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

3 Months Ended

Jun. 30, 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 June 30, 2020
	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⁾	$	326,224		$	259,387			$	—		$	—			$	585,611
Equity investments:⁽²⁾
Seed capital investments	64,863			27,711				41,626			1,072				135,272
Investments related to long-term incentive plans	260,028			—				—			—				260,028
Other investments	7,936			1,518				—			—				9,454
Equity method investments:⁽³⁾
Seed capital investments⁽⁴⁾	—			5,000				41,716			12,695				59,411
Investments related to long-term incentive plans	—			2,500		⁽⁴	⁾	—			8,556		⁽²	⁾	11,056
Other investments⁽⁴⁾	—							141			8,333				8,474
Derivative assets⁽⁵⁾	4,173			—				—			—				4,173
Total⁽⁶⁾	$	663,224		$	296,116			$	83,483		$	30,656			$	1,073,479
Liabilities:
Contingent consideration liabilities⁽⁷⁾	$	—		$	—			$	(3,380	)	$	—			$	(3,380	)
Derivative liabilities⁽⁵⁾	(1,557		)	—				—			—				(1,557		)
Total	$	(1,557	)	$	—			$	(3,380	)	$	—			$	(4,937	)



	As of March 31, 2020
	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⁾	$	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
Derivative assets⁽⁵⁾	4,716			—		—			—		4,716
Total⁽⁶⁾	$	871,467		$	33,636	$	82,002		$	27,589	$	1,014,694
Liabilities:
Contingent consideration liabilities⁽⁷⁾	$	—		$	—	$	(3,308	)	$	—	$	(3,308	)
Derivative liabilities⁽⁵⁾	(13,872		)	—		—			—		(13,872		)
Total	$	(13,872	)	$	—	$	(3,308	)	$	—	$	(17,180	)


(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 $28,694 and $28,373 as of June 30, 2020 and March 31, 2020, respectively, are excluded from the tables above.


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


(5)	See Note 14.


(6)	The tables above exclude adjusted cost investments not measured at fair value on a recurring basis of $25,099 and $19,729 as of June 30, 2020 and March 31, 2020, respectively.

(7)

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, 2020			Purchases		Sales		Redemptions/ Settlements/ Other			Transfers		Realized and unrealized gains/(losses), net			Balance as of June 30, 2020
Assets:
Equity investments - seed capital	$	38,895		$	2,655	$	—	$	—		$	—	$	76		$	41,626
Equity method investments:
Seed capital investments	43,059			93		—		(232		)	—		(1,204		)	41,716
Other	48			—		—		(4		)	—		97			141
	$	82,002		$	2,748	$	—	$	(236	)	$	—	$	(1,031	)	$	83,483
Liabilities:
Contingent consideration liabilities	$	(3,308	)	$	—	n/a		$	—		n/a		$	(72	)	$	(3,380	)



	Balance as of March 31, 2019			Purchases			Sales		Redemptions/ Settlements/ Other			Transfers		Realized and unrealized gains/(losses), net		Balance as of June 30, 2019
Assets:
Equity investments - seed capital	$	1,455		$	—		$	—	$	(1,457	)	$	—	$	2	$	—
Equity method investments:
Seed capital investments	40,854			1,913			—		(678		)	—		427		42,516
Other	1,218			—			—		(13		)	—		17		1,222
	$	43,527		$	1,913		$	—	$	(2,148	)	$	—	$	446	$	43,738
Liabilities:
Contingent consideration liabilities	$	(1,415	)	$	(3,389	)	n/a		$	—		n/a		$	1,179	$	(3,625	)

Fair Value, Assets and Liabilities, Valuation Method and Significant Unobservable Inputs [Table Text Block]

As of April 1, 2020, Legg Mason adopted updated accounting guidance which modified the disclosure requirements for fair value measurements. Under the updated guidance companies are required to disclose the range and weighted average used to develop significant unobservable inputs used in Level 3 fair value measurements, which for Legg Mason were as follows:



As of June 30, 2020	Fair Value		Valuation Techniques	Significant Unobservable Inputs	Range (Weighted-Average)
Equity method investments - seed capital:
Real estate fund investments	$	22,007	Discounted cash flows	Discount rate	5.5%-11.8% (6.7%)
				Exit capitalization rate	4.3%-8.9% (5.3%)
Real estate fund investments	19,709		Discounted cash flows	Discount rate	5.3%-8.8% (6.6%)
	$	41,716		Exit capitalization rate	4.3%-9.4% (5.6%)
				Credit spreads	1.4%-8.3% (2.0%)
				Loan to value ratio	14.8%-76.8% (46.7%)
Equity investments - seed capital:
Real estate fund investments and loans	$	41,626	Discounted cash flows	Discount rate	6.5%-6.5% (6.5%)
				Exit capitalization rate	6.0%-6.0% (6.0%)
				Credit spreads	9.3%-9.3% (9.3%)
				Loan to value ratio	82.9%-82.9% (82.9%)

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 June 30, 2020
Category of Investment	Investment Strategy	June 30, 2020			March 31, 2020		Unfunded Commitments		Remaining Term
Funds-of-hedge funds	Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge	$	11,638	(1)	$	11,966	n/a		n/a
Hedge funds	Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge	1,383			1,212		n/a		n/a
Private equity funds	Long/short equity	9,057		(2)	9,101		$	5,622	Up to 9 years
Equity method investments related to long-term incentive plans	Alternatives, structured securities, short-dated fixed income	8,556		(2)	5,287		n/a		n/a
Other	Various	22			23		n/a		Various
Total		$	30,656		$	27,589	$	5,622

n/a - not applicable


(1)	Liquidation restrictions: 6% monthly redemption, and 94% are not subject to redemption or are not currently redeemable.


(2)	Liquidations are expected over the remaining term.