Cover Page Document and Entity
Cover Page Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | May 26, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | |||
Document Annual Report | true | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
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 Public Float | $ 3,101,728,137 | ||
Entity Common Stock, Shares Outstanding | 88,948,622 | ||
Entity Central Index Key | 0000704051 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Receivables: | ||
Fixed assets, net | $ 134,423 | $ 149,989 |
Operating and Finance Lease, Right-of-Use Asset | 291,342 | 0 |
Current Liabilities | ||
Long-term Debt, Current Maturities | 0 | 250,301 |
Operating and FInance Lease, Liability, Current | 77,814 | 0 |
Operating and Finance Lease Liability, Noncurrent | 278,737 | 0 |
Long-term debt, net | 1,972,733 | 1,971,451 |
REDEEMABLE NONCONTROLLING INTERESTS | 714,414 | 692,376 |
STOCKHOLDERS' EQUITY | ||
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ (195,306) | $ (131,236) |
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 | 87,781,705 | 85,556,562 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Current Assets | ||
Cash and Cash Equivalents | $ 1,018,860 | $ 921,071 |
Restricted Cash and Cash Equivalents, Current | 28,133 | 21,213 |
Receivables: | ||
Investment securities | 338,894 | 377,129 |
Other current assets | 80,030 | 82,131 |
Other non-current assets | 152,985 | 145,254 |
Current Liabilities | ||
Other current liabilities | 115,788 | 99,479 |
Consolidated Investment Vehicles [Member] | ||
Current Assets | ||
Cash and Cash Equivalents | 620 | 4,219 |
Receivables: | ||
Investment securities | 117,084 | 129,627 |
Other current assets | 476 | 1,889 |
Other non-current assets | 22,313 | 8,993 |
Current Liabilities | ||
Other current liabilities | 1,044 | 5,742 |
Consolidated Legg Mason, Inc. | ||
Receivables: | ||
Investment advisory and related fees | 407,893 | 425,470 |
Other receivables | 47,634 | 57,107 |
Total Current Assets | 2,039,624 | 2,019,856 |
Fixed assets, net | 134,423 | 149,989 |
Intangible assets, net | 3,355,690 | 3,386,759 |
Goodwill | 1,847,766 | 1,883,554 |
Deferred Tax Assets, Net of Valuation Allowance | 161,977 | 199,717 |
TOTAL ASSETS | 8,006,120 | 7,794,122 |
Current Liabilities | ||
Accrued compensation | 574,430 | 571,301 |
Accounts Payable and Accrued Liabilities, Current | 156,981 | 182,921 |
Total Current Liabilities | 926,057 | 1,109,744 |
Deferred compensation | 95,293 | 85,548 |
Deferred Tax Liabilities, Net | 165,038 | 123,420 |
Other non-current liabilities | 32,167 | 122,044 |
Long-term debt, net | 1,972,733 | 1,971,451 |
TOTAL LIABILITIES | 3,470,025 | 3,412,207 |
REDEEMABLE NONCONTROLLING INTERESTS | 714,414 | 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 | 8,778 | 8,556 |
Additional paid-in capital | 2,158,755 | 2,039,671 |
Employee stock trust | (19,778) | (21,416) |
Deferred compensation employee stock trust | 19,778 | 21,416 |
Retained Earnings (Accumulated Deficit) | 1,820,412 | 1,742,764 |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | (195,306) | (131,236) |
Stockholders' Equity Attributable to Parent | 3,792,639 | 3,659,755 |
TOTAL STOCKHOLDERS' EQUITY | 3,821,681 | 3,689,539 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,006,120 | 7,794,122 |
Management Equity Plan [Member] | Royce [Member] | ||
STOCKHOLDERS' EQUITY | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 29,042 | $ 29,784 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING REVENUES | |||
Total Operating Revenues | $ 2,922,125 | $ 2,903,259 | $ 3,140,322 |
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Income tax provision | 106,048 | 20,561 | (102,510) |
Net Income (Loss) Attributable to Noncontrolling Interest | 53,119 | 36,442 | 51,275 |
Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Total Operating Revenues | 2,922,125 | 2,903,259 | 3,140,322 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,436,919 | 1,398,969 | 1,508,798 |
Distribution and servicing | 413,196 | 439,276 | 489,331 |
Communications and technology | 225,388 | 228,138 | 212,798 |
Occupancy | 110,427 | 105,296 | 100,760 |
Amortization of intangible assets | 22,539 | 24,404 | 24,604 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 365,200 | 229,000 | |
Contingent consideration fair value adjustments | (915) | 571 | (31,329) |
Other | 209,411 | 238,303 | 282,359 |
Total Operating Expenses | 2,416,965 | 2,800,157 | 2,816,321 |
OPERATING INCOME | 505,160 | 103,102 | 324,001 |
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Interest income | 12,294 | 12,176 | 7,106 |
Interest expense | (109,870) | (117,341) | (117,872) |
Total Other Non-Operating Income (Expense) | (94,626) | (74,607) | (90,161) |
INCOME BEFORE INCOME TAX PROVISION | 410,534 | 28,495 | 233,840 |
Income tax provision | 106,048 | 20,561 | (102,510) |
NET INCOME | 304,486 | 7,934 | 336,350 |
Net Income (Loss) Attributable to Noncontrolling Interest | 53,119 | 36,442 | 51,275 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ 251,367 | $ (28,508) | $ 285,075 |
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS | |||
Basic (in dollars per share) | $ 2.80 | $ (0.38) | $ 3.03 |
Diluted (in dollars per share) | $ 2.79 | $ (0.38) | $ 3.01 |
Consolidated Investment Vehicles [Member] | |||
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Other income (expense), net | $ 16,262 | $ (565) | $ 9,781 |
Separate Accounts [Member] | Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,051,965 | 1,029,353 | 1,020,790 |
Mutual Funds [Member] | Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,495,025 | 1,479,972 | 1,564,839 |
Performance Fees [Member] | Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 99,021 | 84,900 | 227,785 |
Distribution and Shareholder Service [Member] | Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 270,398 | 302,967 | 321,936 |
Service, Other [Member] | Consolidated Legg Mason, Inc. | |||
OPERATING REVENUES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,716 | 6,067 | 4,972 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
OPERATING REVENUES | |||
Total Operating Revenues | 2,922,527 | 2,903,858 | 3,140,900 |
OPERATING EXPENSES | |||
Total Operating Expenses | 2,415,473 | 2,799,168 | 2,816,022 |
OPERATING INCOME | 507,054 | 104,690 | 324,878 |
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Other income (expense), net | (13,312) | 31,123 | 10,824 |
Total Other Non-Operating Income (Expense) | (109,426) | (76,971) | (97,694) |
INCOME BEFORE INCOME TAX PROVISION | 397,628 | 27,719 | 227,184 |
Income tax provision | 106,048 | 20,561 | (102,510) |
NET INCOME | 291,580 | 7,158 | 329,694 |
Net Income (Loss) Attributable to Noncontrolling Interest | 40,213 | 35,666 | 44,619 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ 251,367 | $ (28,508) | $ 285,075 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | $ (194,515) | $ (113,429) | |
Consolidated Legg Mason, Inc. | |||
NET INCOME | 304,486 | 7,934 | $ 336,350 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (81,087) | (71,882) | 48,556 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 17,017 | (4,172) | 3,046 |
Total other comprehensive income (loss) | (64,070) | (76,054) | 51,602 |
COMPREHENSIVE INCOME | 240,416 | (68,120) | 387,952 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 54,190 | 41,180 | 50,894 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ 186,226 | $ (109,300) | $ 337,058 |
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 [Member] | 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] | $ 0 | |||||||||
Stockholders' Equity Attributable to Parent, Beginning of Period at Mar. 31, 2017 | $ 9,573 | $ 2,385,726 | $ (24,057) | $ 24,057 | 1,694,859 | $ (106,784) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Mar. 31, 2017 | $ 27,798 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 8,403 | 8,403 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (53,388) | (8,470) | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 47 | |||||||||
Stock options exercised | 14,024 | |||||||||
Deferred compensation employee stock trust | 1 | 554 | ||||||||
Stock-based compensation | 95 | 70,277 | ||||||||
Employee tax withholdings by settlement of net share transactions | (35) | (13,198) | ||||||||
Stock Repurchased and Retired During Period, Value | $ (253,649) | (1,220) | (477,919) | |||||||
Adjustments to Additional Paid in Capital, Fair Value | (3,100) | |||||||||
Shares Issued to plans | (555) | 555 | ||||||||
Distributions and forfeitures | 2,616 | (2,616) | ||||||||
Net Income Attributable to Legg Mason, Inc. | $ 285,075 | 285,075 | ||||||||
Dividends declared | (105,169) | |||||||||
Vesting/Change in Estimated Redemption Value | (4,330) | |||||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 24,327 | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 3,046 | 3,046 | ||||||||
Foreign currency translation adjustment | 48,556 | 48,556 | ||||||||
Ending Balance at Mar. 31, 2018 | 3,852,136 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Mar. 31, 2018 | 3,824,405 | 8,461 | 1,976,364 | (21,996) | 21,996 | $ 1,894,762 | (55,182) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Mar. 31, 2018 | 27,731 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.12 | $ 1,120 | ||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 8,413 | 8,413 | ||||||||
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | 2,400 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (29,815) | (8,760) | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 20 | |||||||||
Stock options exercised | 6,094 | |||||||||
Deferred compensation employee stock trust | 1 | 630 | ||||||||
Stock-based compensation | 114 | 62,704 | ||||||||
Employee tax withholdings by settlement of net share transactions | (40) | (15,535) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 9,414 | |||||||||
Shares Issued to plans | (631) | 631 | ||||||||
Distributions and forfeitures | 1,211 | (1,211) | ||||||||
Net Income Attributable to Legg Mason, Inc. | (28,508) | $ (28,508) | ||||||||
Dividends declared | (120,669) | |||||||||
Vesting/Change in Estimated Redemption Value | (15,084) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (4,172) | (4,172) | ||||||||
Foreign currency translation adjustment | $ (113,429) | (71,882) | (71,882) | |||||||
Ending Balance at Mar. 31, 2019 | 3,689,539 | |||||||||
Stockholders' Equity Attributable to Parent, End 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, End of Period at Mar. 31, 2019 | 29,784 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.36 | $ 1.36 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 12,263 | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 5,891 | 5,891 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (30,542) | (6,633) | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 126 | |||||||||
Stock options exercised | 43,260 | |||||||||
Deferred compensation employee stock trust | 1 | 707 | ||||||||
Stock-based compensation | 141 | 65,150 | ||||||||
Employee tax withholdings by settlement of net share transactions | (46) | (15,402) | ||||||||
Adjustments to Additional Paid in Capital, Fair Value | 25,369 | |||||||||
Shares Issued to plans | (707) | 707 | ||||||||
Distributions and forfeitures | 2,345 | (2,345) | ||||||||
Net Income Attributable to Legg Mason, Inc. | 251,367 | 251,367 | ||||||||
Dividends declared | (146,294) | |||||||||
Vesting/Change in Estimated Redemption Value | (27,425) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 17,017 | (81,087) | ||||||||
Foreign currency translation adjustment | $ (194,515) | (81,087) | 17,017 | |||||||
Ending Balance at Mar. 31, 2020 | 3,821,681 | |||||||||
Stockholders' Equity Attributable to Parent, End of Period at Mar. 31, 2020 | $ 3,792,639 | $ 8,778 | $ 2,158,755 | $ (19,778) | $ 19,778 | $ 1,820,412 | $ (195,306) | |||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Mar. 31, 2020 | $ 29,042 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.60 | $ 1.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Deferred income taxes | $ 97,051 | $ (6,155) | $ (141,493) |
Other Tax Expense (Benefit) | (213,675) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (30,542) | (29,815) | (53,388) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (1,325) | 7,430 |
Cash Acquired from Acquisition | 992 | ||
Proceeds from Income Tax Refunds | 5,883 | 757 | 9,032 |
Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 304,486 | 7,934 | 336,350 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Depreciation and amortization | 67,378 | 72,795 | 72,986 |
Accretion and amortization of securities discounts and premiums, net | 1,344 | 2,057 | 2,816 |
Stock-based compensation | 67,301 | 65,884 | 70,875 |
Deferred income taxes | 97,051 | (8,319) | 72,182 |
Contingent consideration fair value adjustments | (915) | 571 | (31,329) |
Other | 719 | 1,155 | 1,047 |
Decrease (increase) in assets: | |||
Investment advisory and related fees receivable | 15,407 | 45,695 | (38,094) |
Net (purchases) sales of trading and other current investments | (6,591) | 9,991 | 44,115 |
Other receivables | 2,558 | (8,822) | 9,109 |
Increase (decrease) in liabilities: | |||
Accrued compensation | 7,844 | 100,640 | (13,946) |
Deferred compensation | 9,745 | (6,873) | 4,447 |
Accounts payable and accrued expenses | (26,404) | 9,553 | (8,956) |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 560,556 | 560,866 | 489,368 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments to Acquire Businesses, Net of Cash Acquired | (10,247) | 0 | 0 |
Payments for fixed assets | (29,606) | (51,335) | (37,346) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (45,372) | (36,501) | (19,483) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid | (137,950) | (114,761) | (102,178) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (37,787) | (38,575) | (61,858) |
Payment for Contingent Consideration Liability, Financing Activities | (500) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (10,547) | (16,528) | 0 |
Employee Tax Withholdings Related to net share transaction | (15,448) | (15,575) | (13,233) |
Issuance of common stock for stock-based compensation | 44,094 | 6,472 | 14,626 |
Repayments of Debt | (250,000) | ||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (409,011) | (331,529) | (462,296) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (7,291) | (15,806) | 11,837 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 98,882 | 177,030 | 19,426 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 950,795 | 773,765 | 754,339 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,049,677 | 950,795 | 773,765 |
Income Taxes Paid, Net | 17,155 | 39,173 | 32,879 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 109,886 | 115,302 | 115,025 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 291,580 | 7,158 | 329,694 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Net unrealized losses (gains) on investments | 43,967 | 8,380 | (4,741) |
Net losses (gains) on investments | (29,290) | (27,705) | 305 |
Decrease (increase) in assets: | |||
Other assets | 17,434 | (18,507) | 2,038 |
Increase (decrease) in liabilities: | |||
Other liabilities | (14,611) | (79,159) | 32,412 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from Sale, Maturity and Collection of Investments | 8,631 | 13,911 | 14,785 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash and Cash Equivalents | 1,018,860 | 921,071 | 736,130 |
Restricted Cash and Cash Equivalents, Current | 28,133 | 21,213 | 30,428 |
Restricted Cash and Cash Equivalents, Noncurrent | 2,064 | 4,292 | 4,407 |
Consolidated Investment Vehicles [Member] | |||
Adjustments to reconcile Net Income to net cash used in operations: | |||
Net losses (gains) on investments | (16,262) | 565 | (9,781) |
Decrease (increase) in assets: | |||
Other assets | 24,093 | 12,559 | (67,690) |
Increase (decrease) in liabilities: | |||
Other liabilities | (4,698) | 5,108 | (102) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from (Payments to) Noncontrolling Interests | (873) | (22,193) | 57,228 |
Cash and Cash Equivalents | 620 | 4,219 | 2,800 |
Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 304,486 | 7,934 | 336,350 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Contingent consideration fair value adjustments | (915) | 571 | (31,329) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 365,200 | 229,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 923 | 6,028 |
Other Payments to Acquire Businesses | (14,150) | 0 | (2,950) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payments for Repurchase of Common Stock | (479,139) | ||
Repayments of Debt | 0 | 0 | |
QS Investors [Domain] | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment for Contingent Consideration Liability, Financing Activities | (4,869) | (3,242) | |
Short-term Debt [Member] | Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of Debt | $ 0 | (125,500) | $ 125,500 |
Domestic Tax Authority [Member] | |||
Adjustments to reconcile Net Income to net cash used in operations: | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2,164 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Business and Basis of Presentation Legg Mason, Inc. ("Parent") and its subsidiaries (collectively, "Legg Mason") are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The consolidated financial statements include the accounts of the Parent and its subsidiaries in which it has a controlling financial interest. Generally, an entity is considered to have a controlling financial interest when it owns a majority of the voting interest in an entity. Legg Mason is also required to consolidate any variable interest entity ("VIE") in which it is considered to be the primary beneficiary. See "Consolidation" below and Note 20 for a further discussion of VIEs. All material intercompany balances and transactions have been eliminated. Certain amounts in prior year financial statements have been reclassified to conform to the current year presentation. All references to fiscal 2020, 2019 or 2018, refer to Legg Mason's fiscal year ended March 31 of that year. Terms such as "we", "us", "our," and "Company" refer to Legg Mason. Plan of Merger with Franklin Resources, Inc. On February 17, 2020, Legg Mason entered into an Agreement and Plan of Merger (the "Merger Agreement") with Franklin Resources, Inc. ("Franklin Templeton") and Alpha Sub, Inc. ("Merger Sub"), a wholly owned subsidiary of Franklin Templeton, pursuant to which the Company will be merged into Merger Sub (the "Merger"), with the Company continuing as the surviving corporation and a wholly owned subsidiary of Franklin Templeton. Pursuant to the Merger Agreement, each outstanding share of common stock of the Company will be converted into the right to receive from Franklin Templeton $50.00 in cash. The transaction is expected to close by the end of the third calendar quarter of 2020, subject to the satisfaction of customary closing conditions for both parties, including among others, the approval of the Merger Agreement by the holders of a majority of Legg Mason's outstanding common shares and the receipt of required regulatory approvals. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") global pandemic and recommended containment and mitigation measures worldwide. This contagious disease outbreak has adversely affected workforces, customers, economies, and global financial markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19 as well as its impact on the global economy. Therefore, Management is currently unable to determine the extent of the potential impacts to its financial condition or results of operations. Use of Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), which require management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes, including revenue recognition, valuation of financial instruments, intangible assets and goodwill, stock-based compensation, and income taxes. Management believes that the estimates used are reasonable, although actual amounts could differ from the estimates and the differences could have a material impact on the consolidated financial statements. Consolidation Legg Mason sponsors and manages various types of investment products. For its services, Legg Mason is entitled to receive management fees and may be eligible, under certain circumstances, to receive additional subordinated management fees or other incentive fees. Legg Mason's exposure to risk in these entities is generally limited to any equity investment it has made or is required to make, and any earned but uncollected management fees, except those for which total return swap arrangements have been executed, for which additional risks are discussed below. Legg Mason did not sell or transfer investment assets to any of these investment products. In accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment products, some of which are designated and reported as consolidated investment vehicles ("CIVs"). The consolidation of sponsored investment products, including those designated as CIVs, has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. and does not have a material impact on Legg Mason's consolidated operating results. The change in the value of all consolidated sponsored investment products is recorded in Non-Operating Income (Expense) and reflected in Net income (loss) attributable to noncontrolling interests. The financial information of certain consolidated sponsored investment products is included in the Company's consolidated financial statements on a three-month lag based upon the availability of the investment product's financial information. Certain of the investment products Legg Mason sponsors and manages are considered to be VIEs (as further described below) while others are considered to be voting rights entities (“VREs”) subject to traditional consolidation concepts based on ownership rights. Legg Mason may fund the initial cash investment in certain VRE investment products to generate an investment performance track record in order to attract third-party investors in the product. Legg Mason's initial investment in a new product typically represents 100% of the ownership in that product. As further discussed in Note 3 , the products with “seed capital investments” are consolidated as long as Legg Mason maintains a controlling financial interest in the product, but they are not designated as CIVs by Legg Mason unless the investment is longer-term. As of March 31, 2020, 2019, and 2018, no consolidated VREs were designated as CIVs. A VIE is an entity which does not have adequate equity to finance its activities without additional subordinated financial support; or the equity investors, as a group, do not have the normal characteristics of equity investors for a potential controlling financial interest. Legg Mason must consolidate any VIE for which it is deemed to be the primary beneficiary. Under consolidation accounting guidance, if limited partners or similar equity holders in a sponsored investment vehicle structured as a limited partnership or a similar entity do not have either substantive investor rights to replace the manager (kick-out rights) or substantive participation rights over the general partner, the entities are VIEs. As a sponsor and manager of an investment vehicle, Legg Mason may be deemed a decision maker under the accounting guidance. If the fees paid to a decision maker are market-based, such fees are not considered variable interests in a VIE. Market-based fees are those fees which are both customary and commensurate with the level of effort required for the services provided. Additionally, if employee interests in a sponsored investment vehicle are not made to circumvent the consolidation guidance and are not financed by the sponsor, they are not included in the variable interests assessment, and are not included in the primary beneficiary determination. A decision maker is deemed to be a primary beneficiary of a VIE if it has the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or receive benefits from variable interests that could be significant to the VIE. In determining whether it is the primary beneficiary of a VIE, Legg Mason considers both qualitative and quantitative factors such as the voting rights of the equity holders, guarantees, and implied relationships. If a fee paid to a decision maker is not market-based, it will be considered in the primary beneficiary determination. As of March 31, 2020, 2019, and 2018, Legg Mason concluded it was the primary beneficiary of certain VIEs, which were consolidated and designated as CIVs, 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 exchange traded funds ("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 the related funds and, if significant, may be deemed the primary beneficiary. As of March 31, 2020, 2019, and 2018, Legg Mason consolidated the ETFs with significant open total return swap arrangements, which were designated as CIVs. See Note 20 for additional information. Revenue Recognition Effective April 1, 2018, Legg Mason adopted updated accounting guidance on revenue recognition. The adoption of the updated guidance did not result in significant changes to Legg Mason’s prior revenue recognition practices, except for the timing of the recognition of certain performance and incentive fees, the capitalization and amortization of certain sales commissions for separate accounts, and the net presentation of certain fund expense reimbursements which were previously presented on a gross basis. Each of these changes to Legg Mason’s previous revenue recognition practices is further discussed below. Legg Mason adopted the updated guidance on a modified retrospective basis for any contracts that were not complete as of April 1, 2018 and recognized the cumulative effect of initially applying the updated guidance for certain sales commissions as an adjustment to the opening balance of retained earnings totaling $12,263 on April 1, 2018. There was no cumulative effect for performance and incentive fees or fund expense reimbursement accounting. The comparative information for fiscal 2018 has not been restated and continues to be reported under the prior accounting guidance in effect for that period. Legg Mason primarily earns revenues by providing investment management services and distribution and shareholder services for its customers, which are generally investment funds or the underlying investors in separately managed accounts. As further discussed below, revenues calculated based on the value of the investments under management determine the transaction price recognized when obligations under the terms of contracts with customers are satisfied, which is generally over time as the services are rendered. Legg Mason also has responsibility for the valuation of assets under management ("AUM"), substantially all of which is based on observable market data from independent pricing services, fund accounting agents, custodians or brokers. Investment Advisory Fees Legg Mason earns investment advisory fees on assets in separately managed accounts, investment funds, and other products managed for Legg Mason's clients. Generally, investment management services are a single performance obligation, as they include a series of distinct services that are substantially the same and are transferred to the customer over time using the same time-based measure of progress. Investment management services are satisfied over time as the customer simultaneously receives and consumes the benefits as the advisory services are performed. Separate Account and Funds Advisory Fees Separate account and funds advisory fees are variable consideration which is primarily based on predetermined percentages of the daily, monthly or quarterly average market value of the AUM, as defined in the investment management agreements. The average market value of AUM is subject to change based on fluctuations and volatility in financial markets, and as such, separate account and funds advisory fees are constrained until the end of the month or quarter when the actual average market value of the AUM is known and a significant revenue reversal is no longer probable. Therefore, separate account and fund advisory fees are included in the transaction price and allocated to the investment management services performance obligation at the end of each monthly or quarterly reporting period, as specified in the investment management contract. Payment for services under investment management contracts is due once the variable consideration is allocated to the transaction price, and generally within 30 days. Recognition of separate account and funds advisory fee revenue under the updated guidance is consistent with Legg Mason’s prior revenue recognition process. Performance and Incentive Fees Performance and incentive fees are variable consideration that may be earned on certain investment management contracts for exceeding performance benchmarks on a relative or absolute basis or for exceeding contractual return thresholds. Performance and incentive fees are estimated at the inception of a contract; however, a range of outcomes is possible due to factors outside the control of the investment manager, particularly market conditions. Performance and incentive fees are therefore excluded from the transaction price until it becomes probable that a significant reversal in the cumulative amount of revenue recognized will not occur. A portion of Legg Mason's performance and incentive fees are earned based on 12-month performance periods that end in differing quarters during the year, with a portion also based on quarterly performance periods. Legg Mason also earns performance and incentive fees on alternative and certain other products that lock at the earlier of the investor’s termination date or the liquidation of the fund or contract, in multiple-year intervals, or upon the occurrence of specific events, such as the sale of assets. For certain of these products, performance and incentive fees may be recognized as revenue earlier under the updated guidance than under prior revenue recognition practices, which deferred recognition until all contingencies were resolved. Any such performance fees recognized prior to the resolution of all contingencies are recorded as a contract asset in Other current assets or Other non-current assets in the Consolidated Balance Sheet, depending on the length of time until the contingencies are resolved. Per the terms of certain acquisitions, performance fees earned on pre-close AUM of the acquired entities are fully passed through as compensation expense, and therefore have no impact on Net Income (Loss) Attributable to Legg Mason Inc. Fee Waivers and Fund Expense Reimbursements Legg Mason may waive certain fees for investors or may reimburse its investment funds for certain operating expenses when such expenses exceed a certain threshold. Fee waivers continue to be reported as a reduction in advisory fee revenue under the updated guidance. Under prior accounting guidance, fund expense reimbursements in excess of recognized revenue were recorded as Other expense in the Consolidated Statements of Income (Loss). Under the updated accounting guidance, these fund expense reimbursements that exceed the recognized revenue represent a change in the transaction price and are therefore reported as a reduction of Investment advisory fees - Funds in the Consolidated Statements of Income (Loss). Distribution and Service Fees Revenue and Expense Distribution and service fees represent fees earned from funds to reimburse the distributor for the costs of marketing and selling fund shares and are generally determined as a percentage of client assets. Reported amounts also include fees earned from providing client or shareholder servicing, including record keeping or administrative services to proprietary funds, and non-discretionary advisory services for assets under advisement. Distribution and service fees earned on company-sponsored investment funds are reported as revenue. Distribution services and marketing services are considered a single performance obligation as the success of selling the underlying shares is highly dependent upon the sales and marketing efforts. Ongoing shareholder servicing is a separate performance obligation as these services are not highly interrelated and interdependent on the sale of the shares. Fees earned related to distribution and shareholder serving are considered variable consideration because they are calculated based on the average market value of the fund. The average market value of the fund is subject to change based on fluctuations and volatility in financial markets, and as such, distribution and shareholder service fees are generally constrained until the end of the month or quarter when the actual market value of the fund is known and the related revenue is no longer subject to a significant reversal. Therefore, distribution and service fees are generally included in the transaction price at the end of each monthly or quarterly reporting period and are allocated to the two performance obligations based on the amount specified in each agreement. While distribution services are largely satisfied at the inception of an investment, the ultimate amounts of revenue are subject to the variable consideration constraint. Accordingly, a portion of distribution and service revenue will be recognized in periods subsequent to the satisfaction of the performance obligation. Certain fund share classes only charge for distribution services at the inception of the investment based on a fixed percentage of the share price. This fixed price is allocated to the performance obligation, which is substantially satisfied at the time of the initial investment. Recognition of distribution and service fee revenue under the updated guidance is consistent with Legg Mason’s prior revenue recognition process. When Legg Mason enters into arrangements with broker-dealers or other third parties to sell or market proprietary fund shares, distribution and servicing expense is accrued for the amounts owed to third parties, including finders' fees and referral fees paid to unaffiliated broker-dealers or introducing parties and is recorded as Distribution and servicing expense in the Consolidated Statements of Income (Loss). Distribution and servicing expense also includes payments to third parties for certain shareholder administrative services and sub-advisory fees paid to unaffiliated asset managers. Contract Costs and Deferred Sales Commissions Legg Mason incurs ordinary costs to obtain investment management contracts and for services provided to customers in accordance with investment management agreements. These costs include commissions paid to wholesalers, employees and third-party broker dealers and administration and placement fees. Depending on the type of services provided, these fees may be paid at the time the contract is obtained or on an ongoing basis. Under the updated guidance, costs to obtain a contract should be capitalized if the costs are incremental and would not have been incurred if the contract had not been obtained, and costs to fulfill the contract should be capitalized if they relate directly to a contract, the costs will generate or enhance resources of the entity that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. Consistent with prior accounting procedures, fund launch costs, including organizational and underwriting costs, placement fees and commissions paid to employees, wholesalers and broker-dealers for sales of fund shares are expensed as incurred, as these costs would be incurred regardless of the investor. However, commissions paid to employees and retail wholesalers in connection with the sale of retail separate accounts are considered incremental, as these fees relate to obtaining a specific contract, are calculated based on specified rates and are recoverable through the management fees earned and are therefore capitalized under the updated accounting guidance. Such commissions were expensed as incurred under Legg Mason’s prior accounting practices. Capitalized sales commissions are amortized based on the transfer of services to which the assets relate, which averages four years. Legg Mason recorded a cumulative-effect adjustment of $14,839 as an increase to Retained Earnings on the Consolidated Balance Sheet as of April 1, 2018. Commissions paid by Legg Mason to financial intermediaries in connection with sales of certain classes of company-sponsored mutual funds are generally capitalized as deferred sales commissions. The asset is amortized over periods not exceeding six years, which represent the periods during which commissions are generally recovered from distribution and service fee revenues and from contingent deferred sales charges ("CDSC") received from shareholders of those funds upon redemption of their shares. CDSC consideration is generally variable and is based on the timing of when investors redeem their investment. Therefore, the variable consideration is included in the transaction price once the investors redeem their shares and is satisfied at a point in time. CDSC receipts are recorded as distribution and service fee revenue when received and a reduction of the unamortized balance of deferred sales commissions, with a corresponding expense. Deferred sales commissions, included in Other non-current assets in the Consolidated Balance Sheets, were $1,895 and $1,419 at March 31, 2020 and 2019, respectively. Under the updated accounting guidance, Legg Mason has elected to expense sales commissions related to certain fund share classes with amortization periods of one year or less as incurred. Legg Mason recorded a cumulative-effect adjustment of $2,576 as a decrease to Retained Earnings on the Consolidated Balance Sheet as of April 1, 2018, to reflect the expense associated with such commissions, which had previously been capitalized under Legg Mason's prior accounting practices. Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of 90 days or less. Restricted Cash Restricted cash represents cash collateral required for market hedge arrangements, total return swap arrangements, and other cash that is not available to Legg Mason for general corporate use, including cash of consolidated investment vehicles and affiliate benefit trust cash. Financial Instruments Substantially all financial instruments are reflected in the financial statements at fair value or amounts that approximate fair value, except Legg Mason's long-term debt. As discussed above in "Consolidation," proprietary fund and other investment products with seed capital investments are initially consolidated and the individual securities within the portfolio are accounted for as equity investments. Legg Mason consolidates these products as long as it holds a controlling financial interest in the product. Upon deconsolidation, which typically occurs after several years, Legg Mason accounts for its seed capital investments in proprietary fund products as equity method investments (further described below) if its ownership is between 20% and 50%, or it otherwise has the ability to significantly influence the financial and operating policies of the fund or other product. For partnerships and LLCs, where third-party investors may have less ability to influence operations, the equity method of accounting is considered if Legg Mason's ownership is greater than 3%. Changes in the fair value of seed capital investments are recognized in Other non-operating income (expense), net, on the Consolidated Statements of Income (Loss). Legg Mason generally redeems its seed capital investments when the related product establishes a sufficient track record, when third-party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time Legg Mason holds a majority interest in a product varies based on a number of factors, such as market demand, market conditions and investment performance. For equity investments in which Legg Mason does not control the investee and is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, Legg Mason follows the equity method of accounting. The evaluation of whether Legg Mason can exert control or significant influence over the financial and operational policies of an investee requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include investor voting or other rights, any influence Legg Mason may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund's operating documents and the relationship between Legg Mason and other investors in the entity. Legg Mason's equity method investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, Legg Mason's share of the investee's underlying net income or loss predominantly represents fair value adjustments in the investments held by the equity method investee. Legg Mason's share of the investee's net income or loss is based on the most current information available and is recorded as a net gain (loss) on investments within Other non-operating income (expense), net. A portion of earnings (losses) attributable to Legg Mason's equity method investments has offsetting compensation expense adjustments under revenue sharing arrangements and deferred compensation arrangements, therefore, fluctuations in the market value of investments with such offsets will not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Distributions received from equity method investees are classified in the Consolidated Statements of Cash Flows as either operating or investing activities based on the nature of the distribution. Legg Mason evaluates its equity method investments for impairment when events or changes in circumstances indicate that the carrying value of the investment exceeds its fair value, and the decline in fair value is other than temporary. Legg Mason also holds marketable equity securities and fixed income securities which are classified as equity investments. Certain investment securities, including those held by CIVs, are also classified as equity investments. These investments are recorded at fair value and realized and unrealized gains and losses are included in current period earnings. Equity and fixed income securities are valued using closing market prices for listed instruments or broker price quotations, when available. Fixed income securities may also be valued using valuation models and estimates based on spreads to actively traded benchmark debt instruments with readily available market prices. For investments in illiquid or privately-held securities for which market prices or quotations may not be readily available, management estimates the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry. As a practical expedient, Legg Mason relies on the net asset value ("NAV") of certain investments in partnerships and limited liability company, as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date. Legg Mason measures certain investments in partnerships and limited liability companies that do not have readily determinable fair values and do not qualify for the NAV practical expedient at "adjusted cost." Under this adjusted cost method, investments are initially recorded at cost, and subsequently adjusted (increased or decreased) when there is an observable transaction involving the same investments, or similar investments from the same issuer. Adjusted cost investment carrying values are also reviewed and adjusted for impairment, if any. See Notes 3 and 20 for additional information regarding Legg Mason's seed capital and other investments and the determination of whether investments in proprietary fund and other investment products represent VIEs, respectively. In addition to the financial instruments described above and the derivative instruments described below, other financial instruments that are carried at fair value or amounts that approximate fair value include Cash and cash equivalents and Short-term borrowings. The fair value of long-term debt at March 31, 2020 and 2019, aggregated $1,970,949 and $2,270,964 , respectively. These fair values were estimated using publicly quoted market prices and were classified as Level 2 in the fair value hierarchy, as described below. Derivative Instruments The fair values of derivative instruments are recorded as Other assets or Other liabilities on the Consolidated Balance Sheets. Legg Mason uses futures contracts on index funds to hedge the market risk of certain seed capital investments and foreign exchange forwards to hedge the risk of movement in exchange rates on certain assets and liabilities. Legg Mason has also entered into various total return swap arrangements with financial intermediaries with respect to certain Legg Mason sponsored ETFs which resulted in investments in the ETFs by the financial intermediaries. In connection with the total return swap arrangements, Legg Mason executed futures contracts to partially hedge the related market risk. On a limited basis, Legg Mason has also used interest rate swaps to hedge the risks of movement in interest rates on certain financial liabilities. Legg Mason has not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented. The gains or losses on derivative instruments not designated for hedge accounting are included as Other operating income (expense) or Other non-operating income (expense), net, in the Consolidated Statements of Income (Loss), depending on the strategy. See Note 17 for additional information regarding derivatives and hedging. Fair Value Measurements Accounting guidance for fair value measurements defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Under accounting guidance, a fair value measurement should reflect all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. The objective of fair value accounting measurements is to reflect, at the date of the financial statements, how much an asset would be sold for in an orderly transaction (as opposed to a distressed or forced transaction) under current market conditions. Specifically, it requires the use of judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. The guidance also requires timely disclosures regarding expected cash flows, credit losses, and an aging of securities with unrealized losses. Fair value accounting guidance also establishes a hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Legg Mason's financial instruments are measured and reported at fair value (except long-term debt) and are classified and disclosed in one of the following categories: Level 1 - Financial instruments for which prices are quoted in active markets, which, for Legg Mason, include investments in publicly traded mutual funds with quoted market prices, equities listed in active markets, and certain derivative instruments. Level 2 - Financial instruments for which prices are quoted for similar assets and liabilities in active markets, prices are quoted for identical or similar assets in inactive markets, or prices are based on observable inputs, other than quoted prices, such as models or other valuation methodologies. For Legg Mason, this category includes fixed income securities, certain proprietary fund and other investment products and certain l |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Acquisitions Gramercy Europe (Jersey) Limited 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 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. 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 . Precidian Investments, LLC On January 22, 2016, Legg Mason acquired a minority equity position in Precidian Investments, LLC ("Precidian"). Under the terms of the transaction, Legg Mason acquired series B preferred units of Precidian that entitle Legg Mason to approximately 20% of the voting and economic interests of Precidian, along with customary preferred equity protections. On January 21, 2020, Legg Mason provided notice of its intent to convert the preferred units to 75% of the common equity of Precidian on a fully diluted basis for a cash payment of $25,000 . The transaction is subject to satisfaction of certain closing conditions within the nine months following Legg Mason's notice. Legg Mason accounts for its investment in Precidian, which is included in Other non-current assets in the Consolidated Balance Sheets as of March 31, 2020 and 2019, under the equity method of accounting. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
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 NAV, excluding the financial assets and financial liabilities of CIVs. See Note 20 , 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 March 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 594,514 $ 12,521 $ — $ — $ 607,035 Equity investments: (2) Seed capital investments 48,940 19,538 38,895 1,360 108,733 Investments related to long-term incentive plans 210,891 — — — 210,891 Other investments 12,406 1,577 — — 13,983 Equity method investments: (3) Seed capital investments (4) — — 43,059 12,571 55,630 Investments related to long-term incentive plans (2) — — — 5,287 5,287 Other investments (4) — — 48 8,371 8,419 Adjusted cost investments (4) — 70 19,659 — 19,729 Derivative assets (5) 4,716 — — — 4,716 Total $ 871,467 $ 33,706 $ 101,661 $ 27,589 $ 1,034,423 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (3,308 ) $ — $ (3,308 ) Derivative liabilities (5) (13,872 ) — — — (13,872 ) Total $ (13,872 ) $ — $ (3,308 ) $ — $ (17,180 ) 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 $28,373 and $28,160 as of March 31, 2020 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 17 . (6) See Note 9 . The net realized and unrealized gains (losses) for investment securities classified as equity investments under updated investment accounting guidance were $(33,585) and $13,628 for the years ended March 31, 2020 and 2019, respectively, and for investment securities classified as trading investments under prior accounting guidance were $31,012 for the year ended March 31, 2018. The net unrealized gains (losses) relating to equity investments still held as of the reporting date were $(46,929) and $(12,878) for the years ended March 31, 2020 and 2019, respectively, and relating to trading investments still held as of the reporting date were $7,045 for the year ended March 31, 2018. Seed capital investments represent investments made by Legg Mason to fund new investment products and strategies. As of March 31, 2020 and 2019, seed capital investments totaled $192,760 and $227,756 , respectively, with investments in excess of $1,000 in 41 funds and 52 funds, respectively, comprising over 85% of the total at each period end. Seed capital investments presented in the tables above exclude $28,397 and $43,712 , as of March 31, 2020 and 2019, respectively, which is related to Legg Mason's investments in CIVs. See Note 20 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 March 31, 2019 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of March 31, 2020 Assets: Equity investments - seed capital $ 1,455 $ 39,550 $ — $ (1,457 ) $ — $ (653 ) $ 38,895 Equity method investments: Seed capital investments 40,854 2,660 — (3,257 ) — 2,802 43,059 Other 1,218 — — (1,228 ) — 58 48 Adjusted cost investments 12,171 14,569 — (9,556 ) — 2,475 19,659 $ 55,698 $ 56,779 $ — $ (15,498 ) $ — $ 4,682 $ 101,661 Liabilities: Contingent consideration liabilities $ (1,415 ) $ (3,389 ) n/a $ 500 n/a $ 996 $ (3,308 ) Balance as of March 31, 2018 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of March 31, 2019 Assets: Equity investments - seed capital $ 1,242 $ — $ — $ — $ — $ 213 $ 1,455 Equity method investments: Seed capital investments 33,725 9,726 — (5,211 ) — 2,614 40,854 Other — 2,150 — (985 ) — 53 1,218 Adjusted cost investments 6,951 5,263 — (2 ) — (41 ) 12,171 $ 41,918 $ 17,139 $ — $ (6,198 ) $ — $ 2,839 $ 55,698 Liabilities: Contingent consideration liabilities $ (5,607 ) n/a n/a $ 4,870 n/a $ (678 ) $ (1,415 ) 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 $3,145 , $2,876 , and $927 for the years ended March 31, 2020, 2019 and 2018, respectively. Level 3 purchases for the year ended March 31, 2020 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 years ended March 31, 2020 and 2019. 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 March 31, 2020 Category of Investment Investment Strategy March 31, 2020 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 $ 11,966 (1) $ 9,910 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 1,212 1,515 n/a n/a Private equity funds Long/short equity 9,101 (2) 11,636 $ 5,647 Up to 10 years Equity method investments related to long-term incentive plans Alternatives, structured securities, short-dated fixed income 5,287 (2) 11,185 n/a n/a Other Various 23 47 n/a Various Total $ 27,589 $ 34,293 $ 5,647 n/a - not applicable (1) Liquidation restrictions: 11% monthly redemption and 89% 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 March 31, 2020. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets The following table reflects the components of fixed assets as of: March 31, 2020 March 31, 2019 Software $ 279,038 $ 269,944 Leasehold improvements 210,419 212,742 Equipment 162,372 159,421 Total cost 651,829 642,107 Less: accumulated depreciation and amortization (517,406 ) (492,118 ) Fixed assets, net $ 134,423 $ 149,989 Depreciation and amortization expense related to fixed assets was $44,839 , $48,391 , and $48,382 for the years ended March 31, 2020 , 2019, and 2018, respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 March 31, 2019 Amortizable intangible asset management contracts and other Cost $ 369,193 $ 366,930 Accumulated amortization (259,982 ) (240,488 ) Net (1) 109,211 126,442 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 460,033 473,360 Trade names 48,091 48,602 3,246,479 3,260,317 Intangible assets, net $ 3,355,690 $ 3,386,759 (1) As of March 31, 2020, includes $5,019 related to the acquisition of Gramercy by Clarion Partners. See Note 2 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. Given the level of market disruption associated with COVID-19, Legg Mason assessed whether a triggering event had occurred for each of its identifiable indefinite-life intangible assets and goodwill as of March 31, 2020. Certain indefinite-life intangible assets were determined to have had triggering events due to a combination of significant market volatility and uncertainty and limited excess fair value over the related carrying values as of our most recent quantitative analyses as of October 31, 2019. Legg Mason updated the quantitative analyses for these indefinite-life intangible assets as of March 31, 2020 and determined that there was no impairment in the value of these assets, as further discussed below. As a result of heightened uncertainty regarding future market conditions and economic results, particularly amid the COVID-19 pandemic, 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% . Legg Mason determined a triggering event had not occurred for its goodwill as of March 31, 2020. The Company notes that the share price and reporting unit fair value has not been significantly impacted by COVID-19 as a result of the Merger Agreement with Franklin Templeton. As previously discussed, per the terms of the Merger Agreement, Franklin Templeton will acquire all of Legg Mason's outstanding common stock for $50.00 per share in cash, valuing the total transaction at approximately $ 4,500,000 , which approximates the fair value of the reporting unit determined in the most recent impairment test, and has been reflected in the trading value of Legg Mason common stock. 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, as of October 31, 2019. Given uncertain markets and the relatively limited excess fair value as of the most recent impairment test, the EnTrust Global fund management contracts asset was deemed to have had a triggering event as of March 31, 2020. Legg Mason expanded its most recent analysis of this asset to consider several different outcomes on a probability-weighted basis, with each scenario reflecting reduced revenue growth rates and lower operating margins, particularly in the near term. Based on this probability-weighted analysis, the related fair value exceeded its carrying value by approximately 1% as of March 31, 2020. The EnTrust Global trade name asset was also deemed to have had a triggering event and was tested for impairment using the relief from royalty approach as of March 31, 2020. The resulting fair value of the EnTrust Global trade name asset exceeded the carrying value by approximately 3% . Should market performance, flows, and/or related 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 our indefinite-life intangible assets or goodwill could become impaired, and the impairment could be a material amount. Legg Mason's annual impairment testing process in fiscal 2019 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 fiscal 2019 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 fiscal 2019 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% . Legg Mason's annual impairment testing process in fiscal 2018 determined that the carrying value of the EnTrust Global indefinite-life fund management contracts intangible asset exceeded its fair value, which resulted in an impairment of $195,000 in the quarter ended December 31, 2017. The impairment charge was primarily the result of net client outflows from legacy high net worth fund-of-fund products, including transfers of client funds from such products into traditional separate accounts and other direct offerings, and the related decline in revenues. Management estimated the fair value of this asset based upon a discounted cash flow analysis using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in the cash flow analysis included projected revenue growth rates and discount rates. Base revenues related to the EnTrust Global fund contracts were assumed to have annual growth (contraction) rates ranging from (13)% to 6% (average: 5% ), and the projected cash flows from the EnTrust Global fund contracts were discounted at 15.0% . As a result of AUM losses and other factors during the three months ended June 30, 2017, Legg Mason tested the RARE Infrastructure trade name indefinite-life intangible asset for impairment during the three months ended June 30, 2017. The carrying value of the trade name exceeded its fair value of $3,057 as of June 30, 2017, which resulted in an impairment charge of $2,000 . Management estimated the fair value of the RARE Infrastructure trade name as of June 30, 2017 based upon a relief from royalty approach and a discounted cash flow method using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in the cash flow analysis included projected annual revenue growth rates of 5% to 18% (average: 8% ), a royalty rate of 1% , 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, 2018 $ 3,094,255 $ (1,161,900 ) $ 1,932,355 Impact of excess tax basis amortization (10,972 ) — (10,972 ) Changes in foreign exchange rates and other (37,829 ) — (37,829 ) Balance as of March 31, 2019 $ 3,045,454 $ (1,161,900 ) $ 1,883,554 Impact of excess tax basis amortization (11,349 ) — (11,349 ) Changes in foreign exchange rates (44,635 ) — (44,635 ) Business acquisition (1) 20,196 — 20,196 Balance as of March 31, 2020 $ 3,009,666 $ (1,161,900 ) $ 1,847,766 (1) See Note 2 for additional information. Amortizable Intangible Asset Management Contracts and Other There were no impairments to amortizable management contract intangible assets during the year ended March 31, 2020. As of March 31, 2020 , amortizable intangible asset management contracts and other are being amortized over a weighted-average remaining life of 5.4 years. Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: 2021 $ 21,752 2022 21,403 2023 20,643 2024 19,813 2025 12,038 Thereafter 13,562 Total $ 109,211 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% . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Short-Term Borrowings and Long-Term Debt Short-term borrowings Legg Mason maintains an unsecured credit agreement (as amended from time to time, the "Credit Agreement") which provides for a $500,000 multi-currency revolving credit facility. The revolving credit facility may be increased by an aggregate amount of up to $500,000 , subject to the approval of the lenders, expires in December 2020, and outstanding borrowings, if any, can be repaid at any time. This revolving credit facility is available to fund working capital needs and for general corporate purposes. As of March 31, 2020, there were no borrowings outstanding under the Credit Agreement and Legg Mason had $500,000 of undrawn revolving credit facility capacity. Under the terms of the Merger Agreement, Legg Mason may not borrow more than $30,000 under the revolving credit facility, without the prior consent of Franklin Templeton. On April 3, 2020, Legg Mason borrowed $250,000 under the Credit Agreement as a precautionary measure to provide additional liquidity for general corporate purposes in the current uncertain market environment. As further discussed in Note 11 , on December 22, 2017, Legg Mason borrowed $225,500 under the Credit Agreement to purchase 5,568 shares of Legg Mason common stock from Shanda Asset Management Investment Limited ("Shanda"). In March 2018, Legg Mason repaid $100,000 of these borrowings. In September 2018, Legg Mason repaid the remaining $125,500 of borrowings. There were no borrowings outstanding as of March 31, 2019. The revolving credit facility has an interest rate of the three-month Eurocurrency Rate plus 125 basis points and an annual commitment fee of 17.5 basis points. Interest is payable at least quarterly on any amounts outstanding under the Credit Agreement and the interest rate may change in the future based on changes in Legg Mason's credit ratings. The Credit Agreement includes standard financial covenants. These covenants include: maximum net debt to EBITDA ratio (as defined in the documents) of 3.0 to 1 ; and minimum EBITDA to interest ratio (as defined in the documents) of 4.0 to 1 . As of March 31, 2020, Legg Mason's net debt to EBITDA ratio was 1.9 to 1 and EBITDA to interest expense ratio was 6.1 to 1 , and therefore, Legg Mason has maintained compliance with the applicable covenants. Long-term debt Long-term debt, net, consists of the following: March 31, 2020 March 31, 2019 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 248,976 $ 195 $ 829 $ 250,000 $ 248,738 4.75% Senior Notes due March 2026 447,875 — 2,125 450,000 447,521 5.625% Senior Notes due January 2044 548,099 (2,907 ) 4,808 550,000 548,020 6.375% Junior Notes due March 2056 242,665 — 7,335 250,000 242,461 5.45% Junior Notes due September 2056 485,118 — 14,882 500,000 484,711 2.7% Senior Notes due July 2019 — — — — 250,301 Subtotal 1,972,733 (2,712 ) 29,979 2,000,000 2,221,752 Less: Current portion — — — — (250,301 ) Total $ 1,972,733 $ (2,712 ) $ 29,979 $ 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. As of March 31, 2020, $250,000 of Legg Mason's long-term debt matures in fiscal 2025 and $1,750,000 matures after fiscal 2025. 3.95% Senior Notes due July 2024 In June 2014, Legg Mason issued $250,000 of 3.95% Senior Notes due July 2024 (the "2024 Notes"). The 2024 Notes were sold at a discount of $458 , which is being amortized to interest expense over the 10-year term. The 2024 Notes can be redeemed at any time prior to the scheduled maturity in part or in aggregate, at the greater of the related principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.25% , together with any related accrued and unpaid interest. 4.75% Senior Notes due March 2026 In March 2016, Legg Mason issued $450,000 of 4.75% Senior Notes due March 2026 (the "2026 Notes"). The 2026 Notes were sold at a discount of $207 . The 2026 Notes can be redeemed in part or in aggregate at the greater of the related principal amount at the time of redemption or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.45% , together with any related accrued and unpaid interest. 5.625% Senior Notes due January 2044 In January 2014, Legg Mason issued $400,000 of 5.625% Senior Notes due January 2044 (the "2044 Notes"), sold at a discount of $6,260 , which is being amortized to interest expense over the 30-year term. An additional $150,000 of 2044 Notes were issued in June 2014 and were sold at a premium of $9,779 , which is also being amortized to interest expense over the 30-year term. All of the 2044 Notes can be redeemed at any time prior to their scheduled maturity in part or in aggregate, at the greater of the related principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.3% , together with any related accrued and unpaid interest. 6.375% Junior Subordinated Notes due March 2056 In March 2016, Legg Mason issued $250,000 of 6.375% Junior Notes due March 2056 (the " 6.375% 2056 Notes"). The 6.375% 2056 Notes were issued at 100% of the principal amount. The 6.375% 2056 Notes rank junior and subordinate in right of payment to all of Legg Mason's current and future senior indebtedness. Prior to March 15, 2021, the 6.375% 2056 Notes can be redeemed in aggregate, but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if called for a tax event (as defined), or 102% of the principal amount, plus any accrued and unpaid interest, if called for a rating agency event (as defined). On or after March 15, 2021, the 6.375% 2056 Notes can be redeemed in aggregate or in part, at 100% of the principal amount, plus any related accrued and unpaid interest. 5.45% Junior Subordinated Notes due September 2056 In August 2016, Legg Mason issued an aggregate principal amount of $500,000 of 5.45% Junior Notes due September 2056 (the " 5.45% 2056 Notes"), the net proceeds of which, together with cash on hand, were used to repay the aggregate $500,000 of then outstanding borrowings under its Credit Agreement. The 5.45% 2056 Notes rank junior and subordinate in right of payment to all of Legg Mason's current and future senior indebtedness. Prior to September 15, 2021, the 5.45% 2056 Notes can be redeemed in aggregate, but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if called for a tax event (as defined in the prospectus supplement), or 102% of the principal amount, plus any accrued and unpaid interest, if called for a rating agency event (as defined in the prospectus supplement). On or after September 15, 2021, the 5.45% 2056 Notes can be redeemed in aggregate or in part, at 100% of the principal amount, plus any related accrued and unpaid interest. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The components of income (loss) before income tax provision were as follows: 2020 2019 2018 Domestic $ 324,254 $ 60,001 $ 287,229 Foreign 86,280 (31,506 ) (53,389 ) Total $ 410,534 $ 28,495 $ 233,840 The components of income tax expense (benefit) were as follows: 2020 2019 2018 Federal $ 65,455 $ 24,640 $ (106,621 ) Foreign 19,827 (11,343 ) (16,015 ) State and local 20,766 7,264 20,126 Total income tax provision (benefit) $ 106,048 $ 20,561 $ (102,510 ) Current $ 8,997 $ 26,716 $ 38,983 Deferred 97,051 (6,155 ) (141,493 ) Total income tax provision (benefit) $ 106,048 $ 20,561 $ (102,510 ) A reconciliation of the difference between the effective income tax rate and the statutory federal income tax rate is as follows: 2020 2019 2018 Tax provision at statutory U.S. federal income tax rate 21.0 % 21.0 % 31.5 % State income taxes, net of federal income tax benefit (1) 8.2 8.9 7.8 Impact of changes in U.S. federal Tax Law (2) — 8.3 (90.1 ) Uncertain tax benefits (3) (3.4 ) 49.7 1.7 Effect of foreign tax rates (4) (1.7 ) (37.1 ) 1.7 Changes in U.K. tax rates on deferred tax assets and liabilities — — 0.3 Net income attributable to noncontrolling interests (2.3 ) (28.1 ) (6.8 ) Change in valuation allowances (5) 1.7 23.0 (1.3 ) Federal effect of permanent tax adjustments (6) 3.0 33.4 10.5 Other, net (0.7 ) (6.9 ) 0.9 Effective income tax rate 25.8 % 72.2 % (43.8 )% (1) State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on related deferred tax assets. (2) Includes the impact on deferred tax assets and liabilities and the effects on unremitted foreign earnings and other aspects of the Tax Law. (3) Reserves for uncertain tax benefits were recorded for positions related to prior years' foreign, federal, state, and local tax return filing as well as for positions reflected in the current year tax expense accrual. In fiscal 2020, a state audit was resolved favorably and the statute of limitations expired on certain tax returns for which uncertain tax benefit reserves had been established. (4) The effect of foreign tax rates for fiscal 2019, and 2018 include tax benefits of $8,711 , and $33,150 , respectively, for non-cash impairment charges related to the intangible assets of the EnTrust Global and legacy Permal businesses, as further discussed in Note 5. Additionally, the effect of foreign tax rates for fiscal 2019 includes a $21,720 tax benefit for non-cash impairment charges related to the intangible assets of the RARE Infrastructure businesses. (5) See schedule below for the change in valuation allowances by jurisdiction. (6) Fiscal 2018 includes a 9.0% federal impact ( 9.7% including state impact) of a non-deductible charge for a regulatory matter discussed in Note 9 . On December 22, 2017, the Tax Law was enacted. The Tax Law is complex, materially changed the U.S. corporate income tax rate from 35% to 21% and included various other changes which impact Legg Mason. The reduction in the U.S. corporate tax rate resulted in a one-time, non-cash provisional tax benefit of $220,935 recognized in the quarter ended December 31, 2017, due to the re-measurement of certain existing deferred tax assets and liabilities at the new income tax rate. In addition, a non-cash tax charge of $7,260 was provisionally provided in the year ended March 31, 2018, for the effects on unremitted foreign earnings and other aspects of the Tax Law. Legg Mason’s re-measurement of its deferred tax assets and liabilities has been completed and no further adjustments were necessary. Further, Legg Mason's accounting for the tax on unremitted foreign earnings has also been completed and an additional expense of $2,164 was recorded in the year ended March 31, 2019. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets. These temporary differences result in taxable or deductible amounts in future years. A summary of Legg Mason's deferred tax assets and liabilities follows: 2020 2019 DEFERRED TAX ASSETS Accrued compensation and benefits $ 178,571 $ 182,734 Accrued expenses 33,952 30,176 Basis differences, principally for intangible assets and goodwill 32,900 23,480 Operating loss carryforwards 321,022 325,282 Foreign tax credit carryforward 266,671 266,128 Federal benefit of uncertain tax positions 2,421 6,798 Mutual fund launch costs 11,632 12,926 Martin Currie defined benefit pension liability 5,253 8,694 Lease liability (net in 2019) 67,648 9,785 Other 9,294 1,954 Deferred tax assets 929,364 867,957 Valuation allowance (137,155 ) (134,209 ) Deferred tax assets after valuation allowance $ 792,209 $ 733,748 DEFERRED TAX LIABILITIES Depreciation and amortization $ 714,693 $ 636,230 Net unrealized gains (losses) from investments (1,042 ) 2,007 ROU asset adjustment 54,618 — Basis differences in partnerships 27,001 19,214 Deferred tax liabilities 795,270 657,451 Net deferred tax assets (liabilities) $ (3,061 ) $ 76,297 Legg Mason has various loss and tax credit carryforwards that may provide future tax benefits. Related valuation allowances are established in accordance with accounting guidance for income taxes, if it is management's opinion that it is more likely than not that these benefits will not be realized. To the extent the analysis of the realization of deferred tax assets relies on deferred tax liabilities, Legg Mason has considered the timing, nature, and jurisdiction of reversals, including future increases relating to the tax amortization of goodwill and indefinite-life intangible assets, as well as planning strategies to measure and value the realizability of its deferred tax assets. Intangible asset impairment charges recognized at EnTrust Global during the year ended March 31, 2019, resulted in a deferred tax asset of $ 53,764 for the related basis difference in partnership investments. The related deferred tax asset was $54,112 as of March 31, 2020. See Note 5 for additional information related to these impairment charges. Substantially all of Legg Mason's deferred tax assets relate to U.S. federal, state and U.K. taxing jurisdictions. As of March 31, 2020 , U.S. federal deferred tax assets aggregated $627,411 , realization of which is expected to require approximately $3,213,000 of U.S. earnings over the next eight years, of which approximately $349,000 must be foreign sourced earnings. Based on estimates of future taxable income, using assumptions similar to those used in Legg Mason's goodwill impairment testing, it is more likely than not that substantially all of the current federal tax benefits relating to net operating losses will be realized. With respect to deferred tax assets relating to foreign tax credit carryforwards, it is more likely than not that tax benefits relating to the utilization of approximately $2,400 of foreign taxes as credits will not be realized and a valuation allowance has been established. Further, the Company's estimates and assumptions do not contemplate changes in the ownership of Legg Mason stock, which could, in certain circumstances, limit the utilization of net operating loss and foreign tax credit benefits. Any such limitation would impact the timing or amount of net operating loss or foreign tax credit benefits ultimately realized before they expire. As of March 31, 2020, U.S. state deferred tax assets aggregated approximately $238,337 , net of valuation allowances of $91,653 , and were primarily related to state net operating loss benefits generated in certain jurisdictions in cases where it is more likely that these benefits will ultimately not be realized. For foreign jurisdictions, the net increase in valuation allowances of $3,750 during fiscal 2020, was primarily related to current year increases in carried forward U.K. interest deductions offset in part by unrealized gains/losses on pension liabilities. The following deferred tax assets and valuation allowances relating to carryforwards have been recorded at March 31: 2020 2019 Expires Beginning after Fiscal Year DEFERRED TAX ASSETS U.S. federal net operating losses $ 36,639 $ 38,402 2033 U.S. federal foreign tax credits 266,671 266,128 2022 U.S. state net operating losses (1,2) 260,804 263,870 2020 U.S. state tax credits 528 444 2022 Foreign net operating losses 23,579 23,009 2028 Total deferred tax assets for carryforwards $ 588,221 $ 591,853 VALUATION ALLOWANCES U.S. federal net operating losses $ 2,155 $ 2,027 U.S. federal foreign tax credits 2,400 1,800 U.S. state net operating losses 91,653 93,185 Foreign net operating losses 10,744 11,792 Valuation allowances for carryforwards 106,952 108,804 Foreign other deferred assets 30,203 25,405 Total valuation allowances $ 137,155 $ 134,209 (1) Substantially all of the U.S. state net operating losses carryforward through fiscal 2035. (2) Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. Legg Mason had total gross unrecognized tax benefits of approximately $55,465 , $78,776 and $62,728 as of March 31, 2020 , 2019 , and 2018 , respectively. Of these totals, approximately $49,595 , $67,923 and $52,772 , respectively, (net of the federal benefit for state tax liabilities) are the amounts of unrecognized benefits which, if recognized, would favorably impact future income tax provisions and effective tax rates. During fiscal 2020 , the net impact of effective settlement of tax examinations, recent developments of case law and the expiration of statutes of limitation in certain jurisdictions, resulted in $13,782 of previously unrecognized benefits being realized. A reconciliation of the beginning and ending amount of unrecognized gross tax benefits for the years ended March 31 is as follows: 2020 2019 2018 Balance, beginning of year $ 78,776 $ 62,728 $ 70,787 Additions based on tax positions related to the current year 970 4,549 7,325 Additions for tax positions of prior years 1,719 15,070 5,011 Reductions for tax positions of prior years (1,149 ) (100 ) (4,438 ) Decreases related to settlements with taxing authorities (15,530 ) (2,874 ) (15,957 ) Expiration of statutes of limitations (9,321 ) (597 ) — Balance, end of year $ 55,465 $ 78,776 $ 62,728 Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change within the next 12 months by up to $20,856 as a result of the expiration of statutes of limitations and the completion of tax authorities' examinations. The Company accrues interest related to unrecognized tax benefits in interest expense and recognizes penalties in other operating expense. Legg Mason had approximately $1,930 as of March 31, 2020 and $1,937 as of both March 31, 2019 and 2018, accrued for interest and penalties on tax contingencies in the Consolidated Balance Sheets. Legg Mason's prior year tax returns are subject to examination by taxing authorities in the U.S., the U.K., Brazil, and various other jurisdictions. The following tax years remain open to income tax examination for each of the more significant jurisdictions where Legg Mason is subject to income taxes: after fiscal 2017 for U.S. federal; after calendar year 2008 for Brazil; after fiscal 2016 for the states of New York, Connecticut, California and Maryland. The Company does not anticipate making any significant cash payments with the settlement of these audits in excess of amounts that have been reserved. Except as noted below, Legg Mason's continuing intention is to permanently reinvest substantially all of the accumulated and future earnings of its foreign subsidiaries overseas. As of March 31, 2020, Legg Mason had available domestic cash and cash equivalents of approximately $288,694 . In addition, after giving effect to the $250,000 borrowed under its Credit Agreement on April 3, 2020, as previously discussed, Legg Mason has $250,000 of undrawn capacity to meet domestic liquidity needs, subject to compliance with applicable covenants and the terms of the Merger Agreement. Legg Mason plans to utilize up to approximately $13,000 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
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 18 years. Certain leases provide for options to extend for periods of up to 15 years and/or options to terminate within seven years . As previously disclosed in Note 1 , 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. ROU assets that involve subleased or vacant space aggregate $71,257 as of March 31, 2020. These assets may become impaired if tenants are unable to service their obligations under the sublease, and/or if the estimates as to occupancy are not realized, either of which may be more likely as COVID-19 impacts evolve. Leases included in the Consolidated Balance Sheets were as follows: Classification As of March 31, 2020 Operating leases: Operating lease ROU assets Right-of-use assets $ 290,167 Operating lease liabilities Lease liabilities 355,483 Finance leases: Property and equipment, gross Right-of-use assets $ 2,011 Less: accumulated depreciation Right-of-use assets (836 ) Property and equipment, net $ 1,175 Finance lease liabilities Lease liabilities $ 1,068 The components of lease expense included in the Consolidated Statement of Income (Loss) were as follows: Classification Year Ended March 31, 2020 Operating lease cost Occupancy expense $ 88,020 Financing lease cost: Amortization of right-of-use asset Occupancy expense 988 Interest on lease liabilities Interest expense 45 Total finance lease cost 1,033 Short-term lease cost Occupancy expense 6,147 Variable lease cost (1) Occupancy expense 23,458 Less: sublease billings Occupancy expense (24,877 ) Net lease cost (2) $ 93,781 (1) Variable lease cost includes operating expenses, real estate and other taxes and other amounts that fluctuate in amount and are therefore excluded from fixed base rent. (2) Excludes other occupancy expense of $16,841 for the year ended March 31, 2020, respectively, related to leasehold amortization. During the year ended March 31, 2020, in connection with Legg Mason's strategic restructuring, as further discussed in Note 18 , it was determined that the carrying values of certain ROU assets would not be recoverable. Related impairment charges of $4,328 (exclusive of accelerated depreciation of $ 1,603 ) were recognized in the quarter 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 a discounted cash flow analysis using various Level 3 assumptions, that consider 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 years ended March 31, 2019 and 2018 was $88,990 and $84,963 , respectively, excluding leasehold amortization of $16,306 and $15,796 . Lease expense is net of sublease income of $21,435 and $23,316 , 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 March 31, 2020, undiscounted future cash flows for each of the next five fiscal years and thereafter for fixed payments related to operating and finance leases were as follows: Operating Leases Finance Leases Total 2021 $ 89,704 $ 685 $ 90,389 2022 88,452 262 88,714 2023 86,706 125 86,831 2024 72,626 32 72,658 2025 28,991 4 28,995 Thereafter 23,396 — 23,396 Total lease payments 389,875 1,108 390,983 Less: Imputed interest (34,392 ) (40 ) (34,432 ) Present value of lease liabilities $ 355,483 $ 1,068 $ 356,551 As of March 31, 2020, 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 1.9 Weighted-average discount rates 3.9 % 3.2 % Supplemental cash flow information related to leases was as follows: Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91,602 Financing cash flows from finance leases 932 With the exception of $4,328 related to the previously discussed impairment of certain ROU assets, there was no significant non-cash lease activity for the year ended March 31, 2020. Under prior accounting guidance, 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 $97,816 for minimum sublease rentals to be received under non-cancelable subleases. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of March 31, 2020 , Legg Mason had commitments to invest $16,372 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 March 31, 2020, Legg Mason also had future commitments totaling $87,209 related to multi-year agreements for certain services, of which $45,297 and $21,737 will be due in fiscal 2021 and fiscal 2022, respectively. The remaining $20,175 is due through fiscal 2028. 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 March 31, 2020 , 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. As of March 31, 2020 and 2019, Legg Mason's liability for losses and contingencies was not material. Charges incurred relating to litigation and other proceedings during fiscal 2020 were not material. During fiscal 2019 and 2018, Legg Mason incurred charges relating to litigation and other proceedings of approximately $4,800 , and $67,500 . Total charges for fiscal 2019 and 2018 reflect $4,151 and $67,000 , respectively, related to the resolution with both the U.S. Department of Justice (“DOJ”) and the SEC staff of a Foreign Corrupt Practices Act investigation concerning the activities of its former Permal business in connection with managing assets of Libyan governmental entities in structures established by a third-party financial institution. Those investments were made in calendar years 2005 to 2007 and all were terminated no later than 2012. The matter did not relate to any current business activities or client relationships of Legg Mason or any of its affiliates. Resolution of this matter did not result in restrictions on Legg Mason's ongoing business activities or that of its affiliates. Merger Agreement The Company has made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains customary covenants and agreements, including covenants and agreements relating to the conduct of the Company’s business between the date of the signing of the Merger Agreement and the closing of the transactions contemplated under the Merger Agreement. The Merger Agreement contains certain termination rights for the Company and Franklin Templeton, including the right of the Company to terminate the Merger Agreement to accept a superior proposal, subject to specified limitations, and provides that, upon termination of the Merger Agreement by the Company or Franklin Templeton in specified situations, the terminating party will be required to pay a termination fee equal to $115,000 to the other party. In addition to the foregoing termination rights, and subject to certain limitations, either party may terminate the Merger Agreement if the Merger is not consummated by February 17, 2021. In connection with, and subject to, the Merger closing, Legg Mason has committed certain severance and retention payments to its employees aggregating up to approximately $200,000 , subject to continuing employment through the closing of the Merger. Noncontrolling Interests Legg Mason may be obligated to settle redeemable noncontrolling interests related to certain affiliates. As of March 31, 2020 , affiliate redeemable noncontrolling interests, excluding amounts related to management equity plans, aggregated $525,422 . In addition, as of March 31, 2020 , the estimated redemption fair value for units under affiliate management equity plans (redeemable and nonredeemable) aggregated $84,695 . See Notes 12 and 16 for additional information regarding affiliate management equity plans and noncontrolling interests, respectively. Contingent Consideration As further discussed in Note 2 , on April 10, 2019, Clarion Partners acquired a majority interest in Gramercy. The transaction included a potential contingent consideration payment of up to $3,646 (using the foreign exchange rate as of March 31, 2020, for the €3,315 potential payment), due on the fifth anniversary of closing upon the achievement of certain financial metrics. As of March 31, 2020 and 2019, contingent consideration liabilities totaling $3,308 and $1,415 , respectively, were included in Other non-current liabilities in the Consolidated Balance Sheets. During the years ended March 31, 2019 and 2018, Legg Mason paid contingent consideration totaling $4,869 and $3,242 , primarily related to the acquisitions of QS Investors in May 2014 and PK Investment Management in December 2015, respectively. During the year ended March 31, 2018, Legg Mason recorded fair value adjustments totaling $31,329 , primarily to reduce the contingent consideration liabilities related to the acquisitions of RARE Infrastructure in October 2015 and Martin Currie in October 2014, as no contingent consideration was due for either of these acquisitions. |
Employee Benefits (Notes)
Employee Benefits (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Compensation and Employee Benefit Plans [Text Block] | Employee Benefits Defined Contribution Plans Legg Mason, through its subsidiaries, maintains various defined contribution plans covering substantially all employees. Through these plans, Legg Mason can make two types of discretionary contributions. One is a profit sharing contribution to eligible plan participants based on a percentage of qualified compensation and the other is a match of employee 401(k) contributions. Matches range from 50% to 100% of employee 401(k) contributions, up to a maximum of the lesser of up to 6% of employee compensation, up to the Internal Revenue Service limit. Corporate profit sharing and matching contributions, together with contributions made under subsidiary plans, totaled $38,122 , $ 39,191 , and $38,278 in fiscal 2020 , 2019 , and 2018 , respectively. In addition, employees can make voluntary contributions under certain plans. Under the terms of the Merger Agreement, the Legg Mason 401(k) plan will terminate immediately prior to the closing of the Merger. Martin Currie Defined Benefit Pension Plan Martin Currie sponsors a retirement and death benefits plan, a defined benefit pension plan with assets held in a separate trustee-administered fund. Plan assets are measured at fair value and consist of 50% equities (Level 1), 49% bonds (Level 2), and 1% cash (Level 1) as of March 31, 2020, and 64% equities (Level 1) and 36% bonds (Level 2) as of March 31, 2019. Assumptions used to determine the expected return on plan assets targets a 55% / 45% equity/bond allocation with reference to the 15-year FTSE U.K. Gilt yield for equities and U.K. long-dated bond yields for bonds. Plan liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate on a high-quality bond in the local U.K. market and currency. There were no significant concentrations of risk in plan assets as of March 31, 2020 or 2019. As of March 31, 2020 and 2019, $34,210 and $41,189 of the total plan assets were invested in Legg Mason and Martin Currie sponsored investment products. The most recent actuarial valuation was performed as of May 31, 2019, which was updated at the subsequent balance sheet date through March 31, 2020. Accrual of service credit under the plan ceased on October 3, 2014. Legg Mason uses the corridor approach to account for this plan. Under the corridor approach, actuarial gains and losses on plan assets and liabilities are deferred and reported as Other comprehensive income (loss), except when the actuarial gains and losses exceed 10% of the greater of the fair value of the plan assets or the plan benefit obligation, the excess is amortized as Compensation and benefits expense over the recovery period of 15 years . During the years ended March 31, 2020 and 2019, $542 and $260 of such previously unrecognized losses were expensed under the corridor approach. The resulting net benefit obligation, summarized below, is included in the Consolidated Balance Sheets as Other non-current liabilities: March 31, 2020 March 31, 2019 Fair value of plan assets (at 4.7% and 4.9%, respectively, expected weighted-average long-term return) $ 68,576 $ 68,830 Benefit obligation (at 2.3% and 2.4%, respectively, discount rate) (81,019 ) (102,165 ) Unfunded status (excess of benefit obligation over plan assets) $ (12,443 ) $ (33,335 ) The change in the benefit obligation is summarized below: Years ended March 31, 2020 2019 Beginning benefit obligation $ 102,165 $ 102,469 Interest costs 2,331 2,426 Actuarial (gain) loss (17,082 ) 7,989 Benefits paid (2,105 ) (3,078 ) Exchange rate changes (4,290 ) (7,641 ) Ending benefit obligation $ 81,019 $ 102,165 The change in plan assets is summarized below: Years ended March 31, 2020 2019 Beginning plan assets $ 68,830 $ 67,529 Actual return on plan assets 2,147 6,384 Employer contributions 3,044 3,144 Benefits paid (2,105 ) (3,078 ) Exchange rate changes (3,340 ) (5,149 ) Ending plan assets $ 68,576 $ 68,830 For the years ended March 31, 2020, 2019, and 2018, a net periodic benefit of $833 , $734 and $389 , respectively, was included in Compensation and benefits expense in the Consolidated Statements of Income (Loss). The components of the net periodic gain for the years ended March 31, were as follows: 2020 2019 2018 Interest costs $ 2,331 $ 2,426 $ 2,763 Expected return on plan assets (3,164 ) (3,160 ) (3,152 ) Net periodic benefit $ (833 ) $ (734 ) $ (389 ) Net actuarial losses of $791 and $17,807 were included in Accumulated other comprehensive loss, net, in the Consolidated Balance Sheets at March 31, 2020 and 2019, respectively. As of March 31, 2020, the plan expects to make benefit payments over the next 10 fiscal years as follows: 2021 $ 1,906 2022 2,085 2023 2,129 2024 2,576 2025 2,532 2026-2030 15,813 In connection with a review by the Pensions Regulator in the U.K. ("the Regulator") of the pension plan's current structure and funding status, Martin Currie, the trustees of the pension and the Regulator agreed to a revised plan structure on August 10, 2017, including the redomiciliation of the plan in the U.K., additional guarantees from Martin Currie entities and provisions for accelerated funding of a portion of any benefit obligation in certain circumstances. Martin Currie agreed with the plan trustees to contribute $2,876 (using the exchange rate as of March 31, 2020 for the £2,320 annual committed contribution amount) to the plan on an annual basis through May 2024, with a final payment of $1,811 (using the exchange rate as of March 31, 2020 for the £1,461 final payment amount) due in November 2024. As a result of the May 31, 2019 actuarial valuation, Martin Currie and the plan trustees are contemplating revised annual committed contribution amounts. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 , were 6,331 . 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: Years Ended March 31, 2020 2019 2018 Restricted stock and restricted stock units $ 52,322 $ 49,282 $ 54,348 Stock options 2,853 4,537 7,478 Employee stock purchase plan 474 611 662 Non-employee director awards 1,000 5,332 3,103 Affiliate management equity plans 1,694 1,025 1,275 Performance share units 8,925 5,065 3,981 Employee stock trust 33 32 28 Total stock-based compensation expense $ 67,301 $ 65,884 $ 70,875 Restricted Stock Restricted stock and restricted stock unit transactions are summarized below: Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31, 2017 3,321 $ 38.92 Granted 1,460 37.68 Vested (1,410 ) 39.59 Canceled/forfeited (72 ) 38.10 Unvested shares at March 31, 2018 3,299 38.09 Granted 1,190 38.93 Vested (1,291 ) 39.72 Canceled/forfeited (153 ) 37.52 Unvested shares at March 31, 2019 3,045 37.76 Granted 1,206 35.50 Vested (1,412 ) 38.51 Canceled/forfeited (79 ) 36.67 Unvested shares at March 31, 2020 2,760 $ 36.43 The restricted stock and restricted stock unit transactions reflected in the table above were non-cash transactions. For the years ended March 31, 2020, 2019, and 2018, Legg Mason recognized income tax benefits related to restricted stock and restricted stock unit awards of $13,553 , $12,767 , and $20,972 , respectively. Unamortized compensation cost related to unvested restricted stock awards at March 31, 2020, of $50,757 is expected to be recognized over a weighted-average period of 1.6 years . Clarion performance shares As part of 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 vested upon Clarion Partners achieving a certain level of EBITDA as of March 31, 2020. Stock Options Stock option transactions under Legg Mason's equity incentive plans are summarized below: Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2017 4,593 $ 38.15 Granted 440 37.79 Exercised (490 ) 30.09 Canceled/forfeited (106 ) 47.42 Options outstanding at March 31, 2018 4,437 38.78 Exercised (201 ) 31.15 Canceled/forfeited (121 ) 42.31 Options outstanding at March 31, 2019 4,115 39.05 Exercised (1,497 ) 34.56 Canceled/forfeited (100 ) 46.79 Options outstanding at March 31, 2020 2,518 $ 41.41 The total intrinsic value of options exercised during the years ended March 31, 2020, 2019, and 2018, was $17,476 , $1,084 , and $4,647 , respectively. At March 31, 2020, the aggregate intrinsic value of options outstanding was $22,864 . The following information summarizes Legg Mason's stock options outstanding at March 31, 2020: Exercise Price Range Option Shares Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (in years) $14.81 - $25.00 38 $23.72 0.13 25.01 - 35.00 910 31.38 3.55 35.01 - 55.18 1,570 47.65 3.13 2,518 At March 31, 2020, 2019, and 2018 options were exercisable for 2,115 , 3,233 , and 2,867 shares, respectively, with a weighted-average exercise price of $42.63 , $39.12 , and $37.64 , respectively. Stock options exercisable at March 31, 2020, have a weighted average remaining contractual life of 3.0 years. At March 31, 2020, the aggregate intrinsic value of exercisable shares was $ 17,283 . The following summarizes Legg Mason's stock options exercisable at March 31, 2020: Exercise Price Range Option Shares Exercisable Weighted-Average Exercise Price Per Share $14.81 - $25.00 38 $ 23.72 25.01 - 35.00 733 31.40 35.01 - 55.18 1,344 49.29 2,115 The following information summarizes unvested stock options under Legg Mason's equity incentive plan for the year ended March 31, 2020: Number of Shares Weighted-Average Exercise Price Per Share Options unvested at March 31, 2019 882 $ 38.78 Vested (478 ) 41.99 Canceled/forfeited (2 ) 34.77 Options unvested at March 31, 2020 402 $ 34.97 For the years ended March 31, 2020, 2019, and 2018, income tax benefits related to stock options were $685 , $1,170 , and $2,715 , respectively. Unamortized compensation cost related to unvested options for 402 shares at March 31, 2020, was $616 , which is expected to be recognized over a weighted-average period of 0.9 years. Cash received from exercises of stock options under Legg Mason's equity incentive plans was $43,386 , $6,114 , and $14,072 , for the years ended March 31, 2020, 2019, and 2018, respectively. The tax benefit expected to be realized for the tax deductions from these option exercises totaled $3,289 , $198 , and $1,408 , for the years ended March 31, 2020, 2019, and 2018, respectively. The weighted-average fair value of service-based stock options granted during the year ended March 31, 2018, using the Black-Scholes option pricing model was $ 8.41 . The following weighted-average assumptions were used in the model for grants: Year Ended March 31, 2018 Expected dividend yield 1.71 % Risk-free interest rate 1.92 % Expected volatility 26.91 % Expected life (in years) 5.09 Legg Mason uses an equally weighted combination of both implied and historical volatility to measure expected volatility for calculating Black-Scholes option values. 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. The initial grant under the plan vested immediately and the related grant-date fair value was $15,200 , determined by independent valuation. Future grants under the plan will vest 20% annually over five years, and will result in the recognition of additional compensation expense over the related vesting period. Subject to various conditions, including the passage of time, vested plan units can be put to Legg Mason for settlement at fair value. Legg Mason can also call plan units, generally post employment, for settlement at fair value. As of March 31, 2020 , the estimated aggregate redemption fair value of units under the plan, as if they were currently redeemable, was $14,300 . 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, 5.5% of which was issued on March 31, 2019 and resulted in Compensation and benefits expense of $2,400 , which a corresponding increase to Nonredeemable noncontrolling interest. No additional grants are expected under the plan. 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 and subordination provisions in certain cases. As of March 31, 2020 , 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 $1,694 , $2,932 , and $3,103 for the years ended March 31, 2020, 2019, and 2018, respectively. The compensation expense for the year ended March 31, 2020, 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. Vested plan units can be put to Legg Mason for settlement at fair value, beginning one year after the holder terminates their employment. Legg Mason can also call plan units, generally post employment, for settlement at fair value. Changes in control of Legg Mason or ClearBridge do not impact vesting, settlement or other provisions of the units. However, upon sale of substantially all ClearBridge assets, the vesting of the units would accelerate, and participants would receive a fair value payment in respect of their interests under the plan. Future grants of additional plan units will dilute the participation of existing outstanding units in 15% of the future growth of the respective affiliates' enterprise value, if any, subsequent to the related future grant date, for which additional compensation expense would be incurred. Further, future grants will not entitle the plan participants, collectively, to more than an aggregate 15% of the future growth of the ClearBridge enterprise value. Upon vesting, the grant-date fair value of vested plan units is reflected in the Consolidated Balance Sheets as Redeemable noncontrolling interests through an adjustment to additional paid-in capital. Thereafter, redeemable noncontrolling interests will continue to be adjusted to the ultimate maximum estimated redemption value over the expected term, through retained earnings adjustments. As of March 31, 2020 , the estimated aggregate redemption fair value of vested units under the ClearBridge plan, as if they were currently redeemable, was approximately $59,595 . Other Legg Mason has a qualified ESPP covering substantially all U.S. employees. Shares of common stock are purchased in the open market on behalf of participating employees, subject to a 4,500 total share limit under the plan. Purchases are made through payroll deductions and Legg Mason provides a 15% contribution towards purchases, which is recorded as Compensation and benefits in the Consolidated Statements of Income (Loss). During the years ended March 31, 2020, 2019, and 2018, approximately 104 , 141 , and 128 shares, respectively, have been purchased in the open market on behalf of participating employees. In connection with the Merger, the purchase of shares under the ESPP ceased in February 2020 and the ESPP will terminate immediately prior to the closing of the Merger. Legg Mason also has an equity plan for non-employee directors. Under the current equity plan, directors may elect to receive shares of stock or restricted stock units. Shares and restricted stock units issuable under this equity plan are limited to 625 in aggregate, of which 523 , 494 and 460 shares were issued as of March 31, 2020, 2019, and 2018, respectively. As of March 31, 2020 ,2019, and 2018, non-employee directors held 34 , 99 , and 80 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. During the years ended March 31, 2020, 2019, and 2018, non-employee directors were granted 7 , 15 , and 12 , restricted stock units, respectively, and 20 , 15 , and 19 , shares of common stock, respectively. In May 2019, 2018, and 2017, Legg Mason granted certain executive officers a total of 168 , 163 , and 111 performance share units, respectively, as part of their fiscal 2019, 2018, and 2017 incentive awards with aggregate values of $6,334 , $5,820 , $3,503 , 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 vesting of the performance share units granted in May 2017 was determined based on Legg Mason's relative total stockholder return over a three-year period ending March 31, 2020. The grant date fair value per unit for the May 2017 performance share units of $31.42 was estimated as of the grant date using a Monte Carlo pricing model. The following assumptions were used in the Monte Carlo pricing models for the May 2019, 2018, and 2017 grants: May 2019 May 2018 May 2017 Expected dividend yield 4.41 % 3.49 % 2.96 % Risk-free interest rate 2.11 % 2.71 % 1.47 % Expected (average in 2019 and 2018) volatility 23.96 % 26.14 % 27.73 % The performance period for the May 2017 grant ended on March 31, 2020 and resulted in the issuance of 117 performance shares. Legg Mason also granted certain executive officers 182 performance share units in May 2016 with an aggregate award value of $3,528 . The performance period for this grant ended on March 31, 2019 and resulted in the issuance of 46 performance shares. The Merger Agreement provides for the settlement of all outstanding share-based equity awards (vested and unvested), contingent upon the Merger closing. Deferred compensation payable in shares of Legg Mason common stock has been granted to certain employees in an elective plan. The vesting in the plan is immediate and the plan provides for discounts of up to 10% on contributions and dividends. Since January 1, 2015, there are no additional contributions to the plan, with the remaining 201 shares reserved for future dividend distributions. During fiscal 2020, 2019, and 2018, Legg Mason issued 19 , 20 , and 14 shares, respectively, under the plan with a weighted-average fair value per share at the grant date of $ 34.92 , $ 29.68 , and $ 37.63 , respectively. The undistributed shares issued under this plan are held in a rabbi trust. Assets of the rabbi trust are consolidated with those of the employer, and the value of the employer's stock held in the rabbi trust is classified in stockholders' equity and accounted for in a manner similar to treasury stock. Therefore, the shares Legg Mason has issued to the rabbi trust and the corresponding liability related to the deferred compensation plan are presented as components of stockholders' equity as Employee stock trust and Deferred compensation employee stock trust, respectively. Shares held by the trust at March 31, 2020, 2019, and 2018, were 427 , 456 , and 462 , respectively. |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Mar. 31, 2020 | |
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: Years Ended March 31, 2020 2019 2018 Equity $ 1,160,799 $ 1,213,480 $ 1,288,655 Fixed Income 1,166,134 1,138,763 1,181,853 Alternative 502,762 463,883 568,140 Liquidity 92,430 87,133 101,674 Total Operating Revenues $ 2,922,125 $ 2,903,259 $ 3,140,322 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: Years Ended March 31, 2020 2019 2018 United States $ 2,325,306 $ 2,255,989 $ 2,381,155 United Kingdom 134,126 140,145 206,813 Other International 462,693 507,125 552,354 Total Operating Revenues $ 2,922,125 $ 2,903,259 $ 3,140,322 Certain sales commissions paid in connection with obtaining assets managed in retail separately managed accounts are capitalized as deferred costs. As of March 31, 2020 and 2019, capitalized sales commissions of $8,954 and $8,126 , respectively, were included in Other current assets and $11,396 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 $9,557 and $9,228 for the years ended March 31, 2020 and 2019, respectively. There were no impairment losses in relation to the capitalized costs during the years ended March 31, 2020 and 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share The following table presents the computations of basic and diluted EPS: Years Ended March 31, 2020 2019 2018 Basic weighted-average shares outstanding for EPS 86,831 85,423 90,734 Potential common shares: Dilutive employee stock options 330 — 460 Performance shares (1) 176 — — Diluted weighted-average shares outstanding for EPS 87,337 85,423 91,194 Net Income (Loss) Attributable to Legg Mason, Inc. $ 251,367 $ (28,508 ) $ 285,075 Less: Earnings (distributed and undistributed) allocated to participating securities 8,095 4,225 10,128 Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 243,272 $ (32,733 ) $ 274,947 Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ 2.80 $ (0.38 ) $ 3.03 Diluted 2.79 (0.38 ) 3.01 (1) Relates to the vesting of performance-based Legg Mason restricted share units granted to certain key employees of Clarion Partners as part of the Clarion Partners acquisition in April 2016. See Note 12 for additional information. The weighted-average shares exclude weighted-average unvested restricted shares deemed to be participating securities of 2,884 , 3,092 , and 3,327 for the years ended March 31, 2020, 2019, and 2018, respectively. As discussed in Note 11 , during fiscal 2020, 2019, and 2018, Legg Mason retired 455 , 395 , and 348 shares of its common stock, under net share settlements of deferred compensation award vesting. In addition, during fiscal 2018, Legg Mason purchased and retired 6,636 shares of its common stock, through open market purchases, and also purchased and retired 5,568 shares of its common stock from Shanda. The total retired shares reduced weighted-average shares outstanding by 374 , 355 and 6,050 shares for the years ended March 31, 2020, 2019, and 2018, respectively. Options to purchase 1,613 and 1,952 shares for the years ended March 31, 2020 and 2018, 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 year ended March 31, 2019, excludes 106 potential common shares that were antidilutive due to the net loss for the year. Further, market- and performance-based awards, such as those issued to Legg Mason executive officers, are excluded from potential dilution until the designated market or performance condition is met. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes cumulative foreign currency translation adjustments and gains and losses on defined benefit pension plans. The change in the accumulated translation adjustments for fiscal 2020 and fiscal 2019 , primarily resulted from the impact of changes in the Australian dollar, the British pound, the Brazilian real, the Singapore dollar, and the Japanese yen, in relation to the U.S. dollar on the net assets of Legg Mason's subsidiaries in the U.K., Australia, Brazil, Japan, and Singapore, for which the pound, Australian dollar, the Singaporean dollar, the real, and the yen, are the functional currencies, respectively. A summary of Legg Mason's accumulated other comprehensive loss as of March 31 is as follows: 2020 2019 Foreign currency translation adjustment $ (194,515 ) $ (113,429 ) Changes in defined benefit pension plan (791 ) (17,807 ) Total Accumulated other comprehensive loss $ (195,306 ) $ (131,236 ) There were no significant amounts reclassified from Accumulated other comprehensive loss to the Consolidated Statements of Income (Loss) for the years ended March 31, 2020 , 2019 , and 2018. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests Net income attributable to noncontrolling interests included the following amounts: Years Ended March 31, 2020 2019 2018 Net income attributable to redeemable noncontrolling interests $ 47,228 $ 28,029 $ 42,872 Net income attributable to nonredeemable noncontrolling interests 5,891 8,413 8,403 Total $ 53,119 $ 36,442 $ 51,275 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 (2) Balance as of March 31, 2017 $ 58,470 $ 591,254 $ 28,048 $ 677,772 $ 27,798 Net income attributable to noncontrolling interests 6,656 36,216 — 42,872 8,403 Subscriptions (redemptions), net, and other 59,921 (2,693 ) — 57,228 — Distributions — (53,388 ) — (53,388 ) (8,470 ) Foreign exchange — 381 — 381 — Vesting/change in estimated redemption value — 2,180 5,250 7,430 — Balance as of March 31, 2018 125,047 573,950 33,298 732,295 27,731 Net income attributable to noncontrolling interests 776 27,253 — 28,029 8,413 Subscriptions (redemptions), net (22,193 ) — — (22,193 ) — Settlement of affiliate noncontrolling interest put: Payment — (15,547 ) — (15,547 ) — Change in redemption value — (12,345 ) — (12,345 ) — Distributions — (29,815 ) — (29,815 ) (8,760 ) Grants (settlements), net — — (1,325 ) (1,325 ) 2,400 Foreign exchange — (4,738 ) — (4,738 ) — Vesting/change in estimated redemption value — 1,837 16,178 18,015 — Balance as of March 31, 2019 103,630 540,595 48,151 692,376 29,784 Net income attributable to noncontrolling interests 12,906 34,322 — 47,228 5,891 Subscriptions (redemptions), net 604 — (150 ) 454 — Business acquisition — 11,715 — 11,715 — Purchase of affiliate noncontrolling interest put: Payment (fair value portion) — (8,789 ) — (8,789 ) — Change in redemption value — (25,708 ) — (25,708 ) — Distributions — (30,542 ) — (30,542 ) (6,633 ) Foreign exchange — (1,071 ) — (1,071 ) — Vesting/change in estimated redemption value — 4,900 23,851 28,751 — Balance as of March 31, 2020 $ 117,140 $ 525,422 $ 71,852 $ 714,414 $ 29,042 (1) Related to 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, 2017 $ 404,852 $ 113,173 $ 68,747 $ 4,482 $ 591,254 Net income (loss) attributable to noncontrolling interests 19,709 13,172 3,474 (139 ) 36,216 Subscriptions (redemptions), net — — — (2,693 ) (2,693 ) Distributions (37,677 ) (11,253 ) (4,317 ) (141 ) (53,388 ) Foreign exchange — — 381 — 381 Change in estimated redemption value — 2,180 — — 2,180 Balance as of March 31, 2018 386,884 117,272 68,285 1,509 573,950 Net income (loss) attributable to noncontrolling interests 9,735 16,127 1,660 (269 ) 27,253 Distributions (15,935 ) (11,734 ) (2,134 ) (12 ) (29,815 ) Settlement of affiliate noncontrolling interest put: Payment — — (15,547 ) — (15,547 ) Change in redemption value — — (12,345 ) — (12,345 ) Foreign exchange — — (4,738 ) — (4,738 ) Change in estimated redemption value — 1,837 — — 1,837 Balance as of March 31, 2019 380,684 123,502 35,181 1,228 540,595 Net income attributable to noncontrolling interests 14,636 19,518 106 62 34,322 Business acquisition — — — 11,715 11,715 Distributions (16,230 ) (14,310 ) — (2 ) (30,542 ) Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Foreign exchange — — (790 ) (281 ) (1,071 ) Change in estimated redemption value — 4,900 — — 4,900 Balance as of March 31, 2020 $ 379,090 $ 133,610 $ — $ 12,722 $ 525,422 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. One-half of the remaining balance was paid in May 2020 and the remaining one-half will be due 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 year ended March 31, 2020. 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 18 , 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 | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and 2019, were $4,716 and $4,183 , respectively. Other liabilities recorded in the Consolidated Balance Sheets as of March 31, 2020 and 2019, were $13,872 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 years ended March 31, 2020, 2019, or 2018. As of March 31, 2020, Legg Mason had open currency forward contracts with aggregate notional amounts totaling $323,031 , and open futures contracts relating to seed capital investments with aggregate notional amounts totaling $74,988 . With the exception of the total return swap arrangements and related futures contracts discussed below, these amounts are representative of the level of non-hedge designation derivative activity throughout the years ended March 31, 2019, 2018, and 2017. As of March 31, 2020, the weighted-average remaining contract terms for currency forward contracts was six 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 March 31, 2020 was $14,164 , with a weighted-average remaining contract term of six months . The floating rate paid on the value of the underlying securities for all total return swap arrangements outstanding as of March 31, 2020 was three-month LIBOR plus 1.6% . In connection with the total return swap arrangements, Legg Mason executed futures contracts with notional amounts totaling $6,128 as of March 31, 2020, 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 . As further discussed in Note 20 , 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 $ 4,493 $ (1,709 ) $ 2,784 $ — $ — $ 2,784 Futures contracts relating to: Seed capital investments — — — 1,802 2,206 4,008 Total return swaps — — — 130 158 288 Total futures contracts — — — 1,932 2,364 4,296 Total derivative instruments not designated as hedging instruments $ 4,493 $ (1,709 ) $ 2,784 $ 1,932 $ 2,364 $ 7,080 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 $ (11,482 ) $ 4,368 $ (7,114 ) $ — $ — $ (7,114 ) Futures contracts relating to: Seed capital investments — — — (3,203 ) 7,326 4,123 Total return swaps — — — (360 ) 754 394 Total future contracts — — — (3,563 ) 8,080 4,517 Total return swaps — — — (3,195 ) 4,125 930 Total derivative instruments not designated as hedging instruments $ (11,482 ) $ 4,368 $ (7,114 ) $ (6,758 ) $ 12,205 $ (1,667 ) 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. Years Ended March 31, 2020 2019 2018 Income Statement Classification Gains Losses Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 6,534 $ (20,494 ) $ 8,881 $ (17,270 ) $ 13,880 $ (6,774 ) Seed capital investments Other non-operating income (expense) 8,232 (864 ) 4,904 (930 ) 494 (2,459 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 23,298 (13,625 ) 17,648 (18,416 ) 222 (24,025 ) Total return swaps Other non-operating income (expense) 2,208 (1,752 ) 3,116 (5,615 ) 90 (8,721 ) Total return swaps Other non-operating income (expense) 1,259 (2,569 ) 4,316 — 2,247 (1,142 ) Total gain (loss) from derivatives not designated as hedging instruments $ 41,531 $ (39,304 ) $ 38,865 $ (42,231 ) $ 16,933 $ (43,121 ) |
Strategic Business Initiative (
Strategic Business Initiative (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 18 . 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 and Legg Mason does not expect the Merger to have an impact on the strategic restructuring. 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 $100,000 to $105,000 through March 2021 that are expected to result in future cost savings. Cumulative strategic restructuring costs incurred through March 31, 2020 were $80,386 . The table below presents a summary of changes in the strategic restructuring liability from January 1, 2019 through March 31, 2020, 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 44,919 4,426 7,887 57,232 Payments (28,955 ) (622 ) (13,506 ) (43,083 ) Balance as of March 31, 2020 $ 15,964 $ 5,894 $ 885 $ 22,743 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Year ended March 31, 2020 12,325 1,477 — 13,802 Total $ 12,325 $ 2,235 $ — $ 14,560 Cumulative charges incurred through March 31, 2020 $ 57,244 $ 8,751 $ 14,391 $ 80,386 (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 $ 3,000 $ 4,000 Occupancy 7,000 9,000 Other costs 10,000 12,000 Total $ 20,000 $ 25,000 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. |
Business Segment Information (N
Business Segment Information (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Business Segment Information Legg Mason is a global asset management company that provides investment management and related services to a wide array of clients. The Company operates in one reportable business segment, Global Asset Management. Global Asset Management provides investment advisory services to institutional and individual clients and to company-sponsored investment funds. The primary sources of revenue in Global Asset Management are investment advisory, distribution and administrative fees, which typically are calculated as a percentage of AUM and vary based upon factors such as the type of underlying investment product and the type of services that are provided. In addition, performance fees may be earned under certain investment advisory contracts for exceeding performance benchmarks. See Note 13 for Total Operating Revenues disaggregated by geographic location. The table below reflects our long-lived assets by geographic region as of March 31: INTANGIBLE ASSETS, NET AND GOODWILL 2020 2019 2018 United States $ 4,189,706 $ 4,216,962 $ 4,384,716 United Kingdom 592,143 592,971 744,552 Other International 421,607 460,380 600,746 Total $ 5,203,456 $ 5,270,313 $ 5,730,014 |
Variable Interest Entities and
Variable Interest Entities and Consolidation of Investment Vehicles | 12 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 2019 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 $ 1,690 2 $ 11,671 2 $ 16,670 Trust structure foreign mutual funds 5 19,303 7 23,005 4 12,485 Employee trust structure funds 1 5,188 2 6,215 2 7,328 ETFs (2) 2 2,216 3 2,821 2 7,371 Total 10 $ 28,397 14 $ 43,712 10 $ 43,854 (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 $14,164 as of March 31, 2020. See Note 17 for additional information regarding total return swaps. The assets of these CIVs are primarily comprised of investment securities and as of March 31, 2020, 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 VRE products with seed capital investments where Legg Mason maintains a controlling financial interest in the product. As of March 31, 2020, 2019, and 2018, Legg Mason consolidated four, five and eight VRE products with seed capital investments totaling $41,774 , $24,924 , and $31,959 , respectively. See Note 1 for additional information regarding VIEs, VREs, and the consolidation of investment products. 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 March 31, 2020 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 $ 1,942,583 $ 131,869 $ (34,828 ) $ 2,039,624 $ 1,916,485 $ 144,091 $ (40,720 ) $ 2,019,856 Non-current assets 5,945,353 22,313 (1,170 ) 5,966,496 5,768,265 8,993 (2,992 ) 5,774,266 Total Assets $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 Current Liabilities $ 925,013 $ 1,044 $ — $ 926,057 $ 1,104,002 $ 5,742 $ — $ 1,109,744 Non-current liabilities 2,543,968 — — 2,543,968 2,302,463 — — 2,302,463 Total Liabilities 3,468,981 1,044 — 3,470,025 3,406,465 5,742 — 3,412,207 Redeemable Non-controlling interests 597,274 — 117,140 714,414 588,746 — 103,630 692,376 Total Stock-holders’ Equity 3,821,681 153,138 (153,138 ) 3,821,681 3,689,539 147,342 (147,342 ) 3,689,539 Total Liabilities and Equity $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 $ 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 Year Ended March 31, 2020 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,922,527 $ — $ (402 ) $ 2,922,125 Total Operating Expenses 2,415,473 1,498 (6 ) 2,416,965 Operating Income (Loss) 507,054 (1,498 ) (396 ) 505,160 Total Non-Operating Income (Expense) (109,426 ) 19,726 (4,926 ) (94,626 ) Income (Loss) Before Income Tax Provision (Benefit) 397,628 18,228 (5,322 ) 410,534 Income tax provision 106,048 — — 106,048 Net Income (Loss) 291,580 18,228 (5,322 ) 304,486 Less: Net income (loss) attributable to noncontrolling interests 40,213 3,464 9,442 53,119 Net Income (Loss) Attributable to Legg Mason, Inc. $ 251,367 $ 14,764 $ (14,764 ) $ 251,367 (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Year Ended March 31, 2019 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,903,858 $ — $ (599 ) $ 2,903,259 Total Operating Expenses 2,799,168 1,679 (690 ) 2,800,157 Operating Income (Loss) 104,690 (1,679 ) 91 103,102 Total Non-Operating Income (Expense) (76,971 ) (2,381 ) 4,745 (74,607 ) Income (Loss) Before Income Tax Provision 27,719 (4,060 ) 4,836 28,495 Income tax provision 20,561 — — 20,561 Net Income (Loss) 7,158 (4,060 ) 4,836 7,934 Less: Net income (loss) attributable to noncontrolling interests 35,666 (1,816 ) 2,592 36,442 Net Income (Loss) Attributable to Legg Mason, Inc. $ (28,508 ) $ (2,244 ) $ 2,244 $ (28,508 ) (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Year Ended March 31, 2018 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 3,140,900 $ — $ (578 ) $ 3,140,322 Total Operating Expenses 2,816,022 927 (628 ) 2,816,321 Operating Income (Loss) 324,878 (927 ) 50 324,001 Total Non-Operating Income (Expense) (97,694 ) 10,046 (2,513 ) (90,161 ) Income (Loss) Before Income Tax Provision 227,184 9,119 (2,463 ) 233,840 Income tax benefit (102,510 ) — — (102,510 ) Net Income (Loss) 329,694 9,119 (2,463 ) 336,350 Less: Net income (loss) attributable to noncontrolling interests 44,619 265 6,391 51,275 Net Income (Loss) Attributable to Legg Mason, Inc. $ 285,075 $ 8,854 $ (8,854 ) $ 285,075 (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. 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 March 31, 2020 and 2019, financial assets of CIVs carried at fair value totaling $93,648 and $70,197 , respectively, were valued using Level 1 inputs, $23,118 and $55,182 , respectively, were valued using Level 2 inputs, and $2,029 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 financial liabilities of CIVs as of March 31, 2020. There were no transfers between Level 1 and Level 2 assets or liabilities during the years ended March 31, 2020 and 2019 . 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 March 31, 2020 Category of Investment Investment Strategy March 31, 2020 March 31, 2019 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 2,029 (1) $ 12,547 n/a n/a n/a - not applicable (1) Redemption restrictions: 11% monthly redemption; 89% quarterly redemption. 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 March 31, 2020 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 $ 2,922 $ 5,442 $ 10,812 $ 15,241 Other investment funds 33,365 52,230 25,155 45,897 Total $ 36,287 $ 57,672 $ 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 $31,325,927 and $29,025,764 as of March 31, 2020 and 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. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 21. Subsequent Event On April 3, 2020, Legg Mason borrowed $250,000 under the Credit Agreement as a precautionary measure to provide additional liquidity for general corporate purposes in the current uncertain market environment. |
Significant Accounting Polici_2
Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Business and Basis of Presentation Legg Mason, Inc. ("Parent") and its subsidiaries (collectively, "Legg Mason") are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The consolidated financial statements include the accounts of the Parent and its subsidiaries in which it has a controlling financial interest. Generally, an entity is considered to have a controlling financial interest when it owns a majority of the voting interest in an entity. Legg Mason is also required to consolidate any variable interest entity ("VIE") in which it is considered to be the primary beneficiary. See "Consolidation" below and Note 20 for a further discussion of VIEs. All material intercompany balances and transactions have been eliminated. Certain amounts in prior year financial statements have been reclassified to conform to the current year presentation. All references to fiscal 2020, 2019 or 2018, refer to Legg Mason's fiscal year ended March 31 of that year. Terms such as "we", "us", "our," and "Company" refer to Legg Mason. |
Use of Estimates, Policy [Policy Text Block] | Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") global pandemic and recommended containment and mitigation measures worldwide. This contagious disease outbreak has adversely affected workforces, customers, economies, and global financial markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19 as well as its impact on the global economy. Therefore, Management is currently unable to determine the extent of the potential impacts to its financial condition or results of operations. Use of Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), which require management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes, including revenue recognition, valuation of financial instruments, intangible assets and goodwill, stock-based compensation, and income taxes. Management believes that the estimates used are reasonable, although actual amounts could differ from the estimates and the differences could have a material impact on the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | Consolidation Legg Mason sponsors and manages various types of investment products. For its services, Legg Mason is entitled to receive management fees and may be eligible, under certain circumstances, to receive additional subordinated management fees or other incentive fees. Legg Mason's exposure to risk in these entities is generally limited to any equity investment it has made or is required to make, and any earned but uncollected management fees, except those for which total return swap arrangements have been executed, for which additional risks are discussed below. Legg Mason did not sell or transfer investment assets to any of these investment products. In accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment products, some of which are designated and reported as consolidated investment vehicles ("CIVs"). The consolidation of sponsored investment products, including those designated as CIVs, has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. and does not have a material impact on Legg Mason's consolidated operating results. The change in the value of all consolidated sponsored investment products is recorded in Non-Operating Income (Expense) and reflected in Net income (loss) attributable to noncontrolling interests. The financial information of certain consolidated sponsored investment products is included in the Company's consolidated financial statements on a three-month lag based upon the availability of the investment product's financial information. Certain of the investment products Legg Mason sponsors and manages are considered to be VIEs (as further described below) while others are considered to be voting rights entities (“VREs”) subject to traditional consolidation concepts based on ownership rights. Legg Mason may fund the initial cash investment in certain VRE investment products to generate an investment performance track record in order to attract third-party investors in the product. Legg Mason's initial investment in a new product typically represents 100% of the ownership in that product. As further discussed in Note 3 , the products with “seed capital investments” are consolidated as long as Legg Mason maintains a controlling financial interest in the product, but they are not designated as CIVs by Legg Mason unless the investment is longer-term. As of March 31, 2020, 2019, and 2018, no consolidated VREs were designated as CIVs. A VIE is an entity which does not have adequate equity to finance its activities without additional subordinated financial support; or the equity investors, as a group, do not have the normal characteristics of equity investors for a potential controlling financial interest. Legg Mason must consolidate any VIE for which it is deemed to be the primary beneficiary. Under consolidation accounting guidance, if limited partners or similar equity holders in a sponsored investment vehicle structured as a limited partnership or a similar entity do not have either substantive investor rights to replace the manager (kick-out rights) or substantive participation rights over the general partner, the entities are VIEs. As a sponsor and manager of an investment vehicle, Legg Mason may be deemed a decision maker under the accounting guidance. If the fees paid to a decision maker are market-based, such fees are not considered variable interests in a VIE. Market-based fees are those fees which are both customary and commensurate with the level of effort required for the services provided. Additionally, if employee interests in a sponsored investment vehicle are not made to circumvent the consolidation guidance and are not financed by the sponsor, they are not included in the variable interests assessment, and are not included in the primary beneficiary determination. A decision maker is deemed to be a primary beneficiary of a VIE if it has the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or receive benefits from variable interests that could be significant to the VIE. In determining whether it is the primary beneficiary of a VIE, Legg Mason considers both qualitative and quantitative factors such as the voting rights of the equity holders, guarantees, and implied relationships. If a fee paid to a decision maker is not market-based, it will be considered in the primary beneficiary determination. As of March 31, 2020, 2019, and 2018, Legg Mason concluded it was the primary beneficiary of certain VIEs, which were consolidated and designated as CIVs, 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 exchange traded funds ("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 the related funds and, if significant, may be deemed the primary beneficiary. As of March 31, 2020, 2019, and 2018, Legg Mason consolidated the ETFs with significant open total return swap arrangements, which were designated as CIVs. See Note 20 for additional information. |
Revenue [Policy Text Block] | Revenue Recognition Effective April 1, 2018, Legg Mason adopted updated accounting guidance on revenue recognition. The adoption of the updated guidance did not result in significant changes to Legg Mason’s prior revenue recognition practices, except for the timing of the recognition of certain performance and incentive fees, the capitalization and amortization of certain sales commissions for separate accounts, and the net presentation of certain fund expense reimbursements which were previously presented on a gross basis. Each of these changes to Legg Mason’s previous revenue recognition practices is further discussed below. Legg Mason adopted the updated guidance on a modified retrospective basis for any contracts that were not complete as of April 1, 2018 and recognized the cumulative effect of initially applying the updated guidance for certain sales commissions as an adjustment to the opening balance of retained earnings totaling $12,263 on April 1, 2018. There was no cumulative effect for performance and incentive fees or fund expense reimbursement accounting. The comparative information for fiscal 2018 has not been restated and continues to be reported under the prior accounting guidance in effect for that period. Legg Mason primarily earns revenues by providing investment management services and distribution and shareholder services for its customers, which are generally investment funds or the underlying investors in separately managed accounts. As further discussed below, revenues calculated based on the value of the investments under management determine the transaction price recognized when obligations under the terms of contracts with customers are satisfied, which is generally over time as the services are rendered. Legg Mason also has responsibility for the valuation of assets under management ("AUM"), substantially all of which is based on observable market data from independent pricing services, fund accounting agents, custodians or brokers. Investment Advisory Fees Legg Mason earns investment advisory fees on assets in separately managed accounts, investment funds, and other products managed for Legg Mason's clients. Generally, investment management services are a single performance obligation, as they include a series of distinct services that are substantially the same and are transferred to the customer over time using the same time-based measure of progress. Investment management services are satisfied over time as the customer simultaneously receives and consumes the benefits as the advisory services are performed. Separate Account and Funds Advisory Fees Separate account and funds advisory fees are variable consideration which is primarily based on predetermined percentages of the daily, monthly or quarterly average market value of the AUM, as defined in the investment management agreements. The average market value of AUM is subject to change based on fluctuations and volatility in financial markets, and as such, separate account and funds advisory fees are constrained until the end of the month or quarter when the actual average market value of the AUM is known and a significant revenue reversal is no longer probable. Therefore, separate account and fund advisory fees are included in the transaction price and allocated to the investment management services performance obligation at the end of each monthly or quarterly reporting period, as specified in the investment management contract. Payment for services under investment management contracts is due once the variable consideration is allocated to the transaction price, and generally within 30 days. Recognition of separate account and funds advisory fee revenue under the updated guidance is consistent with Legg Mason’s prior revenue recognition process. Performance and Incentive Fees Performance and incentive fees are variable consideration that may be earned on certain investment management contracts for exceeding performance benchmarks on a relative or absolute basis or for exceeding contractual return thresholds. Performance and incentive fees are estimated at the inception of a contract; however, a range of outcomes is possible due to factors outside the control of the investment manager, particularly market conditions. Performance and incentive fees are therefore excluded from the transaction price until it becomes probable that a significant reversal in the cumulative amount of revenue recognized will not occur. A portion of Legg Mason's performance and incentive fees are earned based on 12-month performance periods that end in differing quarters during the year, with a portion also based on quarterly performance periods. Legg Mason also earns performance and incentive fees on alternative and certain other products that lock at the earlier of the investor’s termination date or the liquidation of the fund or contract, in multiple-year intervals, or upon the occurrence of specific events, such as the sale of assets. For certain of these products, performance and incentive fees may be recognized as revenue earlier under the updated guidance than under prior revenue recognition practices, which deferred recognition until all contingencies were resolved. Any such performance fees recognized prior to the resolution of all contingencies are recorded as a contract asset in Other current assets or Other non-current assets in the Consolidated Balance Sheet, depending on the length of time until the contingencies are resolved. Per the terms of certain acquisitions, performance fees earned on pre-close AUM of the acquired entities are fully passed through as compensation expense, and therefore have no impact on Net Income (Loss) Attributable to Legg Mason Inc. Fee Waivers and Fund Expense Reimbursements Legg Mason may waive certain fees for investors or may reimburse its investment funds for certain operating expenses when such expenses exceed a certain threshold. Fee waivers continue to be reported as a reduction in advisory fee revenue under the updated guidance. Under prior accounting guidance, fund expense reimbursements in excess of recognized revenue were recorded as Other expense in the Consolidated Statements of Income (Loss). Under the updated accounting guidance, these fund expense reimbursements that exceed the recognized revenue represent a change in the transaction price and are therefore reported as a reduction of Investment advisory fees - Funds in the Consolidated Statements of Income (Loss). Distribution and Service Fees Revenue and Expense Distribution and service fees represent fees earned from funds to reimburse the distributor for the costs of marketing and selling fund shares and are generally determined as a percentage of client assets. Reported amounts also include fees earned from providing client or shareholder servicing, including record keeping or administrative services to proprietary funds, and non-discretionary advisory services for assets under advisement. Distribution and service fees earned on company-sponsored investment funds are reported as revenue. Distribution services and marketing services are considered a single performance obligation as the success of selling the underlying shares is highly dependent upon the sales and marketing efforts. Ongoing shareholder servicing is a separate performance obligation as these services are not highly interrelated and interdependent on the sale of the shares. Fees earned related to distribution and shareholder serving are considered variable consideration because they are calculated based on the average market value of the fund. The average market value of the fund is subject to change based on fluctuations and volatility in financial markets, and as such, distribution and shareholder service fees are generally constrained until the end of the month or quarter when the actual market value of the fund is known and the related revenue is no longer subject to a significant reversal. Therefore, distribution and service fees are generally included in the transaction price at the end of each monthly or quarterly reporting period and are allocated to the two performance obligations based on the amount specified in each agreement. While distribution services are largely satisfied at the inception of an investment, the ultimate amounts of revenue are subject to the variable consideration constraint. Accordingly, a portion of distribution and service revenue will be recognized in periods subsequent to the satisfaction of the performance obligation. Certain fund share classes only charge for distribution services at the inception of the investment based on a fixed percentage of the share price. This fixed price is allocated to the performance obligation, which is substantially satisfied at the time of the initial investment. Recognition of distribution and service fee revenue under the updated guidance is consistent with Legg Mason’s prior revenue recognition process. When Legg Mason enters into arrangements with broker-dealers or other third parties to sell or market proprietary fund shares, distribution and servicing expense is accrued for the amounts owed to third parties, including finders' fees and referral fees paid to unaffiliated broker-dealers or introducing parties and is recorded as Distribution and servicing expense in the Consolidated Statements of Income (Loss). Distribution and servicing expense also includes payments to third parties for certain shareholder administrative services and sub-advisory fees paid to unaffiliated asset managers. Contract Costs and Deferred Sales Commissions Legg Mason incurs ordinary costs to obtain investment management contracts and for services provided to customers in accordance with investment management agreements. These costs include commissions paid to wholesalers, employees and third-party broker dealers and administration and placement fees. Depending on the type of services provided, these fees may be paid at the time the contract is obtained or on an ongoing basis. Under the updated guidance, costs to obtain a contract should be capitalized if the costs are incremental and would not have been incurred if the contract had not been obtained, and costs to fulfill the contract should be capitalized if they relate directly to a contract, the costs will generate or enhance resources of the entity that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. Consistent with prior accounting procedures, fund launch costs, including organizational and underwriting costs, placement fees and commissions paid to employees, wholesalers and broker-dealers for sales of fund shares are expensed as incurred, as these costs would be incurred regardless of the investor. However, commissions paid to employees and retail wholesalers in connection with the sale of retail separate accounts are considered incremental, as these fees relate to obtaining a specific contract, are calculated based on specified rates and are recoverable through the management fees earned and are therefore capitalized under the updated accounting guidance. Such commissions were expensed as incurred under Legg Mason’s prior accounting practices. Capitalized sales commissions are amortized based on the transfer of services to which the assets relate, which averages four years. Legg Mason recorded a cumulative-effect adjustment of $14,839 as an increase to Retained Earnings on the Consolidated Balance Sheet as of April 1, 2018. Commissions paid by Legg Mason to financial intermediaries in connection with sales of certain classes of company-sponsored mutual funds are generally capitalized as deferred sales commissions. The asset is amortized over periods not exceeding six years, which represent the periods during which commissions are generally recovered from distribution and service fee revenues and from contingent deferred sales charges ("CDSC") received from shareholders of those funds upon redemption of their shares. CDSC consideration is generally variable and is based on the timing of when investors redeem their investment. Therefore, the variable consideration is included in the transaction price once the investors redeem their shares and is satisfied at a point in time. CDSC receipts are recorded as distribution and service fee revenue when received and a reduction of the unamortized balance of deferred sales commissions, with a corresponding expense. Deferred sales commissions, included in Other non-current assets in the Consolidated Balance Sheets, were $1,895 and $1,419 at March 31, 2020 and 2019, respectively. Under the updated accounting guidance, Legg Mason has elected to expense sales commissions related to certain fund share classes with amortization periods of one year or less as incurred. Legg Mason recorded a cumulative-effect adjustment of $2,576 as a decrease to Retained Earnings on the Consolidated Balance Sheet as of April 1, 2018, to reflect the expense associated with such commissions, which had previously been capitalized under Legg Mason's prior accounting practices. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of 90 days or less. Restricted Cash Restricted cash represents cash collateral required for market hedge arrangements, total return swap arrangements, and other cash that is not available to Legg Mason for general corporate use, including cash of consolidated investment vehicles and affiliate benefit trust cash. |
Investment, Policy [Policy Text Block] | Financial Instruments Substantially all financial instruments are reflected in the financial statements at fair value or amounts that approximate fair value, except Legg Mason's long-term debt. As discussed above in "Consolidation," proprietary fund and other investment products with seed capital investments are initially consolidated and the individual securities within the portfolio are accounted for as equity investments. Legg Mason consolidates these products as long as it holds a controlling financial interest in the product. Upon deconsolidation, which typically occurs after several years, Legg Mason accounts for its seed capital investments in proprietary fund products as equity method investments (further described below) if its ownership is between 20% and 50%, or it otherwise has the ability to significantly influence the financial and operating policies of the fund or other product. For partnerships and LLCs, where third-party investors may have less ability to influence operations, the equity method of accounting is considered if Legg Mason's ownership is greater than 3%. Changes in the fair value of seed capital investments are recognized in Other non-operating income (expense), net, on the Consolidated Statements of Income (Loss). Legg Mason generally redeems its seed capital investments when the related product establishes a sufficient track record, when third-party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time Legg Mason holds a majority interest in a product varies based on a number of factors, such as market demand, market conditions and investment performance. For equity investments in which Legg Mason does not control the investee and is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, Legg Mason follows the equity method of accounting. The evaluation of whether Legg Mason can exert control or significant influence over the financial and operational policies of an investee requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include investor voting or other rights, any influence Legg Mason may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund's operating documents and the relationship between Legg Mason and other investors in the entity. Legg Mason's equity method investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, Legg Mason's share of the investee's underlying net income or loss predominantly represents fair value adjustments in the investments held by the equity method investee. Legg Mason's share of the investee's net income or loss is based on the most current information available and is recorded as a net gain (loss) on investments within Other non-operating income (expense), net. A portion of earnings (losses) attributable to Legg Mason's equity method investments has offsetting compensation expense adjustments under revenue sharing arrangements and deferred compensation arrangements, therefore, fluctuations in the market value of investments with such offsets will not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Distributions received from equity method investees are classified in the Consolidated Statements of Cash Flows as either operating or investing activities based on the nature of the distribution. Legg Mason evaluates its equity method investments for impairment when events or changes in circumstances indicate that the carrying value of the investment exceeds its fair value, and the decline in fair value is other than temporary. Legg Mason also holds marketable equity securities and fixed income securities which are classified as equity investments. Certain investment securities, including those held by CIVs, are also classified as equity investments. These investments are recorded at fair value and realized and unrealized gains and losses are included in current period earnings. Equity and fixed income securities are valued using closing market prices for listed instruments or broker price quotations, when available. Fixed income securities may also be valued using valuation models and estimates based on spreads to actively traded benchmark debt instruments with readily available market prices. For investments in illiquid or privately-held securities for which market prices or quotations may not be readily available, management estimates the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry. As a practical expedient, Legg Mason relies on the net asset value ("NAV") of certain investments in partnerships and limited liability company, as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date. Legg Mason measures certain investments in partnerships and limited liability companies that do not have readily determinable fair values and do not qualify for the NAV practical expedient at "adjusted cost." Under this adjusted cost method, investments are initially recorded at cost, and subsequently adjusted (increased or decreased) when there is an observable transaction involving the same investments, or similar investments from the same issuer. Adjusted cost investment carrying values are also reviewed and adjusted for impairment, if any. See Notes 3 and 20 for additional information regarding Legg Mason's seed capital and other investments and the determination of whether investments in proprietary fund and other investment products represent VIEs, respectively. In addition to the financial instruments described above and the derivative instruments described below, other financial instruments that are carried at fair value or amounts that approximate fair value include Cash and cash equivalents and Short-term borrowings. The fair value of long-term debt at March 31, 2020 and 2019, aggregated $1,970,949 and $2,270,964 , respectively. These fair values were estimated using publicly quoted market prices and were classified as Level 2 in the fair value hierarchy, as described below. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The fair values of derivative instruments are recorded as Other assets or Other liabilities on the Consolidated Balance Sheets. Legg Mason uses futures contracts on index funds to hedge the market risk of certain seed capital investments and foreign exchange forwards to hedge the risk of movement in exchange rates on certain assets and liabilities. Legg Mason has also entered into various total return swap arrangements with financial intermediaries with respect to certain Legg Mason sponsored ETFs which resulted in investments in the ETFs by the financial intermediaries. In connection with the total return swap arrangements, Legg Mason executed futures contracts to partially hedge the related market risk. On a limited basis, Legg Mason has also used interest rate swaps to hedge the risks of movement in interest rates on certain financial liabilities. Legg Mason has not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented. The gains or losses on derivative instruments not designated for hedge accounting are included as Other operating income (expense) or Other non-operating income (expense), net, in the Consolidated Statements of Income (Loss), depending on the strategy. See Note 17 for additional information regarding derivatives and hedging. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Accounting guidance for fair value measurements defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Under accounting guidance, a fair value measurement should reflect all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. The objective of fair value accounting measurements is to reflect, at the date of the financial statements, how much an asset would be sold for in an orderly transaction (as opposed to a distressed or forced transaction) under current market conditions. Specifically, it requires the use of judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. The guidance also requires timely disclosures regarding expected cash flows, credit losses, and an aging of securities with unrealized losses. Fair value accounting guidance also establishes a hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Legg Mason's financial instruments are measured and reported at fair value (except long-term debt) and are classified and disclosed in one of the following categories: Level 1 - Financial instruments for which prices are quoted in active markets, which, for Legg Mason, include investments in publicly traded mutual funds with quoted market prices, equities listed in active markets, and certain derivative instruments. Level 2 - Financial instruments for which prices are quoted for similar assets and liabilities in active markets, prices are quoted for identical or similar assets in inactive markets, or prices are based on observable inputs, other than quoted prices, such as models or other valuation methodologies. For Legg Mason, this category includes fixed income securities, certain proprietary fund and other investment products and certain long-term debt. Level 3 - Financial instruments for which values are based on unobservable inputs, including those for which there is little or no market activity. For Legg Mason, this category includes investments in partnerships, limited liability companies, private equity funds, and real estate funds. This category may also include certain proprietary investment products with redemption restrictions and contingent consideration liabilities, if any. The valuation of an asset or liability may involve inputs from more than one level of the hierarchy. The level in the fair value hierarchy in which a fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Certain proprietary fund products and investments held by CIVs are valued at NAV determined by the applicable fund administrator. These funds are typically invested in exchange traded investments with observable market prices. Their valuations may be classified as Level 1, Level 2, Level 3, or NAV practical expedient (further discussed below), based on whether the fund is exchange traded, the frequency of the related NAV determinations and the impact of redemption restrictions. Futures contracts are valued at the last settlement price at the end of each day on the exchange upon which they are traded and are classified as Level 1. For investments in illiquid and privately-held securities (private equity and investment partnerships) for which market prices or quotations may not be readily available, management must estimate the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry to which it applies in order to determine fair value. These valuation processes for illiquid and privately-held securities inherently require management's judgment and are therefore classified as Level 3. Legg Mason holds investments in real estate funds structured as partnerships and limited liability companies, which are classified as Level 3. The fair values of investments in real estate funds are prepared giving consideration to the income, cost and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The discount rate and the exit capitalization rate are significant inputs to these valuations. These rates are based on the location, type and nature of each property, and current and anticipated market conditions. The cost approach estimates the replacement cost of the building less physical depreciation plus the land value. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Many factors are also considered in the determination of fair value including, but not limited to, the operating cash flows and financial performance of the properties, property types and geographic locations, the physical condition of the asset, prevailing market capitalization rates, prevailing market discount rates, general economic conditions, economic conditions specific to the market in which the assets are located, and any specific rights or terms associated with the investment. Because of the inherent uncertainties of valuation, the values may materially differ from the values that would be determined by negotiations held between parties in a sale transaction. As a practical expedient, Legg Mason relies on the NAV of certain investments in partnerships and limited liability companies, as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date. Investments for which fair value is measured using NAV as a practical expedient are not required to be categorized within the fair value hierarchy. Any transfers between categories are measured at the beginning of the period. See Note 3 for additional information regarding fair value measurements. |
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 on April 1, 2019, and the 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. 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. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Fixed Assets Fixed assets primarily consist of software, leasehold improvements, and equipment. Capitalized software includes both purchased software and internally developed software. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Fixed assets are reported at cost, net of accumulated depreciation and amortization. Depreciation and amortization are determined by use of the straight-line method. Software is amortized over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are amortized or depreciated over the initial term of the lease unless options to extend are likely to be exercised. Equipment is depreciated over the estimated useful lives of the assets, generally ranging from three to eight years. The cost of software used under a service contract where Legg Mason does not own or control the software is expensed over the term of the contract. Maintenance and repair costs are expensed as incurred. Internally developed software is reviewed periodically to determine if there is a change in the useful life, or if its value has been impaired. If the value is impaired, the asset is written down to its fair value or is written off if the asset is determined to no longer have any value. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Goodwill Legg Mason's identifiable intangible assets consist principally of asset management contracts, contracts to manage proprietary mutual funds, hedge funds, real estate funds, or funds-of-hedge funds, and trade names resulting from acquisitions. Intangible assets are amortized over their estimated useful lives, using the straight-line method, unless the asset is determined to have an indefinite useful life. Asset management contracts are amortizable intangible assets that are capitalized at acquisition and amortized over the expected life of the contract. The value of contracts to manage assets in proprietary funds, hedge funds, real estate funds or funds-of-hedge funds and the value of trade names are classified as indefinite-life intangible assets. The assignment of indefinite lives to proprietary fund contracts is based upon the assumption that there is no foreseeable limit on the contract period to manage proprietary funds due to the likelihood of continued renewal at little or no cost. The assignment of indefinite lives to trade names is based on the assumption that they are expected to generate cash flows indefinitely. Goodwill represents the residual amount of acquisition cost in excess of identified tangible and intangible assets and assumed liabilities. Indefinite-life intangible assets and goodwill are not amortized for financial statement purposes. Given the relative significance of intangible assets and goodwill to the Company's consolidated financial statements, on a quarterly basis Legg Mason considers if triggering events have occurred that may indicate that the fair values have declined below their respective carrying amounts. Triggering events may include significant adverse changes in the Company's business or the legal or regulatory environment, loss of key personnel, significant business dispositions, or other events, including changes in economic arrangements with our affiliates that will impact future operating results. If a triggering event has occurred, the Company will perform quantitative tests, which include critical reviews of all significant factors and assumptions, to determine if any intangible assets or goodwill are impaired. Legg Mason considers factors such as projected cash flows and revenue multiples, to determine whether the value of the assets is impaired and the indefinite-life assumptions are appropriate. If an asset is impaired, the difference between the value of the asset reflected on the consolidated financial statements and its current fair value is recognized as an expense in the period in which the impairment is determined. If a triggering event has not occurred, the Company performs quantitative tests annually at October 31 for indefinite-life intangible assets and goodwill, unless the Company can qualitatively conclude that it is more likely than not that the respective fair values exceed the related carrying values. The fair values of intangible assets subject to amortization are considered for impairment at each reporting period using an undiscounted cash flow analysis. For intangible assets with indefinite lives, fair value is determined from a market participant's perspective based on projected discounted cash flows, which take into consideration estimates of future revenues, profit margins, growth rates, taxes, and discount rates. Proprietary fund contracts that are managed and operated as a single unit and meet other criteria may be aggregated for impairment testing. Goodwill is evaluated at the reporting unit level, and is considered for impairment when the carrying value of the reporting unit exceeds the implied fair value of the reporting unit. In estimating the implied fair value of the reporting unit, Legg Mason uses valuation techniques principally based on discounted projected cash flows and EBITDA multiples, similar to techniques employed in analyzing the purchase price of an acquisition. Goodwill is deemed to be recoverable at the reporting unit level, which is also the operating segment level that Legg Mason defines as the Global Asset Management segment. This results from the fact that the chief operating decision maker, Legg Mason's Chief Executive Officer, regularly receives discrete financial information at the consolidated Global Asset Management business level and does not regularly receive discrete financial information, such as operating results, at any lower level, such as the asset management affiliate level. Allocations of goodwill for management restructures, acquisitions, and dispositions are based on relative fair values of the respective businesses restructured, acquired, or divested. See Note 5 for additional information regarding intangible assets and goodwill and Note 19 for additional business segment information. |
Debt, Policy [Policy Text Block] | Debt Long-term debt is recorded at amortized cost. Unamortized premiums, discounts, debt issuance costs and fair value hedge adjustments related to long-term debt are presented in the balance sheet as direct adjustments to the carrying value of the associated long-term debt liability and amortized to Interest expense over the legal term of the associated debt. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies Assets and liabilities of foreign subsidiaries that are denominated in non-U.S. dollar functional currencies are translated at exchange rates as of the Consolidated Balance Sheet dates. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars are included in stockholders' equity and comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in Net Income (Loss). |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Legg Mason accrues estimates for loss contingencies related to legal actions, investigations, and proceedings, exclusive of legal fees, when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Estimates for losses on matters that exist as of the reporting date may be adjusted prior to the related financial statement issuance for changes in likelihood of an outcome or estimable amounts. Related insurance recoveries are recorded separately when the underwriter has confirmed coverage of a specific claim amount. See Note 9 for additional information. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Legg Mason's stock-based compensation includes restricted stock units, stock options, an employee stock purchase plan ("ESPP"), market- and performance-based performance shares payable in common stock, management equity plans for certain affiliates and deferred compensation payable in stock. Under its stock compensation plans, Legg Mason has issued equity awards to directors, officers, and other key employees. Under the terms of the Merger Agreement, Legg Mason may not grant any new awards or amend or modify the terms of any outstanding awards under any of its stock-based compensation plans. In addition, the purchase of shares under the ESPP ceased in February 2020 and the ESPP will terminate immediately prior to the closing date of the Merger. In accordance with the applicable accounting guidance, compensation expense includes costs for all non-vested share-based awards classified as equity at their grant date fair value amortized over the respective vesting periods, which may be reduced for retirement-eligible recipients, on the straight-line method. The grant-date fair value of equity-classified share-based awards with immediate vesting is also included in Compensation and benefits expense. The Merger Agreement provides for the settlement of all outstanding equity awards (vested and unvested), contingent upon the Merger closing. The settlement of unvested awards accommodates Franklin's acquisition of Legg Mason, therefore, Legg Mason does not incur any related accelerated compensation expense. Excess tax benefits and deficiencies associated with stock-based compensation are recognized as discrete items in the Income tax provision (benefit) in the Consolidated Statements of Income (Loss) in the reporting period in which they occur, potentially increasing the volatility of the Income tax provision (benefit) as a result of fluctuations in Legg Mason's stock price. Legg Mason accounts for forfeitures as they occur. Cash flows related to income tax deductions in excess of or less than the related stock-based compensation expense are classified as Cash Flows from Operating Activities in the Consolidated Statements of Cash Flows. Legg Mason determines the fair value of option-like affiliate management equity plan grants using the Black-Scholes option-pricing model, subject to any post-vesting illiquidity discounts. Performance share units are valued using a Monte Carlo pricing model. See Note 12 for additional information regarding stock-based compensation. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share attributable to Legg Mason, Inc. shareholders ("EPS") is calculated by dividing Net Income (Loss) Attributable to Legg Mason, Inc. (adjusted to remove earnings allocated to participating securities) by the weighted-average number of shares outstanding, which excludes participating securities. Legg Mason has issued to employees restricted stock units that are deemed to be participating securities prior to vesting, because the related unvested restricted stock units entitle their holder to nonforfeitable dividend rights. In this circumstance, accounting guidance requires a “two-class method” for EPS calculations that excludes earnings (potentially both distributed and undistributed) allocated to participating securities and does not allocate losses to participating securities. Contingently issuable shares are excluded from shares outstanding for basic EPS until the contingency is resolved. Diluted EPS is similar to basic EPS, but the effect of potential common shares is included in the calculation unless the potential common shares are antidilutive. For periods with a net loss, potential common shares other than participating securities, are considered antidilutive and are excluded from the calculation. Also, contingently issuable shares are included in diluted EPS for the entire period in which the contingency is resolved. See Note 14 for additional discussion of EPS. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs As further discussed in Note 18 , Legg Mason has initiated a strategic restructuring to reduce costs. The costs associated with the strategic restructuring primarily relate to employee termination benefits, incentives to retain employees during the transition period, charges for consolidating leased office space, and other expenses, such as professional fees. Termination benefits, including severance and retention incentives, are recorded as Compensation and benefits in the Consolidated Statements of Income (Loss). These compensation items require employees to provide future service and, therefore, are expensed ratably over the required service period. Other costs are expensed when incurred. Charges for consolidating leased office space are recorded in Occupancy in the Consolidated Statements of Income (Loss) and other expenses are recorded in the appropriate operating expense classifications. |
Noncontrolling Interest Policy [Policy Text Block] | Noncontrolling Interests Noncontrolling interests include affiliate minority interests, third-party investor equity in consolidated sponsored investment products, and vested affiliate management equity plan interests. Affiliate minority interests for which the holder may at some point request settlement are classified as redeemable noncontrolling interests. For CIVs and other consolidated sponsored investment products with third-party investors, the related noncontrolling interests are classified as redeemable noncontrolling interests if investors in these funds may request withdrawals at any time. Also included in redeemable noncontrolling interests are vested affiliate management equity plan interests for which the holder may at some point request settlement of their interests. Redeemable noncontrolling interests are reported in the Consolidated Balance Sheets at their estimated settlement values, except that when such settlement values are less than the issuance value, the reported amount is the issuance value. Changes in the expected settlement values are recognized over the settlement period as adjustments to retained earnings. Nonredeemable noncontrolling interests include vested affiliate management equity plan interests that do not permit the holder to request settlement of their interests. Nonredeemable noncontrolling interests are reported in the Consolidated Balance Sheets at their issuance value, together with undistributed net income allocated to noncontrolling interests. Legg Mason estimates the settlement value of noncontrolling interests as their fair value. If reported at fair value on the Consolidated Balance Sheets, amounts for affiliate noncontrolling interests and management equity plan interests reflect the related total business enterprise value, after appropriate discounts for lack of marketability and control. There may also be features of these equity interests, such as dividend subordination, that are contemplated in their valuations. The fair value of option-like management equity plan interests also relies on Black-Scholes option pricing model calculations. For affiliate noncontrolling interests, subsequent to acquisition, business enterprise values are derived using various methods, including discounted cash flows, guideline public company and guideline public transaction methods. Legg Mason engages third-party valuation experts to perform independent determinations of fair value or to review internally prepared valuations, as appropriate, based on the relative significance of the related amounts and related contractual provisions and changes in valuation inputs. For consolidated sponsored investment products, where the investor may request withdrawal at any time, fair value is based on market quotes of the underlying securities held by the investment products. Net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Income (Loss) includes the share of net income (loss) of the respective subsidiary allocated to the minority interest holders. See Note 16 for additional information regarding noncontrolling interests. |
Related Party Transactions Disclosure [Text Block] | Related Parties For its services to sponsored investment funds, Legg Mason earns management fees, incentive fees, distribution and service fees, and other revenue and incurs distribution and servicing and other expenses, as disclosed in the Consolidated Statements of Income (Loss). Sponsored investment funds are deemed to be affiliated entities under the related party definition in relevant accounting guidance. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements. Deferred income tax assets are subject to a valuation allowance if, in management's opinion, it is more likely than not that these benefits will not be realized. Legg Mason's deferred income taxes principally relate to net operating loss and other carryforward benefits, business combinations, amortization of intangible assets and accrued compensation. As further discussed in Note 7, on December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Law") was enacted. The Tax Law is complex, materially changed the U.S. corporate income tax rate from 35% to 21% and included various other changes which impact Legg Mason. The reduction in the U.S. corporate tax rate resulted in a non-cash provisional tax benefit of $220,935 in the year ended March 31, 2018, due to the re-measurement of certain existing deferred tax assets and liabilities at the new income tax rate. Legg Mason's re-measurement of its deferred tax assets and liabilities was completed during fiscal 2019 and no further adjustments were necessary. The Tax Law has also created new taxes on international operations, including its Global Intangible Low-Taxed Income ("GILTI") provision. Legg Mason has made an accounting policy election to record tax expense on GILTI inclusions as a period cost if applicable, rather than recognizing deferred taxes for related basis differences expected to reverse. Under applicable accounting guidance, a tax benefit should only be recognized if it is more likely than not that the position will be sustained based on its technical merits. A tax position that meets this threshold is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon settlement by the appropriate taxing authority having full knowledge of all relevant information. The Company's accounting policy is to classify interest related to tax matters as Interest expense and related penalties, if any, as Other operating expense. See Note 7 for additional information regarding income taxes. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments In June 2016, the Financial Accounting Standards Board (“FASB”) updated the guidance on accounting for credit losses on financial instruments and other commitments. The updated guidance replaces the incurred loss impairment method with one that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. Legg Mason will adopt this guidance effective April 1, 2020 and does not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. In January 2017, the 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 updated guidance will be effective in fiscal 2021. Legg Mason does not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. 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. Legg Mason will adopt this guidance on a prospective basis effective April 1, 2020. Legg Mason does not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. 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. Legg Mason will adopt this guidance on April 1, 2020 with no expected material impact on the disclosures to the Consolidated Financial Statements. In December 2019, the FASB updated guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles of income tax accounting guidance to reduce the costs and complexity of application. These exceptions relate to intraperiod allocations, deferred tax liabilities with respect to foreign subsidiaries and foreign equity method investments, and income tax benefits recognized on interim period losses. The updated guidance also amends and clarifies other areas of income tax accounting guidance to improve consistency and simplify application. The updated guidance will be effective in fiscal 2022, unless adopted earlier. Legg Mason is evaluating its adoption. In March 2020, the FASB issued optional guidance for a limited period to ease the potential burden in accounting for reference rate reform on financial reporting. The update provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in the update are elective beginning March 12, 2020 through December 31, 2022. Legg Mason is evaluating its adoption. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share attributable to Legg Mason, Inc. shareholders ("EPS") is calculated by dividing Net Income (Loss) Attributable to Legg Mason, Inc. (adjusted to remove earnings allocated to participating securities) by the weighted-average number of shares outstanding, which excludes participating securities. Legg Mason has issued to employees restricted stock units that are deemed to be participating securities prior to vesting, because the related unvested restricted stock units entitle their holder to nonforfeitable dividend rights. In this circumstance, accounting guidance requires a “two-class method” for EPS calculations that excludes earnings (potentially both distributed and undistributed) allocated to participating securities and does not allocate losses to participating securities. Contingently issuable shares are excluded from shares outstanding for basic EPS until the contingency is resolved. Diluted EPS is similar to basic EPS, but the effect of potential common shares is included in the calculation unless the potential common shares are antidilutive. For periods with a net loss, potential common shares other than participating securities, are considered antidilutive and are excluded from the calculation. Also, contingently issuable shares are included in diluted EPS for the entire period in which the contingency is resolved. See Note 14 for additional discussion of EPS. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Investments measured at NAV Total Assets: Cash equivalents (1) $ 594,514 $ 12,521 $ — $ — $ 607,035 Equity investments: (2) Seed capital investments 48,940 19,538 38,895 1,360 108,733 Investments related to long-term incentive plans 210,891 — — — 210,891 Other investments 12,406 1,577 — — 13,983 Equity method investments: (3) Seed capital investments (4) — — 43,059 12,571 55,630 Investments related to long-term incentive plans (2) — — — 5,287 5,287 Other investments (4) — — 48 8,371 8,419 Adjusted cost investments (4) — 70 19,659 — 19,729 Derivative assets (5) 4,716 — — — 4,716 Total $ 871,467 $ 33,706 $ 101,661 $ 27,589 $ 1,034,423 Liabilities: Contingent consideration liabilities (6) $ — $ — $ (3,308 ) $ — $ (3,308 ) Derivative liabilities (5) (13,872 ) — — — (13,872 ) Total $ (13,872 ) $ — $ (3,308 ) $ — $ (17,180 ) 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 $28,373 and $28,160 as of March 31, 2020 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 17 . (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 March 31, 2019 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of March 31, 2020 Assets: Equity investments - seed capital $ 1,455 $ 39,550 $ — $ (1,457 ) $ — $ (653 ) $ 38,895 Equity method investments: Seed capital investments 40,854 2,660 — (3,257 ) — 2,802 43,059 Other 1,218 — — (1,228 ) — 58 48 Adjusted cost investments 12,171 14,569 — (9,556 ) — 2,475 19,659 $ 55,698 $ 56,779 $ — $ (15,498 ) $ — $ 4,682 $ 101,661 Liabilities: Contingent consideration liabilities $ (1,415 ) $ (3,389 ) n/a $ 500 n/a $ 996 $ (3,308 ) Balance as of March 31, 2018 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Balance as of March 31, 2019 Assets: Equity investments - seed capital $ 1,242 $ — $ — $ — $ — $ 213 $ 1,455 Equity method investments: Seed capital investments 33,725 9,726 — (5,211 ) — 2,614 40,854 Other — 2,150 — (985 ) — 53 1,218 Adjusted cost investments 6,951 5,263 — (2 ) — (41 ) 12,171 $ 41,918 $ 17,139 $ — $ (6,198 ) $ — $ 2,839 $ 55,698 Liabilities: Contingent consideration liabilities $ (5,607 ) n/a n/a $ 4,870 n/a $ (678 ) $ (1,415 ) |
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 March 31, 2020 Category of Investment Investment Strategy March 31, 2020 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 $ 11,966 (1) $ 9,910 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 1,212 1,515 n/a n/a Private equity funds Long/short equity 9,101 (2) 11,636 $ 5,647 Up to 10 years Equity method investments related to long-term incentive plans Alternatives, structured securities, short-dated fixed income 5,287 (2) 11,185 n/a n/a Other Various 23 47 n/a Various Total $ 27,589 $ 34,293 $ 5,647 n/a - not applicable (1) Liquidation restrictions: 11% monthly redemption and 89% are not subject to redemption or are not currently redeemable. (2) Liquidations are expected over the remaining term. |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of fixed assets | The following table reflects the components of fixed assets as of: March 31, 2020 March 31, 2019 Software $ 279,038 $ 269,944 Leasehold improvements 210,419 212,742 Equipment 162,372 159,421 Total cost 651,829 642,107 Less: accumulated depreciation and amortization (517,406 ) (492,118 ) Fixed assets, net $ 134,423 $ 149,989 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 March 31, 2019 Amortizable intangible asset management contracts and other Cost $ 369,193 $ 366,930 Accumulated amortization (259,982 ) (240,488 ) Net (1) 109,211 126,442 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 460,033 473,360 Trade names 48,091 48,602 3,246,479 3,260,317 Intangible assets, net $ 3,355,690 $ 3,386,759 (1) As of March 31, 2020, includes $5,019 related to the acquisition of Gramercy by Clarion Partners. See Note 2 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, 2018 $ 3,094,255 $ (1,161,900 ) $ 1,932,355 Impact of excess tax basis amortization (10,972 ) — (10,972 ) Changes in foreign exchange rates and other (37,829 ) — (37,829 ) Balance as of March 31, 2019 $ 3,045,454 $ (1,161,900 ) $ 1,883,554 Impact of excess tax basis amortization (11,349 ) — (11,349 ) Changes in foreign exchange rates (44,635 ) — (44,635 ) Business acquisition (1) 20,196 — 20,196 Balance as of March 31, 2020 $ 3,009,666 $ (1,161,900 ) $ 1,847,766 |
Estimated amortization expense | Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: 2021 $ 21,752 2022 21,403 2023 20,643 2024 19,813 2025 12,038 Thereafter 13,562 Total $ 109,211 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, net, consists of the following: March 31, 2020 March 31, 2019 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 248,976 $ 195 $ 829 $ 250,000 $ 248,738 4.75% Senior Notes due March 2026 447,875 — 2,125 450,000 447,521 5.625% Senior Notes due January 2044 548,099 (2,907 ) 4,808 550,000 548,020 6.375% Junior Notes due March 2056 242,665 — 7,335 250,000 242,461 5.45% Junior Notes due September 2056 485,118 — 14,882 500,000 484,711 2.7% Senior Notes due July 2019 — — — — 250,301 Subtotal 1,972,733 (2,712 ) 29,979 2,000,000 2,221,752 Less: Current portion — — — — (250,301 ) Total $ 1,972,733 $ (2,712 ) $ 29,979 $ 2,000,000 $ 1,971,451 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense (benefit) were as follows: 2020 2019 2018 Federal $ 65,455 $ 24,640 $ (106,621 ) Foreign 19,827 (11,343 ) (16,015 ) State and local 20,766 7,264 20,126 Total income tax provision (benefit) $ 106,048 $ 20,561 $ (102,510 ) Current $ 8,997 $ 26,716 $ 38,983 Deferred 97,051 (6,155 ) (141,493 ) Total income tax provision (benefit) $ 106,048 $ 20,561 $ (102,510 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income (loss) before income tax provision were as follows: 2020 2019 2018 Domestic $ 324,254 $ 60,001 $ 287,229 Foreign 86,280 (31,506 ) (53,389 ) Total $ 410,534 $ 28,495 $ 233,840 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the difference between the effective income tax rate and the statutory federal income tax rate is as follows: 2020 2019 2018 Tax provision at statutory U.S. federal income tax rate 21.0 % 21.0 % 31.5 % State income taxes, net of federal income tax benefit (1) 8.2 8.9 7.8 Impact of changes in U.S. federal Tax Law (2) — 8.3 (90.1 ) Uncertain tax benefits (3) (3.4 ) 49.7 1.7 Effect of foreign tax rates (4) (1.7 ) (37.1 ) 1.7 Changes in U.K. tax rates on deferred tax assets and liabilities — — 0.3 Net income attributable to noncontrolling interests (2.3 ) (28.1 ) (6.8 ) Change in valuation allowances (5) 1.7 23.0 (1.3 ) Federal effect of permanent tax adjustments (6) 3.0 33.4 10.5 Other, net (0.7 ) (6.9 ) 0.9 Effective income tax rate 25.8 % 72.2 % (43.8 )% (1) State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on related deferred tax assets. (2) Includes the impact on deferred tax assets and liabilities and the effects on unremitted foreign earnings and other aspects of the Tax Law. (3) Reserves for uncertain tax benefits were recorded for positions related to prior years' foreign, federal, state, and local tax return filing as well as for positions reflected in the current year tax expense accrual. In fiscal 2020, a state audit was resolved favorably and the statute of limitations expired on certain tax returns for which uncertain tax benefit reserves had been established. (4) The effect of foreign tax rates for fiscal 2019, and 2018 include tax benefits of $8,711 , and $33,150 , respectively, for non-cash impairment charges related to the intangible assets of the EnTrust Global and legacy Permal businesses, as further discussed in Note 5. Additionally, the effect of foreign tax rates for fiscal 2019 includes a $21,720 tax benefit for non-cash impairment charges related to the intangible assets of the RARE Infrastructure businesses. (5) See schedule below for the change in valuation allowances by jurisdiction. (6) Fiscal 2018 includes a 9.0% federal impact ( 9.7% including state impact) of a non-deductible charge for a regulatory matter discussed in Note 9 . On December 22, 2017, the Tax Law was enacted. The Tax Law is complex, materially changed the U.S. corporate income tax rate from 35% to 21% and included various other changes which impact Legg Mason. The reduction in the U.S. corporate tax rate resulted in a one-time, non-cash provisional tax benefit of $220,935 recognized in the quarter ended December 31, 2017, due to the re-measurement of certain existing deferred tax assets and liabilities at the new income tax rate. In addition, a non-cash tax charge of $7,260 was provisionally provided in the year ended March 31, 2018, for the effects on unremitted foreign earnings and other aspects of the Tax Law. Legg Mason’s re-measurement of its deferred tax assets and liabilities has been completed and no further adjustments were necessary. Further, Legg Mason's accounting for the tax on unremitted foreign earnings has also been completed and an additional expense of $2,164 was recorded in the year ended March 31, 2019. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following deferred tax assets and valuation allowances relating to carryforwards have been recorded at March 31: 2020 2019 Expires Beginning after Fiscal Year DEFERRED TAX ASSETS U.S. federal net operating losses $ 36,639 $ 38,402 2033 U.S. federal foreign tax credits 266,671 266,128 2022 U.S. state net operating losses (1,2) 260,804 263,870 2020 U.S. state tax credits 528 444 2022 Foreign net operating losses 23,579 23,009 2028 Total deferred tax assets for carryforwards $ 588,221 $ 591,853 VALUATION ALLOWANCES U.S. federal net operating losses $ 2,155 $ 2,027 U.S. federal foreign tax credits 2,400 1,800 U.S. state net operating losses 91,653 93,185 Foreign net operating losses 10,744 11,792 Valuation allowances for carryforwards 106,952 108,804 Foreign other deferred assets 30,203 25,405 Total valuation allowances $ 137,155 $ 134,209 (1) Substantially all of the U.S. state net operating losses carryforward through fiscal 2035. (2) Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets. These temporary differences result in taxable or deductible amounts in future years. A summary of Legg Mason's deferred tax assets and liabilities follows: 2020 2019 DEFERRED TAX ASSETS Accrued compensation and benefits $ 178,571 $ 182,734 Accrued expenses 33,952 30,176 Basis differences, principally for intangible assets and goodwill 32,900 23,480 Operating loss carryforwards 321,022 325,282 Foreign tax credit carryforward 266,671 266,128 Federal benefit of uncertain tax positions 2,421 6,798 Mutual fund launch costs 11,632 12,926 Martin Currie defined benefit pension liability 5,253 8,694 Lease liability (net in 2019) 67,648 9,785 Other 9,294 1,954 Deferred tax assets 929,364 867,957 Valuation allowance (137,155 ) (134,209 ) Deferred tax assets after valuation allowance $ 792,209 $ 733,748 DEFERRED TAX LIABILITIES Depreciation and amortization $ 714,693 $ 636,230 Net unrealized gains (losses) from investments (1,042 ) 2,007 ROU asset adjustment 54,618 — Basis differences in partnerships 27,001 19,214 Deferred tax liabilities 795,270 657,451 Net deferred tax assets (liabilities) $ (3,061 ) $ 76,297 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized gross tax benefits for the years ended March 31 is as follows: 2020 2019 2018 Balance, beginning of year $ 78,776 $ 62,728 $ 70,787 Additions based on tax positions related to the current year 970 4,549 7,325 Additions for tax positions of prior years 1,719 15,070 5,011 Reductions for tax positions of prior years (1,149 ) (100 ) (4,438 ) Decreases related to settlements with taxing authorities (15,530 ) (2,874 ) (15,957 ) Expiration of statutes of limitations (9,321 ) (597 ) — Balance, end of year $ 55,465 $ 78,776 $ 62,728 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Operating leases: Operating lease ROU assets Right-of-use assets $ 290,167 Operating lease liabilities Lease liabilities 355,483 Finance leases: Property and equipment, gross Right-of-use assets $ 2,011 Less: accumulated depreciation Right-of-use assets (836 ) Property and equipment, net $ 1,175 Finance lease liabilities Lease liabilities $ 1,068 |
Lease, Cost [Table Text Block] | The components of lease expense included in the Consolidated Statement of Income (Loss) were as follows: Classification Year Ended March 31, 2020 Operating lease cost Occupancy expense $ 88,020 Financing lease cost: Amortization of right-of-use asset Occupancy expense 988 Interest on lease liabilities Interest expense 45 Total finance lease cost 1,033 Short-term lease cost Occupancy expense 6,147 Variable lease cost (1) Occupancy expense 23,458 Less: sublease billings Occupancy expense (24,877 ) Net lease cost (2) $ 93,781 (1) Variable lease cost includes operating expenses, real estate and other taxes and other amounts that fluctuate in amount and are therefore excluded from fixed base rent. (2) Excludes other occupancy expense of $16,841 |
Lessee Operating and Finance Lease Liability Maturity Table. [Table Text Block] | As of March 31, 2020, undiscounted future cash flows for each of the next five fiscal years and thereafter for fixed payments related to operating and finance leases were as follows: Operating Leases Finance Leases Total 2021 $ 89,704 $ 685 $ 90,389 2022 88,452 262 88,714 2023 86,706 125 86,831 2024 72,626 32 72,658 2025 28,991 4 28,995 Thereafter 23,396 — 23,396 Total lease payments 389,875 1,108 390,983 Less: Imputed interest (34,392 ) (40 ) (34,432 ) Present value of lease liabilities $ 355,483 $ 1,068 $ 356,551 |
Schedule Of Supplemental Information Related To Operating and Finance Leases [Table Text Block] | As of March 31, 2020, 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 1.9 Weighted-average discount rates 3.9 % 3.2 % |
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: Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91,602 Financing cash flows from finance leases 932 |
Lessee, Operating Lease, Disclosure [Table Text Block] | s 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 |
Employee Benefits Defined Benef
Employee Benefits Defined Benefit Plan, Fair Value of Plan Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plan, Plan Assets, Category [Line Items] | |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | The resulting net benefit obligation, summarized below, is included in the Consolidated Balance Sheets as Other non-current liabilities: March 31, 2020 March 31, 2019 Fair value of plan assets (at 4.7% and 4.9%, respectively, expected weighted-average long-term return) $ 68,576 $ 68,830 Benefit obligation (at 2.3% and 2.4%, respectively, discount rate) (81,019 ) (102,165 ) Unfunded status (excess of benefit obligation over plan assets) $ (12,443 ) $ (33,335 ) |
Employee Benefits Defined Ben_2
Employee Benefits Defined Benefit Plan, Plan Obligation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The change in the benefit obligation is summarized below: Years ended March 31, 2020 2019 Beginning benefit obligation $ 102,165 $ 102,469 Interest costs 2,331 2,426 Actuarial (gain) loss (17,082 ) 7,989 Benefits paid (2,105 ) (3,078 ) Exchange rate changes (4,290 ) (7,641 ) Ending benefit obligation $ 81,019 $ 102,165 |
Employee Benefits Schedule of C
Employee Benefits Schedule of Changes in Asset Retirement Obligation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The change in plan assets is summarized below: Years ended March 31, 2020 2019 Beginning plan assets $ 68,830 $ 67,529 Actual return on plan assets 2,147 6,384 Employer contributions 3,044 3,144 Benefits paid (2,105 ) (3,078 ) Exchange rate changes (3,340 ) (5,149 ) Ending plan assets $ 68,576 $ 68,830 |
Employee Benefits Schedule of D
Employee Benefits Schedule of Defined Benefit Plan Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of the net periodic gain for the years ended March 31, were as follows: 2020 2019 2018 Interest costs $ 2,331 $ 2,426 $ 2,763 Expected return on plan assets (3,164 ) (3,160 ) (3,152 ) Net periodic benefit $ (833 ) $ (734 ) $ (389 ) Net actuarial losses of $791 and $17,807 were included in Accumulated other comprehensive loss, net, in the Consolidated Balance Sheets at March 31, 2020 and 2019, respectively. |
Employee Benefits Schedule of E
Employee Benefits Schedule of Expected Benefit Plan Payments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Expected Benefit Payments [Table Text Block] | As of March 31, 2020, the plan expects to make benefit payments over the next 10 fiscal years as follows: 2021 $ 1,906 2022 2,085 2023 2,129 2024 2,576 2025 2,532 2026-2030 15,813 |
Stock-Based Compensation Share-
Stock-Based Compensation Share-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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: Years Ended March 31, 2020 2019 2018 Restricted stock and restricted stock units $ 52,322 $ 49,282 $ 54,348 Stock options 2,853 4,537 7,478 Employee stock purchase plan 474 611 662 Non-employee director awards 1,000 5,332 3,103 Affiliate management equity plans 1,694 1,025 1,275 Performance share units 8,925 5,065 3,981 Employee stock trust 33 32 28 Total stock-based compensation expense $ 67,301 $ 65,884 $ 70,875 |
Restricted stock and restricted stock unit transactions | Restricted stock and restricted stock unit transactions are summarized below: Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31, 2017 3,321 $ 38.92 Granted 1,460 37.68 Vested (1,410 ) 39.59 Canceled/forfeited (72 ) 38.10 Unvested shares at March 31, 2018 3,299 38.09 Granted 1,190 38.93 Vested (1,291 ) 39.72 Canceled/forfeited (153 ) 37.52 Unvested shares at March 31, 2019 3,045 37.76 Granted 1,206 35.50 Vested (1,412 ) 38.51 Canceled/forfeited (79 ) 36.67 Unvested shares at March 31, 2020 2,760 $ 36.43 |
Stock options transactions | Stock option transactions under Legg Mason's equity incentive plans are summarized below: Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2017 4,593 $ 38.15 Granted 440 37.79 Exercised (490 ) 30.09 Canceled/forfeited (106 ) 47.42 Options outstanding at March 31, 2018 4,437 38.78 Exercised (201 ) 31.15 Canceled/forfeited (121 ) 42.31 Options outstanding at March 31, 2019 4,115 39.05 Exercised (1,497 ) 34.56 Canceled/forfeited (100 ) 46.79 Options outstanding at March 31, 2020 2,518 $ 41.41 |
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, 2018, and 2017 grants: May 2019 May 2018 May 2017 Expected dividend yield 4.41 % 3.49 % 2.96 % Risk-free interest rate 2.11 % 2.71 % 1.47 % Expected (average in 2019 and 2018) volatility 23.96 % 26.14 % 27.73 % The performance period for the May 2017 grant ended on March 31, 2020 and resulted in the issuance of 117 performance shares. Legg Mason also granted certain executive officers 182 performance share units in May 2016 with an aggregate award value of $3,528 . The performance period for this grant ended on March 31, 2019 and resulted in the issuance of 46 performance shares. The Merger Agreement provides for the settlement of all outstanding share-based equity awards (vested and unvested), contingent upon the Merger closing. Deferred compensation payable in shares of Legg Mason common stock has been granted to certain employees in an elective plan. The vesting in the plan is immediate and the plan provides for discounts of up to 10% on contributions and dividends. Since January 1, 2015, there are no additional contributions to the plan, with the remaining 201 shares reserved for future dividend distributions. During fiscal 2020, 2019, and 2018, Legg Mason issued 19 , 20 , and 14 shares, respectively, under the plan with a weighted-average fair value per share at the grant date of $ 34.92 , $ 29.68 , and $ 37.63 , respectively. The undistributed shares issued under this plan are held in a rabbi trust. Assets of the rabbi trust are consolidated with those of the employer, and the value of the employer's stock held in the rabbi trust is classified in stockholders' equity and accounted for in a manner similar to treasury stock. Therefore, the shares Legg Mason has issued to the rabbi trust and the corresponding liability related to the deferred compensation plan are presented as components of stockholders' equity as Employee stock trust and Deferred compensation employee stock trust, respectively. Shares held by the trust at March 31, 2020, 2019, and 2018, were 427 , 456 , and 462 , respectively. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents Total Operating Revenues disaggregated by geographic location: Years Ended March 31, 2020 2019 2018 United States $ 2,325,306 $ 2,255,989 $ 2,381,155 United Kingdom 134,126 140,145 206,813 Other International 462,693 507,125 552,354 Total Operating Revenues $ 2,922,125 $ 2,903,259 $ 3,140,322 |
AssetClass [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents Total Operating Revenues disaggregated by asset class: Years Ended March 31, 2020 2019 2018 Equity $ 1,160,799 $ 1,213,480 $ 1,288,655 Fixed Income 1,166,134 1,138,763 1,181,853 Alternative 502,762 463,883 568,140 Liquidity 92,430 87,133 101,674 Total Operating Revenues $ 2,922,125 $ 2,903,259 $ 3,140,322 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 EPS: Years Ended March 31, 2020 2019 2018 Basic weighted-average shares outstanding for EPS 86,831 85,423 90,734 Potential common shares: Dilutive employee stock options 330 — 460 Performance shares (1) 176 — — Diluted weighted-average shares outstanding for EPS 87,337 85,423 91,194 Net Income (Loss) Attributable to Legg Mason, Inc. $ 251,367 $ (28,508 ) $ 285,075 Less: Earnings (distributed and undistributed) allocated to participating securities 8,095 4,225 10,128 Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 243,272 $ (32,733 ) $ 274,947 Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ 2.80 $ (0.38 ) $ 3.03 Diluted 2.79 (0.38 ) 3.01 |
Noncontrolling Interests Rollfo
Noncontrolling Interests Rollforward (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Line Items] | |
Net Income (Loss) Attributable to Noncontrolling Interests [Table Text Block] | Years Ended March 31, 2020 2019 2018 Net income attributable to redeemable noncontrolling interests $ 47,228 $ 28,029 $ 42,872 Net income attributable to nonredeemable noncontrolling interests 5,891 8,413 8,403 Total $ 53,119 $ 36,442 $ 51,275 |
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 (2) Balance as of March 31, 2017 $ 58,470 $ 591,254 $ 28,048 $ 677,772 $ 27,798 Net income attributable to noncontrolling interests 6,656 36,216 — 42,872 8,403 Subscriptions (redemptions), net, and other 59,921 (2,693 ) — 57,228 — Distributions — (53,388 ) — (53,388 ) (8,470 ) Foreign exchange — 381 — 381 — Vesting/change in estimated redemption value — 2,180 5,250 7,430 — Balance as of March 31, 2018 125,047 573,950 33,298 732,295 27,731 Net income attributable to noncontrolling interests 776 27,253 — 28,029 8,413 Subscriptions (redemptions), net (22,193 ) — — (22,193 ) — Settlement of affiliate noncontrolling interest put: Payment — (15,547 ) — (15,547 ) — Change in redemption value — (12,345 ) — (12,345 ) — Distributions — (29,815 ) — (29,815 ) (8,760 ) Grants (settlements), net — — (1,325 ) (1,325 ) 2,400 Foreign exchange — (4,738 ) — (4,738 ) — Vesting/change in estimated redemption value — 1,837 16,178 18,015 — Balance as of March 31, 2019 103,630 540,595 48,151 692,376 29,784 Net income attributable to noncontrolling interests 12,906 34,322 — 47,228 5,891 Subscriptions (redemptions), net 604 — (150 ) 454 — Business acquisition — 11,715 — 11,715 — Purchase of affiliate noncontrolling interest put: Payment (fair value portion) — (8,789 ) — (8,789 ) — Change in redemption value — (25,708 ) — (25,708 ) — Distributions — (30,542 ) — (30,542 ) (6,633 ) Foreign exchange — (1,071 ) — (1,071 ) — Vesting/change in estimated redemption value — 4,900 23,851 28,751 — Balance as of March 31, 2020 $ 117,140 $ 525,422 $ 71,852 $ 714,414 $ 29,042 (1) Related to 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, 2017 $ 404,852 $ 113,173 $ 68,747 $ 4,482 $ 591,254 Net income (loss) attributable to noncontrolling interests 19,709 13,172 3,474 (139 ) 36,216 Subscriptions (redemptions), net — — — (2,693 ) (2,693 ) Distributions (37,677 ) (11,253 ) (4,317 ) (141 ) (53,388 ) Foreign exchange — — 381 — 381 Change in estimated redemption value — 2,180 — — 2,180 Balance as of March 31, 2018 386,884 117,272 68,285 1,509 573,950 Net income (loss) attributable to noncontrolling interests 9,735 16,127 1,660 (269 ) 27,253 Distributions (15,935 ) (11,734 ) (2,134 ) (12 ) (29,815 ) Settlement of affiliate noncontrolling interest put: Payment — — (15,547 ) — (15,547 ) Change in redemption value — — (12,345 ) — (12,345 ) Foreign exchange — — (4,738 ) — (4,738 ) Change in estimated redemption value — 1,837 — — 1,837 Balance as of March 31, 2019 380,684 123,502 35,181 1,228 540,595 Net income attributable to noncontrolling interests 14,636 19,518 106 62 34,322 Business acquisition — — — 11,715 11,715 Distributions (16,230 ) (14,310 ) — (2 ) (30,542 ) Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Foreign exchange — — (790 ) (281 ) (1,071 ) Change in estimated redemption value — 4,900 — — 4,900 Balance as of March 31, 2020 $ 379,090 $ 133,610 $ — $ 12,722 $ 525,422 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 $ 4,493 $ (1,709 ) $ 2,784 $ — $ — $ 2,784 Futures contracts relating to: Seed capital investments — — — 1,802 2,206 4,008 Total return swaps — — — 130 158 288 Total futures contracts — — — 1,932 2,364 4,296 Total derivative instruments not designated as hedging instruments $ 4,493 $ (1,709 ) $ 2,784 $ 1,932 $ 2,364 $ 7,080 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 $ (11,482 ) $ 4,368 $ (7,114 ) $ — $ — $ (7,114 ) Futures contracts relating to: Seed capital investments — — — (3,203 ) 7,326 4,123 Total return swaps — — — (360 ) 754 394 Total future contracts — — — (3,563 ) 8,080 4,517 Total return swaps — — — (3,195 ) 4,125 930 Total derivative instruments not designated as hedging instruments $ (11,482 ) $ 4,368 $ (7,114 ) $ (6,758 ) $ 12,205 $ (1,667 ) |
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. Years Ended March 31, 2020 2019 2018 Income Statement Classification Gains Losses Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 6,534 $ (20,494 ) $ 8,881 $ (17,270 ) $ 13,880 $ (6,774 ) Seed capital investments Other non-operating income (expense) 8,232 (864 ) 4,904 (930 ) 494 (2,459 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 23,298 (13,625 ) 17,648 (18,416 ) 222 (24,025 ) Total return swaps Other non-operating income (expense) 2,208 (1,752 ) 3,116 (5,615 ) 90 (8,721 ) Total return swaps Other non-operating income (expense) 1,259 (2,569 ) 4,316 — 2,247 (1,142 ) Total gain (loss) from derivatives not designated as hedging instruments $ 41,531 $ (39,304 ) $ 38,865 $ (42,231 ) $ 16,933 $ (43,121 ) |
Strategic Business Initiative_2
Strategic Business Initiative (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, 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 44,919 4,426 7,887 57,232 Payments (28,955 ) (622 ) (13,506 ) (43,083 ) Balance as of March 31, 2020 $ 15,964 $ 5,894 $ 885 $ 22,743 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Year ended March 31, 2020 12,325 1,477 — 13,802 Total $ 12,325 $ 2,235 $ — $ 14,560 Cumulative charges incurred through March 31, 2020 $ 57,244 $ 8,751 $ 14,391 $ 80,386 (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 $ 3,000 $ 4,000 Occupancy 7,000 9,000 Other costs 10,000 12,000 Total $ 20,000 $ 25,000 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. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Long-lived Assets by Geographic Areas [Table Text Block] | The table below reflects our long-lived assets by geographic region as of March 31: INTANGIBLE ASSETS, NET AND GOODWILL 2020 2019 2018 United States $ 4,189,706 $ 4,216,962 $ 4,384,716 United Kingdom 592,143 592,971 744,552 Other International 421,607 460,380 600,746 Total $ 5,203,456 $ 5,270,313 $ 5,730,014 |
Variable Interest Entities an_2
Variable Interest Entities and Consolidation of Investment Vehicles (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Consolidating Balance Sheets March 31, 2020 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 $ 1,942,583 $ 131,869 $ (34,828 ) $ 2,039,624 $ 1,916,485 $ 144,091 $ (40,720 ) $ 2,019,856 Non-current assets 5,945,353 22,313 (1,170 ) 5,966,496 5,768,265 8,993 (2,992 ) 5,774,266 Total Assets $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 $ 7,684,750 $ 153,084 $ (43,712 ) $ 7,794,122 Current Liabilities $ 925,013 $ 1,044 $ — $ 926,057 $ 1,104,002 $ 5,742 $ — $ 1,109,744 Non-current liabilities 2,543,968 — — 2,543,968 2,302,463 — — 2,302,463 Total Liabilities 3,468,981 1,044 — 3,470,025 3,406,465 5,742 — 3,412,207 Redeemable Non-controlling interests 597,274 — 117,140 714,414 588,746 — 103,630 692,376 Total Stock-holders’ Equity 3,821,681 153,138 (153,138 ) 3,821,681 3,689,539 147,342 (147,342 ) 3,689,539 Total Liabilities and Equity $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 $ 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 Year Ended March 31, 2020 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,922,527 $ — $ (402 ) $ 2,922,125 Total Operating Expenses 2,415,473 1,498 (6 ) 2,416,965 Operating Income (Loss) 507,054 (1,498 ) (396 ) 505,160 Total Non-Operating Income (Expense) (109,426 ) 19,726 (4,926 ) (94,626 ) Income (Loss) Before Income Tax Provision (Benefit) 397,628 18,228 (5,322 ) 410,534 Income tax provision 106,048 — — 106,048 Net Income (Loss) 291,580 18,228 (5,322 ) 304,486 Less: Net income (loss) attributable to noncontrolling interests 40,213 3,464 9,442 53,119 Net Income (Loss) Attributable to Legg Mason, Inc. $ 251,367 $ 14,764 $ (14,764 ) $ 251,367 (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Year Ended March 31, 2019 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 2,903,858 $ — $ (599 ) $ 2,903,259 Total Operating Expenses 2,799,168 1,679 (690 ) 2,800,157 Operating Income (Loss) 104,690 (1,679 ) 91 103,102 Total Non-Operating Income (Expense) (76,971 ) (2,381 ) 4,745 (74,607 ) Income (Loss) Before Income Tax Provision 27,719 (4,060 ) 4,836 28,495 Income tax provision 20,561 — — 20,561 Net Income (Loss) 7,158 (4,060 ) 4,836 7,934 Less: Net income (loss) attributable to noncontrolling interests 35,666 (1,816 ) 2,592 36,442 Net Income (Loss) Attributable to Legg Mason, Inc. $ (28,508 ) $ (2,244 ) $ 2,244 $ (28,508 ) (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. Year Ended March 31, 2018 Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 3,140,900 $ — $ (578 ) $ 3,140,322 Total Operating Expenses 2,816,022 927 (628 ) 2,816,321 Operating Income (Loss) 324,878 (927 ) 50 324,001 Total Non-Operating Income (Expense) (97,694 ) 10,046 (2,513 ) (90,161 ) Income (Loss) Before Income Tax Provision 227,184 9,119 (2,463 ) 233,840 Income tax benefit (102,510 ) — — (102,510 ) Net Income (Loss) 329,694 9,119 (2,463 ) 336,350 Less: Net income (loss) attributable to noncontrolling interests 44,619 265 6,391 51,275 Net Income (Loss) Attributable to Legg Mason, Inc. $ 285,075 $ 8,854 $ (8,854 ) $ 285,075 (1) Other represents consolidated sponsored investment products (VREs) that are not designated as CIVs. |
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: March 31, 2020 2019 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 $ 1,690 2 $ 11,671 2 $ 16,670 Trust structure foreign mutual funds 5 19,303 7 23,005 4 12,485 Employee trust structure funds 1 5,188 2 6,215 2 7,328 ETFs (2) 2 2,216 3 2,821 2 7,371 Total 10 $ 28,397 14 $ 43,712 10 $ 43,854 (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 $14,164 as of March 31, 2020. See Note 17 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 March 31, 2020 Category of Investment Investment Strategy March 31, 2020 March 31, 2019 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 2,029 (1) $ 12,547 n/a n/a n/a - not applicable (1) Redemption restrictions: 11% monthly redemption; 89% quarterly redemption. |
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 March 31, 2020 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 $ 2,922 $ 5,442 $ 10,812 $ 15,241 Other investment funds 33,365 52,230 25,155 45,897 Total $ 36,287 $ 57,672 $ 35,967 $ 61,138 (1) Amounts are related to investments in proprietary and other fund products. (2) |
Significant Accounting Polici_3
Significant Accounting Policies Merger Agreement, Policy (Details) | Feb. 17, 2020$ / shares |
Legg Mason, Inc | Franklin Templeton [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Share Price | $ 50 |
Significant Accounting Polici_4
Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized Contract Cost, Net | $ 1,895 | $ 1,419 | |
Retained Earnings | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 12,263 | ||
Retained Earnings | Long-term Contract with Customer [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 14,839 | ||
Other Noncurrent Assets [Member] | Contingent Deferred Sales Charges [Domain] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2,576 |
Significant Accounting Polici_5
Significant Accounting Policies Investments, Policy (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 1,970,949 | $ 2,270,964 |
Significant Accounting Polici_6
Significant Accounting Policies Lease Accounting (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating and Finance Lease, Right-of-Use Asset | $ 291,342 | $ 0 | |
Operating and Finance Lease, Liability | $ 356,551 | ||
Lease reserve liability, vacated space | $ 24,063 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating and Finance Lease, Right-of-Use Asset | $ 342,418 | ||
Operating and Finance Lease, Liability | $ 411,115 |
Significant Accounting Polici_7
Significant Accounting Policies Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 31.50% | |
Domestic Tax Authority [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 220,935 |
Acquisitions Gramercy (Details)
Acquisitions Gramercy (Details) € in Thousands, $ in Thousands | Apr. 10, 2019USD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2020USD ($) | Apr. 10, 2019EUR (€) | Apr. 10, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years 4 months 24 days | ||||
Gramercy [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 10,247 | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € 3,315 | $ 3,646 | € 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 |
Acquisitions Precidian (details
Acquisitions Precidian (details) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Equity Method Investment, Ownership Percentage | 20.00% |
Precidian [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 75.00% |
Payments to Acquire Businesses, Gross | $ 25,000 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities by Level (Details 1) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments | $ 28,373 | $ 28,160 |
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 | 594,514 | 556,231 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 4,716 | 4,183 |
Assets, Fair Value Disclosure | 871,467 | 889,978 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (13,872) | (7,579) |
Financial Liabilities Fair Value Disclosure | (13,872) | (7,579) |
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 | 12,521 | 20,160 |
Assets, Fair Value Disclosure | 33,706 | 52,977 |
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 | 101,661 | 55,698 |
Business Combination, Contingent Consideration, Liability | (3,308) | (1,415) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Financial Liabilities Fair Value Disclosure | (3,308) | (1,415) |
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 | 27,589 | 34,293 |
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 | 607,035 | 576,391 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 4,716 | 4,183 |
Assets, Fair Value Disclosure | 1,034,423 | 1,032,946 |
Business Combination, Contingent Consideration, Liability | (3,308) | (1,415) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (13,872) | (7,579) |
Financial Liabilities Fair Value Disclosure | (17,180) | (8,994) |
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 | 70 | 74 |
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 | 19,659 | 12,171 |
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 | 19,729 | 12,245 |
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 | 48,940 | 98,276 |
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 | 19,538 | 30,601 |
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 | 38,895 | 1,455 |
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 | 1,360 | 2,183 |
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 | 108,733 | 132,515 |
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 | 43,059 | 40,854 |
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 | 12,571 | 10,675 |
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 | 55,630 | 51,529 |
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 | 5,287 | 11,184 |
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 | 210,891 | 211,802 |
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 | 210,891 | 211,802 |
Equity Method Investments, Fair Value Disclosure | 5,287 | 11,184 |
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 | 12,406 | 19,486 |
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 | 1,577 | 2,142 |
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 | 13,983 | 21,628 |
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 | 8,371 | 10,251 |
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 | 48 | 1,218 |
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 | $ 8,419 | $ 11,469 |
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 | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Gain (Loss) | $ (33,585) | $ 13,628 | $ 31,012 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (46,929) | $ (12,878) | $ 7,045 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities Information Regarding Proprietary Fund Products (Details 2) $ in Thousands | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
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 | 85.00% | |
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 | $ 192,760 | $ 227,756 |
Number of Proprietary Fund Products with Seed Capital Investment in Excess of One Million Dollars | 41 | 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 | $ 28,397 | $ 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 | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 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 | $ 55,698 | $ 41,918 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 56,779 | 17,139 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (15,498) | (6,198) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 4,682 | 2,839 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 101,661 | 55,698 | $ 41,918 |
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 | 1,455 | 1,242 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 39,550 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,457) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (653) | 213 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 38,895 | 1,455 | 1,242 |
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 | 40,854 | 33,725 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,660 | 9,726 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,257) | (5,211) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 2,802 | 2,614 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 43,059 | 40,854 | 33,725 |
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 | 1,218 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 2,150 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,228) | (985) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 58 | 53 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 48 | 1,218 | 0 |
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 | 12,171 | 6,951 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 14,569 | 5,263 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (9,556) | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 2,475 | (41) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | 19,659 | 12,171 | 6,951 |
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 | (1,415) | (5,607) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | (3,389) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (500) | (4,870) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | 996 | (678) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, End of Period | (3,308) | (1,415) | (5,607) |
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) | $ 3,145 | $ 2,876 | $ 927 |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities NAV Investments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | 11.00% | |
Percentage of Quarterly Redemption | 0.00% | |
Percentage Not Currently Redeemable | 89.00% | |
Consolidated Legg Mason, Inc. | 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 | |
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 | $ 5,647 | |
Alternative Investment | 27,589 | $ 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 | 11,966 | 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 | 1,212 | 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 | 5,647 | |
Alternative Investment | 9,101 | 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 | 5,287 | 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 | $ 23 | $ 47 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fixed assets: | ||
Total cost | $ 651,829 | $ 642,107 |
Less: accumulated depreciation and amortization | (517,406) | (492,118) |
Fixed assets, net | 134,423 | 149,989 |
Software | ||
Fixed assets: | ||
Total cost | 279,038 | 269,944 |
Leasehold improvements | ||
Fixed assets: | ||
Total cost | 210,419 | 212,742 |
Equipment | ||
Fixed assets: | ||
Total cost | $ 162,372 | $ 159,421 |
Fixed Assets Depreciation and A
Fixed Assets Depreciation and Amortization Expense (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment | |||
Accelerated Depreciation, Other | $ 1,603 | ||
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment | |||
Depreciation and amortization | $ 44,839 | $ 48,391 | $ 48,382 |
Components Intangible Assets (D
Components Intangible Assets (Details 1) - USD ($) | Feb. 17, 2020 | Dec. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 |
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Cost | $ 369,193,000 | $ 366,930,000 | ||||||
Accumulated amortization | (259,982,000) | (240,488,000) | ||||||
Total | 109,211,000 | 126,442,000 | ||||||
Indefinite-life intangible assets | $ 3,246,479,000 | 3,260,317,000 | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 22.00% | |||||||
Asset Impairment Charges | $ 4,328,000 | |||||||
U.S. Domestic Mutual Fund Management Contracts | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | 2,106,351,000 | 2,106,351,000 | ||||||
Other Fund Management Contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | 460,033,000 | 473,360,000 | ||||||
Trade Names | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | 48,091,000 | 48,602,000 | ||||||
Consolidated Legg Mason, Inc. | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 365,200,000 | $ 229,000,000 | ||||||
Intangible assets, net | 3,355,690,000 | 3,386,759,000 | ||||||
Consolidated Legg Mason, Inc. | Fund management contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 358,800,000 | |||||||
RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Total | 6,900,000 | $ 6,900,000 | ||||||
Other Indefinite-lived Intangible Assets | 120,800,000 | 120,800,000 | ||||||
Indefinite-Lived Trade Names | 2,800,000 | $ 3,057,000 | 2,800,000 | |||||
RARE Infrastructure, Ltd [Member] | Other Fund Management Contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Asset Impairment Charges | 65,000,000 | |||||||
RARE Infrastructure, Ltd [Member] | Trade Names | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Asset Impairment Charges | 1,000,000 | |||||||
RARE Infrastructure, Ltd [Member] | Asset Management Contracts | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 6,400,000 | |||||||
RARE Infrastructure, Ltd [Member] | Trade Names | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 2,000,000 | |||||||
Gramercy [Member] | Fund management contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | 5,019,000 | |||||||
Clarion Partners [Member] | Fund management contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | 505,200,000 | 505,200,000 | ||||||
EnTrust Global [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Other Indefinite-lived Intangible Assets | 401,404,000 | 401,404,000 | $ 126,804,000 | |||||
Indefinite-Lived Trade Names | $ 28,500,000 | 28,500,000 | $ 10,300,000 | |||||
EnTrust Global [Member] | Fund management contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-life intangible assets | $ 126,804,000 | $ 126,804,000 | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 1.00% | 10.00% | ||||||
EnTrust Global [Member] | Other Fund Management Contracts [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Asset Impairment Charges | 274,600,000 | |||||||
EnTrust Global [Member] | Trade Names | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 3.00% | 6.00% | ||||||
Asset Impairment Charges | $ 18,200,000 | |||||||
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] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Finite-lived Intangible Assets, Measurement Input | 16.50% | 16.50% | ||||||
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] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 15.00% | |||||||
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, 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% | ||||||
Trade Names | Measurement Input, Discount Rate [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 16.50% | |||||||
Trade Names | Royalty [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 1.00% | |||||||
Fund management contracts [Member] | EnTrust Global [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 195,000,000 | |||||||
Weighted Average [Member] | Trade Names | Cash Flow Growth Rate [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 8.00% | |||||||
Weighted Average [Member] | Fund management contracts [Member] | EnTrust Global [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 5.00% | |||||||
Minimum [Member] | Trade Names | Cash Flow Growth Rate [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 5.00% | |||||||
Minimum [Member] | Fund management contracts [Member] | EnTrust Global [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | (13.00%) | |||||||
Maximum [Member] | Trade Names | Cash Flow Growth Rate [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 18.00% | |||||||
Maximum [Member] | Fund management contracts [Member] | EnTrust Global [Member] | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Indefinite-lived Intangible Assets, Measurement Input | 6.00% | |||||||
Franklin Templeton [Member] | Legg Mason, Inc | ||||||||
Finite-Lived and Indefinite-lived Intangible Assets | ||||||||
Business Acquisition, Share Price | $ 50 | |||||||
Payments to Acquire Businesses, Gross | $ 4,500,000,000 |
Schedule of Goodwill Carrying V
Schedule of Goodwill Carrying Value Rollfoward (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill Gross Value [Member] | ||
Goodwill | ||
Goodwill, Gross, Beginning of Period | $ 3,045,454 | $ 3,094,255 |
Impact of excess tax basis amortization | 11,349 | 10,972 |
Other, including changes in foreign exchange rates | 44,635 | 37,829 |
Goodwill, Acquired During Period | 20,196 | |
Goodwill, Gross, End of Period | 3,009,666 | 3,045,454 |
Goodwill Accumulated Impairment [Member] | ||
Goodwill | ||
Accumulated Impairment, Beginning of Period | (1,161,900) | (1,161,900) |
Accumulated Impairment, End of Period | (1,161,900) | (1,161,900) |
Goodwill Net Value [Member] | ||
Goodwill | ||
Goodwill, Beginning of Period | 1,883,554 | 1,932,355 |
Impact of excess tax basis amortization | 11,349 | 10,972 |
Other, including changes in foreign exchange rates | 44,635 | 37,829 |
Goodwill, Acquired During Period | 20,196 | |
Goodwill, End of Period | $ 1,847,766 | $ 1,883,554 |
Schedule of Remaining Intangibl
Schedule of Remaining Intangible Amortization (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years 4 months 24 days | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 21,752 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 21,403 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 20,643 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 19,813 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12,038 | ||
Thereafter | 13,562 | ||
Total | $ 109,211 | $ 126,442 | |
RARE Infrastructure, Ltd [Member] | |||
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | |||
Total | $ 6,900 | ||
RARE Infrastructure, Ltd [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |||
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | |||
Finite-lived Intangible Assets, Measurement Input | 7.00% | ||
RARE Infrastructure, Ltd [Member] | Measurement Input, Discount Rate [Member] | |||
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | |||
Finite-lived Intangible Assets, Measurement Input | 16.50% |
Long-Term Debt Schedule of Curr
Long-Term Debt Schedule of Current Value of Long-term Debt (Details) - USD ($) shares in Thousands, $ in Thousands | Apr. 03, 2020 | Jul. 15, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 250,000 | ||||||||||
Proceeds from Lines of Credit | $ 225,500 | ||||||||||
Stock Repurchased During Period, Shares | 0 | 0 | |||||||||
Repayments of Lines of Credit | $ 125,500 | $ 100,000 | |||||||||
Long-term Debt, Current Maturities | $ 0 | (250,301) | |||||||||
Long-term debt, net | 1,972,733 | 1,971,451 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 250,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 1,750,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from Lines of Credit | $ 250,000 | $ 250,000 | |||||||||
3.95% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||||||||||
5.45% Junior Subordinated Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | ||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 1,972,733 | 2,221,752 | |||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,712 | ||||||||||
Unamortized Debt Issuance Expense | (29,979) | ||||||||||
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 | 248,976 | 248,738 | |||||||||
Debt Instrument, Unamortized Discount | (195) | $ (458) | |||||||||
Unamortized Debt Issuance Expense | (829) | ||||||||||
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 | 447,875 | 447,521 | |||||||||
Debt Instrument, Unamortized Premium | 0 | $ (207) | |||||||||
Unamortized Debt Issuance Expense | (2,125) | ||||||||||
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 | 548,099 | 548,020 | |||||||||
Debt Instrument, Unamortized Premium | 2,907 | ||||||||||
Debt Instrument, Unamortized Discount | (6,260) | ||||||||||
Unamortized Debt Issuance Expense | (14,882) | ||||||||||
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 | 242,665 | 242,461 | |||||||||
Debt Instrument, Unamortized Premium | 0 | ||||||||||
Unamortized Debt Issuance Expense | (4,808) | ||||||||||
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 | 485,118 | $ 484,711 | |||||||||
Debt Instrument, Unamortized Premium | 0 | ||||||||||
Unamortized Debt Issuance Expense | $ (7,335) | ||||||||||
Long-term Debt, Gross | $ 500,000 | ||||||||||
4.75% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.45% | ||||||||||
6.375% Junior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | ||||||||||
5.625% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Premium | $ (9,779) | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||||||||||
Debt Instrument, Face Amount | $ 150,000 | $ 400,000 | |||||||||
3.95% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||||||
2.7% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 250,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||||||
Line of Credit Facility Additional Borrowing Capacity | 500,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 500,000 | ||||||||||
Franklin Templeton [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||||||||
Net Debt to EBITDA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Description | 1.9 to 1 | ||||||||||
EBITDA to Interest Expense [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Description | 6.1 to 1 | ||||||||||
Maximum [Member] | Net Debt to EBITDA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Description | 3.0 to 1 | ||||||||||
Minimum [Member] | EBITDA to Interest Expense [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Description | 4.0 to 1 | ||||||||||
Shanda Asset Management [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stock Repurchased During Period, Shares | 5,568 | ||||||||||
Current Portion of Long-Term Debt [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized Debt Issuance Expense | $ 0 | ||||||||||
Long-term Debt [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,712 | ||||||||||
Long-term Debt, Gross | $ 2,000,000 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Federal Income Tax Expense (Benefit), Continuing Operations | $ 65,455 | $ 24,640 | $ (106,621) |
Foreign Income Tax Expense (Benefit), Continuing Operations | 19,827 | (11,343) | (16,015) |
State and Local Income Tax Expense (Benefit), Continuing Operations | 20,766 | 7,264 | 20,126 |
Income Tax Expense (Benefit) | 106,048 | 20,561 | (102,510) |
Current Income Tax Expense (Benefit) | 8,997 | 26,716 | 38,983 |
Deferred Income Tax Expense (Benefit) | 97,051 | (6,155) | (141,493) |
Consolidated Legg Mason, Inc. | |||
Condensed Income Statements, Captions [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 324,254 | 60,001 | 287,229 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 86,280 | (31,506) | (53,389) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 410,534 | 28,495 | 233,840 |
Income Tax Expense (Benefit) | $ 106,048 | $ 20,561 | $ (102,510) |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 31.50% | ||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 8.20% | 8.90% | 7.80% | ||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Benefits | (3.40%) | 49.70% | 1.70% | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (1.70%) | (37.10%) | 1.70% | ||||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | (2.30%) | (28.10%) | (6.80%) | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 1.70% | 23.00% | (1.30%) | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 3.00% | 33.40% | 10.50% | ||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.70%) | (6.90%) | 0.90% | ||||
Effective Income Tax Rate Reconciliation, Percent | 25.80% | 72.20% | (43.80%) | ||||
Tax Benefit, Impairment of Intangible Assets, Indefinite Lived (Excluding Goodwill) | $ 8,711 | $ 33,150 | |||||
UNITED STATES | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | 8.30% | (90.10%) | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 9.00% | ||||||
Foreign Tax Authority [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | 0.00% | 0.30% | ||||
Federal State and Local [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 9.70% | ||||||
Domestic Tax Authority [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 2,164 | $ 220,935 | $ 7,260 | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 220,935 | ||||||
RARE Infrastructure, Ltd [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Tax Benefit, Impairment of Intangible Assets, Indefinite Lived (Excluding Goodwill) | $ 21,720 | ||||||
Minimum [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | ||||||
Maximum [Member] | |||||||
Reconciliation of Tax Rate [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 35.00% |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $ 178,571 | $ 182,734 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 32,900 | 23,480 | |
Deferred Tax Assets, Operating Loss Carryforwards | 321,022 | 325,282 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 266,671 | 266,128 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | 2,421 | 6,798 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 11,632 | 12,926 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 5,253 | 8,694 | |
Deferred tax asset, tax deferred expense, lease liability | 67,648 | 9,785 | |
Deferred Tax Assets, Other | 9,294 | 1,954 | |
Deferred Tax Assets, Gross | 929,364 | 867,957 | |
Deferred Tax Assets, Valuation Allowance | (137,155) | (134,209) | |
Deferred Tax Assets, Net of Valuation Allowance | 792,209 | 733,748 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 714,693 | 636,230 | |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | (1,042) | (2,007) | |
Deferred tax liability, ROU asset adjustment | 54,618 | 0 | |
Deferred Tax Liabilities, Other | 27,001 | 19,214 | |
Deferred Tax Liabilities, Gross | 795,270 | 657,451 | |
Deferred Tax Assets, Net | 76,297 | ||
Deferred Tax Liabilities, Net | (3,061) | ||
U.S. Earnings | 3,213,000 | ||
Foreign Earnings | 349,000 | ||
Deferred Tax Assets, Tax Deferred Expense, Other | 33,952 | 30,176 | |
EnTrust Global [Member] | |||
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Other | 54,112 | 53,764 | |
UNITED STATES | |||
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Gross | 627,411 | ||
State and Local Jurisdiction [Member] | |||
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Gross | 238,337 | ||
Deferred Tax Assets, Valuation Allowance | (91,653) | ||
Tax Credit Carryforward, Name [Domain] | |||
Deferred Income Taxes [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,400,000 | ||
SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | |||
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | (91,653) | (93,185) | |
SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward [Member] | UNITED KINGDOM | |||
Deferred Income Taxes [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 3,750 | ||
SEC Schedule, 12-09, Valuation Allowance, Other Tax Carryforward [Member] | |||
Deferred Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ (30,203) | $ (25,405) | |
Consolidated Legg Mason, Inc. | RETAINED EARNINGS | |||
Deferred Income Taxes [Line Items] | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 24,327 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Valuation Allowance for Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Other | $ 9,294 | $ 1,954 | |
Deferred Income Tax Expense (Benefit) | 97,051 | (6,155) | $ (141,493) |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 36,639 | 38,402 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 266,671 | 266,128 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 260,804 | 263,870 | |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 528 | 444 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 23,579 | 23,009 | |
Deferred Tax Assets, Other Tax Carryforwards | 588,221 | 591,853 | |
Deferred Tax Assets, Valuation Allowance | 137,155 | 134,209 | |
Capital Loss Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 106,952 | 108,804 | |
SEC Schedule, 12-09, Valuation Allowance, Other Tax Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 30,203 | 25,405 | |
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 2,155 | 2,027 | |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 10,744 | 11,792 | |
Foreign Tax Authority [Member] | SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 2,400 | 1,800 | |
State and Local Jurisdiction [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 91,653 | ||
State and Local Jurisdiction [Member] | SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 91,653 | 93,185 | |
EnTrust Global [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Other | $ 54,112 | $ 53,764 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Scenario [Line Items] | ||||
Unrecognized Tax Benefits | $ 55,465 | $ 78,776 | $ 62,728 | $ 70,787 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 49,595 | 67,923 | 52,772 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 13,782 | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 970 | 4,549 | 7,325 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,719 | 15,070 | 5,011 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (1,149) | (100) | (4,438) | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (15,530) | (2,874) | (15,957) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (9,321) | $ (597) | 0 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 20,856 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1,930 | $ 1,937 |
Income Taxes Repatriation (Deta
Income Taxes Repatriation (Details) - USD ($) $ in Thousands | Apr. 03, 2020 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2018 | Mar. 31, 2020 |
Repatriation [Line Items] | |||||
Proceeds from Lines of Credit | $ 225,500 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 250,000 | ||||
Forecast [Member] | |||||
Repatriation [Line Items] | |||||
Foreign Earnings Repatriated | $ 13,000 | ||||
Geographic Distribution, Domestic [Member] | |||||
Repatriation [Line Items] | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 288,694 | ||||
Subsequent Event [Member] | |||||
Repatriation [Line Items] | |||||
Proceeds from Lines of Credit | $ 250,000 | $ 250,000 |
Leases Summary Lease Detail (De
Leases Summary Lease Detail (Details) number in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Schedule of Leased Assets [Line Items] | |||
Square Footage Leased | 1,500 | ||
Lessee, Operating Lease, Term of Contract | 18 years | ||
Lessee, Operating Lease, Option to Extend, Period | 15 years | ||
Lessee, Option to Terminate, Period | 7 years | ||
Lease reserve liability, vacated space | $ 24,063 | ||
Operating Lease, Right-of-Use Asset | $ 71,257 |
Leases Schedule of Balance Shee
Leases Schedule of Balance Sheet Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (517,406) | $ (492,118) |
Operating Lease, Right-of-Use Asset | 290,167 | |
Operating Lease, Liability | 355,483 | |
Finance Lease, Right-of-Use Asset, Gross | 2,011 | |
Finance Lease, Right-of-Use Asset | 1,175 | |
Finance Lease, Liability | 1,068 | |
Right-of-Use Asset [Member] | ||
Schedule of Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (836) |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment | |||
Operating Lease, Expense | $ 88,990 | $ 84,963 | |
Operating lease cost | $ 88,020 | ||
Finance Lease, Right-of-Use Asset, Amortization | 988 | ||
Finance Lease, Interest Expense | 45 | ||
Finance Lease Cost, Total | 1,033 | ||
Short-term Lease, Cost | 6,147 | ||
Variable Lease, Cost | 23,458 | ||
Sublease Income | (24,877) | (21,435) | (23,316) |
Lease, Cost | 93,781 | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment | |||
Amortization | $ 16,841 | $ 16,306 | $ 15,796 |
Leases Lessee Lease Liability P
Leases Lessee Lease Liability Payments Due (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Leases [Abstract] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 89,704 | $ 90,667 |
Operating Leases, Future Minimum Payments, Due in Two Years | 88,452 | 86,095 |
Operating Leases, Future Minimum Payments, Due in Three Years | 86,706 | 84,485 |
Operating Leases, Future Minimum Payments, Due in Four Years | 72,626 | 83,425 |
Operating Leases, Future Minimum Payments, Due in Five Years | 28,991 | 72,192 |
Operating Leases, Future Minimum Payments, Due Thereafter | 23,396 | 47,240 |
Lessee, Operating Lease, Liability, Payments, Due | 389,875 | |
Operating Leases, Future Minimum Payments Due | 464,104 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (34,392) | |
Operating Lease, Liability | 355,483 | |
Finance Lease, Liability, Payments, Next Twelve Months | 685 | |
Finance Lease, Liability, Payments, Due Year Two | 262 | |
Finance Lease, Liability, Payments, Due Year Three | 125 | |
Finance Lease, Liability, Payments, Due Year Four | 32 | |
Finance Lease, Liability, Payments, Due Year Five | 4 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | |
Finance Lease, Liability, Payment, Due | 1,108 | |
Finance Lease, Liability, Undiscounted Excess Amount | (40) | |
Finance Lease, Liability | 1,068 | |
Lease Liability Payments, Next Twelve Months | 90,389 | |
Lease Liability Payments Due Year Two | 88,714 | |
Lease Liability Payments Due Year Three | 86,831 | |
Lease Liability Payments Due Year Four | 72,658 | |
Lease Liability Payments Due Year Five | 28,995 | |
Lease Liability Payments Due After Year Five | 23,396 | |
Lease Liability Payment Due | 390,983 | |
Lease Liability Undiscounted Excess Amount | (34,432) | |
Operating and Finance Lease, Liability | $ 356,551 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 97,816 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Mar. 31, 2020 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.20% |
Leases Schedule of Supplemental
Leases Schedule of Supplemental Information Related to Operating and Finance Leases (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 91,602 |
Finance Lease, Principal Payments | $ 932 |
Leases ROU Impairment (Details)
Leases ROU Impairment (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Asset Impairment Charges | $ 4,328 |
Operating Lease, Impairment Loss | 4,328 |
Accelerated Depreciation, Other | $ 1,603 |
Commitments and Contingencies I
Commitments and Contingencies Information Regarding Other Commitments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | |
Other Commitments [Line Items] | |||
Litigation Settlement, Expense | $ 4,800 | $ 67,500 | |
Investment In Limited Partnerships [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 31,329 | $ 16,372 | |
Clarion Partners [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 100,000 | ||
Permal [Member] | |||
Other Commitments [Line Items] | |||
Litigation Settlement, Expense | 4,151 | 67,000 | |
QS Investors [Domain] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 4,869 | ||
PK Investment Management [Domain] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 3,242 |
Commitments and Contingencies F
Commitments and Contingencies Future Commitments For Service Contracts (Details 1) - Service Agreements [Member] $ in Thousands | Mar. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Other Commitment | $ 87,209 |
Other Commitment, Due in Next Twelve Months | 45,297 |
Other Commitment, Due in Second Year | 21,737 |
Other Commitment, Due through fiscal 2028 | $ 20,175 |
Commitments and Contingencies C
Commitments and Contingencies Commitments Related to Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2017 | |
Other Commitments [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | $ 714,414 | $ 692,376 | $ 677,772 |
Noncontrolling Interest [Member] | |||
Other Commitments [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 525,422 | $ 540,595 | $ 591,254 |
Management Equity Plan [Member] | |||
Other Commitments [Line Items] | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 84,695 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies related to Acquisitions (Details) € in Thousands, $ in Thousands | Feb. 17, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2020USD ($) | Apr. 10, 2019EUR (€) | Apr. 10, 2019USD ($) | Mar. 31, 2019USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | |||||||
Merger Agreement, termination fees | $ 115,000 | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 3,308 | $ 1,415 | |||||
Merger Agreement, severance and retention payments | $ 200,000 | ||||||
Gramercy [Member] | |||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € 3,315 | $ 3,646 | € 3,315 | $ 3,735 |
Employee Benefits Text (Details
Employee Benefits Text (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Interest Cost | $ 2,331,000 | $ 2,426,000 | $ 2,763,000 |
Defined Benefit Plan, Plan Assets, Amount | $ 68,576,000 | 68,830,000 | 67,529,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 38,122,000 | 39,191,000 | 38,278,000 |
Defined Benefit Plan, Benefit Obligation | 81,019,000 | 102,165,000 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (17,082,000) | 7,989,000 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (2,105,000) | (3,078,000) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (4,290,000) | (7,641,000) | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 2,147,000 | 6,384,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,044,000 | 3,144,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (2,105,000) | (3,078,000) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (3,340,000) | (5,149,000) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3,164,000) | (3,160,000) | (3,152,000) |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 2,532 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 15,813 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 542,000 | 260,000 | |
Martin Currie [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 791,000 | 17,807,000 | |
Defined Benefit Plan, Plan Assets, Amount | 68,576,000 | 68,830,000 | |
Defined Benefit Plan, Benefit Obligation | 81,019,000 | 102,165,000 | 102,469,000 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (12,443,000) | (33,335,000) | |
Defined Benefit Plan, Interest Cost | 833,000 | 734,000 | $ 389,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,906 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 2,085 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 2,129 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 2,576 | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 34,210,000 | $ 41,189,000 | |
Equity [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 64.00% | |
Bonds [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | ||
Bonds [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 49.00% | 36.00% | |
Liquidity AUM [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1.00% | ||
Equity Funds [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
United States of America, Dollars | Martin Currie [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year One Through Five | $ 2,876,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Final Payment | 1,811,000 | ||
United Kingdom, Pounds | Martin Currie [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year One Through Five | 2,320,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Final Payment | $ 1,461,000 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2015 | |
Class of Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 87,782,000 | 85,557,000 | 84,606,000 | 95,727,000 | |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1,256,000 | 198,000 | 472,000 | ||
Stock Issued During Period, Shares, Employee Benefit Plan | 14,000 | 11,000 | 11,000 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,410,000 | 1,137,000 | 948,000 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (455,000) | (395,000) | (348,000) | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 15,448 | $ 15,575 | $ 13,233 | ||
Stock Repurchased and Retired During Period, Value | $ 253,649 | ||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | 12,204,000 | ||||
Stock Repurchased During Period, Value | $ 225,490 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | $ 169,019 | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.60 | $ 1.36 | $ 1.12 | ||
Dividends Payable | $ 34,930 | $ 29,058 | $ 23,623 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||
Preferred Stock, Shares Authorized | 4,000,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,634,000 | 7,872,000 | |||
Open Market Purchases [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 6,636,000 | ||||
Shanda Asset Management [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 5,568,000 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | $ 56,471 |
Stock Based Compensation Summar
Stock Based Compensation Summary (Details) shares in Thousands | 12 Months Ended |
Mar. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 4,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,331 |
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 | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Payment Arrangement, Expense | $ 67,301 | $ 65,884 | $ 70,875 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Payment Arrangement, Expense | 52,322 | 49,282 | 54,348 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Payment Arrangement, Expense | 2,853 | 4,537 | 7,478 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 474 | 611 | 662 |
Rabbi trust [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Payment Arrangement, Expense | 33 | 32 | 28 |
Subsidiaries [Member] | Management Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,694 | 1,025 | 1,275 |
Director [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Payment Arrangement, Expense | 1,000 | 5,332 | 3,103 |
Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 8,925 | $ 5,065 | $ 3,981 |
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 | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Income Tax Expense (Benefit) | $ 106,048 | $ 20,561 | $ (102,510) | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Income Tax Expense (Benefit) | $ 13,553 | $ 12,767 | $ 20,972 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,760 | 3,045 | 3,299 | 3,321 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.43 | $ 37.76 | $ 38.09 | $ 38.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,206 | 1,190 | 1,460 | ||
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 | $ 38.93 | $ 37.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,412) | (1,291) | (1,410) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 38.51 | $ 39.72 | $ 39.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (79) | (153) | (72) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.67 | $ 37.52 | $ 38.10 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 50,757 | ||||
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) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 42,630 | $ 39,120 | $ 37,640 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 402,000 | 882,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 39.05 | $ 38.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 440,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 616,000 | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 17,283,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 2,115,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 17,476 | $ 1,084 | $ 4,647 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,518,000 | |||
Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,518,000 | 4,115,000 | 4,437,000 | 4,593,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.41 | $ 38.15 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 37.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,497,000) | (201,000) | (490,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 34,560 | $ 31,150 | $ 30.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (100,000) | (121,000) | (106,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46,790 | $ 42,310 | $ 47.42 | |
Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 49.29 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,344,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,570,000 | |||
Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 31.40 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 733,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 910,000 | |||
Range of exercise price, 14.81 - 25.00 [Member] [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 23.72 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 38,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 38,000 | |||
Weighted Average [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Weighted Average [Member] | Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 months 24 days |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options Excercisable (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 402,000 | 882,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 34.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 478,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 41.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 2,000 | |||
Income Tax Expense (Benefit) | $ 106,048 | $ 20,561 | $ (102,510) | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 42,630 | $ 39,120 | $ 37,640 | |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 3,289 | $ 198 | $ 1,408 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 616,000 | |||
Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 2,115,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,518,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 17,476 | $ 1,084 | $ 4,647 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,115,000 | 3,233,000 | 2,867,000 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 17,283,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 22,864 | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 685 | $ 1,170 | $ 2,715 | |
Equity Option [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.78 | $ 8.41 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 201,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 34.97 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,518,000 | 4,115,000 | 4,437,000 | 4,593,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46,790 | $ 42,310 | $ 47.42 | |
Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,570,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 47.65 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,344,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 49.29 | |||
Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 910,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 31.38 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 733,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 31.40 | |||
Range of exercise price, 14.81 - 25.00 [Member] [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 38,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 23.72 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 38,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 23.72 | |||
Weighted Average [Member] | Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 1 month 17 days | |||
Weighted Average [Member] | Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 6 months 18 days | |||
Weighted Average [Member] | Range of exercise price, 14.81 - 25.00 [Member] [Member] | Employee Stock [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 month 17 days |
Stock-Based Compensation Inform
Stock-Based Compensation Information regarding unvested and exercised stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (2,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 34.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | (478,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 41.99 | ||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 3,289 | $ 198 | $ 1,408 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 402,000 | 882,000 | |
Proceeds from Stock Options Exercised | $ 43,386 | $ 6,114 | $ 14,072 |
Equity Option [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, Weighted Average Grant Date Fair Value | $ 38.78 | $ 8.41 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 34.97 |
Stock-Based Compensation Fair V
Stock-Based Compensation Fair Value of Options, Excluding CEO Options (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.78 | $ 39.05 | ||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 2,115,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.71% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.92% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.91% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 1 month 2 days | |||
Equity Option [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, Weighted Average Grant Date Fair Value | $ 8.41 | $ 38.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.41 | $ 38.15 | ||
Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,344,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,570,000 | |||
Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 733,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 910,000 | |||
Range of exercise price, 14.81 - 25.00 [Member] [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 38,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 38,000 | |||
Weighted Average [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Weighted Average [Member] | Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 months 24 days |
Stock-Based Compensation Manage
Stock-Based Compensation Management Equity Plans (Details 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Jun. 30, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 4,500 | ||||||
Phantom Share Units (PSUs) [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.92 | $ 29.68 | $ 37.63 | ||||
Management Equity Plan [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 | $ 84,695 | ||||||
Management Equity Plan [Member] | 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 | $ 14,300 | $ 15,200 | |||||
Management Equity Plan [Member] | Royce [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Profits interests equity plan participation percentage | 24.50% | 5.50% | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 2,400 | ||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 10,800 | ||||||
Management Equity Plan [Member] | 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, Fair Value of Shares Issued | $ 59,595 | $ 16,000 | |||||
Defined Benefit Plan, Equity Securities [Member] | Clarion Partners [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Profits interests equity plan participation percentage | 20.00% | ||||||
ClearBridge Investments [Member] | Management Equity Plan [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 3,103 | $ 1,694 | 2,932 | ||||
Subsidiaries [Member] | Management Equity Plan [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,694 | $ 1,025 | $ 1,275 | ||||
ClearBridge Management Equity Plan [Member] | ClearBridge Investments [Member] | Management Equity Plan [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) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 34.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 402,000 | 882,000 | ||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 523,000 | 494,000 | 460,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 625,000 | |||
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 | 168,000 | 163,000 | 111,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 6,334 | $ 5,820 | $ 3,503 | |
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 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 104,000 | 141,000 | 128,000 | |
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, Grants in Period | 1,206,000 | 1,190,000 | 1,460,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,760,000 | 3,045,000 | 3,299,000 | 3,321,000 |
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 | $ 38.93 | $ 37.68 | |
Restricted Stock [Member] | 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 | 34,000 | 99,000 | 80,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 7,000 | 15,000 | 12,000 | |
Common Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 20,000 | 15,000 | 19,000 | |
Weighted Average [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Weighted Average [Member] | Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 months 24 days | |||
Minimum [Member] | 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, Weighted Average Grant Date Fair Value | $ 21.63 | $ 18.08 | ||
Maximum [Member] | 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, Weighted Average Grant Date Fair Value | $ 45.63 | $ 44.46 | ||
Consolidated Legg Mason, Inc. | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Employee Stock Ownership Plan, contribution | 15.00% |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Share Grants (Details 7) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 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 | 111 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 6,334 | $ 5,820 | $ 3,503 | ||
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% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.11% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.96% | ||||
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 | |||
Equity Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 201 | ||||
Phantom Share Units (PSUs) [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 | $ 34.92 | $ 29.68 | $ 37.63 | ||
Rabbi trust [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 19 | 20 | 14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 427 | 456 | 462 | ||
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 | ||||
Key Employees [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 | 182 | 117 | 46 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 3,528 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.49% | 2.96% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.71% | 1.47% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.14% | 27.73% | |||
Valuation Technique, Option Pricing Model [Member] | 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, Weighted Average Grant Date Fair Value | $ 31.42 |
Revenue Revenue by Asset Class
Revenue Revenue by Asset Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | $ 2,922,125 | $ 2,903,259 | $ 3,140,322 |
Equity AUM [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | 1,160,799 | 1,213,480 | 1,288,655 |
Fixed Income AUM [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | 1,166,134 | 1,138,763 | 1,181,853 |
Alternative AUM [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | 502,762 | 463,883 | 568,140 |
Liquidity AUM [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | $ 92,430 | $ 87,133 | $ 101,674 |
Revenue Revenue by Geographic L
Revenue Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | $ 2,922,125 | $ 2,903,259 | $ 3,140,322 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | 2,325,306 | 2,255,989 | 2,381,155 |
UNITED KINGDOM | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | 134,126 | 140,145 | 206,813 |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total Operating Revenues | $ 462,693 | $ 507,125 | $ 552,354 |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Capitalized Contract Cost, Net, Current | $ 8,954 | $ 8,126 |
Capitalized Contract Cost, Net, Noncurrent | 11,396 | 10,147 |
Capitalized Contract Cost, Amortization | $ 9,557 | $ 9,228 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.60 | $ 1.36 | $ 1.12 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 374 | 355 | 6,050 | |
Consolidated Legg Mason, Inc. | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 86,831 | 85,423 | 90,734 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 330 | 0 | 460 |
Weighted Average Number of Shares Outstanding, Diluted | 87,337 | 85,423 | 91,194 | |
Net Income Attributable to Legg Mason, Inc. | $ 251,367 | $ (28,508) | $ 285,075 | |
Basic (in dollars per share) | $ 2.80 | $ (0.38) | $ 3.03 | |
Earnings Per Share, Diluted | $ 2.79 | $ (0.38) | $ 3.01 | |
Clarion Partners [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 176 | |||
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. | $ 251,367 | $ (28,508) | $ 285,075 | |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 8,095 | 4,225 | 10,128 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 243,272 | $ (32,733) | $ 274,947 | |
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 | 2,884 | 3,092 | 3,327 |
Earnings Per Share Information
Earnings Per Share Information about Dilutive and Anti-Dilute Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 455 | 395 | 348 |
Stock Repurchased and Retired During Period, Shares | 12,204 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 374 | 355 | 6,050 |
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 | 1,613 | 1,952 | |
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 | 106 | ||
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 | 2,884 | 3,092 | 3,327 |
Shanda Asset Management [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock Repurchased and Retired During Period, Shares | 5,568 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustment | $ (194,515) | $ (113,429) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | (791) | (17,807) |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ (195,306) | $ (131,236) |
Noncontrolling Interests Income
Noncontrolling Interests Income Attributable to NCI Reconciliation Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Noncontrolling Interest [Line Items] | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 47,228 | $ 28,029 | $ 42,872 |
Net Income (Loss) Attributable to Noncontrolling Interest | 53,119 | 36,442 | 51,275 |
Royce [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 5,891 | $ 8,413 | $ 8,403 |
Noncontrolling Interests Roll_2
Noncontrolling Interests Rollforward (Details) - USD ($) $ in Thousands | Jul. 02, 2018 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | $ 692,376 | $ 692,376 | $ 677,772 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 47,228 | $ 28,029 | 42,872 | ||
Noncontrolling Interest, Increase from Business Combination | 11,715 | 57,228 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (1,325) | 7,430 | ||
Noncontrolling Interest, Change in Redemption Value | (25,708) | (12,345) | 732,295 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (281) | (4,738) | 381 | ||
RE Reclassified for MEP Amortization | 28,751 | 18,015 | |||
Noncontrolling Interest, Period Increase (Decrease) | 454 | (22,193) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 714,414 | 692,376 | |||
CIVs and Other | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 103,630 | 103,630 | 125,047 | 58,470 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 12,906 | 776 | 6,656 | ||
Noncontrolling Interest, Increase from Business Combination | 59,921 | ||||
Proceeds from (Payments to) Noncontrolling Interests | 0 | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (22,193) | ||||
Noncontrolling Interest, Period Increase (Decrease) | 604 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 117,140 | 103,630 | 125,047 | ||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 540,595 | 540,595 | 573,950 | 591,254 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 34,322 | 27,253 | 36,216 | ||
Noncontrolling Interest, Increase from Business Combination | 11,715 | (2,693) | |||
Proceeds from (Payments to) Noncontrolling Interests | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | 1,837 | 2,180 | ||
Noncontrolling Interest, Change in Redemption Value | (25,708) | (12,345) | 573,950 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (1,071) | (4,738) | 381 | ||
RE Reclassified for MEP Amortization | 4,900 | 1,837 | |||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 525,422 | 540,595 | 573,950 | ||
Management Equity Plan [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 48,151 | 48,151 | 33,298 | 28,048 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | 0 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (1,325) | ||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | 5,250 | ||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | ||||
RE Reclassified for MEP Amortization | 23,851 | 16,178 | |||
Noncontrolling Interest, Period Increase (Decrease) | (150) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 71,852 | 48,151 | 33,298 | ||
EnTrustPermal [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 380,684 | 380,684 | 386,884 | 404,852 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 14,636 | 9,735 | 19,709 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 379,090 | 380,684 | 386,884 | ||
Clarion Partners [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 4,900 | 1,837 | 2,180 | ||
Clarion Partners [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 123,502 | 123,502 | 117,272 | 113,173 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 19,518 | 16,127 | 13,172 | ||
Proceeds from (Payments to) Noncontrolling Interests | (14,310) | (11,734) | (11,253) | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 133,610 | 123,502 | 117,272 | ||
RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 35,181 | 35,181 | 68,285 | 68,747 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 106 | 1,660 | 3,474 | ||
Proceeds from (Payments to) Noncontrolling Interests | 0 | (2,134) | (4,317) | ||
Noncontrolling Interest, Change in Redemption Value | $ 12,345 | 525,422 | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (790) | (4,738) | 381 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 0 | 35,181 | 68,285 | ||
Other Affiliates [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 1,228 | 1,228 | 1,509 | 4,482 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 62 | (269) | (139) | ||
Noncontrolling Interest, Increase from Business Combination | (2,693) | ||||
Proceeds from (Payments to) Noncontrolling Interests | (2) | (12) | (141) | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 12,722 | 1,228 | 1,509 | ||
EnTrust Global [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Proceeds from (Payments to) Noncontrolling Interests | (16,230) | (15,935) | (37,677) | ||
Royce [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 2,400 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 5,891 | 8,413 | 8,403 | ||
RARE Management Team [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | |||
Noncontrolling Interest, Change in Redemption Value | (25,708) | (12,345) | |||
Management Equity Plan [Member] | Royce [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period | $ 29,784 | 29,784 | 27,731 | 27,798 | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (6,633) | (8,760) | (8,470) | ||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 5,891 | 8,413 | 8,403 | ||
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period | $ 29,042 | $ 29,784 | $ 27,731 |
Noncontrolling Interests Noncon
Noncontrolling Interests Noncontrolling Interest Rollforward, By Affiliate (Details) - USD ($) $ in Thousands | May 10, 2019 | Jul. 02, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | $ 692,376 | $ 677,772 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 47,228 | $ 28,029 | 42,872 | ||
Noncontrolling Interest, Increase from Business Combination | 11,715 | 57,228 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (1,325) | 7,430 | ||
Noncontrolling Interest, Change in Redemption Value | (25,708) | (12,345) | 732,295 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (281) | (4,738) | 381 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 714,414 | 692,376 | |||
RE Reclassified for MEP Amortization | 28,751 | 18,015 | |||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 540,595 | 573,950 | 591,254 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 34,322 | 27,253 | 36,216 | ||
Noncontrolling Interest, Increase from Business Combination | 11,715 | (2,693) | |||
Proceeds from (Payments to) Noncontrolling Interests | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | 1,837 | 2,180 | ||
Noncontrolling Interest, Change in Redemption Value | (25,708) | (12,345) | 573,950 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (30,542) | (29,815) | (53,388) | ||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (1,071) | (4,738) | 381 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 525,422 | 540,595 | 573,950 | ||
RE Reclassified for MEP Amortization | 4,900 | 1,837 | |||
Other Affiliates [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 1,228 | 1,509 | 4,482 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 62 | (269) | (139) | ||
Noncontrolling Interest, Increase from Business Combination | (2,693) | ||||
Proceeds from (Payments to) Noncontrolling Interests | (2) | (12) | (141) | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 12,722 | 1,228 | 1,509 | ||
EnTrustPermal [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 380,684 | 386,884 | 404,852 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 14,636 | 9,735 | 19,709 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 379,090 | 380,684 | 386,884 | ||
Clarion Partners [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 4,900 | 1,837 | 2,180 | ||
Clarion Partners [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period | 123,502 | 117,272 | 113,173 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 19,518 | 16,127 | 13,172 | ||
Proceeds from (Payments to) Noncontrolling Interests | (14,310) | (11,734) | (11,253) | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 133,610 | 123,502 | 117,272 | ||
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 | 68,747 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 106 | 1,660 | 3,474 | ||
Proceeds from (Payments to) Noncontrolling Interests | 0 | (2,134) | (4,317) | ||
Noncontrolling Interest, Change in Redemption Value | $ 12,345 | 525,422 | |||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | (790) | (4,738) | 381 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period | 0 | 35,181 | $ 68,285 | ||
RARE Management Team [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (8,789) | (15,547) | |||
Noncontrolling Interest, Change in Redemption Value | (25,708) | $ (12,345) | |||
RARE Infrastructure, Ltd [Member] | RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Change in Redemption Value | $ (25,708) | ||||
EnTrustPermal [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | ||||
Clarion Partners [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 18.00% |
Noncontrolling Interests RARE N
Noncontrolling Interests RARE Noncontrolling Interest Purchase (Details) - USD ($) $ in Thousands | May 10, 2019 | Jul. 02, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ 34,497 | $ 27,892 | |||
Noncontrolling Interest, Change in Redemption Value | $ 25,708 | $ 12,345 | $ (732,295) | ||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Change in Redemption Value | 25,708 | $ 12,345 | $ (573,950) | ||
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) | $ (525,422) | |||
RARE Management Team [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | ||||
TRG [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | ||||
RARE Infrastructure, Ltd [Member] | RARE Infrastructure, Ltd [Member] | Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Change in Redemption Value | $ 25,708 |
Derivatives and Hedging Derivat
Derivatives and Hedging Derivative Instruments and Hedging Activities Disclosure (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Other Assets [Member] | |||
Derivative | |||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | $ 4,716,000 | $ 4,183,000 | |
Other Liabilities [Member] | |||
Derivative | |||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | $ 13,872,000 | 7,579,000 | |
Foreign Exchange Forward [Member] | |||
Derivative | |||
Derivative, Average Remaining Maturity | 6 months | ||
Derivative, Notional Amount | $ 323,031,000 | ||
Future [Member] | |||
Derivative | |||
Derivative, Average Remaining Maturity | 3 months | ||
Derivative, Notional Amount | $ 74,988,000 | ||
Total Return Swap [Member] | |||
Derivative | |||
Derivative, Average Remaining Maturity | 6 months | ||
Derivative, Notional Amount | $ 14,164,000 | ||
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 | $ 6,128,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | (11,482,000) | (7,465,000) | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 7,080,000 | 6,493 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 1,932,000 | 2,060 | |
Derivative Asset, Fair Value, Gross Asset | 4,493,000 | 3,997 | |
Derivative Asset, Fair Value, Gross Liability | (1,709,000) | (1,874) | |
Derivative Liability, Fair Value, Gross Asset | 4,368,000 | 2,094,000 | |
Derivative Liability | (7,114,000) | (5,371,000) | |
Derivative Liability, Not Subject to Master Netting Arrangement | (6,758,000) | (2,208,000) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 12,205,000 | 8,744,000 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | (11,482,000) | (7,465,000) | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,784,000 | 2,123 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 4,493,000 | 3,997 | |
Derivative Asset, Fair Value, Gross Liability | (1,709,000) | (1,874) | |
Derivative Liability, Fair Value, Gross Asset | 4,368,000 | 2,094,000 | |
Derivative Liability | (7,114,000) | (5,371,000) | |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 4,296,000 | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 1,932,000 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Derivative Liability | 0 | ||
Derivative Liability, Not Subject to Master Netting Arrangement | (3,563,000) | (2,208,000) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8,080,000 | 8,744,000 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | |||
Derivative | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 288,000 | 4,370 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 130,000 | 2,060 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Not Designated as Hedging Instrument [Member] | Futures Related to Total Return Swap [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 930,000 | ||
Derivative Asset, Not Subject to Master Netting Arrangement | (3,195,000) | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Derivative Liability, Not Subject to Master Netting Arrangement | (410,000) | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,104,000 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Investments [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 4,008,000 | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 1,802,000 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability | $ 0 | 0 | |
Derivative Liability, Not Subject to Master Netting Arrangement | (1,798,000) | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 7,640,000 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Derivative | |||
Derivative Asset, Fair Value, Gross Asset | $ 4,493,000 | $ 3,997 | |
Derivative Asset, Fair Value, Gross Liability | (1,709,000) | (1,874) | |
Derivative Asset | 2,784,000 | 2,123 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 1,932,000 | 2,060 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,364,000 | 2,310 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 7,080,000 | 6,493 | |
Foreign Exchange Forward [Member] | |||
Derivative | |||
Derivative Asset, Fair Value, Gross Asset | 4,493,000 | 3,997 | |
Derivative Asset, Fair Value, Gross Liability | (1,709,000) | (1,874) | |
Derivative Asset | 2,784,000 | 2,123 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,784,000 | 2,123 | |
Future [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 | 1,932,000 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,364,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,296,000 | ||
Total Return Swap [Member] | |||
Derivative | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 130,000 | 2,060 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 158,000 | 2,310 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 288,000 | $ 4,370 | |
Investments [Member] | Future [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 | $ 1,802,000 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,206,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 4,008,000 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | $ (11,482,000) | $ (7,465,000) | |
Derivative Liability, Fair Value, Gross Asset | 4,368,000 | 2,094,000 | |
Derivative Liability | (7,114,000) | (5,371,000) | |
Derivative Liability, Not Subject to Master Netting Arrangement | (6,758,000) | (2,208,000) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 12,205,000 | 8,744,000 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (1,667,000) | 1,165,000 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 1,932,000 | 2,060 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,364,000 | 2,310 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 7,080,000 | 6,493 | |
Foreign Exchange Forward [Member] | |||
Derivative | |||
Derivative Liability, Fair Value, Gross Liability | (11,482,000) | (7,465,000) | |
Derivative Liability, Fair Value, Gross Asset | 4,368,000 | 2,094,000 | |
Derivative Liability | (7,114,000) | (5,371,000) | |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (7,114,000) | (5,371,000) | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,784,000 | 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 | (3,563,000) | (2,208,000) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8,080,000 | 8,744,000 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,517,000 | 6,536,000 | |
Derivative Asset, Not Subject to Master Netting Arrangement | $ 1,932,000 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,364,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,296,000 | ||
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 | (410,000) | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,104,000 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 394,000 | 694,000 | |
Derivative Asset, Not Subject to Master Netting Arrangement | (3,195,000) | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 4,125,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 930,000 | ||
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 | (1,798,000) | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 7,640,000 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,123,000 | $ 5,842,000 | |
Derivative Asset, Not Subject to Master Netting Arrangement | $ 1,802,000 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2,206,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 4,008,000 |
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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 41,531 | $ 38,865 | $ 16,933 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ (39,304) | (42,231) | (43,121) | ||
Forward Contracts [Member] | Other Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 6,534 | $ 8,881 | 13,880 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | (20,494) | (17,270) | 6,774 | ||
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 | 2,208 | 3,116 | 90 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | (1,752) | (5,615) | 8,721 | ||
Total Return Swap [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 1,259 | 4,316 | 2,247 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | (2,569) | $ 0 | 1,142 | ||
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 | 8,232 | 4,904 | 494 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | (864) | (930) | 2,459 | ||
Investments [Member] | Future [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 23,298 | 17,648 | 222 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ (13,625) | $ (18,416) | $ 24,025 |
Strategic Business Initiative_3
Strategic Business Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 80,386 | |||
Restructuring Reserve, Beginning of Period | $ 0 | $ 8,594 | $ 8,594 | 0 |
Restructuring Charges | 8,594 | 57,232 | ||
Payments for Restructuring | (43,083) | |||
Restructuring Reserve, End of Period | 8,594 | 22,743 | 22,743 | |
Restructuring Reserve, Settled without Cash | 758 | 13,802 | 14,560 | |
Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 57,244 | |||
Restructuring Reserve, Beginning of Period | 0 | 0 | 0 | 0 |
Restructuring Charges | 0 | 44,919 | ||
Payments for Restructuring | (28,955) | |||
Restructuring Reserve, End of Period | 0 | 15,964 | 15,964 | |
Restructuring Reserve, Settled without Cash | 0 | 12,325 | 12,325 | |
Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 8,751 | |||
Restructuring Reserve, Beginning of Period | 0 | 2,090 | 2,090 | 0 |
Restructuring Charges | 2,090 | 4,426 | ||
Payments for Restructuring | (622) | |||
Restructuring Reserve, End of Period | 2,090 | 5,894 | 5,894 | |
Restructuring Reserve, Settled without Cash | 758 | 1,477 | 2,235 | |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 14,391 | |||
Restructuring Reserve, Beginning of Period | 0 | 6,504 | 6,504 | 0 |
Restructuring Charges | 6,504 | 7,887 | ||
Payments for Restructuring | (13,506) | |||
Restructuring Reserve, End of Period | 6,504 | 885 | 885 | |
Restructuring Reserve, Settled without Cash | $ 0 | $ 0 | 0 | |
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 100,000 | 100,000 | ||
Restructuring and Related Cost, Expected Cost Remaining | 20,000 | 20,000 | ||
Minimum [Member] | Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 3,000 | 3,000 | ||
Minimum [Member] | Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 7,000 | 7,000 | ||
Minimum [Member] | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 10,000 | 10,000 | ||
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 105,000 | 105,000 | ||
Restructuring and Related Cost, Expected Cost Remaining | 25,000 | 25,000 | ||
Maximum [Member] | Compensation and benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 4,000 | 4,000 | ||
Maximum [Member] | Occupancy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 9,000 | 9,000 | ||
Maximum [Member] | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Remaining | $ 12,000 | $ 12,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 5,203,456 | $ 5,270,313 | $ 5,730,014 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | 4,189,706 | 4,216,962 | 4,384,716 |
UNITED KINGDOM | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | 592,143 | 592,971 | 744,552 |
Non-US [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 421,607 | $ 460,380 | $ 600,746 |
Variable Interest Entities an_3
Variable Interest Entities and Consolidation of Investment Vehicles Information about Investments in CIV's (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019 | Mar. 31, 2019USD ($) | Dec. 31, 2018 | Mar. 31, 2018USD ($) |
Variable Interest Entity | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 28,397 | $ 43,712 | $ 43,854 | ||
Sponsored Investment Fund [Member] | |||||
Variable Interest Entity | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,690 | 11,671 | 16,670 | ||
Foreign Mutual Funds [Member] | |||||
Variable Interest Entity | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 19,303 | 23,005 | 12,485 | ||
Employee Owned Funds [Member] | |||||
Variable Interest Entity | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 5,188 | 6,215 | 7,328 | ||
Sponsored ETF [Member] | |||||
Variable Interest Entity | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 2,216 | $ 2,821 | $ 7,371 | ||
Consolidated Investment Vehicles [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 10,000 | 14,000 | 10,000 | ||
Consolidated Investment Vehicles [Member] | Sponsored Investment Fund [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 2,000 | 2,000 | 2,000 | ||
Consolidated Investment Vehicles [Member] | Foreign Mutual Funds [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 5,000 | 7,000 | 4,000 | ||
Consolidated Investment Vehicles [Member] | Employee Owned Funds [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 1,000 | 2,000 | 2,000 | ||
Consolidated Investment Vehicles [Member] | Sponsored ETF [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 2,000 | 3,000 | 2,000 | ||
Future [Member] | |||||
Variable Interest Entity | |||||
Derivative, Notional Amount | $ 14,164 | ||||
Voting Right Entities [Member] | |||||
Variable Interest Entity | |||||
Number of Funds | 4 | 5 | 7 | ||
Proprietary Funds [Member] | Voting Right Entities [Member] | Consolidated Legg Mason, Inc. | |||||
Variable Interest Entity | |||||
Investments | $ 41,774 | $ 24,924 | $ 31,959 |
VIE Consolidated Balance Sheet
VIE Consolidated Balance Sheet Detail (Details) $ in Thousands | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Variable Interest Entity | ||||
REDEEMABLE NONCONTROLLING INTERESTS | $ 714,414 | $ 692,376 | $ 677,772 | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Variable Interest Entity | ||||
Current Assets | (1,942,583) | (1,916,485) | ||
Non-current Assets | 5,945,353 | 5,768,265 | ||
TOTAL ASSETS | 7,887,936 | 7,684,750 | ||
Current Liabilities | 925,013 | 1,104,002 | ||
Non-current Liabilities | 2,543,968 | 2,302,463 | ||
TOTAL LIABILITIES | 3,468,981 | 3,406,465 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 597,274 | 588,746 | ||
Total Stockholders' Equity | 3,821,681 | 3,689,539 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,887,936 | 7,684,750 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity | ||||
Current Assets | (131,869) | (144,091) | ||
Non-current Assets | 22,313 | 8,993 | ||
TOTAL ASSETS | 154,182 | 153,084 | ||
Current Liabilities | 1,044 | 5,742 | ||
Non-current Liabilities | 0 | 0 | ||
TOTAL LIABILITIES | 1,044 | 5,742 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 0 | 0 | ||
Total Stockholders' Equity | 153,138 | 147,342 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 154,182 | $ 153,084 | ||
Consolidated Investment Vehicles [Member] | ||||
Variable Interest Entity | ||||
Number of Funds | 10,000 | 14,000 | 10,000 | |
Consolidated Legg Mason, Inc. | ||||
Variable Interest Entity | ||||
Current Assets | $ (2,039,624) | $ (2,019,856) | ||
Non-current Assets | 5,966,496 | 5,774,266 | ||
TOTAL ASSETS | 8,006,120 | 7,794,122 | ||
Current Liabilities | 926,057 | 1,109,744 | ||
Non-current Liabilities | 2,543,968 | 2,302,463 | ||
TOTAL LIABILITIES | 3,470,025 | 3,412,207 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 714,414 | 692,376 | ||
Total Stockholders' Equity | 3,821,681 | 3,689,539 | $ 3,852,136 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,006,120 | 7,794,122 | ||
Consolidation, Eliminations [Member] | ||||
Variable Interest Entity | ||||
Current Assets | 34,828 | 40,720 | ||
Non-current Assets | (1,170) | (2,992) | ||
TOTAL ASSETS | (35,998) | (43,712) | ||
Current Liabilities | 0 | 0 | ||
Non-current Liabilities | 0 | 0 | ||
TOTAL LIABILITIES | 0 | 0 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 117,140 | 103,630 | ||
Total Stockholders' Equity | (153,138) | (147,342) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (35,998) | $ (43,712) | ||
Sponsored Investment Fund [Member] | Consolidated Investment Vehicles [Member] | ||||
Variable Interest Entity | ||||
Number of Funds | 2,000 | 2,000 | 2,000 |
VIE Consolidated Income Stateme
VIE Consolidated Income Statements Details (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | $ 2,922,125 | $ 2,903,259 | $ 3,140,322 |
Income tax provision | 106,048 | 20,561 | (102,510) |
Net Income (Loss) Attributable to Noncontrolling Interest | 53,119 | 36,442 | 51,275 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 2,922,527 | 2,903,858 | 3,140,900 |
Total Operating Expenses | 2,415,473 | 2,799,168 | 2,816,022 |
OPERATING INCOME | 507,054 | 104,690 | 324,878 |
Total Other Non-Operating Income (Expense) | (109,426) | (76,971) | (97,694) |
INCOME BEFORE INCOME TAX PROVISION | 397,628 | 27,719 | 227,184 |
Income tax provision | 106,048 | 20,561 | (102,510) |
NET INCOME | 291,580 | 7,158 | 329,694 |
Net Income (Loss) Attributable to Noncontrolling Interest | 40,213 | 35,666 | 44,619 |
Net Income Attributable to Legg Mason, Inc. | 251,367 | (28,508) | 285,075 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 0 | 0 | 0 |
Total Operating Expenses | 1,498 | 1,679 | 927 |
OPERATING INCOME | (1,498) | (1,679) | (927) |
Total Other Non-Operating Income (Expense) | 19,726 | (2,381) | 10,046 |
INCOME BEFORE INCOME TAX PROVISION | 18,228 | (4,060) | 9,119 |
Income tax provision | 0 | 0 | 0 |
NET INCOME | 18,228 | (4,060) | 9,119 |
Net Income (Loss) Attributable to Noncontrolling Interest | 3,464 | (1,816) | 265 |
Net Income Attributable to Legg Mason, Inc. | 14,764 | (2,244) | 8,854 |
Consolidated Legg Mason, Inc. | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 2,922,125 | 2,903,259 | 3,140,322 |
Total Operating Expenses | 2,416,965 | 2,800,157 | 2,816,321 |
OPERATING INCOME | 505,160 | 103,102 | 324,001 |
Total Other Non-Operating Income (Expense) | (94,626) | (74,607) | (90,161) |
INCOME BEFORE INCOME TAX PROVISION | 410,534 | 28,495 | 233,840 |
Income tax provision | 106,048 | 20,561 | (102,510) |
NET INCOME | 304,486 | 7,934 | 336,350 |
Net Income (Loss) Attributable to Noncontrolling Interest | 53,119 | 36,442 | 51,275 |
Net Income Attributable to Legg Mason, Inc. | 251,367 | (28,508) | 285,075 |
Consolidation, Eliminations [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | (402) | (599) | (578) |
Total Operating Expenses | (6) | (690) | (628) |
OPERATING INCOME | (396) | 91 | 50 |
Total Other Non-Operating Income (Expense) | (4,926) | 4,745 | (2,513) |
INCOME BEFORE INCOME TAX PROVISION | (5,322) | 4,836 | (2,463) |
Income tax provision | 0 | 0 | 0 |
NET INCOME | (5,322) | 4,836 | (2,463) |
Net Income (Loss) Attributable to Noncontrolling Interest | 9,442 | 2,592 | 6,391 |
Net Income Attributable to Legg Mason, Inc. | $ (14,764) | $ 2,244 | $ (8,854) |
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 | Mar. 31, 2020 | 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 | $ 93,648 | $ 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 | 2,029 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 23,118 | 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 | Mar. 31, 2020 | Mar. 31, 2019 |
Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of Monthly Redemption | 11.00% | |
Percentage of Quarterly Redemption | 89.00% | |
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 | $ 2,029 | |
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 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Variable Interest Entity | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 28,397 | $ 43,712 | $ 43,854 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 36,287 | 35,967 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 57,672 | 61,138 | |
Assets Under Management | 31,325,927 | 29,025,764 | |
Real Estate Investment Trusts [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 2,922 | 10,812 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 5,442 | 15,241 | |
Other sponsored investments fund [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 33,365 | 25,155 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 52,230 | $ 45,897 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Increase (Decrease), Net | $ 250,000 |