) Less: Net income (loss) attributable to noncontrolling interests 14,427 (245 ) 2,046 16,228 9,000 242 1,256 10,498 Net Income (Loss) Attributable to Legg Mason, Inc. $ 74,775 $ 648 $ (648 ) $ 74,775 $ (216,888 ) $ 2,062 $ (2,062 ) $ (216,888 ) (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Nine Months Ended December 31, 2019 December 31, 2018 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,202,888 $ — $ (350 ) $ 2,202,538 $ 2,211,115 $ — $ (461 ) $ 2,210,654 Total Operating Expenses 1,862,253 1,292 87 1,863,632 2,184,807 1,386 (516 ) 2,185,677 Operating Income (Loss) 340,635 (1,292 ) (437 ) 338,906 26,308 (1,386 ) 55 24,977 Total Non-Operating Income (Expense) (40,072 ) 15,625 (4,890 ) (29,337 ) (74,131 ) 2,070 297 (71,764 ) Income (Loss) Before Income Tax Provision 300,563 14,333 (5,327 ) 309,569 (47,823 ) 684 352 (46,787 ) Income tax provision 80,466 — — 80,466 165 — — 165 Net Income (Loss) 220,097 14,333 (5,327 ) 229,103 (47,988 ) 684 352 (46,952 ) Less: Net income (loss) attributable to noncontrolling interests 32,889 721 8,285 41,895 30,007 115 921 31,043 Net Income (Loss) Attributable to Legg Mason, Inc. $ 187,208 $ 13,612 $ (13,612 ) $ 187,208 $ (77,995 ) $ 569 $ (569 ) $ (77,995 ) Non-Operating Income (Expense) of CIVs and Other includes interest income, interest expense, and net gains (losses) on investments. The consolidation of CIVs has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. As of December 31, 2019 and March 31, 2019, financial assets of CIVs carried at fair value totaling $78,957 and $70,197 , respectively, were valued using Level 1 inputs, $25,536 and $55,182 , respectively, were valued using Level 2 inputs, and $3,619 and $12,547 , respectively, were valued using NAV as a practical expedient. As of March 31, 2019, financial liabilities of CIVs carried at fair value of $4,217 were valued using Level 2 inputs. There were no transfers between Level 1 and Level 2 assets or liabilities during the three and nine months ended December 31, 2019 and 2018 . The NAVs used as a practical expedient by CIVs have been provided by the investees and have been derived from the fair values of the underlying investments as of the respective reporting dates. The following table summarizes the nature of these investments and any related liquidation restrictions or other factors, which may impact the ultimate value realized: Fair Value Determined Using NAV As of December 31, 2019 Category of Investment Investment Strategy December 31, 2019 March 31, 2019 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 3,619 (1) $ 12,547 n/a n/a n/a - not applicable (1) Redemption restrictions: 22% monthly redemption; 77% quarterly redemption; and 1% are subject to three to five-year lock-up or side pocket provisions. Legg Mason's carrying value and maximum risk of loss for VIEs in which Legg Mason holds a variable interest, but for which it was not the primary beneficiary, were as follows: As of December 31, 2019 As of March 31, 2019 Equity Interests on the Consolidated Balance Sheet (1) Maximum Risk of Loss (2) Equity Interests on the Consolidated Balance Sheet (1) Maximum Risk of Loss (2) Real Estate Investment Trusts $ 12,312 $ 14,052 $ 10,812 $ 15,241 Other investment funds 31,090 49,646 25,155 45,897 Total $ 43,402 $ 63,698 $ 35,967 $ 61,138 (1) Amounts are related to investments in proprietary and other fund products. (2) Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. The Company's total AUM of unconsolidated VIEs was $29,677,965 and $29,025,764 as of December 31, 2019 and March 31, 2019, respectively. The assets of these VIEs are primarily comprised of cash and cash equivalents and investment securities, and the liabilities are primarily comprised of various expense accruals. These VIEs were not consolidated because Legg Mason does not have both the power to direct significant economic activities of the entity and rights/obligations associated with benefits/losses that could be significant to the entity. |
Significant Accounting Polici_2
Significant Accounting Policies Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases Effective April 1, 2019 Legg Mason adopted updated accounting guidance on leases which requires right-of-use ("ROU") assets and lease liabilities to be recorded on the balance sheet for leases. The guidance specifies that at the inception of a contract, an entity must determine whether the contract is or contains a lease. The contract is or contains a lease if the contract conveys the right to control the use of the property, plant, or equipment for a designated term in exchange for consideration. Legg Mason’s evaluation of its contracts to determine whether they are or contain a lease involves assessing whether there is a right to obtain substantially all of the economic benefits from the use and the right to direct the use of the identified asset in the contract. Legg Mason adopted the guidance on a modified retrospective basis as of April 1, 2019, such that related amounts in prior periods have not been restated. Legg Mason has operating leases that primarily relate to real property and financing leases that relate to equipment. As a practical expedient, Legg Mason has elected to not capitalize leases with a term of 12 months or less without a purchase option that it is likely to exercise. Also as a practical expedient for disclosure, Legg Mason has elected to not separate lease and non-lease components on operating and financing leases. Lease components are payment items directly attributable to the use of the underlying asset, while non-lease components are explicit elements of a contract not directly related to the use of the underlying asset, including pass through operating expenses such as common area maintenance, real estate taxes and utilities. ROU assets and lease liabilities are recognized on the consolidated balance sheet at the present value of the future lease payments over the life of the lease term. As implicit rates for leases are not determinable, the Company uses discount rates based on incremental borrowing rates, on a collateralized basis, for the respective underlying assets, for terms similar to the respective leases. Lease costs are included as Occupancy expense in the Consolidated Statements of Income (Loss). Fixed base payments on operating leases paid directly to the lessor are recorded as lease expense on a straight-line basis. Related variable payments based on usage, changes in an index or market rate are expensed as incurred. Payments on financing leases are recorded as lease expense on a level-yield basis. Upon adoption on April 1, 2019, Legg Mason recorded ROU assets of $342,418 and lease liabilities of $411,115 related to its real property operating leases and equipment financing leases. As further discussed in Note 8 , Legg Mason has subleased or has vacated and is pursuing subleases for certain office space. As of March 31, 2019, the lease reserve liability for subleased space and vacated space for which subleases were being pursued of $24,063 was included in other current and non-current liabilities on the Consolidated Balance Sheet under prior accounting guidance. Upon adoption of the updated guidance, the existing lease reserve liability was reclassified as a reduction of the ROU assets. ROU assets are tested for impairment when circumstances indicate that the carrying values may not be recoverable. The adoption of this guidance did not require a cumulative effect adjustment or have a material impact on the Consolidated Statements of Income (Loss) or Consolidated Statements of Cash Flows. See Note 8 for additional information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments In January 2017, the Financial Accounting Standards Board ("FASB") updated guidance to simplify the test for goodwill impairment. The updated guidance still requires entities to perform annual goodwill impairment tests by comparing the fair value of a reporting unit with its related carrying amount, but it eliminates the requirement to potentially calculate the implied fair value of goodwill to determine the amount of impairment, if any. Under the new guidance, an entity should recognize an impairment charge if the reporting unit's carrying amount exceeds the reporting unit’s fair value, in the amount of such excess. The guidance will be effective in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. In August 2018, the FASB updated the guidance to clarify accounting for implementation costs incurred for a cloud computing arrangement that is a service contract. The update conforms the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the accounting guidance that provides for capitalization of costs incurred to develop or obtain internal-use-software. The updated guidance is effective for Legg Mason in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. In August 2018, the FASB also updated the guidance for fair value measurements. The updated guidance modifies disclosure requirements based on the revised FASB Conceptual Framework for Financial Reporting finalized in August 2018 to improve effectiveness of financial statement disclosures. The updated guidance will be effective in fiscal 2021, unless adopted earlier. Legg Mason is evaluating its adoption. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs: As of December 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 429,557 $ 13,098 $ — $ — $ 442,655 Equity investments: (2) Seed capital investments 73,738 29,352 21,546 1,650 126,286 Investments related to long-term incentive plans 258,040 — — — 258,040 Other investments 14,965 2,027 — — 16,992 Equity method investments: (3) Seed capital investments (4) — — 43,340 12,035 55,375 Investments related to long-term incentive plans (2) — — — 7,625 7,625 Other investments (4) — — 53 9,533 9,586 Adjusted cost investments (4) — 73 26,366 — 26,439 Derivative assets (5) 3,074 — — — 3,074 Total $ 779,374 $ 44,550 $ 91,305 $ 30,843 $ 946,072 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (3,376 ) $ — $ (3,376 ) Derivative liabilities (5) (1,362 ) — — — (1,362 ) Total $ (1,362 ) $ — $ (3,376 ) $ — $ (4,738 ) As of March 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 556,231 $ 20,160 $ — $ — $ 576,391 Equity investments: (2) Seed capital investments 98,276 30,601 1,455 2,183 132,515 Investments related to long-term incentive plans 211,802 — — — 211,802 Other investments 19,486 2,142 — — 21,628 Equity method investments: (3) Seed capital investments (4) — — 40,854 10,675 51,529 Investments related to long-term incentive plans (2) — — — 11,184 11,184 Other investments (4) — — 1,218 10,251 11,469 Adjusted cost investments (4) — 74 12,171 — 12,245 Derivative assets (5) 4,183 — — — 4,183 Total $ 889,978 $ 52,977 $ 55,698 $ 34,293 $ 1,032,946 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (1,415 ) $ — $ (1,415 ) Derivative liabilities (5) (7,579 ) — — — (7,579 ) Total $ (7,579 ) $ — $ (1,415 ) $ — $ (8,994 ) (1) Cash investments in actively traded money market funds are classified as Level 1. Cash investments in time deposits and other are measured at amortized cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization and are classified as Level 2. (2) Included in Investment securities on the Consolidated Balance Sheets. (3) Primarily investments in private equity and real estate funds. These equity method investments are investment companies that primarily record underlying investments at fair value. Therefore, the fair value of these investments is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee. Other equity method investments not measured at fair value on a recurring basis of $27,051 and $28,160 as of December 31, 2019 and March 31, 2019, respectively, are excluded from the tables above. (4) Included in Other noncurrent assets in the Consolidated Balance Sheets. (5) See Note 14 . (6) See Note 9 . |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The changes in financial assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3) are presented in the tables below: Balance as of September 30, 2019 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of December 31, 2019 Assets: Equity investments - seed capital $ 20,200 $ 1,000 — — — 346 21,546 Equity method investments: Seed capital investments 43,252 283 — (2,073 ) — 1,878 43,340 Other 1,297 — — (1,209 ) — (35 ) 53 Adjusted cost investments 22,869 3,497 — — — — 26,366 $ 87,618 $ 3,780 $ — $ (3,282 ) $ — $ 1,843 $ 91,305 Liabilities: Contingent consideration liabilities $ (3,625 ) $ — n/a $ 250 n/a $ (1 ) $ (3,376 ) Balance as of September 30, 2018 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of December 31, 2018 Assets: Equity investments - seed capital $ 1,394 $ — $ — $ — $ — $ (128 ) $ 1,266 Equity method investments: Seed capital investments 37,020 5,516 — (1,880 ) — 398 41,054 Other 1,840 — — (19 ) — — 1,821 Adjusted cost investments 10,906 1,063 — — — 3 11,972 $ 51,160 $ 6,579 $ — $ (1,899 ) $ — $ 273 $ 56,113 Liabilities: Contingent consideration liabilities $ (1,900 ) $ — n/a $ — n/a $ — $ (1,900 ) Balance Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance Assets: Equity Investments - seed capital $ 1,455 $ 21,200 $ — $ (1,457 ) $ — $ 348 $ 21,546 Equity method investments: Seed capital investments 40,854 2,621 — (3,045 ) — 2,910 43,340 Other 1,218 — — (1,222 ) — 57 53 Adjusted cost investments 12,171 14,318 — (125 ) — 2 26,366 $ 55,698 $ 38,139 $ — $ (5,849 ) $ — $ 3,317 $ 91,305 Liabilities: Contingent consideration liabilities $ (1,415 ) (3,389 ) n/a $ 250 n/a $ 1,178 $ (3,376 ) Balance Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance Assets: Equity Investments - seed capital $ 1,242 $ — $ — $ — $ — $ 24 $ 1,266 Equity method investments: Seed capital investments 33,725 9,483 — (4,280 ) — 2,126 41,054 Other — 1,650 — (19 ) — 190 1,821 Adjusted cost investments 6,951 5,063 — (2 ) — (40 ) 11,972 $ 41,918 $ 16,196 $ — $ (4,301 ) $ — $ 2,300 $ 56,113 Liabilities: Contingent consideration liabilities $ (5,607 ) $ — n/a $ 4,319 n/a $ (612 ) $ (1,900 ) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | The following table summarizes the nature of these investments and any related liquidation restrictions or other factors which may impact the ultimate value realized: Fair Value Determined Using NAV As of December 31, 2019 Category of Investment Investment Strategy December 31, 2019 March 31, 2019 Unfunded Commitments Remaining Term Funds-of-hedge funds Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge $ 11,905 (1) $ 9,910 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 1,049 1,515 n/a n/a Private equity funds Long/short equity 10,244 (2) 11,636 $ 5,698 Up to 10 years Equity method investments related to long-term incentive plans Alternatives, structured securities, short-dated fixed income 7,625 (2) 11,185 n/a n/a Other Various 20 47 n/a Various Total $ 30,843 $ 34,293 $ 5,698 n/a - not applicable (1) Liquidation restrictions: 14% monthly redemption, 1% quarterly redemption, and 85% are not subject to redemption or are not currently redeemable. (2) Liquidations are expected over the remaining term. |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of fixed assets | The following table reflects the components of fixed assets as of: December 31, 2019 March 31, 2019 Software $ 276,096 $ 269,944 Leasehold improvements 213,439 212,742 Equipment 162,795 159,421 Total cost 652,330 642,107 Less: accumulated depreciation and amortization (513,495 ) (492,118 ) Fixed assets, net $ 138,835 $ 149,989 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class [Table Text Block] | The following table reflects the components of intangible assets as of: December 31, 2019 March 31, 2019 Amortizable intangible asset management contracts and other Cost $ 372,808 $ 366,930 Accumulated amortization (257,410 ) (240,488 ) Net (1) 115,398 126,442 Indefinite–life intangible assets U.S. domestic mutual fund management contracts 2,106,351 2,106,351 Clarion Partners fund management contracts 505,200 505,200 EnTrust Global fund management contracts 126,804 126,804 Other fund management contracts 475,069 473,360 Trade names 48,695 48,602 3,262,119 3,260,317 Intangible assets, net $ 3,377,517 $ 3,386,759 (1) As of December 31, 2019, includes $5,305 related to the acquisition of Gramercy by Clarion Partners. See Note 4 for additional information. |
Changes in carrying value of goodwill | The change in carrying value of goodwill is summarized below: Gross Book Value Accumulated Impairment Net Book Value Balance as of March 31, 2019 $ 3,045,454 $ (1,161,900 ) $ 1,883,554 Impact of excess tax basis amortization (8,256 ) — (8,256 ) Changes in foreign exchange rates 603 — 603 Business acquisition (1) 20,196 — 20,196 Balance as of December 31, 2019 $ 3,057,997 $ (1,161,900 ) $ 1,896,097 |
Estimated amortization expense | Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: Remaining fiscal 2020 $ 5,640 2021 21,834 2022 21,485 2023 20,725 2024 19,896 Thereafter 25,818 Total $ 115,398 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, net, consists of the following: December 31, 2019 March 31, 2019 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 248,917 $ 206 $ 877 $ 250,000 $ 248,738 4.75% Senior Notes due March 2026 447,786 — 2,214 450,000 447,521 5.625% Senior Notes due January 2044 548,079 (2,938 ) 4,859 550,000 548,020 6.375% Junior Notes due March 2056 242,614 — 7,386 250,000 242,461 5.45% Junior Notes due September 2056 485,017 — 14,983 500,000 484,711 2.7% Senior Notes due July 2019 — — — — 250,301 Subtotal 1,972,413 (2,732 ) 30,319 2,000,000 2,221,752 Less: Current portion — — — — (250,301 ) Total $ 1,972,413 $ (2,732 ) $ 30,319 $ 2,000,000 $ 1,971,451 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Lease Disclosures [Abstract] | |
Schedule of Balance Sheet Information Related to Operating and Finance Leases [Table Text Block] | Leases included in the Consolidated Balance Sheets were as follows: Classification As of December 31, 2019 Operating leases: Operating lease ROU assets Right-of-use assets $ 294,174 Operating lease liabilities Lease liabilities 361,921 Finance leases: Property and equipment, gross Right-of-use assets $ 2,134 Less: accumulated depreciation Right-of-use assets (643 ) Property and equipment, net $ 1,491 Finance lease liabilities Lease liabilities $ 1,367 |
Lease, Cost [Table Text Block] | The components of lease expense included in the Consolidated Statement of Income (Loss) were as follows: Classification Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Operating lease cost Occupancy expense $ 25,361 $ 67,172 Financing lease cost: Amortization of right-of-use asset Occupancy expense 251 737 Interest on lease liabilities Interest expense 11 36 Total finance lease cost 262 773 Short-term lease cost Occupancy expense 1,190 4,885 Variable lease cost (1) Occupancy expense 6,599 17,788 Less: sublease billings Occupancy expense (6,091 ) (18,624 ) Net lease cost (2) $ 27,321 $ 71,994 (1) Variable lease cost includes operating expenses, real estate and other taxes. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other occupancy expense of $5,292 and $13,123 |
Lessee Operating and Finance Lease Liability Maturity Table. [Table Text Block] | As of December 31, 2019, undiscounted future cash flows for each of the next five fiscal years and thereafter related to operating and finance leases were as follows: Operating Leases Finance Leases Total Remaining fiscal 2020 $ 23,181 $ 263 $ 23,444 2021 88,048 714 88,762 2022 86,385 271 86,656 2023 84,530 131 84,661 2024 70,210 35 70,245 Thereafter 46,472 5 46,477 Total lease payments 398,826 1,419 400,245 Less: Imputed interest (36,905 ) (52 ) (36,957 ) Present value of lease liabilities $ 361,921 $ 1,367 $ 363,288 |
Schedule Of Supplemental Information Related To Operating and Finance Leases [Table Text Block] | As of December 31, 2019, the weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: Operating Leases Finance Leases Weighted-average remaining lease term (in years) 4.8 2.0 Weighted-average discount rates 4.0 % 3.1 % |
Schedule of Supplemental Cash Flow Information Related To Operating and Finance Leases [Table Text Block] | Supplemental cash flow information related to leases was as follows: Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64,470 Financing cash flows from finance leases 727 |
Lessee, Operating Lease, Disclosure [Table Text Block] | As of March 31, 2019, minimum aggregate rentals under operating leases were as follows: Operating Leases (1) 2020 $ 90,667 2021 86,095 2022 84,485 2023 83,425 2024 72,192 Thereafter 47,240 Total $ 464,104 |
Stock-Based Compensation Share-
Stock-Based Compensation Share-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Schedule of Compensation Cost for Share-based Payment Arrangements | he components of Legg Mason's total stock-based compensation expense were as follows: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Restricted stock and restricted stock units $ 12,025 $ 11,668 $ 43,507 $ 38,707 Stock options 728 1,057 2,643 3,513 Employee stock purchase plan 77 96 415 480 Non-employee director awards — — 1,000 1,025 Affiliate management equity plans 23 719 1,670 2,213 Performance share units 2,564 1,202 8,688 4,014 Employee stock trust 9 8 26 23 Total stock-based compensation expense $ 15,426 $ 14,750 $ 57,949 $ 49,975 |
Restricted stock and restricted stock unit transactions | Restricted stock and restricted stock unit transactions are summarized below: Nine Months Ended December 31, 2019 2018 Number of Shares Weighted-Average Grant Date Value Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31 3,045 $ 37.76 3,299 $ 38.09 Granted 1,205 35.50 1,179 39.05 Vested (1,288 ) 38.70 (1,286 ) 39.73 Canceled/forfeited (59 ) 36.88 (108 ) 37.62 Unvested shares at December 31 2,903 $ 36.43 3,084 $ 37.80 |
Stock options transactions | Stock option transactions under Legg Mason's equity incentive plans are summarized below: Nine Months Ended December 31, 2019 2018 Number of Shares Weighted-Average Exercise Price Per Share Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31 4,115 $ 39.05 4,437 $ 38.78 Exercised (369 ) 31.55 (189 ) 31.62 Canceled/forfeited (80 ) 46.18 (95 ) 43.92 Options outstanding at December 31 3,666 $ 39.65 4,153 $ 38.99 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Assumptions used to determine the fair value of performance share awards | The following assumptions were used in the Monte Carlo pricing models for the May 2019 and 2018 grants: May 2019 May 2018 Expected dividend yield 4.41 % 3.49 % Risk-free interest rate 2.11 % 2.71 % Average expected volatility 23.96 % 26.14 % |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents Total Operating Revenues disaggregated by geographic location: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 United States $ 583,080 $ 547,696 $ 1,730,546 $ 1,711,426 United Kingdom 56,264 35,142 121,303 111,739 Other International 114,570 121,484 350,689 387,489 Total Operating Revenues $ 753,914 $ 704,322 $ 2,202,538 $ 2,210,654 |
AssetClass [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents Total Operating Revenues disaggregated by asset class: Three Months Ended December 31, Nine Months Ended December 31 2019 2018 2019 2018 Equity $ 293,130 $ 296,738 $ 875,965 $ 931,350 Fixed Income 299,121 275,559 873,687 855,343 Alternative 139,061 110,390 384,068 361,239 Liquidity 22,602 21,635 68,818 62,722 Total Operating Revenues $ 753,914 $ 704,322 $ 2,202,538 $ 2,210,654 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computations of basic and diluted earnings per share attributable to Legg Mason, Inc. shareholders ("EPS"): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Basic weighted-average shares outstanding for EPS 86,878 85,537 86,666 85,381 Potential common shares: Dilutive employee stock options 287 — 266 — Diluted weighted-average shares outstanding for EPS 87,165 85,537 86,932 85,381 Net Income (Loss) Attributable to Legg Mason, Inc. $ 74,775 $ (216,888 ) $ 187,208 $ (77,995 ) Less: Earnings (distributed and undistributed) allocated to participating securities 2,428 1,049 6,138 3,190 Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 72,347 $ (217,937 ) $ 181,070 $ (81,185 ) Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ 0.83 $ (2.55 ) $ 2.09 $ (0.95 ) Diluted 0.83 (2.55 ) 2.08 (0.95 ) |
Noncontrolling Interests Rollfo
Noncontrolling Interests Rollforward (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | |
Net Income (Loss) Attributable to Noncontrolling Interests [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net income attributable to redeemable noncontrolling interests $ 14,266 $ 8,852 $ 36,595 $ 24,460 Net income attributable to nonredeemable noncontrolling interests 1,962 1,646 5,300 6,583 Total $ 16,228 $ 10,498 $ 41,895 $ 31,043 |
Redeemable Noncontrolling Interest [Table Text Block] | redeemable and nonredeemable noncontrolling interests: Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling interests Management equity plans Total Nonredeemable noncontrolling interests (3) Balance as of March 31, 2019 $ 103,630 $ 540,595 $ 48,151 $ 692,376 $ 29,784 Net income attributable to noncontrolling interests 9,006 27,589 — 36,595 5,300 Business acquisition 11,715 — 11,715 — Net subscriptions (redemptions) (31,307 ) — — (31,307 ) — Purchase of affiliate noncontrolling interest: Payment (fair value portion) — (8,789 ) — (8,789 ) — Change in redemption value — (25,708 ) — (25,708 ) — Distributions — (22,775 ) — (22,775 ) (4,519 ) Foreign exchange — (833 ) — (833 ) — Vesting/change in estimated redemption value — 3,095 13,984 17,079 — Balance as of December 31, 2019 $ 81,329 $ 524,889 $ 62,135 $ 668,353 $ 30,565 Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling interests Management equity plans Total Nonredeemable noncontrolling interests (2) Balance as of March 31, 2018 $ 125,047 $ 573,950 $ 33,298 $ 732,295 $ 27,731 Net income attributable to noncontrolling interests 1,036 23,424 — 24,460 6,583 Net subscriptions (redemptions) (36,328 ) — — (36,328 ) — Settlement of affiliate noncontrolling interest put: Payment — (15,547 ) — (15,547 ) — Change in redemption value — (12,345 ) — (12,345 ) — Distributions — (25,538 ) — (25,538 ) (6,820 ) Foreign exchange — (5,009 ) — (5,009 ) — Vesting/change in estimated redemption value — 1,037 13,925 14,962 — Balance as of December 31, 2018 $ 89,755 $ 539,972 $ 47,223 $ 676,950 $ 27,494 (1) Related to variable interest entities ("VIEs") and seeded investment products. (2) Related to Royce management equity plan. The following tables present the changes in redeemable noncontrolling interests by affiliate (exclusive of management equity plans): Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2019 $ 380,684 $ 123,502 $ 35,181 $ 1,228 $ 540,595 Net income (loss) attributable to noncontrolling interests 12,694 14,904 106 (115 ) 27,589 Business acquisition — — — 11,715 11,715 Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Distributions (9,892 ) (12,880 ) — (3 ) (22,775 ) Foreign exchange — — (790 ) (43 ) (833 ) Change in estimated redemption value — 3,095 — — 3,095 Balance as of December 31, 2019 $ 383,486 $ 128,621 $ — $ 12,782 $ 524,889 Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2018 $ 386,884 $ 117,272 $ 68,285 $ 1,509 $ 573,950 Net income (loss) attributable to noncontrolling interests 9,752 12,460 1,417 (205 ) 23,424 Distributions (13,475 ) (10,359 ) (1,693 ) (11 ) (25,538 ) Settlement of affiliate noncontrolling interest put: Payment — — (15,547 ) (15,547 ) Change in redemption value — — (12,345 ) (12,345 ) Foreign exchange — — (5,009 ) — (5,009 ) Change in estimated redemption value — 1,037 — — 1,037 Balance as of December 31, 2018 $ 383,161 $ 120,410 $ 35,108 $ 1,293 $ 539,972 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table presents the derivative assets and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Net Amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ 4,092 $ (1,310 ) $ 2,782 $ — $ — $ 2,782 Total return swaps — — — 292 961 1,253 Total derivative instruments not designated as hedging instruments $ 4,092 $ (1,310 ) $ 2,782 $ 292 $ 961 $ 4,035 The following table presents the derivative assets and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Net amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ 3,997 $ (1,874 ) $ 2,123 $ — $ — $ 2,123 Total return swaps — — — 2,060 2,310 4,370 Total derivative instruments not designated as hedging instruments $ 3,997 $ (1,874 ) $ 2,123 $ 2,060 $ 2,310 $ 6,493 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The following table presents the derivative liabilities and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Liabilities Presented in the Balance Sheet Financial Instruments Cash Collateral Net amount as of March 31, 2019 Derivative instruments not designated as hedging instruments Currency forward contracts $ (7,465 ) $ 2,094 $ (5,371 ) $ — $ — $ (5,371 ) Futures contracts relating to: Seed capital investments — — — (1,798 ) 7,640 5,842 Total return swaps — — — (410 ) 1,104 694 Total futures contracts — — — (2,208 ) 8,744 6,536 Total derivative instruments not designated as hedging instruments $ (7,465 ) $ 2,094 $ (5,371 ) $ (2,208 ) $ 8,744 $ 1,165 The following table presents the derivative liabilities and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Liabilities Presented in the Balance Sheet Financial Instruments Cash Collateral Net Amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ (1,426 ) $ 986 $ (440 ) $ — $ — $ (440 ) Futures contracts relating to: Seed capital investments — — — (801 ) 4,809 4,008 Total return swaps — — — (49 ) 366 317 Total future contracts — — — (850 ) 5,175 4,325 Total return swaps (72 ) 890 818 Total derivative instruments not designated as hedging instruments $ (1,426 ) $ 986 $ (440 ) $ (922 ) $ 6,065 $ 4,703 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents gains (losses) recognized in the Consolidated Statements of Income (Loss) on derivative instruments. As described above, the currency forward contracts and futures and forward contracts for seed capital investments included below are economic hedges of interest rate and market risk of certain operating and investing activities of Legg Mason. Three Months Ended December 31, 2019 2018 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 10,325 $ (4,293 ) $ 3,110 $ (5,587 ) Seed capital investments Other non-operating income (expense) 651 (2,219 ) 1,503 (1,116 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) — (7,351 ) 16,520 (1 ) Total return swaps Other non-operating income (expense) 31 (563 ) 3,121 (467 ) Total return swaps Other non-operating income (expense) 384 (73 ) 203 (832 ) Total gain (loss) from derivatives not designated as hedging instruments $ 11,391 $ (14,499 ) $ 24,457 $ (8,003 ) Nine Months Ended December 31, 2019 2018 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 7,813 $ (8,257 ) $ 9,369 $ (19,366 ) Seed capital investments Other non-operating income (expense) 2,356 (1,233 ) 5,523 (788 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 398 (11,223 ) 19,224 (7,066 ) Total return swaps Other non-operating income (expense) 84 (1,441 ) 3,425 (3,418 ) Total return swaps Other non-operating income (expense) 1,885 — 1,869 (938 ) Total gain (loss) from derivatives not designated as hedging instruments $ 12,536 $ (22,154 ) $ 39,410 $ (31,576 ) |
Strategic Business Initiative_2
Strategic Business Initiative (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Restructuring [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The table below presents a summary of changes in the strategic restructuring liability from January 1, 2019 through December 31, 2019, and cumulative charges incurred to date: Compensation and benefits Occupancy Other Total Balance as of January 1, 2019 $ — $ — $ — $ — Accrued charges — 2,090 6,504 8,594 Balance as of March 31, 2019 — 2,090 6,504 8,594 Accrued charges 40,860 4,427 8,059 53,346 Payments (7,992 ) (289 ) (9,886 ) (18,167 ) Balance as of December 31, 2019 $ 32,868 $ 6,228 $ 4,677 $ 43,773 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Nine months ended December 31, 2019 12,448 1,503 — 13,951 Total $ 12,448 $ 2,261 $ — $ 14,709 Cumulative charges incurred through December 31, 2019 $ 53,308 $ 8,778 $ 14,563 $ 76,649 (1) Includes stock-based compensation expense and accelerated fixed asset depreciation. |
Estimate of Remaining Restructuring Charges to be Incurred [Table Text Block] | The estimates for the remaining strategic restructuring costs expected to be incurred through fiscal 2021 are as follows: Minimum Maximum Compensation and benefits $ 12,000 $ 17,000 Occupancy 16,000 18,000 Other costs 20,000 23,000 Total $ 48,000 $ 58,000 While management expects the total estimated costs to be within the range disclosed, the ultimate nature and timing of the costs may differ from those presented above. |
Variable Interest Entities an_2
Variable Interest Entities and Consolidation of Investment Vehicles (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Consolidating Balance Sheets December 31, 2019 March 31, 2019 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Reclassifications & Eliminations Consolidated Totals Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Reclassifications & Eliminations Consolidated Totals Current Assets $ 1,896,010 $ 117,167 $ (37,245 ) $ 1,975,932 $ 1,916,485 $ 144,091 $ (40,720 ) $ 2,019,856 Non-current assets 6,061,015 3,942 (1,171 ) 6,063,786 5,768,265 8,993 (2,992 ) 5,774,266 Total Assets $ 7,957,025 $ 121,109 $ (38,416 ) $ 8,039,718 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 Current Liabilities $ 929,495 $ 1,364 $ — $ 930,859 $ 1,104,002 $ 5,742 $ — $ 1,109,744 Non-current liabilities 2,605,229 — — 2,605,229 2,302,463 — — 2,302,463 Total Liabilities 3,534,724 1,364 — 3,536,088 3,406,465 5,742 — 3,412,207 Redeemable Non-controlling interests 587,024 — 81,329 668,353 588,746 — 103,630 692,376 Total Stockholders’ Equity 3,835,277 119,745 (119,745 ) 3,835,277 3,689,539 147,342 (147,342 ) 3,689,539 Total Liabilities and Equity $ 7,957,025 $ 121,109 $ (38,416 ) $ 8,039,718 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 (1) Other represents consolidated sponsored investment product VREs that are not designated as CIVs. |
Condensed Income Statement [Table Text Block] | Consolidating Statements of Income (Loss) $ 51,439 Three Months Ended December 31, 2019 December 31, 2018 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 753,983 $ — $ (69 ) $ 753,914 $ 704,477 $ — $ (155 ) $ 704,322 Total Operating Expenses 623,817 166 (63 ) 623,920 940,561 308 (120 ) 940,749 Operating Income (Loss) 130,166 (166 ) (6 ) 129,994 (236,084 ) (308 ) (35 ) (236,427 ) Total Non-Operating Income (Expense) (7,300 ) 569 1,404 (5,327 ) (32,158 ) 2,612 (771 ) (30,317 ) Income (Loss) Before Income Tax Provision (Benefit) 122,866 403 1,398 124,667 (268,242 ) 2,304 (806 ) (266,744 ) Income tax provision (benefit) 33,664 — — 33,664 (60,354 ) — — (60,354 ) Net Income (Loss) 89,202 403 1,398 91,003 (207,888 ) 2,304 (806 ) (206,390 ) Less: Net income (loss) attributable to noncontrolling interests 14,427 (245 ) 2,046 16,228 9,000 242 1,256 10,498 Net Income (Loss) Attributable to Legg Mason, Inc. $ 74,775 $ 648 $ (648 ) $ 74,775 $ (216,888 ) $ 2,062 $ (2,062 ) $ (216,888 ) (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Nine Months Ended December 31, 2019 December 31, 2018 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,202,888 $ — $ (350 ) $ 2,202,538 $ 2,211,115 $ — $ (461 ) $ 2,210,654 Total Operating Expenses 1,862,253 1,292 87 1,863,632 2,184,807 1,386 (516 ) 2,185,677 Operating Income (Loss) 340,635 (1,292 ) (437 ) 338,906 26,308 (1,386 ) 55 24,977 Total Non-Operating Income (Expense) (40,072 ) 15,625 (4,890 ) (29,337 ) (74,131 ) 2,070 297 (71,764 ) Income (Loss) Before Income Tax Provision 300,563 14,333 (5,327 ) 309,569 (47,823 ) 684 352 (46,787 ) Income tax provision 80,466 — — 80,466 165 — — 165 Net Income (Loss) 220,097 14,333 (5,327 ) 229,103 (47,988 ) 684 352 (46,952 ) Less: Net income (loss) attributable to noncontrolling interests 32,889 721 8,285 41,895 30,007 115 921 31,043 Net Income (Loss) Attributable to Legg Mason, Inc. $ 187,208 $ 13,612 $ (13,612 ) $ 187,208 $ (77,995 ) $ 569 $ (569 ) $ (77,995 ) |
Consolidated Investment Vehicles [Member] | |
Noncontrolling Interest [Line Items] | |
Investment Holdings, Schedule of Investments [Table Text Block] | Because it was determined to be the primary beneficiary of these VIEs, Legg Mason consolidated and designated the following funds as CIVs in the Consolidated Balance Sheets as of: December 31, 2019 March 31, 2019 December 31, 2018 Number of Consolidated Funds Legg Mason Investment in Funds (1) Number of Consolidated Funds Legg Mason Investment in Funds (1) Number of Consolidated Funds Legg Mason Investment in Funds (1) Sponsored investment partnerships 2 $ 9,419 2 $ 11,671 2 $ 12,863 Trust structure foreign mutual funds 6 21,669 7 23,005 8 49,251 Employee trust structure funds 1 4,564 2 6,215 2 6,963 ETFs (2) 2 2,764 3 2,821 2 2,487 Total 11 $ 38,416 14 $ 43,712 14 $ 71,564 (1) Represents Legg Mason's maximum risk of loss, excluding uncollected advisory fees. (2) Under the total return swap arrangements, Legg Mason receives the related investment gains and losses on investments in two of Legg Mason's ETFs with notional amounts totaling $34,907 as of December 31, 2019. See Note 14 for additional information regarding total return swaps. |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | The NAVs used as a practical expedient by CIVs have been provided by the investees and have been derived from the fair values of the underlying investments as of the respective reporting dates. The following table summarizes the nature of these investments and any related liquidation restrictions or other factors, which may impact the ultimate value realized: Fair Value Determined Using NAV As of December 31, 2019 Category of Investment Investment Strategy December 31, 2019 March 31, 2019 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 3,619 (1) $ 12,547 n/a n/a n/a - not applicable (1) Redemption restrictions: 22% monthly redemption; 77% quarterly redemption; and 1% are subject to three to five-year lock-up or side pocket provisions. |
Legg Mason, Inc | |
Noncontrolling Interest [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | Legg Mason's carrying value and maximum risk of loss for VIEs in which Legg Mason holds a variable interest, but for which it was not the primary beneficiary, were as follows: As of December 31, 2019 As of March 31, 2019 Equity Interests on the Consolidated Balance Sheet (1) Maximum Risk of Loss (2) Equity Interests on the Consolidated Balance Sheet (1) Maximum Risk of Loss (2) Real Estate Investment Trusts $ 12,312 $ 14,052 $ 10,812 $ 15,241 Other investment funds 31,090 49,646 25,155 45,897 Total $ 43,402 $ 63,698 $ 35,967 $ 61,138 (1) Amounts are related to investments in proprietary and other fund products. (2) |
Significant Accounting Polici_3
Significant Accounting Policies Lease Accounting (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating and Finance Lease, Right-of-Use Asset | $ 295,665 | $ 342,418 | $ 0 | |
Operating and Finance Lease, Liability | $ 363,288 | $ 411,115 | ||
Lease reserve liability, vacated space | $ 24,063 | |||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 2,800 | |||
Federal State and Local [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 14,100 |
Significant Accounting Polici_4
Significant Accounting Policies Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Tax Expense (Benefit) | $ 2,164 | $ 700 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 5.50% | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 2,800 | |
Other Expense [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 1,100 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities by Level (Details 1) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments | $ 27,051,000 | $ 28,160,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 429,557,000 | 556,231,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3,074,000 | 4,183,000 |
Assets, Fair Value Disclosure | 779,374,000 | 889,978,000 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (1,362,000) | (7,579,000) |
Financial Liabilities Fair Value Disclosure | (1,362,000) | (7,579,000) |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 13,098,000 | 20,160,000 |
Assets, Fair Value Disclosure | 44,550,000 | 52,977,000 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 91,305,000 | 55,698,000 |
Business Combination, Contingent Consideration, Liability | (3,376,000) | (1,415,000) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Financial Liabilities Fair Value Disclosure | (3,376,000) | (1,415,000) |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 30,843,000 | 34,293,000 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 442,655,000 | 576,391,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3,074,000 | 4,183,000 |
Assets, Fair Value Disclosure | 946,072,000 | 1,032,946,000 |
Business Combination, Contingent Consideration, Liability | (3,376,000) | (1,415,000) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (1,362,000) | (7,579,000) |
Financial Liabilities Fair Value Disclosure | (4,738,000) | (8,994,000) |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | 73,000 | 74,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | 26,366,000 | 12,171,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | 26,439,000 | 12,245,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 73,738,000 | 98,276,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Current Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 29,352,000 | 30,601,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Current Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 21,546,000 | 1,455,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Current Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 1,650,000 | 2,183,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 126,286,000 | 132,515,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 43,340,000 | 40,854,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Other Noncurrent Assets [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 12,035,000 | 10,675,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Proprietary Funds [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 55,375,000 | 51,529,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 7,625,000 | 11,184,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 258,040,000 | 211,802,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 258,040,000 | 211,802,000 |
Equity Method Investments, Fair Value Disclosure | 7,625,000 | 11,184,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 14,965,000 | 19,486,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Current Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 2,027,000 | 2,142,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Current Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Current Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Current Investments [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 16,992,000 | 21,628,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 9,533,000 | 10,251,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 53,000 | 1,218,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | $ 9,586,000 | $ 11,469,000 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities Unrealized and Realized Gain (Loss) on Equity Investments (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI, Gain (Loss) | $ 25,698 | $ (34,793) | $ 30,938 | $ (25,246) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 21,441 | $ (38,741) | $ 13,765 | $ (51,313) |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities Information Regarding Proprietary Fund Products (Details 2) $ in Thousands | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of total seed investment balance comprised of funds individually in excess of one million dollars | 90.00% | |
Proprietary Funds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 220,077 | $ 227,756 |
Number of Proprietary Fund Products with Seed Capital Investment in Excess of One Million Dollars | 45 | 52 |
Variable Interest Entity, Primary Beneficiary [Member] | Proprietary Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 38,416 | $ 43,712 |
Changes in Level 3 Assets and L
Changes in Level 3 Assets and Liabilities (Details 3) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | $ 87,618 | $ 51,160 | $ 55,698 | $ 41,918 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,780 | 6,579 | 38,139 | 16,196 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,282) | (1,899) | (5,849) | (4,301) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 1,843 | 273 | 3,317 | 2,300 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 91,305 | 56,113 | 91,305 | 56,113 |
Proprietary Funds [Member] | Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | 20,200 | 1,394 | 1,455 | 1,242 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,000 | 0 | 21,200 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | (1,457) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 346 | (128) | 348 | 24 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 21,546 | 1,266 | 21,546 | 1,266 |
Proprietary Funds [Member] | Equity Method Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | 43,252 | 37,020 | 40,854 | 33,725 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 283 | 5,516 | 2,621 | 9,483 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,073) | (1,880) | (3,045) | (4,280) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 1,878 | 398 | 2,910 | 2,126 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 43,340 | 41,054 | 43,340 | 41,054 |
Other Investments [Member] | Equity Method Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | 1,297 | 1,840 | 1,218 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 1,650 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,209) | (19) | (1,222) | (19) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (35) | 0 | 57 | 190 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 53 | 1,821 | 53 | 1,821 |
Other Investments [Member] | Cost-method Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | 22,869 | 10,906 | 12,171 | 6,951 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,497 | 1,063 | 14,318 | 5,063 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | (125) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0 | 3 | 2 | (40) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 26,366 | 11,972 | 26,366 | 11,972 |
Contingent Consideration Liability Fair Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning of Period | (3,625) | (1,900) | (1,415) | (5,607) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | (3,389) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 250 | 0 | 250 | 4,319 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (1) | 0 | 1,178 | (612) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, End of Period | (3,376) | (1,900) | (3,376) | (1,900) |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 1,776 | $ 275 | $ 4,089 | $ 2,336 |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities NAV Investments (Details 4) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Other Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Remaining Term, High End of Range | 10.0 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Funds-Of-Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of Monthly Redemption | 14.00% | |
Percentage of Quarterly Redemption | 1.00% | |
Percentage Not Currently Redeemable | 85.00% | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 5,698 | |
Alternative Investment | 30,843 | $ 34,293 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Funds-Of-Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | 11,905 | 9,910 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | 1,049 | 1,515 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Private Equity Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 5,698 | |
Alternative Investment | 10,244 | 11,636 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Long Term Incentive Compensation Plans [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | 7,625 | 11,185 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Other Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 20 | $ 47 |
Acquisitions Gramercy (Details)
Acquisitions Gramercy (Details) € in Thousands, $ in Thousands | Apr. 10, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 10, 2019EUR (€) | Apr. 10, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years 7 months 6 days | |||||
Gramercy [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||
Payments to Acquire Businesses, Gross | $ 10,247 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € 3,315 | $ 3,721 | € 3,315 | $ 3,735 | ||
Finite-lived Intangible Assets Acquired | $ 5,876 | |||||
Goodwill, Acquired During Period | $ 20,196 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 11,715 | |||||
Business Combination, Contingent Consideration, Liability | $ 3,389 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Fixed assets: | ||
Total cost | $ 652,330 | $ 642,107 |
Less: accumulated depreciation and amortization | (513,495) | (492,118) |
Fixed assets, net | 138,835 | 149,989 |
Software | ||
Fixed assets: | ||
Total cost | 276,096 | 269,944 |
Leasehold improvements | ||
Fixed assets: | ||
Total cost | 213,439 | 212,742 |
Equipment | ||
Fixed assets: | ||
Total cost | $ 162,795 | $ 159,421 |
Fixed Assets Depreciation and A
Fixed Assets Depreciation and Amortization Expense (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||||
Accelerated Depreciation, Other | $ 1,603 | |||
Property, Plant and Equipment [Member] | ||||
Property, Plant and Equipment | ||||
Depreciation and amortization | $ 12,252 | $ 11,799 | $ 34,098 | $ 35,659 |
Components Intangible Assets (D
Components Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Cost | $ 372,808 | $ 366,930 | ||
Accumulated amortization | (257,410) | (240,488) | ||
Total | $ 115,398 | 126,442 | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class [Table Text Block] | The following table reflects the components of intangible assets as of: December 31, 2019 March 31, 2019 Amortizable intangible asset management contracts and other Cost $ 372,808 $ 366,930 Accumulated amortization (257,410 ) (240,488 ) Net (1) 115,398 126,442 Indefinite–life intangible assets U.S. domestic mutual fund management contracts 2,106,351 2,106,351 Clarion Partners fund management contracts 505,200 505,200 EnTrust Global fund management contracts 126,804 126,804 Other fund management contracts 475,069 473,360 Trade names 48,695 48,602 3,262,119 3,260,317 Intangible assets, net $ 3,377,517 $ 3,386,759 (1) As of December 31, 2019, includes $5,305 related to the acquisition of Gramercy by Clarion Partners. See Note 4 for additional information. | |||
Indefinite-life intangible assets | $ 3,262,119 | 3,260,317 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 22.00% | |||
U.S. Domestic Mutual Fund Management Contracts | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | $ 2,106,351 | 2,106,351 | ||
Other Fund Management Contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | 475,069 | 473,360 | ||
Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | 48,695 | 48,602 | ||
Consolidated Legg Mason, Inc. | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 365,200 | $ 365,200 | ||
Intangible assets, net | 3,377,517 | 3,386,759 | ||
Consolidated Legg Mason, Inc. | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 358,800 | |||
EnTrust Global [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Other Indefinite-lived Intangible Assets | 401,404 | 126,804 | 401,404 | |
Indefinite-Lived Trade Names | 28,500 | 10,300 | 28,500 | |
EnTrust Global [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | $ 126,804 | 126,804 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 10.00% | |||
EnTrust Global [Member] | Other Fund Management Contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Asset Impairment Charges | 274,600 | |||
EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 6.00% | |||
Asset Impairment Charges | 18,200 | |||
Clarion Partners [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | $ 505,200 | $ 505,200 | ||
RARE Infrastructure, Ltd [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Other Indefinite-lived Intangible Assets | 120,800 | 120,800 | ||
Indefinite-Lived Trade Names | 2,800 | 2,800 | ||
RARE Infrastructure, Ltd [Member] | Other Fund Management Contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Asset Impairment Charges | 65,000 | |||
RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Asset Impairment Charges | 1,000 | |||
RARE Infrastructure, Ltd [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Total | $ 6,900 | $ 6,900 | ||
Gramercy [Member] | Clarion Partners [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-life intangible assets | $ 5,305 | |||
Cash Flow Growth Rate [Member] | Maximum [Member] | RARE Infrastructure, Ltd [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.90% | 4.90% | ||
Cash Flow Growth Rate [Member] | Maximum [Member] | RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.60% | 4.60% | ||
Cash Flow Growth Rate [Member] | Maximum [Member] | EnTrust Global [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 3.90% | 3.90% | ||
Cash Flow Growth Rate [Member] | Maximum [Member] | EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.60% | 4.60% | ||
Cash Flow Growth Rate [Member] | Weighted Average [Member] | RARE Infrastructure, Ltd [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.80% | 4.80% | ||
Cash Flow Growth Rate [Member] | Weighted Average [Member] | RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.20% | 4.20% | ||
Cash Flow Growth Rate [Member] | Weighted Average [Member] | EnTrust Global [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 3.00% | 3.00% | ||
Cash Flow Growth Rate [Member] | Weighted Average [Member] | EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 3.90% | 3.90% | ||
Cash Flow Growth Rate [Member] | Minimum [Member] | RARE Infrastructure, Ltd [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 4.40% | 4.40% | ||
Cash Flow Growth Rate [Member] | Minimum [Member] | RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 0.90% | 0.90% | ||
Cash Flow Growth Rate [Member] | Minimum [Member] | EnTrust Global [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | (19.40%) | (19.40%) | ||
Cash Flow Growth Rate [Member] | Minimum [Member] | EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 0.00% | 0.00% | ||
Measurement Input, Discount Rate [Member] | RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 16.50% | 16.50% | ||
Measurement Input, Discount Rate [Member] | EnTrust Global [Member] | Fund management contracts [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 17.00% | 17.00% | ||
Measurement Input, Discount Rate [Member] | EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 16.50% | 16.50% | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | RARE Infrastructure, Ltd [Member] | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Finite-lived Intangible Assets, Measurement Input | 7.00% | 7.00% | ||
Royalty [Member] | RARE Infrastructure, Ltd [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 1.00% | 1.00% | ||
Royalty [Member] | EnTrust Global [Member] | Trade Names | ||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||
Indefinite-lived Intangible Assets, Measurement Input | 1.00% | 1.00% |
Schedule of Goodwill Carrying V
Schedule of Goodwill Carrying Value Rollfoward (Details 4) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 22.00% |
Goodwill Gross Value [Member] | |
Goodwill | |
Goodwill, Gross, Beginning of Period | $ 3,045,454 |
Impact of excess tax basis amortization | (8,256) |
Other, including changes in foreign exchange rates | 603 |
Goodwill, Acquired During Period | 20,196 |
Goodwill, Gross, End of Period | 3,057,997 |
Goodwill Accumulated Impairment [Member] | |
Goodwill | |
Accumulated Impairment, Beginning of Period | (1,161,900) |
Accumulated Impairment, End of Period | (1,161,900) |
Goodwill Net Value [Member] | |
Goodwill | |
Goodwill, Beginning of Period | 1,883,554 |
Impact of excess tax basis amortization | (8,256) |
Other, including changes in foreign exchange rates | 603 |
Goodwill, Acquired During Period | 20,196 |
Goodwill, End of Period | $ 1,896,097 |
Schedule of Remaining Intangibl
Schedule of Remaining Intangible Amortization (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years 7 months 6 days | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 5,640 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 21,834 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 21,485 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 20,725 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 19,896 | |
Thereafter | 25,818 | |
Total | $ 115,398 | $ 126,442 |
Long-Term Debt Schedule of Curr
Long-Term Debt Schedule of Current Value of Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 15, 2019 | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 0 | $ (250,301) | |
Long-term debt, net | 1,972,413 | 1,971,451 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,000,000 | ||
Long-term Debt, Fair Value | 2,170,660 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,972,413 | 2,221,752 | |
Debt Instrument, Unamortized Discount (Premium), Net | (2,732) | ||
Unamortized Debt Issuance Expense | 30,319 | ||
Long-term Debt, Gross | 2,000,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 2.7% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 250,301 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 3.95% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 248,917 | 248,738 | |
Debt Instrument, Unamortized Discount | 206 | ||
Unamortized Debt Issuance Expense | 877 | ||
Long-term Debt, Gross | 250,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 4.75% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 447,786 | 447,521 | |
Debt Instrument, Unamortized Premium | 0 | ||
Unamortized Debt Issuance Expense | 2,214 | ||
Long-term Debt, Gross | 450,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 548,079 | 548,020 | |
Debt Instrument, Unamortized Premium | (2,938) | ||
Unamortized Debt Issuance Expense | 4,859 | ||
Long-term Debt, Gross | 550,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 6.375% Junior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 242,614 | 242,461 | |
Debt Instrument, Unamortized Premium | 0 | ||
Unamortized Debt Issuance Expense | 7,386 | ||
Long-term Debt, Gross | 250,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.45% Junior Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 485,017 | $ 484,711 | |
Debt Instrument, Unamortized Premium | 0 | ||
Unamortized Debt Issuance Expense | 14,983 | ||
Long-term Debt, Gross | 500,000 | ||
Current Portion of Long-Term Debt | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | ||
Unamortized Debt Issuance Expense | 0 | ||
Long-term Debt, Gross | 0 | ||
Long-term Debt | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | (2,732) | ||
Unamortized Debt Issuance Expense | 30,319 | ||
Long-term Debt, Gross | $ 2,000,000 | ||
2.7% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate Reconciliation (Details) | 9 Months Ended |
Dec. 31, 2018 | |
Reconciliation of Tax Rate [Line Items] | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 5.50% |
Leases Summary Lease Detail (De
Leases Summary Lease Detail (Details) number in Thousands, $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019USD ($) | |
Lease Disclosures [Abstract] | ||
Square Footage Leased | 1,500 | |
Lessee, Operating Lease, Term of Contract | 19 years | |
Lessee, Operating Lease, Option to Extend, Period | 15 years | |
Lessee, Option to Terminate, Period | 7 years | |
Lease reserve liability, vacated space | $ 24,063 |
Leases Schedule of Balance Shee
Leases Schedule of Balance Sheet Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (513,495) | $ (492,118) |
Operating Lease, Right-of-Use Asset | 294,174 | |
Operating Lease, Liability | 361,921 | |
Finance Lease, Right-of-Use Asset, Gross | 2,134 | |
Finance Lease, Right-of-Use Asset | 1,491 | |
Finance Lease, Liability | 1,367 | |
Right-of-Use Asset [Member] | ||
Schedule of Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (643) |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||||
Operating Lease, Expense | $ 20,445 | $ 64,649 | ||
Operating lease cost | $ 25,361 | $ 67,172 | ||
Finance Lease, Right-of-Use Asset, Amortization | 251 | 737 | ||
Finance Lease, Interest Expense | 11 | 36 | ||
Finance Lease Cost, Total | 262 | 773 | ||
Short-term Lease, Cost | 1,190 | 4,885 | ||
Variable Lease, Cost | 6,599 | 17,788 | ||
Sublease Income | (6,091) | (18,624) | ||
Lease, Cost | 27,321 | 71,994 | ||
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment | ||||
Amortization | $ 5,292 | $ 3,632 | $ 13,123 | $ 11,684 |
Leases Lessee Lease Liability P
Leases Lessee Lease Liability Payments Due (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Leases [Abstract] | |||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 23,181 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 88,048 | $ 86,095 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 86,385 | 84,485 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 84,530 | 83,425 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 70,210 | 72,192 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 46,472 | $ 47,240 | |
Lessee, Operating Lease, Liability, Payments, Due | 398,826 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (36,905) | ||
Operating Lease, Liability | 361,921 | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 263 | ||
Finance Lease, Liability, Payments, Due Year Two | 714 | ||
Finance Lease, Liability, Payments, Due Year Three | 271 | ||
Finance Lease, Liability, Payments, Due Year Four | 131 | ||
Finance Lease, Liability, Payments, Due Year Five | 35 | ||
Finance Lease, Liability, Payments, Due after Year Five | 5 | ||
Finance Lease, Liability, Payment, Due | 1,419 | ||
Finance Lease, Liability, Undiscounted Excess Amount | (52) | ||
Finance Lease, Liability | 1,367 | ||
Lease Liability Payments Remainder of Fiscal Year | 23,444 | ||
Lease Liability Payments Due Year Two | 88,762 | ||
Lease Liability Payments Due Year Three | 86,656 | ||
Lease Liability Payments Due Year Four | 84,661 | ||
Lease Liability Payments Due Year Five | 70,245 | ||
Lease Liability Payments Due After Year Five | 46,477 | ||
Lease Liability Payment Due | 400,245 | ||
Lease Liability Undiscounted Excess Amount | (36,957) | ||
Operating and Finance Lease, Liability | $ 363,288 | $ 411,115 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 2 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.10% |
Leases Schedule of Supplemental
Leases Schedule of Supplemental Information Related to Operating and Finance Leases (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 64,470 |
Finance Lease, Principal Payments | $ 727 |
Leases Future Minimum Lease Pay
Leases Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Operating Leased Assets [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 105,193 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 90,667 | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 88,048 | 86,095 |
Operating Leases, Future Minimum Payments, Due in Three Years | 86,385 | 84,485 |
Operating Leases, Future Minimum Payments, Due in Four Years | 84,530 | 83,425 |
Operating Leases, Future Minimum Payments, Due in Five Years | 70,210 | 72,192 |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 46,472 | 47,240 |
Operating Leases, Future Minimum Payments Due | $ 464,104 |
Leases ROU Impairment (Details)
Leases ROU Impairment (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Impairment Loss | $ 4,328 |
Accelerated Depreciation, Other | $ 1,603 |
Commitments and Contingencies I
Commitments and Contingencies Information Regarding Other Commitments (Details 1) $ in Thousands | Dec. 31, 2019USD ($) |
Investment In Limited Partnerships [Member] | |
Other Commitments [Line Items] | |
Other Commitment | $ 17,588 |
Clarion Partners [Member] | |
Other Commitments [Line Items] | |
Other Commitment | $ 100,000 |
Commitments and Contingencies F
Commitments and Contingencies Future Commitments For Service Contracts (Details 2) - Service Agreements [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
Other Commitment | $ 102,794 |
Other Commitments, Future Minimum Payments, Remainder of Fiscal Year | 20,087 |
Other Commitment, Due in Second Year | 39,348 |
Other Commitment, Due in Third Year | 21,534 |
Other Commitment, Due in Fourth and Fifth Year | $ 21,825 |
Commitments and Contingencies C
Commitments and Contingencies Commitments Related to Noncontrolling Interests (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Other Commitments [Line Items] | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | $ 668,353 |
Noncontrolling Interest [Member] | |
Other Commitments [Line Items] | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 524,889 |
Management Equity Plan [Member] | |
Other Commitments [Line Items] | |
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 82,495 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies related to Acquisitions (Details) € in Thousands, $ in Thousands | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Apr. 10, 2019EUR (€) | Apr. 10, 2019USD ($) | Mar. 31, 2019USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 3,376 | $ 1,415 | |||
Gramercy [Member] | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € 3,315 | $ 3,721 | € 3,315 | $ 3,735 |
Stock Based Compensation Summar
Stock Based Compensation Summary (Details) shares in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019shares | Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,292 | 6,292 |
Share-based Compensation Arrangement by Share-based Payment Award Granted Price as Percentage of Fair Market Value Minimum | 100.00% | |
Minimum [Member] | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | |
Maximum [Member] | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Expense | $ 15,426 | $ 14,750 | $ 57,949 | $ 49,975 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Expense | 12,025 | 11,668 | 43,507 | 38,707 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Expense | 728 | 1,057 | 2,643 | 3,513 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 77 | 96 | 415 | 480 |
Rabbi trust [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Expense | 9 | 8 | 26 | 23 |
Subsidiaries [Member] | Management Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 23 | 719 | 1,670 | 2,213 |
Director [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Expense | 0 | 0 | 1,000 | 1,025 |
Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 2,564 | $ 1,202 | $ 8,688 | $ 4,014 |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock and Restricted Stock Unit Transactions (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Payment Arrangement, Accelerated Cost | $ 0 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,903 | 2,903 | 3,084 | 3,045 | 3,299 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.43 | $ 36.43 | $ 37.80 | $ 37.76 | $ 38.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,205 | 1,179 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.50 | $ 39.05 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,288) | (1,286) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 38.70 | $ 39.73 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (59) | (108) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.88 | $ 37.62 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 63,186 | $ 63,186 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 7 months 6 days |
Stock-Based Compensation Schedu
Stock-Based Compensation Schedule of Outstanding Stock Options (Details 3) - Restricted Stock [Member] - $ / shares shares in Thousands | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,666 | 4,153 | 4,115 | 4,437 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.65 | $ 38.99 | $ 39.05 | $ 38.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (369) | (189) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 31.55 | $ 31.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (80) | (95) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 46.18 | $ 43.92 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options Excercisable (Details 4) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Equity Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 3,262 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 404 |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares | $ 40.23 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 920 |
Employee Stock Option | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 10 months 24 days |
Stock-Based Compensation Manage
Stock-Based Compensation Management Equity Plans (Details 5) - Management Equity Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 82,495 | |||
Clarion Partners [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Profits interests equity plan participation percentage | 15.00% | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 12,100 | |||
Royce [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 10,800 | |||
ClearBridge Investments [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Profits interests equity plan participation percentage | 15.00% | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 16,000 | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | 59,595 | |||
ClearBridge Investments [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 23 | $ 719 | 1,670 | $ 2,213 |
Subsidiaries [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 23 | $ 719 | $ 1,670 | $ 2,213 |
ClearBridge Management Equity Plan [Member] | ClearBridge Investments [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 1,600 |
Stock-Based Compensation Non-em
Stock-Based Compensation Non-employee Directors Equity Plan (Details 6) - Restricted Stock [Member] - shares shares in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,903 | 3,045 | 3,084 | 3,299 |
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 34 | 98 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Share Grants (Details 7) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 168 | 163 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 6,334 | $ 6,334 | $ 5,820 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.63 | $ 35.67 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 4.41% | 3.49% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.11% | 2.71% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.96% | 26.14% | ||||
Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.63 | $ 18.08 | ||||
Performance Shares [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 45.63 | $ 44.46 | ||||
Clarion Partners [Member] | Long Term Incentive Compensation Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 716 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 11,121 |
Revenue Revenue by Asset Class
Revenue Revenue by Asset Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 753,914 | $ 704,322 | $ 2,202,538 | $ 2,210,654 |
Equity AUM [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 293,130 | 296,738 | 875,965 | 931,350 |
Fixed Income AUM [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 299,121 | 275,559 | 873,687 | 855,343 |
Alternative AUM [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 139,061 | 110,390 | 384,068 | 361,239 |
Liquidity AUM [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 22,602 | $ 21,635 | $ 68,818 | $ 62,722 |
Revenue Revenue by Geographic L
Revenue Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 753,914 | $ 704,322 | $ 2,202,538 | $ 2,210,654 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 583,080 | 547,696 | 1,730,546 | 1,711,426 |
UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 56,264 | 35,142 | 121,303 | 111,739 |
Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 114,570 | $ 121,484 | $ 350,689 | $ 387,489 |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Capitalized Contract Cost, Net, Current | $ 8,565 | $ 8,565 | $ 8,126 | ||
Capitalized Contract Cost, Net, Noncurrent | 10,234 | 10,234 | $ 10,147 | ||
Capitalized Contract Cost, Amortization | $ 2,417 | $ 2,305 | $ 7,050 | $ 6,964 |
Earnings Per Share Schedule of
Earnings Per Share Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Legg Mason, Inc. | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 86,878 | 85,537 | 86,666 | 85,381 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 287 | 0 | 266 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 87,165 | 85,537 | 86,932 | 85,381 |
Net Income Attributable to Legg Mason, Inc. | $ 74,775 | $ (216,888) | $ 187,208 | $ (77,995) |
Basic (in dollars per share) | $ 0.83 | $ (2.55) | $ 2.09 | $ (0.95) |
Earnings Per Share, Diluted | $ 0.83 | $ (2.55) | $ 2.08 | $ (0.95) |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income Attributable to Legg Mason, Inc. | $ 74,775 | $ (216,888) | $ 187,208 | $ (77,995) |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 2,428 | 1,049 | 6,138 | 3,190 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 72,347 | $ (217,937) | $ 181,070 | $ (81,185) |
Restricted Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 2,935 | 3,104 | 2,919 | 3,104 |
Earnings Per Share Information
Earnings Per Share Information about Dilutive and Anti-Dilute Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive shares due to proceeds from exercising exceeded price of shares [Domain] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,860 | 1,995 | ||
Antidilutive shares due to loss [Domain] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56 | 143 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 2,935 | 3,104 | 2,919 | 3,104 |
Noncontrolling Interests Income
Noncontrolling Interests Income Attributable to NCI Reconciliation Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 14,266 | $ 8,852 | $ 36,595 | $ 24,460 |
Net Income (Loss) Attributable to Noncontrolling Interest | 16,228 | 10,498 | 41,895 | 31,043 |
Royce [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 1,962 | $ 1,646 | $ 5,300 | $ 6,583 |
Noncontrolling Interests Roll_2
Noncontrolling Interests Rollforward (Details) - USD ($) $ in Thousands | Jul. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | $ 676,950 | $ 692,376 | $ 732,295 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 14,266 | 8,852 | 36,595 | 24,460 | |
Noncontrolling Interest, Increase from Business Combination | 11,715 | ||||
Proceeds from (Payments to) Noncontrolling Interests | (31,307) | (36,328) | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | |||
Noncontrolling Interest, Change in Redemption Value | 17,079 | 14,962 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (22,775) | (25,538) | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (833) | (5,009) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 668,353 | 668,353 | |||
CIVs and Other | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 89,755 | 103,630 | 125,047 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 9,006 | 1,036 | |||
Proceeds from (Payments to) Noncontrolling Interests | (31,307) | (36,328) | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | 0 | |||
Vesting/Change in Estimated Redemption Value | 0 | 0 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 81,329 | 81,329 | |||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 539,972 | 540,595 | 573,950 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 27,589 | 23,424 | |||
Noncontrolling Interest, Increase from Business Combination | 11,715 | ||||
Proceeds from (Payments to) Noncontrolling Interests | 0 | 0 | |||
Noncontrolling Interest, Change in Redemption Value | 3,095 | 1,037 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (22,775) | (25,538) | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (833) | (5,009) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 524,889 | 539,972 | 524,889 | 539,972 | |
Management Equity Plan [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 47,223 | 48,151 | 33,298 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | 0 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | 0 | |||
Vesting/Change in Estimated Redemption Value | 13,984 | 13,925 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 62,135 | 62,135 | |||
RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 35,181 | 68,285 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 106 | 1,417 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | |||
Noncontrolling Interest, Change in Redemption Value | $ 12,345 | (25,708) | (25,708) | (12,345) | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | (1,693) | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (790) | (5,009) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 0 | 35,108 | 0 | 35,108 | |
Royce [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,962 | 1,646 | 5,300 | 6,583 | |
Management Equity Plan [Member] | Royce [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period | 29,803 | 28,074 | 29,784 | 27,731 | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,200) | (2,226) | (4,519) | (6,820) | |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,962 | 1,646 | 5,300 | 6,583 | |
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period | $ 30,565 | $ 27,494 | $ 30,565 | $ 27,494 |
Noncontrolling Interests Noncon
Noncontrolling Interests Noncontrolling Interest Rollforward, By Affiliate (Details) - USD ($) $ in Thousands | May 10, 2019 | Jul. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | $ 676,950 | $ 692,376 | $ 732,295 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 14,266 | 8,852 | 36,595 | 24,460 | ||
Noncontrolling Interest, Increase from Business Combination | 11,715 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | ||||
Noncontrolling Interest, Change in Redemption Value | 17,079 | 14,962 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (22,775) | (25,538) | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (833) | (5,009) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 668,353 | 668,353 | ||||
Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 539,972 | 540,595 | 573,950 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 27,589 | 23,424 | ||||
Noncontrolling Interest, Increase from Business Combination | 11,715 | |||||
Noncontrolling Interest, Change in Redemption Value | 3,095 | 1,037 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (22,775) | (25,538) | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (833) | (5,009) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 524,889 | 539,972 | 524,889 | 539,972 | ||
Other Affiliates [Member] | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 1,228 | 1,509 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (115) | (205) | ||||
Noncontrolling Interest, Increase from Business Combination | 11,715 | |||||
Noncontrolling Interest, Change in Redemption Value | 0 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 3 | 11 | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (43) | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 12,782 | 1,293 | 12,782 | 1,293 | ||
EnTrustPermal [Member] | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 380,684 | 386,884 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 12,694 | 9,752 | ||||
Noncontrolling Interest, Change in Redemption Value | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (9,892) | (13,475) | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 383,486 | 383,161 | 383,486 | 383,161 | ||
Clarion Partners [Member] | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 123,502 | 117,272 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 14,904 | 12,460 | ||||
Noncontrolling Interest, Change in Redemption Value | 3,095 | 1,037 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (12,880) | (10,359) | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 128,621 | 120,410 | 128,621 | 120,410 | ||
RARE Infrastructure, Ltd [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Total Consideration for Repurchase of Redeemable Noncontrolling Interest | 21,988 | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 11,967 | |||||
RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 35,181 | 68,285 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 106 | 1,417 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | ||||
Noncontrolling Interest, Change in Redemption Value | $ 12,345 | (25,708) | (25,708) | (12,345) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | (1,693) | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (790) | (5,009) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | $ 0 | $ 35,108 | $ 0 | $ 35,108 | ||
EnTrustPermal [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | 35.00% | ||||
Clarion Partners [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 18.00% | 18.00% |
Noncontrolling Interests RARE N
Noncontrolling Interests RARE Noncontrolling Interest Purchase (Details) - USD ($) $ in Thousands | May 10, 2019 | Jul. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ 34,497 | $ 27,892 | |||
Noncontrolling Interest, Change in Redemption Value | $ (17,079) | $ (14,962) | |||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Change in Redemption Value | (3,095) | (1,037) | |||
RARE Infrastructure, Ltd [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 11,967 | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | 981 | $ 1,759 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 11,440 | ||||
Redeemable Noncontrolling Interest, Equity, Fair Value | 15,547 | ||||
RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Change in Redemption Value | $ (12,345) | $ 25,708 | $ 25,708 | $ 12,345 |
Derivatives and Hedging Derivat
Derivatives and Hedging Derivative Instruments and Hedging Activities Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Other Assets [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | $ 3,074 | $ 4,183 |
Other Liabilities [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | $ 1,362 | $ 7,579 |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative, Average Remaining Maturity | 7 months | |
Derivative, Notional Amount | $ 323,654 | |
Future [Member] | ||
Derivative | ||
Derivative, Average Remaining Maturity | 3 months | |
Derivative, Notional Amount | $ 95,910 | |
Total Return Swap [Member] | ||
Derivative | ||
Derivative, Average Remaining Maturity | 5 months | |
Derivative, Notional Amount | $ 34,907 | |
Derivative, Average Basis Spread on Variable Rate | 1.60% | |
Futures Related to Total Return Swap [Member] | ||
Derivative | ||
Derivative, Average Remaining Maturity | 3 months | |
Derivative Financial Instruments, Assets [Member] | Future [Member] | ||
Derivative | ||
Derivative, Notional Amount | $ 7,916 |
Derivatives and Hedging Fair Va
Derivatives and Hedging Fair Value of Derivative Assets (Details 1) - Not Designated as Hedging Instrument [Member] - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | $ 4,092 | $ 3,997 |
Derivative Asset, Fair Value, Gross Liability | (1,310) | (1,874) |
Derivative Asset | 2,782 | 2,123 |
Derivative Asset, Not Subject to Master Netting Arrangement | 292 | 2,060 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 961 | 2,310 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,035 | 6,493 |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 4,092 | 3,997 |
Derivative Asset, Fair Value, Gross Liability | (1,310) | (1,874) |
Derivative Asset | 2,782 | 2,123 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,782 | 2,123 |
Total Return Swap [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset | 0 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 292 | 2,060 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 961 | 2,310 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 1,253 | $ 4,370 |
Derivatives and Hedging Fair _2
Derivatives and Hedging Fair Value of Derivative Liabilities (Details) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | $ (1,426) | $ (7,465) |
Derivative Liability, Fair Value, Gross Asset | 986 | 2,094 |
Derivative Liability | (440) | (5,371) |
Derivative Liability, Not Subject to Master Netting Arrangement | (922) | (2,208) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 6,065 | 8,744 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,703 | 1,165 |
Derivative Asset, Not Subject to Master Netting Arrangement | 292 | 2,060 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 961 | 2,310 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,035 | 6,493 |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | (1,426) | (7,465) |
Derivative Liability, Fair Value, Gross Asset | 986 | 2,094 |
Derivative Liability | (440) | (5,371) |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (440) | (5,371) |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,782 | 2,123 |
Future [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Derivative Liability | 0 | |
Derivative Liability, Not Subject to Master Netting Arrangement | (850) | (2,208) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 5,175 | 8,744 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,325 | 6,536 |
Futures Related to Total Return Swap [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Derivative Liability, Not Subject to Master Netting Arrangement | (49) | (410) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 366 | 1,104 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 317 | 694 |
Derivative Asset, Not Subject to Master Netting Arrangement | (72) | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 890 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 818 | |
Investments [Domain] | Future [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Derivative Liability, Not Subject to Master Netting Arrangement | (801) | (1,798) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 4,809 | 7,640 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 4,008 | $ 5,842 |
Derivatives and Hedging Gains a
Derivatives and Hedging Gains and (Losses) of Derivative Instruments (Details) - Not Designated as Hedging Instrument [Member] - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 11,391 | $ 24,457 | $ 12,536 | $ 39,410 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (14,499) | (8,003) | (22,154) | (31,576) |
Forward Contracts [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 10,325 | 3,110 | 7,813 | 9,369 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (4,293) | (5,587) | (8,257) | (19,366) |
Futures Related to Total Return Swap [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 31 | 3,121 | 84 | 3,425 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (563) | (467) | (1,441) | (3,418) |
Total Return Swap [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 384 | 203 | 1,885 | 1,869 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (73) | (832) | 0 | (938) |
Proprietary Funds [Member] | Forward Contracts [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 651 | 1,503 | 2,356 | 5,523 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (2,219) | (1,116) | (1,233) | (788) |
Investments [Member] | Future [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 0 | 16,520 | 398 | 19,224 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ (7,351) | $ (1) | $ (11,223) | $ (7,066) |
Strategic Business Initiative_3
Strategic Business Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 18,474 | $ 67,297 | $ 76,649 | |
Restructuring Reserve, Beginning of Period | $ 0 | 8,594 | 0 | |
Restructuring Charges | 8,594 | 53,346 | ||
Payments for Restructuring | (18,167) | |||
Restructuring Reserve, End of Period | 43,773 | 8,594 | 43,773 | 43,773 |
Restructuring Reserve, Settled without Cash | 758 | 13,951 | 14,709 | |
Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 53,308 | 53,308 | 53,308 | |
Restructuring Reserve, Beginning of Period | 0 | 0 | 0 | |
Restructuring Charges | 0 | 40,860 | ||
Payments for Restructuring | (7,992) | |||
Restructuring Reserve, End of Period | 32,868 | 0 | 32,868 | 32,868 |
Restructuring Reserve, Settled without Cash | 0 | 12,448 | 12,448 | |
Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 8,778 | 8,778 | 8,778 | |
Restructuring Reserve, Beginning of Period | 0 | 2,090 | 0 | |
Restructuring Charges | 2,090 | 4,427 | ||
Payments for Restructuring | (289) | |||
Restructuring Reserve, End of Period | 6,228 | 2,090 | 6,228 | 6,228 |
Restructuring Reserve, Settled without Cash | 758 | 1,503 | 2,261 | |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 14,563 | 14,563 | 14,563 | |
Restructuring Reserve, Beginning of Period | 0 | 6,504 | 0 | |
Restructuring Charges | 6,504 | 8,059 | ||
Payments for Restructuring | (9,886) | |||
Restructuring Reserve, End of Period | 4,677 | 6,504 | 4,677 | 4,677 |
Restructuring Reserve, Settled without Cash | $ 0 | 0 | 0 | |
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 125,000 | 125,000 | 125,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 48,000 | 48,000 | 48,000 | |
Minimum [Member] | Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 12,000 | 12,000 | 12,000 | |
Minimum [Member] | Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 16,000 | 16,000 | 16,000 | |
Minimum [Member] | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 20,000 | 20,000 | 20,000 | |
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 135,000 | 135,000 | 135,000 | |
Restructuring and Related Cost, Expected Cost Remaining | 58,000 | 58,000 | 58,000 | |
Maximum [Member] | Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 17,000 | 17,000 | 17,000 | |
Maximum [Member] | Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 18,000 | 18,000 | 18,000 | |
Maximum [Member] | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | $ 23,000 | $ 23,000 | $ 23,000 |
Variable Interest Entities an_3
Variable Interest Entities and Consolidation of Investment Vehicles Information about Investments in CIV's (Details) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 38,416,000 | $ 43,712,000 | $ 71,564,000 |
Sponsored Investment Fund [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 9,419,000 | 11,671,000 | 12,863,000 |
Foreign Mutual Funds [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 21,669,000 | 23,005,000 | 49,251,000 |
Employee Owned Funds [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 4,564,000 | 6,215,000 | 6,963,000 |
Sponsored ETF [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 2,764,000 | $ 2,821,000 | $ 2,487,000 |
Consolidated Investment Vehicles [Member] | |||
Variable Interest Entity | |||
Number of Funds | 11 | 14 | 14 |
Consolidated Investment Vehicles [Member] | Sponsored Investment Fund [Member] | |||
Variable Interest Entity | |||
Number of Funds | 2 | 2 | 2 |
Consolidated Investment Vehicles [Member] | Foreign Mutual Funds [Member] | |||
Variable Interest Entity | |||
Number of Funds | 6 | 7 | 8 |
Consolidated Investment Vehicles [Member] | Employee Owned Funds [Member] | |||
Variable Interest Entity | |||
Number of Funds | 1 | 2 | 2 |
Consolidated Investment Vehicles [Member] | Sponsored ETF [Member] | |||
Variable Interest Entity | |||
Number of Funds | 2 | 3 | 2 |
Future [Member] | |||
Variable Interest Entity | |||
Derivative, Notional Amount | $ 34,907,000 | ||
Voting Right Entities [Member] | |||
Variable Interest Entity | |||
Number of Funds | 4 | 5 | 7 |
Investments | $ 39,130 | $ 24,924 | $ 29,355 |
VIE Consolidated Balance Sheet
VIE Consolidated Balance Sheet Detail (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 |
Variable Interest Entity | |||||
REDEEMABLE NONCONTROLLING INTERESTS | $ 668,353 | $ 692,376 | $ 676,950 | $ 732,295 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity | |||||
Current Assets | (117,167) | (144,091) | |||
Non-current Assets | 3,942 | 8,993 | |||
TOTAL ASSETS | 121,109 | 153,084 | |||
Current Liabilities | 1,364 | 5,742 | |||
Non-current Liabilities | 0 | 0 | |||
TOTAL LIABILITIES | 1,364 | 5,742 | |||
REDEEMABLE NONCONTROLLING INTERESTS | 0 | 0 | |||
Total Stockholders' Equity | 119,745 | 147,342 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 121,109 | 153,084 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||||
Variable Interest Entity | |||||
Current Assets | (1,896,010) | (1,916,485) | |||
Non-current Assets | 6,061,015 | 5,768,265 | |||
TOTAL ASSETS | 7,957,025 | 7,684,750 | |||
Current Liabilities | 929,495 | 1,104,002 | |||
Non-current Liabilities | 2,605,229 | 2,302,463 | |||
TOTAL LIABILITIES | 3,534,724 | 3,406,465 | |||
REDEEMABLE NONCONTROLLING INTERESTS | 587,024 | 588,746 | |||
Total Stockholders' Equity | 3,835,277 | 3,689,539 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,957,025 | 7,684,750 | |||
Consolidated Legg Mason, Inc. | |||||
Variable Interest Entity | |||||
Current Assets | (1,975,932) | (2,019,856) | |||
Non-current Assets | 6,063,786 | 5,774,266 | |||
TOTAL ASSETS | 8,039,718 | 7,794,122 | |||
Current Liabilities | 930,859 | 1,109,744 | |||
Non-current Liabilities | 2,605,229 | 2,302,463 | |||
TOTAL LIABILITIES | 3,536,088 | 3,412,207 | |||
REDEEMABLE NONCONTROLLING INTERESTS | 668,353 | 692,376 | |||
Total Stockholders' Equity | 3,835,277 | 3,689,539 | $ 3,652,683 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,039,718 | 7,794,122 | |||
Consolidation, Eliminations [Member] | |||||
Variable Interest Entity | |||||
Current Assets | 37,245 | 40,720 | |||
Non-current Assets | (1,171) | (2,992) | |||
TOTAL ASSETS | (38,416) | (43,712) | |||
Current Liabilities | 0 | 0 | |||
Non-current Liabilities | 0 | 0 | |||
TOTAL LIABILITIES | 0 | 0 | |||
REDEEMABLE NONCONTROLLING INTERESTS | 81,329 | 103,630 | |||
Total Stockholders' Equity | (119,745) | (147,342) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (38,416) | $ (43,712) |
VIE Consolidated Income Stateme
VIE Consolidated Income Statements Details (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||||
Total Operating Revenues | $ 753,914 | $ 704,322 | $ 2,202,538 | $ 2,210,654 |
Net Income (Loss) Attributable to Noncontrolling Interest | 16,228 | 10,498 | 41,895 | 31,043 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Operating Revenues | 753,983 | 704,477 | 2,202,888 | 2,211,115 |
Total Operating Expenses | 623,817 | 940,561 | 1,862,253 | 2,184,807 |
OPERATING INCOME | 130,166 | (236,084) | 340,635 | 26,308 |
Total Other Non-Operating Income (Expense) | (7,300) | (32,158) | (40,072) | (74,131) |
INCOME BEFORE INCOME TAX PROVISION | 122,866 | (268,242) | 300,563 | (47,823) |
Income tax provision | 33,664 | (60,354) | 80,466 | 165 |
NET INCOME | 89,202 | (207,888) | 220,097 | (47,988) |
Net Income (Loss) Attributable to Noncontrolling Interest | 14,427 | 9,000 | 32,889 | 30,007 |
Net Income Attributable to Legg Mason, Inc. | 74,775 | (216,888) | 187,208 | (77,995) |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Operating Revenues | 0 | 0 | 0 | 0 |
Total Operating Expenses | 166 | 308 | 1,292 | 1,386 |
OPERATING INCOME | (166) | (308) | (1,292) | (1,386) |
Total Other Non-Operating Income (Expense) | 569 | 2,612 | 15,625 | 2,070 |
INCOME BEFORE INCOME TAX PROVISION | 403 | 2,304 | 14,333 | 684 |
Income tax provision | 0 | 0 | 0 | 0 |
NET INCOME | 403 | 2,304 | 14,333 | 684 |
Net Income (Loss) Attributable to Noncontrolling Interest | (245) | 242 | 721 | 115 |
Net Income Attributable to Legg Mason, Inc. | 648 | 2,062 | 13,612 | 569 |
Consolidated Legg Mason, Inc. | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Operating Revenues | 753,914 | 704,322 | 2,202,538 | 2,210,654 |
Total Operating Expenses | 623,920 | 940,749 | 1,863,632 | 2,185,677 |
OPERATING INCOME | 129,994 | (236,427) | 338,906 | 24,977 |
Total Other Non-Operating Income (Expense) | (5,327) | (30,317) | (29,337) | (71,764) |
INCOME BEFORE INCOME TAX PROVISION | 124,667 | (266,744) | 309,569 | (46,787) |
Income tax provision | 33,664 | (60,354) | 80,466 | 165 |
NET INCOME | 91,003 | (206,390) | 229,103 | (46,952) |
Net Income (Loss) Attributable to Noncontrolling Interest | 16,228 | 10,498 | 41,895 | 31,043 |
Net Income Attributable to Legg Mason, Inc. | 74,775 | (216,888) | 187,208 | (77,995) |
Consolidation, Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total Operating Revenues | (69) | (155) | (350) | (461) |
Total Operating Expenses | (63) | (120) | 87 | (516) |
OPERATING INCOME | (6) | (35) | (437) | 55 |
Total Other Non-Operating Income (Expense) | 1,404 | (771) | (4,890) | 297 |
INCOME BEFORE INCOME TAX PROVISION | 1,398 | (806) | (5,327) | 352 |
Income tax provision | 0 | 0 | 0 | 0 |
NET INCOME | 1,398 | (806) | (5,327) | 352 |
Net Income (Loss) Attributable to Noncontrolling Interest | 2,046 | 1,256 | 8,285 | 921 |
Net Income Attributable to Legg Mason, Inc. | $ (648) | $ (2,062) | $ (13,612) | $ (569) |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities of CIVs by Level (Details 3) - Consolidated Investment Vehicles [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 78,957 | $ 70,197 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 3,619 | 12,547 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 25,536 | 55,182 |
Other Liabilities, Fair Value Disclosure | $ 4,217 |
CIV's with Fair Value Determine
CIV's with Fair Value Determined using NAV (Details 6) - CIVs - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of Monthly Redemption | 22.00% | |
Percentage of Quarterly Redemption | 77.00% | |
Percentage Subject to Lock in Period | 1.00% | |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Assets, Fair Value Disclosure | $ 3,619 | $ 12,547 |
Fair Value Measured at Net Asset Value Per Share [Member] | Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Assets, Fair Value Disclosure | $ 12,547 |
Unconsolidated VIE's (Details 9
Unconsolidated VIE's (Details 9) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 38,416 | $ 43,712 | $ 71,564 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 43,402 | 35,967 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 63,698 | 61,138 | |
Assets Under Management | 29,677,965 | 29,025,764 | |
Real Estate Investment Trusts [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 12,312 | 10,812 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 14,052 | 15,241 | |
Other sponsored investments fund [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 31,090 | 25,155 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 49,646 | $ 45,897 |