Fair Values of Assets and Liabilities (Tables) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]

12 Months Ended

Mar. 31, 2019

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs:



	As of March 31, 2019
	Quoted prices in active markets (Level 1)			Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)			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	)



	As of March 31, 2018
	Quoted prices in active markets (Level 1)			Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Investments measured at NAV		Total
Assets:
Cash equivalents⁽¹⁾	$	350,142		$	13,863	—			$	—	$	364,005
Trading investments:⁽²⁾
Seed capital investments	131,715			37,598		1,242			3,225		173,780
Investments related to long-term incentive plans	184,639			—		—			99		184,738
Other	29,051			2,565		—			—		31,616
Equity method investments:⁽³⁾
Seed capital investments⁽⁴⁾	—			—		33,725			14,360		48,085
Investments related to long-term incentive plans⁽²⁾	—			—		—			9,236		9,236
Other⁽⁴⁾	—			—		—			11,915		11,915
Other investments⁽⁴⁾	—			78		6,951			2,549		9,578
Derivative assets⁽⁵⁾	4,904			—		—			—		4,904
Total	$	700,451		$	54,104	$	41,918		$	41,384	$	837,857
Liabilities:
Contingent consideration liabilities⁽⁶⁾	$	—		$	—	$	(5,607	)	$	—	$	(5,607	)
Derivative liabilities⁽⁵⁾	(6,446		)	—		—			—		(6,446		)
Total	$	(6,446	)	$	—	$	(5,607	)	$	—	$	(12,053	)


(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 $28,160 and $27,660 as of March 31, 2019 and 2018, respectively, are excluded from the tables above.


(4)	Included in Other noncurrent assets in the Consolidated Balance Sheets.


(5)	See Note 16.


(6)	See Note 2.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in financial asset and (liabilities) measured at fair value using significant unobservable inputs (Level 3) are presented in the tables below:



	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	)



	Balance as of March 31, 2017			Purchases			Sales		Redemptions/ Settlements/ Other			Transfers		Realized and unrealized gains/(losses), net			Balance as of March 31, 2018
Assets:
Trading investments - seed capital	$	—		$	1,300		$	—	$	—		$	—	$	(58	)	$	1,242
Equity method investments:
Seed capital investments	27,661			7,714			—		(4,283		)	—		2,633			33,725
Investments for long-term incentive plans	1,337			39			—		(1,469		)	—		93			—
Other investments	12,899			52			—		(3,156		)	—		(2,844		)	6,951
	$	41,897		$	9,105		$	—	$	(8,908	)	$	—	$	(176	)	$	41,918
Liabilities:
Contingent consideration liabilities	$	(36,810	)	$	(1,900	)	n/a		$	3,242		n/a		$	29,861		$	(5,607	)

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

he 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, 2019
Category of Investment	Investment Strategy	March 31, 2019			March 31, 2018		Unfunded Commitments		Remaining Term
Funds-of-hedge funds	Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge	$	9,910	(1)	$	11,122	n/a		n/a
Hedge funds	Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge	1,515			6,479		$	20,000	n/a
Private equity funds	Long/short equity	11,636		(2)	14,377		5,873		Up to 10 years
Equity method investments related to long-term incentive plans	Alternatives, structured securities, short-dated fixed income	11,185		(2)	9,236		n/a		n/a
Other	Various	47			170		n/a		Various ⁽³⁾
Total		$	34,293		$	41,384	$	25,873

n/a - not applicable


(1)	Liquidation restrictions: 21% monthly redemption, 1% quarterly redemption, and 78% are not subject to redemption or are not currently redeemable.


(2)	Liquidations are expected over the remaining term.


(3)	Of this balance, 68% has a remaining term of less than one year and 32% has a remaining term of 13 years.