Legg Mason (LMHA) 10-Q31 Jul 202021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page Document and Entity

Cover Page Document and Entity Information - shares	3 Months Ended
Cover Page Document and Entity Information - shares	Jun. 30, 2020	Jul. 28, 2020
Document Information [Line Items]
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Jun. 30, 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 Common Stock, Shares Outstanding		90,557,898
Entity Central Index Key	0000704051
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Receivables:
Fixed assets, net	$ 126,113	$ 134,423
Operating and Finance Lease, Right-of-Use Asset	280,528	291,342
Current Liabilities
Short-term Debt	250,000	0
Operating and FInance Lease, Liability, Current	77,191	77,814
Operating and Finance Lease Liability, Noncurrent	269,041	278,737
Long-term debt, net	1,973,054	1,972,733
REDEEMABLE NONCONTROLLING INTERESTS	$ 613,336	$ 714,414
STOCKHOLDERS' EQUITY
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	90,534,943	87,781,705
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member]
Current Assets
Cash and Cash Equivalents	$ 931,605	$ 1,018,860
Restricted Cash and Cash Equivalents, Current	20,496	28,133
Receivables:
Investment securities	413,310	338,894
Other current assets	89,344	80,030
Other non-current assets	162,534	152,985
Current Liabilities
Other current liabilities	110,404	115,788
Consolidated Investment Vehicles [Member]
Current Assets
Cash and Cash Equivalents	235	620
Receivables:
Investment securities	33,811	117,084
Other current assets	62	476
Other non-current assets	979	22,313
Current Liabilities
Other current liabilities	273	1,044
Consolidated Legg Mason, Inc.
Receivables:
Investment advisory and related fees	406,411	407,893
Other receivables	66,918	47,634
Total Current Assets	1,962,192	2,039,624
Fixed assets, net	126,113	134,423
Intangible assets, net	3,356,470	3,355,690
Goodwill	1,862,673	1,847,766
Deferred Tax Assets, Net of Valuation Allowance	165,948	161,977
TOTAL ASSETS	7,917,437	8,006,120
Current Liabilities
Accrued compensation	261,779	574,430
Accounts Payable and Accrued Liabilities, Current	165,863	156,981
Total Current Liabilities	865,510	926,057
Deferred compensation	104,354	95,293
Deferred Tax Liabilities, Net	167,828	165,038
Other non-current liabilities	28,992	32,167
Long-term debt, net	1,973,054	1,972,733
TOTAL LIABILITIES	3,408,779	3,470,025
REDEEMABLE NONCONTROLLING INTERESTS	613,336	714,414
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	9,053	8,778
Additional paid-in capital	2,187,177	2,158,755
Employee stock trust	(19,126)	(19,778)
Deferred compensation employee stock trust	19,126	19,778
Retained Earnings (Accumulated Deficit)	1,831,364	1,820,412
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax	(161,246)	(195,306)
Stockholders' Equity Attributable to Parent	3,866,348	3,792,639
TOTAL STOCKHOLDERS' EQUITY	3,895,322	3,821,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,917,437	8,006,120
Management Equity Plan [Member] \| Royce [Member]
STOCKHOLDERS' EQUITY
Stockholders' Equity Attributable to Noncontrolling Interest	$ 28,974	$ 29,042

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
OPERATING REVENUES
Total Operating Revenues	$ 666,186	$ 705,360
OTHER NON-OPERATING INCOME (EXPENSE)
INCOME BEFORE INCOME TAX PROVISION
NET INCOME
Net Income (Loss) Attributable to Noncontrolling Interest	5,652	16,219
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC.
Consolidated Legg Mason, Inc.
OPERATING REVENUES
Total Operating Revenues	666,186	705,360
OPERATING EXPENSES
Compensation and benefits	353,208	379,828
Distribution and servicing	91,349	103,906
Communications and technology	62,358	55,274
Occupancy	32,007	25,624
Amortization of intangible assets	5,505	5,457
Contingent consideration fair value adjustments	0	(1,165)
Other	54,051	52,501
Total Operating Expenses	598,478	621,425
OPERATING INCOME	67,708	83,935
OTHER NON-OPERATING INCOME (EXPENSE)
Interest income	915	4,005
Interest expense	(28,581)	(28,483)
Total Other Non-Operating Income (Expense)	1,296	(4,318)
INCOME BEFORE INCOME TAX PROVISION	69,004	79,617
Income tax provision	13,930	18,048
NET INCOME	55,074	61,569
Net Income (Loss) Attributable to Noncontrolling Interest	5,652	16,219
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC.	$ 49,422	$ 45,350
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS
Basic (in dollars per share)	$ 0.54	$ 0.51
Diluted (in dollars per share)	$ 0.54	$ 0.51
Consolidated Investment Vehicles [Member]
OTHER NON-OPERATING INCOME (EXPENSE)
Other income (expense), net	$ (2,158)	$ 9,561
Separate Accounts [Member] \| Consolidated Legg Mason, Inc.
OPERATING REVENUES
Revenue from Contract with Customer, Excluding Assessed Tax	245,459	260,441
Mutual Funds [Member] \| Consolidated Legg Mason, Inc.
OPERATING REVENUES
Revenue from Contract with Customer, Excluding Assessed Tax	347,876	366,812
Performance Fees [Member] \| Consolidated Legg Mason, Inc.
OPERATING REVENUES
Revenue from Contract with Customer, Excluding Assessed Tax	11,414	6,861
Distribution and Shareholder Service [Member] \| Consolidated Legg Mason, Inc.
OPERATING REVENUES
Revenue from Contract with Customer, Excluding Assessed Tax	59,859	69,937
Service, Other [Member] \| Consolidated Legg Mason, Inc.
OPERATING REVENUES
Revenue from Contract with Customer, Excluding Assessed Tax	1,578	1,309
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
OPERATING REVENUES
Total Operating Revenues	666,232	705,485
OPERATING EXPENSES
Total Operating Expenses	598,565	621,291
OPERATING INCOME	67,667	84,194
OTHER NON-OPERATING INCOME (EXPENSE)
Other income (expense), net	31,120	10,599
Total Other Non-Operating Income (Expense)	439	(11,054)
INCOME BEFORE INCOME TAX PROVISION	68,106	73,140
Income tax provision	13,930	18,048
NET INCOME	54,176	55,092
Net Income (Loss) Attributable to Noncontrolling Interest	4,754	9,742
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC.	$ 49,422	$ 45,350

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
NET INCOME
Consolidated Legg Mason, Inc.
NET INCOME	55,074	$ 61,569
Other comprehensive income (loss):
Foreign currency translation adjustment	34,171	(9,964)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	(111)	545
Total other comprehensive income (loss)	34,060	(9,419)
COMPREHENSIVE INCOME	89,134	52,150
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	5,388	17,057
COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC.	$ 83,746	$ 35,093

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	Clarion Partners [Member]ADDITIONAL PAID-IN CAPITAL	Royce [Member]	Management Equity Plan [Member]Royce [Member]
Stockholders' Equity Attributable to Parent, Beginning of Period at Mar. 31, 2019			$ 8,556	$ 2,039,671	$ (21,416)	$ 21,416	$ 1,742,764	$ (131,236)
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period at Mar. 31, 2019											$ 29,784
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest										$ 2,863	2,863
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (14,063)										(2,167)
Stock Issued During Period, Value, Stock Options Exercised			30
Stock options exercised				9,406
Deferred compensation employee stock trust				163
Stock-based compensation			118	21,893
Employee tax withholdings by settlement of net share transactions			(38)	(12,543)
Adjustments to Additional Paid in Capital, Fair Value				26,076
Shares Issued to plans					(163)	163
Distributions and forfeitures					1,340	(1,340)
Net Income Attributable to Legg Mason, Inc.		$ 45,350					45,350
Dividends declared							(37,627)
Vesting/Change in Estimated Redemption Value							(2,381)
Foreign currency translation adjustment		(9,964)						(9,964)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax		545						545
Ending Balance at Jun. 30, 2019		3,731,263
Stockholders' Equity Attributable to Parent, End of Period at Jun. 30, 2019		3,700,783	8,666	2,084,666	(20,239)	20,239	$ 1,748,106	(140,655)
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Jun. 30, 2019											30,480
Common Stock, Dividends, Per Share, Declared							$ 0.40
Stockholders' Equity Attributable to Parent, Beginning 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, Beginning of Period at Mar. 31, 2020											29,042
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest										$ 787	787
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(12,821)										(855)
Beginning Balance at Mar. 31, 2020		3,821,681
Stock Issued During Period, Value, Stock Options Exercised			152
Stock options exercised				53,105
Deferred compensation employee stock trust				180
Stock-based compensation			196	7,213
Proceeds and Excess Tax Benefit from Share-based Compensation									$ 4,980
Employee tax withholdings by settlement of net share transactions			(73)	(37,079)
Adjustments to Additional Paid in Capital, Fair Value				23
Shares Issued to plans					(180)	180
Distributions and forfeitures					832	(832)
Net Income Attributable to Legg Mason, Inc.		49,422					49,422
Dividends declared							(36,628)
Vesting/Change in Estimated Redemption Value							(1,842)
Foreign currency translation adjustment		34,171						34,171
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax		(111)						(111)
Ending Balance at Jun. 30, 2020		3,895,322
Stockholders' Equity Attributable to Parent, End of Period at Jun. 30, 2020		$ 3,866,348	$ 9,053	$ 2,187,177	$ (19,126)	$ 19,126	$ 1,831,364	$ (161,246)
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period at Jun. 30, 2020											$ 28,974
Common Stock, Dividends, Per Share, Declared							$ 0.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income
CASH FLOWS FROM FINANCING ACTIVITIES
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(12,821)	$ (14,063)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(8,789)
Cash Acquired from Acquisition	992
Consolidated Legg Mason, Inc.
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	55,074	61,569
Adjustments to reconcile Net Income to net cash used in operations:
Depreciation and amortization	19,448	16,496
Accretion and amortization of securities discounts and premiums, net	427	108
Stock-based compensation	7,421	23,834
Deferred income taxes	9,026	22,294
Contingent consideration fair value adjustments	0	(1,165)
Other	(21)	345
Decrease (increase) in assets:
Investment advisory and related fees receivable	2,639	235
Net (purchases) sales of trading and other current investments	(42,790)	(4,817)
Other receivables	(1,638)	10,661
Increase (decrease) in liabilities:
Accrued compensation	(314,376)	(300,250)
Deferred compensation	9,061	12,084
Accounts payable and accrued expenses	8,558	(10,298)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(211,492)	(187,577)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for fixed assets	(5,762)	(9,190)
Payments to Acquire Equity Method Investments	(250)
Payments to Acquire Businesses, Net of Cash Acquired	0	(10,247)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(5,947)	(18,949)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Short-term Debt	250,000	0
Dividends paid	(36,266)	(30,131)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(13,676)	(16,230)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	0	(10,548)
Employee Tax Withholdings Related to net share transaction	(37,152)	(12,581)
Issuance of common stock for stock-based compensation	53,437	9,599
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	121,115	(68,123)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(945)	(2,697)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(97,269)	(277,346)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	1,049,677	950,795
Cash, Cash Equivalents, and Restricted Cash, End of Period	952,408	673,449
Income Taxes Paid, Net	4,587	4,776
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	10,947	11,081
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	54,176	55,092
Adjustments to reconcile Net Income to net cash used in operations:
Net unrealized losses (gains) on investments	(40,022)	(4,684)
Net losses (gains) on investments	11,830	(6,748)
Decrease (increase) in assets:
Other assets	(15,379)	(5,294)
Increase (decrease) in liabilities:
Other liabilities	(24,260)	(5,398)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale, Maturity and Collection of Investments	65	488
CASH FLOWS FROM FINANCING ACTIVITIES
Cash and Cash Equivalents	931,605	643,574
Restricted Cash and Cash Equivalents, Current	20,496	22,201
Restricted Cash and Cash Equivalents, Noncurrent	72	2,888
Consolidated Investment Vehicles [Member]
Adjustments to reconcile Net Income to net cash used in operations:
Net losses (gains) on investments	2,158	(9,561)
Decrease (increase) in assets:
Other assets	102,120	11,400
Increase (decrease) in liabilities:
Other liabilities	(768)	1,612
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from (Payments to) Noncontrolling Interests	(95,228)	(8,232)
Cash and Cash Equivalents	235	4,786
Consolidated Legg Mason, Inc.
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	55,074	61,569
Adjustments to reconcile Net Income to net cash used in operations:
Contingent consideration fair value adjustments	$ 0	$ (1,165)

Interim Basis of Reporting (Not

Interim Basis of Reporting (Notes)	3 Months Ended
Interim Basis of Reporting (Notes)	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	Interim Basis of Reporting The accompanying unaudited interim consolidated financial statements of Legg Mason, Inc. and its subsidiaries (collectively “Legg Mason”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The interim consolidated financial statements have been prepared using the interim basis of reporting and, as such, reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the amounts reported in the interim consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates and the differences could have a material impact on the interim consolidated financial statements. Terms such as “we,” “us,” “our,” and “Company” refer to Legg Mason. The nature of Legg Mason's business is such that the results of any interim period are not necessarily indicative of the results of a full year. Certain disclosures included in the Company's annual report are not required to be included on an interim basis in the Company's Quarterly Reports on Form 10-Q. The Company has condensed or omitted these disclosures. Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation. The information contained in the interim consolidated financial statements should be read in conjunction with the consolidated financial statements contained within Legg Mason's latest Annual Report on Form 10-K filed with the SEC.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies 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. All conditions to the closing of the Merger have been satisfied and the closing will take effect at the end of the day on July 31, 2020, the date this Report is being filed. Risks and Uncertainties

Fair Values of Assets and Liabi

Fair Values of Assets and Liabilities	3 Months Ended
Fair Values of Assets and Liabilities	Jun. 30, 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 net asset value ("NAV"), excluding the financial assets and financial liabilities of consolidated investment vehicles ("CIVs"). See Note 16 , Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the assets and liabilities of CIVs that are measured at fair value or NAV. The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs: As of June 30, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 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 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 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 . The net realized and unrealized gains for investment securities classified as equity investments were $45,250 and $10,153 for the three months ended June 30, 2020 and 2019, respectively. The net unrealized gains relating to equity investments still held as of the reporting date were $44,554 and $1,572 for the three months ended June 30, 2020 and 2019, respectively. Seed capital investments represent investments made by Legg Mason to fund new and existing investment products and strategies. As of June 30, 2020 and March 31, 2020, seed capital investments totaled $210,980 and $192,760 , respectively, with investments in excess of $1,000 in 41 funds in each period comprising over 85% of the total at each period end. Seed capital investments presented in the tables above exclude $16,297 and $28,397 , as of June 30, 2020 and March 31, 2020, respectively, which is related to Legg Mason's investments in CIVs. See Note 16 for additional information regarding Legg Mason's investments in CIVs. The changes in financial assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3) are presented in the tables below: Balance as of 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 ) 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. The change in unrealized gains for Level 3 investments and liabilities still held at the reporting date was $1,104 and $1,626 , and for the three months ended June 30, 2020 and 2019, respectively. 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%) 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 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. There are no current plans to sell any of these investments held as of June 30, 2020.

Acquisitions (Notes)

Acquisitions (Notes)	3 Months Ended
Acquisitions (Notes)	Jun. 30, 2020
Business Acquisition [Line Items]
Business Combination Disclosure [Text Block]	On April 10, 2019, Clarion Partners acquired a majority stake in Gramercy Europe (Jersey) Limited ("Gramercy"), a European real estate investment business specializing in pan-European logistics and industrial assets. The transaction required an initial cash payment of $10,247 (net of cash acquired), which was paid by Clarion Partners using existing cash resources, and a potential contingent consideration payment of up to approximately $3,735 (using the foreign exchange rate as of April 10, 2019, for the € 3,315 potential payment), due on the fifth anniversary of closing upon the achievement of certain financial metrics. In connection with the acquisition, Clarion Partners recognized an amortizable intangible asset management contracts asset of $5,876 , with a useful life of eight years at acquisition, goodwill of $20,196 , and noncontrolling interest of $11,715 . The fair value of the contingent consideration at acquisition was $3,389 .

Fixed Assets

Fixed Assets	3 Months Ended
Fixed Assets	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets The following table reflects the components of fixed assets as of: June 30, 2020 March 31, 2020 Software $ 283,216 $ 279,038 Leasehold improvements 196,301 210,419 Equipment 161,932 162,372 Total cost 641,449 651,829 Less: accumulated depreciation and amortization (515,336 ) (517,406 ) Fixed assets, net $ 126,113 $ 134,423 Depreciation and amortization expense related to fixed assets was $13,945 and $11,040 , for the three months ended June 30, 2020 and 2019, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
Intangible Assets and Goodwill	Jun. 30, 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: June 30, 2020 March 31, 2020 Amortizable intangible asset management contracts and other Cost $ 370,537 $ 369,193 Accumulated amortization (266,736 ) (259,982 ) Net 103,801 109,211 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 466,036 460,033 Trade names 48,278 48,091 3,252,669 3,246,479 Intangible assets, net $ 3,356,470 $ 3,355,690 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 during the three months ended March 31, 2020, 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 in our most recent annual impairment testing 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. Legg Mason also determined that no triggering events occurred during the three months ended June 30, 2020 that would require further impairment testing. As a result of uncertainty regarding future market conditions and economic results, assessing the fair value of the reporting unit and intangible assets requires management to exercise significant judgment. 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 and was tested for impairment. 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 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. The change in carrying value of goodwill is summarized below: Gross Book Value Accumulated Impairment Net Book Value Balance as of March 31, 2020 $ 3,009,666 $ (1,161,900 ) $ 1,847,766 Impact of excess tax basis amortization (2,856 ) — (2,856 ) Changes in foreign exchange rates 17,763 — 17,763 Balance as of June 30, 2020 $ 3,024,573 $ (1,161,900 ) $ 1,862,673 Amortizable Intangible Asset Management Contracts and Other There were no impairments to amortizable management contract intangible assets during the three months ended June 30, 2020 or 2019. As of June 30, 2020 , amortizable intangible asset management contracts and other are being amortized over a weighted-average remaining life of 5.2 years. Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: Remaining fiscal 2021 $ 16,265 2022 21,415 2023 20,655 2024 19,825 2025 12,050 Thereafter 13,591 Total $ 103,801

Short-Term Borrowings and Long-

Short-Term Borrowings and Long-Term Debt	3 Months Ended
Short-Term Borrowings and Long-Term Debt	Jun. 30, 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. 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, with Franklin Templeton's consent, as a precautionary measure to provide additional liquidity for general corporate purposes amid heightened uncertainty due to the COVID-19 pandemic. These borrowings were repaid in full on July 21, 2020 using existing cash resources. There were no borrowings outstanding under the Credit Agreement as of March 31, 2020. As of June 30, 2020, the effective interest rate on the outstanding borrowings was 2.6% . Long-term debt Long-term debt, net, consists of the following: June 30, 2020 March 31, 2020 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 249,035 $ 184 $ 781 $ 250,000 $ 248,976 4.75% Senior Notes due March 2026 447,963 — 2,037 450,000 447,875 5.625% Senior Notes due January 2044 548,119 (2,877 ) 4,758 550,000 548,099 6.375% Junior Notes due March 2056 242,716 — 7,284 250,000 242,665 5.45% Junior Notes due September 2056 485,221 — 14,779 500,000 485,118 Total $ 1,973,054 $ (2,693 ) $ 29,639 $ 2,000,000 $ 1,972,733 As of June 30, 2020, $250,000 of Legg Mason's long-term debt matures in fiscal 2025 and $1,750,000 matures after fiscal 2025. As of June 30, 2020, the estimated fair value of long-term debt was $2,203,929 . The fair value of debt was estimated using publicly quoted market prices and was classified as Level 2 in the fair value hierarchy.

Leases (Notes)

Leases (Notes)	3 Months Ended
Leases (Notes)	Jun. 30, 2020
Leases [Abstract]
Lessee, Operating Leases [Text Block]	Leases Legg Mason leases over 1,357 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 12 years and/or options to terminate within seven years . The following table reflects leases included in the Consolidated Balance Sheets as of: Classification June 30, 2020 March 31, 2020 Operating leases: Operating lease ROU assets Right-of-use assets $ 279,580 $ 290,167 Operating lease liabilities Lease liabilities 345,384 355,483 Finance leases: Property and equipment, gross Right-of-use assets $ 2,011 $ 2,011 Less: accumulated depreciation Right-of-use assets (1,063 ) (836 ) Property and equipment, net $ 948 $ 1,175 Finance lease liabilities Lease liabilities $ 848 $ 1,068 ROU assets that involve subleased or vacant space aggregate $72,942 and $71,257 as of June 30, 2020 and March 31, 2020, respectively. 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. The components of lease expense included in the Consolidated Statements of Income were as follows: Three Months Ended June 30, Classification 2020 2019 Operating lease cost Occupancy expense $ 24,622 $ 20,921 Financing lease cost: Amortization of right-of-use asset Occupancy expense 237 241 Interest on lease liabilities Interest expense 8 13 Total finance lease cost 245 254 Short-term lease cost Occupancy expense 281 1,845 Variable lease cost (1) Occupancy expense 6,232 5,003 Less: sublease billings Occupancy expense (5,769 ) (6,234 ) Net lease cost (2) $ 25,611 $ 21,789 (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 $6,406 and $3,917 for the three months ended June 30, 2020 and 2019, respectively, related to leasehold amortization. During the quarter ended June 30, 2020, in connection with Legg Mason's strategic restructuring, as further discussed in Note 15, it was determined that the carrying value of a right-of-use asset would not be recoverable. A related impairment charge of $3,681 (exclusive of accelerated depreciation of $2,740 ) was recognized in the quarter ended June 30, 2020, and is included in operating lease cost in the table above and in Occupancy expense in the Consolidated Statement of Income. The fair value of the right-of-use asset was estimated based on 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. Undiscounted future cash flows for each of the next five fiscal years and thereafter related to operating and financing leases as of June 30, 2020 were as follows: Operating Leases Finance Leases Total Remaining fiscal 2021 $ 66,931 $ 447 $ 67,378 2022 89,182 267 89,449 2023 88,240 128 88,368 2024 74,126 35 74,161 2025 30,495 4 30,499 Thereafter 30,975 — 30,975 Total lease payments 379,949 881 380,830 Less: Imputed interest (34,565 ) (33 ) (34,598 ) Present value of lease liabilities $ 345,384 $ 848 $ 346,232 The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: June 30, 2020 March 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 4.7 1.9 4.8 1.9 Weighted-average discount rates 4.0 % 3.3 % 3.9 % 3.2 % Supplemental cash flow information related to leases was as follows: Three Months Ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 20,619 $ 22,871 Financing cash flows from finance leases 192 248

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2020 , Legg Mason had commitments to invest $16,723 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 up to $100,000 of seed capital to Clarion Partners products. As of June 30, 2020, Legg Mason also had future commitments totaling $89,606 related to multi-year agreements for certain services, of which $34,980 and $25,461 will be due during the remainder of fiscal 2021 and in fiscal 2022, respectively. The remaining $29,165 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 June 30, 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. 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. 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 $125,000 , subject to continuing employment through the closing of the Merger. There is also an affiliate deferred compensation arrangement that accelerates the vesting of approximately $48,000 upon closing of the Merger, substantially all of which will be settled by delivering fund shares held within a related trust. Noncontrolling Interests Legg Mason may be obligated to settle redeemable noncontrolling interests related to certain affiliates. As of June 30, 2020 , affiliate redeemable noncontrolling interests, excluding amounts related to management equity plans, aggregated $518,642 . In addition, as of June 30, 2020 , the estimated redemption fair value for units under affiliate management equity plans (redeemable and nonredeemable) aggregated $83,895 . See Notes 10 and 13 for additional information regarding affiliate management equity plans and noncontrolling interests, respectively. Contingent Consideration As further discussed in Note 4 , on April 10, 2019, Clarion Partners acquired a majority interest in Gramercy. The transaction included a potential contingent consideration payment of up to $3,726 (using the foreign exchange rate as of June 30, 2020, for the €3,315 potential payment), due on the fifth anniversary of closing upon the achievement of certain financial metrics. As of June 30, 2020 and March 31, 2020, contingent consideration liabilities totaling $3,380 and $3,308 , respectively, were included in Other non-current liabilities in the Consolidated Balance Sheets.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Jun. 30, 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 June 30, 2020 , were 6,354 . 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 from the date of grant. The components of Legg Mason's total stock-based compensation expense were as follows: Three Months Ended June 30, 2020 2019 Restricted stock and restricted stock units $ 7,054 $ 17,634 Stock options 166 1,154 Affiliate management equity plans 23 1,623 Performance share units 169 3,011 Employee stock trust 9 8 Employee stock purchase plan — 254 Non-employee director awards — 150 Total stock-based compensation expense $ 7,421 $ 23,834 The Merger Agreement provides for the settlement of all outstanding share-based equity awards (vested and unvested), upon the Merger closing. The settlement of unvested awards accommodates Franklin Templeton's acquisition of Legg Mason, therefore, Legg Mason does not incur any related accelerated compensation expense. For fiscal 2020 incentive awards, the Merger Agreement prohibited Legg Mason from issuing equity awards to employees. Instead, employees received the same portion of their incentive awards that would have been paid as equity in the form of deferred cash units, which vest ratably over four years, beginning April 30, 2021. The deferred cash units will be accelerated and paid out in cash upon the completion of the Merger, consistent with the treatment of outstanding equity awards. Restricted Stock Restricted stock and restricted stock unit transactions are summarized below: Three Months Ended June 30, 2020 2019 Number of Shares Weighted-Average Grant Date Value Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31 2,760 $ 36.43 3,045 $ 37.76 Granted — — 1,196 35.50 Vested (1,159 ) 35.70 (1,199 ) 38.86 Canceled/forfeited (13 ) 36.83 (30 ) 35.79 Unvested shares at June 30 1,588 $ 36.96 3,012 $ 36.45 Unamortized compensation cost related to unvested restricted stock awards at June 30, 2020, of $42,985 is expected to be recognized over a weighted-average period of 1.5 years . Stock Options Stock option transactions under Legg Mason's equity incentive plans are summarized below: Three Months Ended June 30, 2020 2019 Number of Shares Weighted-Average Exercise Price Per Share Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2020 2,518 $ 41.41 4,115 $ 39.05 Exercised (1,285 ) 35.26 (311 ) 31.83 Canceled/forfeited (12 ) 39.65 (37 ) 40.63 Options outstanding at June 30 1,221 $ 47.90 3,767 $ 39.63 At June 30, 2020, options were exercisable for 1,106 shares, with a weighted-average exercise price of $48.93 and a weighted average remaining contractual life of 2.9 years. Unamortized compensation cost related to unvested options for 115 shares at June 30, 2020, was $383 , which is expected to be recognized over a weighted-average period of 1.0 year. Other As of June 30, 2020 and 2019, non-employee directors held 35 and 100 restricted stock units, respectively, which vest on the grant date and are, therefore, not included in unvested shares of restricted stock units in the table above, Affiliate Management Equity Plans In connection with the acquisition of Clarion Partners in April 2016, Legg Mason implemented a management equity plan for Clarion Partners that entitles certain of its key employees to participate in 15% of the future growth, if any, of the Clarion Partners enterprise value (subject to appropriate discounts) subsequent to the date of the grant. As of June 30, 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. 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 June 30, 2020 , the estimated aggregate redemption fair value of units under the plan, as if they were currently redeemable, was $10,000 . 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. Total compensation expense related to the ClearBridge affiliate management equity plan was $23 and $1,623 for the three months ended June 30, 2020 and 2019, respectively. The compensation expense for the three months ended June 30, 2019, included $1,600 related to the modification of the plan settlement features, which resulted in an increase in the fair value of the awards. This arrangement provides for one-half of the cost to be absorbed by the ClearBridge incentive pool. As of June 30, 2020 , the estimated aggregate redemption fair value of vested units under the ClearBridge plan, as if they were currently redeemable, was approximately $59,595 .

Revenue Revenue

Revenue Revenue	3 Months Ended
Revenue Revenue	Jun. 30, 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: Three Months Ended June 30, 2020 2019 Equity $ 249,583 $ 291,341 Fixed Income 277,380 282,911 Alternative 111,616 107,542 Liquidity 27,607 23,566 Total Operating Revenues $ 666,186 $ 705,360 Revenues by geographic location are primarily based on the location of the advisor or domicile of fund families managed by Legg Mason and do not necessarily reflect where the customer resides or the currency in which the revenues are denominated. The following table presents Total Operating Revenues disaggregated by geographic location: Three Months Ended June 30, 2020 2019 United States $ 533,616 $ 553,760 United Kingdom 31,391 32,010 Other International 101,179 119,590 Total Operating Revenues $ 666,186 $ 705,360 Certain sales commissions paid in connection with obtaining assets managed in retail separately managed accounts are capitalized as deferred costs. As of June 30, 2020 and March 31, 2020, capitalized sales commissions of $9,115 and $8,954 , respectively, were included in Other current assets and $11,990 and $11,396 , 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 was $2,606 and $2,284 for the three months ended June 30, 2020 and 2019, respectively. There were no impairment losses in relation to the capitalized costs during the three months ended June 30, 2020 and 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Earnings Per Share The following table presents the computations of basic and diluted EPS: Three Months Ended June 30, 2020 2019 Basic weighted-average shares outstanding for EPS 89,823 86,297 Potential common shares: Dilutive employee stock options 376 197 Diluted weighted-average shares outstanding for EPS 90,199 86,494 Net Income Attributable to Legg Mason, Inc. $ 49,422 $ 45,350 Less: Earnings (distributed and undistributed) allocated to participating securities 904 1,510 Net Income (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 48,518 $ 43,840 Net Income per share Attributable to Legg Mason, Inc. Shareholders Basic $ 0.54 $ 0.51 Diluted 0.54 0.51 The weighted-average shares exclude weighted-average unvested restricted shares deemed to be participating securities of 1,971 and 2,852 for the three months ended June 30, 2020 and 2019, respectively. Options to purchase 735 and 2,464 shares for the three months ended June 30, 2020 and 2019, respectively, were not included in the computation of diluted EPS because the presumed proceeds from exercising such options, including the related unamortized expense, exceed the average price of the common shares for the period and, therefore, the options are deemed antidilutive. 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.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure [Text Block]	Noncontrolling Interests Net income attributable to noncontrolling interests included the following amounts: Three months ended June 30, 2020 2019 Net income attributable to redeemable noncontrolling interests $ 4,865 $ 13,356 Net income attributable to nonredeemable noncontrolling interests 787 2,863 Total $ 5,652 $ 16,219 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, 2020 $ 117,140 $ 525,422 $ 71,852 $ 714,414 $ 29,042 Net income attributable to noncontrolling interests 898 3,967 — 4,865 787 Subscriptions (redemptions), net (95,233 ) 5 — (95,228 ) — Distributions — (12,821 ) — (12,821 ) (855 ) Foreign exchange — 264 — 264 — Vesting/change in estimated redemption value — 1,805 37 1,842 — Balance as of June 30, 2020 $ 22,805 $ 518,642 $ 71,889 $ 613,336 $ 28,974 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, 2019 $ 103,630 $ 540,595 $ 48,151 $ 692,376 $ 29,784 Net income attributable to noncontrolling interests 6,477 6,879 — 13,356 2,863 Subscriptions (redemptions), net (6,906 ) — — (6,906 ) — 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 — (14,063 ) — (14,063 ) (2,167 ) Foreign exchange — (837 ) — (837 ) — Vesting/change in estimated redemption value — 801 2,812 3,613 — Balance as of June 30, 2019 $ 103,201 $ 510,593 $ 50,963 $ 664,757 $ 30,480 (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 Other Total Balance as of March 31, 2020 $ 379,090 $ 133,610 $ 12,722 $ 525,422 Net income (loss) attributable to noncontrolling interests (1,177 ) 5,086 58 3,967 Subscriptions (redemptions), net — — 5 5 Distributions (1,966 ) (10,855 ) — (12,821 ) Foreign exchange — — 264 264 Change in estimated redemption value — 1,805 — 1,805 Balance as of June 30, 2020 $ 375,947 $ 129,646 $ 13,049 $ 518,642 Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2019 $ 380,684 $ 123,502 $ 35,181 $ 1,228 $ 540,595 Net income (loss) attributable to noncontrolling interests 2,884 4,118 106 (229 ) 6,879 Business acquisition — — — 11,715 11,715 Distributions (3,407 ) (10,656 ) — — (14,063 ) Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Foreign exchange — — (790 ) (47 ) (837 ) Change in estimated redemption value — 801 — — 801 Balance as of June 30, 2019 $ 380,161 $ 117,765 $ — $ 12,667 $ 510,593 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 in May 2021, 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 15 , to pursue operational efficiencies between RARE Infrastructure and ClearBridge intended to reduce costs and enhance growth opportunities for both of the businesses.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
Derivatives and Hedging	Jun. 30, 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 June 30, 2020 and March 31, 2020, were $4,173 and $4,716 , respectively. Other liabilities recorded in the Consolidated Balance Sheets as of June 30, 2020 and March 31, 2020, were $1,557 and $13,872 , respectively. Legg Mason also uses market hedges on certain seed capital investments by entering into futures contracts to sell index funds and treasuries that benchmark the hedged seed capital investments and has entered into total return swap arrangements with respect to certain Legg Mason sponsored ETFs, as further discussed below. Legg Mason has not designated any derivatives as hedging instruments for accounting purposes during the periods ended June 30, 2020, March 31, 2020 or June 30, 2019. As of June 30, 2020, Legg Mason had open currency forward contracts with aggregate notional amounts totaling $309,365 , and open futures contracts relating to seed capital investments with aggregate notional amounts totaling $85,122 . With the exception of the total return swap arrangement discussed below, these amounts are representative of the level of non-hedge designation derivative activity throughout the three months ended June 30, 2020 and 2019. As of June 30, 2020, the weighted-average remaining contract terms for currency forward contracts was seven months and for futures contracts relating to seed capital investments was three months . Legg Mason has entered into various total return swap arrangements with financial intermediaries with respect to certain Legg Mason sponsored ETFs, which resulted in investments by each of the financial intermediaries in the respective ETF. Under the terms of each of the total return swap arrangements, Legg Mason receives the related investment gains and losses on the underlying shares of the ETF and pays a floating rate on the value of the underlying shares. Each of the total return swap arrangements allows either party to terminate all or part of the arrangement and provides for automatic termination upon occurrence of certain events. Each financial intermediary counterparty may hedge its total return swap position through an investment in the ETF and the financial intermediaries purchased interests in the related Legg Mason ETF on the date of the transactions. The aggregate notional amount for the total return swap outstanding as of June 30, 2020 was $1,505 , with a weighted-average remaining contract term of seven months . The floating rate paid on the value of the underlying securities for the total return swap arrangement outstanding as of June 30, 2020 was three-month LIBOR plus 1.6% . As further discussed in Note 16 , the total return swap arrangements create variable interests in the underlying funds for Legg Mason, and, if significant, Legg Mason is deemed to be the primary beneficiary. Accordingly, Legg Mason may consolidate ETF products with significant open total return swap arrangements. The following table presents the derivative assets and related offsets, if any: Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Derivative Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Net Amount as of Derivative instruments not designated as hedging instruments Currency forward contracts $ 6,282 $ (2,607 ) $ 3,675 $ — $ — $ 3,675 Futures contracts relating to seed capital investments — — — 338 2,632 2,970 Total return swaps — — — 160 120 280 Total derivative instruments not designated as hedging instruments $ 6,282 $ (2,607 ) $ 3,675 $ 498 $ 2,752 $ 6,925 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 $ 497 $ (1,574 ) $ (1,077 ) $ — $ — $ (1,077 ) Futures contracts relating to seed capital investments — — — (480 ) 4,944 4,464 Total derivative instruments not designated as hedging instruments $ 497 $ (1,574 ) $ (1,077 ) $ (480 ) $ 4,944 $ 3,387 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 March 31, 2020 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 futures 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 gains (losses) recognized in the Consolidated Statements of Income on derivative instruments. As described above, the currency forward contracts and futures and forward contracts for seed capital investments included below are economic hedges of interest rate and market risk of certain operating and investing activities of Legg Mason. Three months ended June 30, 2020 2019 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 9,260 $ (2,278 ) $ 3,639 $ (5,484 ) Seed capital investments Other non-operating income (expense) 1,570 (2,909 ) 725 (564 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 337 (13,789 ) 311 (3,966 ) Total return swaps Other non-operating income (expense) — (1,962 ) 1 (803 ) Total return swaps Other non-operating income (expense) 1,672 — 1,249 — Total gain (loss) from derivatives not designated as hedging instruments $ 12,839 $ (20,938 ) $ 5,925 $ (10,817 )

Strategic Business Initiative (

Strategic Business Initiative (Notes)	3 Months Ended
Strategic Business Initiative (Notes)	Jun. 30, 2020
Restructuring [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	15 . Strategic Restructuring In fiscal 2019, Legg Mason initiated a strategic restructuring to reduce costs, which included corporate and distribution functions, as well as efficiency initiatives at certain smaller affiliates that operate outside of revenue-sharing arrangements. The strategic restructuring was substantially complete as of June 30, 2020. This plan involved restructuring costs beginning January 1, 2019, which were primarily comprised of employee termination benefits and retention incentives expensed over identified transition periods. The restructuring costs also included charges for consolidating leased office space and other costs, including professional fees. Legg Mason incurred cumulative strategic restructuring costs through June 30, 2020 of $88,408 , including $8,022 incurred during the three months ended June 30, 2020. Any additional charges related to the strategic restructuring are not expected to be material. The table below presents a summary of changes in the strategic restructuring liability from January 1, 2019 through June 30, 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 Accrued charges 858 3,681 474 5,013 Payments (11,470 ) (334 ) (1,140 ) (12,944 ) Balance as of June 30, 2020 $ 5,352 $ 9,241 $ 219 $ 14,812 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Year ended March 31, 2020 12,325 1,477 — 13,802 Three months ended June 30, 2020 269 2,740 — 3,009 Total $ 12,594 $ 4,975 $ — $ 17,569 Cumulative charges incurred through June 30, 2020 $ 58,371 $ 15,172 $ 14,865 $ 88,408 (1) Includes stock-based compensation expense and accelerated fixed asset depreciation. In addition to strategic restructuring charges of $8,022 , during the three months ended June 30, 2020, Legg Mason also incurred merger related costs of $22,910 , primarily for proxy solicitation and professional fees.

Variable Interest Entities and

Variable Interest Entities and Consolidation of Investment Vehicles	3 Months Ended
	Jun. 30, 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: June 30, 2020 March 31, 2020 June 30, 2019 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 $ 11,224 Trust structure foreign mutual funds 5 15,806 5 19,303 7 25,966 Employee trust structure funds — — 1 5,188 1 4,544 ETFs (2) 1 491 2 2,216 3 2,874 Total 6 $ 16,297 10 $ 28,397 13 $ 44,608 (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 one of Legg Mason's ETFs with notional amounts totaling $1,505 as of June 30, 2020. See Note 14 for additional information regarding total return swaps. The assets of these CIVs are primarily comprised of investment 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 June 30, 2020, March 31, 2020, and June 30, 2019, Legg Mason consolidated three , four , and four VRE products with seed capital investments totaling $49,791 , $41,774 , and $20,548 , respectively. The financial information of certain consolidated investment products is included in Legg Mason's consolidated financial statements on a lag basis of up to three months based on the availability of the investment products' financial information. As of June 30, 2020, Legg Mason was the primary beneficiary of a sponsored collateralized loan obligation entity ("CLO") VIE which, based upon the availability of the related financial information, will be included in Legg Mason's consolidated financial statements beginning in the second quarter of fiscal 2021. Legg Mason invested $5,000 in the CLO’s $37,300 equity tranche on June 23, 2020, and as of June 30, 2020, the CLO’s assets (cash and cash equivalents and corporate loans) and liabilities (payables and notes payable) each aggregated $563,600 . 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: Consolidating Balance Sheets June 30, 2020 March 31, 2020 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 $ 1,940,093 $ 38,396 $ (16,297 ) $ 1,962,192 $ 1,942,583 $ 131,869 $ (34,828 ) $ 2,039,624 Non-current assets 5,954,266 979 — 5,955,245 5,945,353 22,313 (1,170 ) 5,966,496 Total Assets $ 7,894,359 $ 39,375 $ (16,297 ) $ 7,917,437 $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 Current Liabilities $ 865,237 $ 273 $ — $ 865,510 $ 925,013 $ 1,044 $ — $ 926,057 Non-current liabilities 2,543,269 — — 2,543,269 2,543,968 — — 2,543,968 Total Liabilities 3,408,506 273 — 3,408,779 3,468,981 1,044 — 3,470,025 Redeemable Non-controlling interests 590,531 — 22,805 613,336 597,274 — 117,140 714,414 Total Stock-holders’ Equity 3,895,322 39,102 (39,102 ) 3,895,322 3,821,681 153,138 (153,138 ) 3,821,681 Total Liabilities and Equity $ 7,894,359 $ 39,375 $ (16,297 ) $ 7,917,437 $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 (1) Other represents consolidated sponsored investment product VREs that are not designated as CIVs. Consolidating Statements of Income $ 51,439 June 30, 2020 June 30, 2019 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 666,232 $ — $ (46 ) $ 666,186 $ 705,485 $ — $ (125 ) $ 705,360 Total Operating Expenses 598,565 (6 ) (81 ) 598,478 621,291 350 (216 ) 621,425 Operating Income (Loss) 67,667 6 35 67,708 84,194 (350 ) 91 83,935 Total Non-Operating Income (Expense) 439 (1,687 ) 2,544 1,296 (11,054 ) 10,085 (3,349 ) (4,318 ) Income (Loss) Before Income Tax Provision 68,106 (1,681 ) 2,579 69,004 73,140 9,735 (3,258 ) 79,617 Income tax provision 13,930 — — 13,930 18,048 — — 18,048 Net Income 54,176 (1,681 ) 2,579 55,074 55,092 9,735 (3,258 ) 61,569 Less: Net income attributable to noncontrolling interests 4,754 472 426 5,652 9,742 524 5,953 16,219 Net Income Attributable to Legg Mason, Inc. $ 49,422 $ (2,153 ) $ 2,153 $ 49,422 $ 45,350 $ 9,211 $ (9,211 ) $ 45,350 (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 June 30, 2020 and March 31, 2020, financial assets of CIVs carried at fair value totaling $26,337 and $93,648 , respectively, were valued using Level 1 inputs, $7,474 and $23,118 , respectively, were valued using Level 2 inputs, and as of March 31, 2020, $2,029 were valued using NAV as a practical expedient. 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 June 30, 2020 As of March 31, 2020 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 $ 2,922 $ 5,442 Other investment funds 39,102 40,886 33,365 52,230 Total $ 42,024 $ 46,328 $ 36,287 $ 57,672 (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 $26,304,649 and $31,325,927 as of June 30, 2020 and March 31, 2020, 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)	3 Months Ended
Subsequent Events (Notes)	Jun. 30, 2020
Subsequent Event [Line Items]
Subsequent Events [Text Block]	. Subsequent Events On July 17, 2020, Franklin Templeton and Legg Mason announced that all conditions to the closing of the Merger were satisfied. The closing will take effect at the end of the day on July 31, 2020, the date this Report is being filed. On July 21, 2020, Legg Mason used existing cash resources to repay the total $250,000 of borrowings outstanding under the Credit Agreement.

Significant Accounting Polici_2

Significant Accounting Policies Risks and Uncertainties (Policies)	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Risks and Uncertainties

Fair Values of Assets and Lia_2

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 Significant other observable inputs Significant unobservable inputs 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 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 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.

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
Fixed Assets (Tables)	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Components of fixed assets	The following table reflects the components of fixed assets as of: June 30, 2020 March 31, 2020 Software $ 283,216 $ 279,038 Leasehold improvements 196,301 210,419 Equipment 161,932 162,372 Total cost 641,449 651,829 Less: accumulated depreciation and amortization (515,336 ) (517,406 ) Fixed assets, net $ 126,113 $ 134,423

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
Intangible Assets and Goodwill (Tables)	Jun. 30, 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: June 30, 2020 March 31, 2020 Amortizable intangible asset management contracts and other Cost $ 370,537 $ 369,193 Accumulated amortization (266,736 ) (259,982 ) Net 103,801 109,211 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 466,036 460,033 Trade names 48,278 48,091 3,252,669 3,246,479 Intangible assets, net $ 3,356,470 $ 3,355,690
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, 2020 $ 3,009,666 $ (1,161,900 ) $ 1,847,766 Impact of excess tax basis amortization (2,856 ) — (2,856 ) Changes in foreign exchange rates 17,763 — 17,763 Balance as of June 30, 2020 $ 3,024,573 $ (1,161,900 ) $ 1,862,673
Estimated amortization expense	Estimated amortization expense for each of the next five fiscal years and thereafter is as follows: Remaining fiscal 2021 $ 16,265 2022 21,415 2023 20,655 2024 19,825 2025 12,050 Thereafter 13,591 Total $ 103,801

Short-Term Borrowings and Lon_2

Short-Term Borrowings and Long-Term Debt (Tables)	3 Months Ended
Short-Term Borrowings and Long-Term Debt (Tables)	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt, net, consists of the following: June 30, 2020 March 31, 2020 Carrying Value Unamortized Discount (Premium) Unamortized Debt Issuance Costs Maturity Amount Carrying Value 3.95% Senior Notes due July 2024 $ 249,035 $ 184 $ 781 $ 250,000 $ 248,976 4.75% Senior Notes due March 2026 447,963 — 2,037 450,000 447,875 5.625% Senior Notes due January 2044 548,119 (2,877 ) 4,758 550,000 548,099 6.375% Junior Notes due March 2056 242,716 — 7,284 250,000 242,665 5.45% Junior Notes due September 2056 485,221 — 14,779 500,000 485,118 Total $ 1,973,054 $ (2,693 ) $ 29,639 $ 2,000,000 $ 1,972,733

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Jun. 30, 2020
Lease Disclosures [Abstract]
Schedule of Balance Sheet Information Related to Operating and Finance Leases [Table Text Block]	eases included in the Consolidated Balance Sheets as of: Classification June 30, 2020 March 31, 2020 Operating leases: Operating lease ROU assets Right-of-use assets $ 279,580 $ 290,167 Operating lease liabilities Lease liabilities 345,384 355,483 Finance leases: Property and equipment, gross Right-of-use assets $ 2,011 $ 2,011 Less: accumulated depreciation Right-of-use assets (1,063 ) (836 ) Property and equipment, net $ 948 $ 1,175 Finance lease liabilities Lease liabilities $ 848 $ 1,068
Lease, Cost [Table Text Block]	The components of lease expense included in the Consolidated Statements of Income were as follows: Three Months Ended June 30, Classification 2020 2019 Operating lease cost Occupancy expense $ 24,622 $ 20,921 Financing lease cost: Amortization of right-of-use asset Occupancy expense 237 241 Interest on lease liabilities Interest expense 8 13 Total finance lease cost 245 254 Short-term lease cost Occupancy expense 281 1,845 Variable lease cost (1) Occupancy expense 6,232 5,003 Less: sublease billings Occupancy expense (5,769 ) (6,234 ) Net lease cost (2) $ 25,611 $ 21,789 (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 $6,406 and $3,917
Lessee Operating and Finance Lease Liability Maturity Table. [Table Text Block]	Operating Leases Finance Leases Total Remaining fiscal 2021 $ 66,931 $ 447 $ 67,378 2022 89,182 267 89,449 2023 88,240 128 88,368 2024 74,126 35 74,161 2025 30,495 4 30,499 Thereafter 30,975 — 30,975 Total lease payments 379,949 881 380,830 Less: Imputed interest (34,565 ) (33 ) (34,598 ) Present value of lease liabilities $ 345,384 $ 848 $ 346,232
Schedule Of Supplemental Information Related To Operating and Finance Leases [Table Text Block]	he weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: June 30, 2020 March 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 4.7 1.9 4.8 1.9 Weighted-average discount rates 4.0 % 3.3 % 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: Three Months Ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 20,619 $ 22,871 Financing cash flows from finance leases 192 248

Stock-Based Compensation Share-

Stock-Based Compensation Share-based Compensation (Tables)	3 Months Ended
Stock-Based Compensation Share-based Compensation (Tables)	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Schedule of Compensation Cost for Share-based Payment Arrangements	The components of Legg Mason's total stock-based compensation expense were as follows: Three Months Ended June 30, 2020 2019 Restricted stock and restricted stock units $ 7,054 $ 17,634 Stock options 166 1,154 Affiliate management equity plans 23 1,623 Performance share units 169 3,011 Employee stock trust 9 8 Employee stock purchase plan — 254 Non-employee director awards — 150 Total stock-based compensation expense $ 7,421 $ 23,834
Restricted stock and restricted stock unit transactions	Restricted stock and restricted stock unit transactions are summarized below: Three Months Ended June 30, 2020 2019 Number of Shares Weighted-Average Grant Date Value Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31 2,760 $ 36.43 3,045 $ 37.76 Granted — — 1,196 35.50 Vested (1,159 ) 35.70 (1,199 ) 38.86 Canceled/forfeited (13 ) 36.83 (30 ) 35.79 Unvested shares at June 30 1,588 $ 36.96 3,012 $ 36.45
Stock options transactions	Stock option transactions under Legg Mason's equity incentive plans are summarized below: Three Months Ended June 30, 2020 2019 Number of Shares Weighted-Average Exercise Price Per Share Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2020 2,518 $ 41.41 4,115 $ 39.05 Exercised (1,285 ) 35.26 (311 ) 31.83 Canceled/forfeited (12 ) 39.65 (37 ) 40.63 Options outstanding at June 30 1,221 $ 47.90 3,767 $ 39.63

Revenue Disaggregation of Reven

Revenue Disaggregation of Revenue (Tables)	3 Months Ended
Revenue Disaggregation of Revenue (Tables)	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	The following table presents Total Operating Revenues disaggregated by geographic location: Three Months Ended June 30, 2020 2019 United States $ 533,616 $ 553,760 United Kingdom 31,391 32,010 Other International 101,179 119,590 Total Operating Revenues $ 666,186 $ 705,360
AssetClass [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	The following table presents Total Operating Revenues disaggregated by asset class: Three Months Ended June 30, 2020 2019 Equity $ 249,583 $ 291,341 Fixed Income 277,380 282,911 Alternative 111,616 107,542 Liquidity 27,607 23,566 Total Operating Revenues $ 666,186 $ 705,360

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Jun. 30, 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: Three Months Ended June 30, 2020 2019 Basic weighted-average shares outstanding for EPS 89,823 86,297 Potential common shares: Dilutive employee stock options 376 197 Diluted weighted-average shares outstanding for EPS 90,199 86,494 Net Income Attributable to Legg Mason, Inc. $ 49,422 $ 45,350 Less: Earnings (distributed and undistributed) allocated to participating securities 904 1,510 Net Income (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ 48,518 $ 43,840 Net Income per share Attributable to Legg Mason, Inc. Shareholders Basic $ 0.54 $ 0.51 Diluted 0.54 0.51

Noncontrolling Interests Rollfo

Noncontrolling Interests Rollforward (Tables)	3 Months Ended
Noncontrolling Interests Rollforward (Tables)	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests [Table Text Block]	Three months ended June 30, 2020 2019 Net income attributable to redeemable noncontrolling interests $ 4,865 $ 13,356 Net income attributable to nonredeemable noncontrolling interests 787 2,863 Total $ 5,652 $ 16,219
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, 2020 $ 117,140 $ 525,422 $ 71,852 $ 714,414 $ 29,042 Net income attributable to noncontrolling interests 898 3,967 — 4,865 787 Subscriptions (redemptions), net (95,233 ) 5 — (95,228 ) — Distributions — (12,821 ) — (12,821 ) (855 ) Foreign exchange — 264 — 264 — Vesting/change in estimated redemption value — 1,805 37 1,842 — Balance as of June 30, 2020 $ 22,805 $ 518,642 $ 71,889 $ 613,336 $ 28,974 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, 2019 $ 103,630 $ 540,595 $ 48,151 $ 692,376 $ 29,784 Net income attributable to noncontrolling interests 6,477 6,879 — 13,356 2,863 Subscriptions (redemptions), net (6,906 ) — — (6,906 ) — 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 — (14,063 ) — (14,063 ) (2,167 ) Foreign exchange — (837 ) — (837 ) — Vesting/change in estimated redemption value — 801 2,812 3,613 — Balance as of June 30, 2019 $ 103,201 $ 510,593 $ 50,963 $ 664,757 $ 30,480 (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 Other Total Balance as of March 31, 2020 $ 379,090 $ 133,610 $ 12,722 $ 525,422 Net income (loss) attributable to noncontrolling interests (1,177 ) 5,086 58 3,967 Subscriptions (redemptions), net — — 5 5 Distributions (1,966 ) (10,855 ) — (12,821 ) Foreign exchange — — 264 264 Change in estimated redemption value — 1,805 — 1,805 Balance as of June 30, 2020 $ 375,947 $ 129,646 $ 13,049 $ 518,642 Redeemable noncontrolling interests EnTrust Global Clarion Partners RARE Infrastructure Other Total Balance as of March 31, 2019 $ 380,684 $ 123,502 $ 35,181 $ 1,228 $ 540,595 Net income (loss) attributable to noncontrolling interests 2,884 4,118 106 (229 ) 6,879 Business acquisition — — — 11,715 11,715 Distributions (3,407 ) (10,656 ) — — (14,063 ) Purchase of affiliate noncontrolling interest: Payment (fair value portion) — — (8,789 ) — (8,789 ) Change in redemption value — — (25,708 ) — (25,708 ) Foreign exchange — — (790 ) (47 ) (837 ) Change in estimated redemption value — 801 — — 801 Balance as of June 30, 2019 $ 380,161 $ 117,765 $ — $ 12,667 $ 510,593

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
Derivatives and Hedging (Tables)	Jun. 30, 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 $ 6,282 $ (2,607 ) $ 3,675 $ — $ — $ 3,675 Futures contracts relating to seed capital investments — — — 338 2,632 2,970 Total return swaps — — — 160 120 280 Total derivative instruments not designated as hedging instruments $ 6,282 $ (2,607 ) $ 3,675 $ 498 $ 2,752 $ 6,925
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 Derivative instruments not designated as hedging instruments Currency forward contracts $ 497 $ (1,574 ) $ (1,077 ) $ — $ — $ (1,077 ) Futures contracts relating to seed capital investments — — — (480 ) 4,944 4,464 Total derivative instruments not designated as hedging instruments $ 497 $ (1,574 ) $ (1,077 ) $ (480 ) $ 4,944 $ 3,387 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, 2020 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 futures 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 on derivative instruments. As described above, the currency forward contracts and futures and forward contracts for seed capital investments included below are economic hedges of interest rate and market risk of certain operating and investing activities of Legg Mason. Three months ended June 30, 2020 2019 Income Statement Classification Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts relating to: Operating activities Other expense $ 9,260 $ (2,278 ) $ 3,639 $ (5,484 ) Seed capital investments Other non-operating income (expense) 1,570 (2,909 ) 725 (564 ) Futures contracts relating to: Seed capital investments Other non-operating income (expense) 337 (13,789 ) 311 (3,966 ) Total return swaps Other non-operating income (expense) — (1,962 ) 1 (803 ) Total return swaps Other non-operating income (expense) 1,672 — 1,249 — Total gain (loss) from derivatives not designated as hedging instruments $ 12,839 $ (20,938 ) $ 5,925 $ (10,817 )

Strategic Business Initiative_2

Strategic Business Initiative (Tables)	3 Months Ended
Strategic Business Initiative (Tables)	Jun. 30, 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 June 30, 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 Accrued charges 858 3,681 474 5,013 Payments (11,470 ) (334 ) (1,140 ) (12,944 ) Balance as of June 30, 2020 $ 5,352 $ 9,241 $ 219 $ 14,812 Non-cash charges (1) Three months ended March 31, 2019 $ — $ 758 $ — $ 758 Year ended March 31, 2020 12,325 1,477 — 13,802 Three months ended June 30, 2020 269 2,740 — 3,009 Total $ 12,594 $ 4,975 $ — $ 17,569 Cumulative charges incurred through June 30, 2020 $ 58,371 $ 15,172 $ 14,865 $ 88,408 (1) Includes stock-based compensation expense and accelerated fixed asset depreciation.

Variable Interest Entities an_2

Variable Interest Entities and Consolidation of Investment Vehicles (Tables)	3 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Condensed Balance Sheet [Table Text Block]	Consolidating Balance Sheets June 30, 2020 March 31, 2020 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 $ 1,940,093 $ 38,396 $ (16,297 ) $ 1,962,192 $ 1,942,583 $ 131,869 $ (34,828 ) $ 2,039,624 Non-current assets 5,954,266 979 — 5,955,245 5,945,353 22,313 (1,170 ) 5,966,496 Total Assets $ 7,894,359 $ 39,375 $ (16,297 ) $ 7,917,437 $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 Current Liabilities $ 865,237 $ 273 $ — $ 865,510 $ 925,013 $ 1,044 $ — $ 926,057 Non-current liabilities 2,543,269 — — 2,543,269 2,543,968 — — 2,543,968 Total Liabilities 3,408,506 273 — 3,408,779 3,468,981 1,044 — 3,470,025 Redeemable Non-controlling interests 590,531 — 22,805 613,336 597,274 — 117,140 714,414 Total Stock-holders’ Equity 3,895,322 39,102 (39,102 ) 3,895,322 3,821,681 153,138 (153,138 ) 3,821,681 Total Liabilities and Equity $ 7,894,359 $ 39,375 $ (16,297 ) $ 7,917,437 $ 7,887,936 $ 154,182 $ (35,998 ) $ 8,006,120 (1) Other represents consolidated sponsored investment product VREs that are not designated as CIVs.
Condensed Income Statement [Table Text Block]	Consolidating Statements of Income $ 51,439 June 30, 2020 June 30, 2019 Balance Before (1) CIVs and Other (1) Eliminations Consolidated Totals Balance Before Consolidation of CIVs and Other (1) CIVs and Other (1) Eliminations Consolidated Totals Total Operating Revenues $ 666,232 $ — $ (46 ) $ 666,186 $ 705,485 $ — $ (125 ) $ 705,360 Total Operating Expenses 598,565 (6 ) (81 ) 598,478 621,291 350 (216 ) 621,425 Operating Income (Loss) 67,667 6 35 67,708 84,194 (350 ) 91 83,935 Total Non-Operating Income (Expense) 439 (1,687 ) 2,544 1,296 (11,054 ) 10,085 (3,349 ) (4,318 ) Income (Loss) Before Income Tax Provision 68,106 (1,681 ) 2,579 69,004 73,140 9,735 (3,258 ) 79,617 Income tax provision 13,930 — — 13,930 18,048 — — 18,048 Net Income 54,176 (1,681 ) 2,579 55,074 55,092 9,735 (3,258 ) 61,569 Less: Net income attributable to noncontrolling interests 4,754 472 426 5,652 9,742 524 5,953 16,219 Net Income Attributable to Legg Mason, Inc. $ 49,422 $ (2,153 ) $ 2,153 $ 49,422 $ 45,350 $ 9,211 $ (9,211 ) $ 45,350 (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: June 30, 2020 March 31, 2020 June 30, 2019 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 $ 11,224 Trust structure foreign mutual funds 5 15,806 5 19,303 7 25,966 Employee trust structure funds — — 1 5,188 1 4,544 ETFs (2) 1 491 2 2,216 3 2,874 Total 6 $ 16,297 10 $ 28,397 13 $ 44,608 (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 one of Legg Mason's ETFs with notional amounts totaling $1,505 as of June 30, 2020. See Note 14 for additional information regarding total return swaps.
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 June 30, 2020 As of March 31, 2020 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 $ 2,922 $ 5,442 Other investment funds 39,102 40,886 33,365 52,230 Total $ 42,024 $ 46,328 $ 36,287 $ 57,672 (1) Amounts are related to investments in proprietary and other fund products. (2)

Significant Accounting Polici_3

Significant Accounting Policies Merger Agreement (Details)	Jun. 30, 2020$ / shares
Accounting Policies [Abstract]
Business Acquisition, Share Price	$ 50

Fair Values of Assets and Lia_3

Fair Values of Assets and Liabilities by Level (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments	$ 28,694	$ 28,373
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	326,224	594,514
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	4,173	4,716
Assets, Fair Value Disclosure	663,224	871,467
Business Combination, Contingent Consideration, Liability	0	0
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(1,557)	(13,872)
Financial Liabilities Fair Value Disclosure	(1,557)	(13,872)
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	259,387	12,521
Assets, Fair Value Disclosure	296,116	33,636
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	83,483	82,002
Business Combination, Contingent Consideration, Liability	(3,380)	(3,308)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0	0
Financial Liabilities Fair Value Disclosure	(3,380)	(3,308)
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	30,656	27,589
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	585,611	607,035
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	4,173	4,716
Assets, Fair Value Disclosure	1,073,479	1,014,694
Business Combination, Contingent Consideration, Liability	(3,380)	(3,308)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(1,557)	(13,872)
Financial Liabilities Fair Value Disclosure	(4,937)	(17,180)
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]
Equity Securities, FV-NI	64,863	48,940
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]
Equity Securities, FV-NI	27,711	19,538
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]
Equity Securities, FV-NI	41,626	38,895
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]
Equity Securities, FV-NI	1,072	1,360
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]
Equity Securities, FV-NI	135,272	108,733
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Proprietary Funds [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 Method Investments, Fair Value Disclosure	5,000
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Proprietary Funds [Member] \| Other Noncurrent Assets [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments, Fair Value Disclosure	41,716	43,059
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	12,695	12,571
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	59,411	55,630
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]
Equity Securities, FV-NI	260,028	210,891
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]
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]
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]
Equity Securities, FV-NI	0
Equity Method Investments, Fair Value Disclosure	8,556	5,287
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]
Equity Securities, FV-NI	260,028	210,891
Equity Method Investments, Fair Value Disclosure	11,056	5,287
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Long Term Incentive Compensation Plans [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 Method Investments, Fair Value Disclosure	2,500
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]
Equity Securities, FV-NI	7,936	12,406
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]
Equity Securities, FV-NI	1,518	1,577
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]
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]
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]
Equity Securities, FV-NI	9,454	13,983
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	141	48
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Other Investments [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	8,333	8,371
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	$ 8,474	$ 8,419

Fair Values of Assets and Lia_4

Fair Values of Assets and Liabilities Unrealized and Realized Gain (Loss) on Equity Investments (Details) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI, Gain (Loss)	$ 45,250	$ 10,153
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 44,554	$ 1,572

Fair Values of Assets and Lia_5

Fair Values of Assets and Liabilities Information Regarding Proprietary Fund Products (Details 2) $ in Thousands	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
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%	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	$ 210,980	$ 192,760
Number of Proprietary Fund Products with Seed Capital Investment in Excess of One Million Dollars	41	41
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	$ 16,297	$ 28,397

Changes in Level 3 Assets and L

Changes in Level 3 Assets and Liabilities (Details 3) - Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
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	$ 82,002	$ 43,527
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	2,748	1,913
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(236)	(2,148)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	(1,031)	446
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period	83,483	43,738
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	38,895	1,455
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	2,655	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	(1,457)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	76	2
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period	41,626	0
Proprietary Funds [Member] \| Equity Method Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period	43,059	40,854
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	93	1,913
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(232)	(678)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	(1,204)	427
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period	41,716	42,516
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	48	1,218
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(4)	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	97	17
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period	141	1,222
Contingent Consideration Liability Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning of Period	(3,308)	(1,415)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	0	(3,389)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	(72)	1,179
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, End of Period	(3,380)	(3,625)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 1,104	$ 1,626

Fair Values of Assets and Lia_6

Fair Values of Assets and Liabilities NAV Investments (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
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	6.00%
Percentage Not Currently Redeemable	94.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 5,622
Alternative Investment	30,656	$ 27,589
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	11,638	11,966
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	1,383	1,212
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	5,622
Alternative Investment	9,057	9,101
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	8,556	5,287
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	$ 22	$ 23
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Remaining Term, High End of Range	9

Fair Values of Assets and Lia_7

Fair Values of Assets and Liabilities Fair Value, Assets and Liabilities, Valuation Method and Significant Inputs (Details 5) $ in Thousands	Jun. 30, 2020USD ($)
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	5.30%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	8.80%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.60%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	4.30%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	9.40%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	5.60%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	1.40%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	8.30%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	2.00%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	14.80%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	76.80%
Equity Method Investments [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	46.70%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	5.50%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	11.80%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.70%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	4.30%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	8.90%
Equity Method Investments [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	5.30%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.50%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.50%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.50%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.00%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.00%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Exit Capitalization Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	6.00%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	9.30%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	9.30%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Credit Spread [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	9.30%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	82.90%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	82.90%
Equity Securities [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Loan to Value [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Funds, Measurement Input	82.90%
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Real Estate Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 19,709
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Real Estate Funds [Member] \| Proprietary Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Method Investments, Fair Value Disclosure	41,716
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] \| Real Estate Funds [Member] \| Proprietary Funds [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Method Investments, Fair Value Disclosure	22,007
Equity Securities, FV-NI	$ 41,626

Acquisitions Gramercy (Details)

Acquisitions Gramercy (Details) - Gramercy [Member] € in Thousands, $ in Thousands	Apr. 10, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)	Apr. 10, 2019EUR (€)	Apr. 10, 2019USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 10,247
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			€ 3,315	$ 3,726	€ 3,315	$ 3,735
Finite-lived Intangible Assets Acquired	$ 5,876
Goodwill, Acquired During Period	$ 20,196
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value						11,715
Business Combination, Contingent Consideration, Liability						$ 3,389

Schedule of Fixed Assets (Detai

Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Fixed assets:
Total cost	$ 641,449	$ 651,829
Less: accumulated depreciation and amortization	(515,336)	(517,406)
Fixed assets, net	126,113	134,423
Software
Fixed assets:
Total cost	283,216	279,038
Leasehold improvements
Fixed assets:
Total cost	196,301	210,419
Equipment
Fixed assets:
Total cost	$ 161,932	$ 162,372

Fixed Assets Depreciation and A

Fixed Assets Depreciation and Amortization Expense (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Member]
Property, Plant and Equipment
Depreciation and amortization	$ 13,945	$ 11,040

Components Intangible Assets (D

Components Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived and Indefinite-lived Intangible Assets
Cost	$ 370,537	$ 369,193
Accumulated amortization	(266,736)	(259,982)
Total	103,801	109,211
Indefinite-life intangible assets	3,252,669	3,246,479
U.S. Domestic Mutual Fund Management Contracts
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-life intangible assets	2,106,351	2,106,351
Other Fund Management Contracts [Member]
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-life intangible assets	466,036	460,033
Trade Names
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-life intangible assets	48,278	48,091
Consolidated Legg Mason, Inc.
Finite-Lived and Indefinite-lived Intangible Assets
Intangible assets, net	3,356,470	3,355,690
Clarion Partners [Member] \| Fund management contracts [Member]
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-life intangible assets	505,200	505,200
EnTrust Global [Member]
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-Lived Trade Names			$ 10,300
EnTrust Global [Member] \| Fund management contracts [Member]
Finite-Lived and Indefinite-lived Intangible Assets
Indefinite-life intangible assets	$ 126,804	$ 126,804
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		1.00%	10.00%
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%

Schedule of Goodwill Carrying V

Schedule of Goodwill Carrying Value Rollfoward (Details 4) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Goodwill Gross Value [Member]
Goodwill
Goodwill, Gross, Beginning of Period	$ 3,009,666
Impact of excess tax basis amortization	(2,856)
Other, including changes in foreign exchange rates	17,763
Goodwill, Gross, End of Period	3,024,573
Goodwill Accumulated Impairment [Member]
Goodwill
Accumulated Impairment, Beginning of Period	(1,161,900)
Accumulated Impairment, End of Period	(1,161,900)
Goodwill Net Value [Member]
Goodwill
Goodwill, Beginning of Period	1,847,766
Impact of excess tax basis amortization	(2,856)
Other, including changes in foreign exchange rates	17,763
Goodwill, End of Period	$ 1,862,673

Schedule of Remaining Intangibl

Schedule of Remaining Intangible Amortization (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Finite-Lived Intangible Assets Future Amortization Expense [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years 2 months 12 days
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 16,265
Finite-Lived Intangible Assets, Amortization Expense, Year Two	21,415
Finite-Lived Intangible Assets, Amortization Expense, Year Three	20,655
Finite-Lived Intangible Assets, Amortization Expense, Year Four	19,825
Finite-Lived Intangible Assets, Amortization Expense, Year Five	12,050
Thereafter	13,591
Total	$ 103,801	$ 109,211

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt Schedule of Current Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 21, 2020	Jun. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Proceeds from Lines of Credit		$ 250,000
Long-term debt, net		1,973,054	$ 1,972,733
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
Debt Instrument, Interest Rate, Effective Percentage		2.60%
Long-term Debt, Fair Value		$ 2,203,929
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		29,639
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] \| 3.95% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt		249,035	248,976
Debt Instrument, Unamortized Discount		184
Unamortized Debt Issuance Expense		781
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		447,963	447,875
Debt Instrument, Unamortized Premium		0
Unamortized Debt Issuance Expense		2,037
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		548,119	548,099
Debt Instrument, Unamortized Premium		(2,877)
Unamortized Debt Issuance Expense		4,758
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		242,716	242,665
Debt Instrument, Unamortized Premium		0
Unamortized Debt Issuance Expense		7,284
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		485,221	$ 485,118
Debt Instrument, Unamortized Premium		0
Unamortized Debt Issuance Expense		14,779
Long-term Debt, Gross		500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		500,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Lines of Credit	$ 250,000
Franklin Templeton [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		30,000
Long-term Debt [Member] \| Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net		(2,693)
Long-term Debt, Gross		$ 2,000,000

Leases Summary Lease Detail (De

Leases Summary Lease Detail (Details) number in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Schedule of Leased Assets [Line Items]
Square Footage Leased	1,357
Lessee, Operating Lease, Term of Contract	18 years
Lessee, Operating Lease, Option to Extend, Period	12 years
Lessee, Option to Terminate, Period	7 years
Operating Lease, Right-of-Use Asset	$ 72,942	$ 71,257

Leases Schedule of Balance Shee

Leases Schedule of Balance Sheet Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Schedule of Leased Assets [Line Items]
Operating Lease, Right-of-Use Asset	$ 279,580	$ 290,167
Operating Lease, Liability	345,384	355,483
Finance Lease, Right-of-Use Asset, Gross	2,011	2,011
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	515,336	517,406
Finance Lease, Right-of-Use Asset	948	1,175
Finance Lease, Liability	848	1,068
Right-of-Use Asset [Member]
Schedule of Leased Assets [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,063	$ 836

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment
Operating lease cost	$ 24,622	$ 20,921
Finance Lease, Right-of-Use Asset, Amortization	237	241
Finance Lease, Interest Expense	8	13
Finance Lease Cost, Total	245	254
Short-term Lease, Cost	281	1,845
Variable Lease, Cost	6,232	5,003
Sublease Income	(5,769)	(6,234)
Lease, Cost	25,611	21,789
Leasehold Improvements [Member]
Property, Plant and Equipment
Amortization	$ 6,406	$ 3,917

Leases ROU Impairment (Details)

Leases ROU Impairment (Details) $ in Thousands	3 Months Ended
Leases ROU Impairment (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
Asset Impairment Charges	$ 3,681
Accelerated Depreciation, Other	$ 2,740

Leases Lessee Lease Liability P

Leases Lessee Lease Liability Payments Due (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 66,931
Operating Leases, Future Minimum Payments, Due in Two Years	89,182
Operating Leases, Future Minimum Payments, Due in Three Years	88,240
Operating Leases, Future Minimum Payments, Due in Four Years	74,126
Operating Leases, Future Minimum Payments, Due in Five Years	30,495
Operating Leases, Future Minimum Payments, Due Thereafter	30,975
Lessee, Operating Lease, Liability, Payments, Due	379,949
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(34,565)
Operating Lease, Liability	345,384	$ 355,483
Finance Lease, Liability, Payments, Next Twelve Months	447
Finance Lease, Liability, Payments, Due Year Two	267
Finance Lease, Liability, Payments, Due Year Three	128
Finance Lease, Liability, Payments, Due Year Four	35
Finance Lease, Liability, Payments, Due Year Five	4
Finance Lease, Liability, Payments, Due after Year Five	0
Finance Lease, Liability, Payment, Due	881
Finance Lease, Liability, Undiscounted Excess Amount	(33)
Finance Lease, Liability	848	$ 1,068
Lease Liability Payments, Next Twelve Months	67,378
Lease Liability Payments Due Year Two	89,449
Lease Liability Payments Due Year Three	88,368
Lease Liability Payments Due Year Four	74,161
Lease Liability Payments Due Year Five	30,499
Lease Liability Payments Due After Year Five	30,975
Lease Liability Payment Due	380,830
Lease Liability Undiscounted Excess Amount	(34,598)
Operating and Finance Lease, Liability	$ 346,232

Leases Lease Term and Discount

Leases Lease Term and Discount Rate (Details)	Jun. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days	4 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	1 year 10 months 24 days	1 year 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.00%	3.90%
Finance Lease, Weighted Average Discount Rate, Percent	3.30%	3.20%

Leases Schedule of Supplemental

Leases Schedule of Supplemental Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating Lease, Payments	$ 20,619	$ 22,871
Finance Lease, Principal Payments	$ 192	$ 248

Commitments and Contingencies I

Commitments and Contingencies Information Regarding Other Commitments (Details 2) $ in Thousands	Jun. 30, 2020USD ($)
Investment In Limited Partnerships [Member]
Other Commitments [Line Items]
Other Commitment	$ 16,723
Clarion Partners [Member]
Other Commitments [Line Items]
Other Commitment	$ 100,000

Commitments and Contingencies F

Commitments and Contingencies Future Commitments For Service Contracts (Details 1) - Service Agreements [Member] $ in Thousands	Jun. 30, 2020USD ($)
Other Commitments [Line Items]
Other Commitment	$ 89,606
Other Commitment, Due in Next Twelve Months	34,980
Other Commitment, Due in Second Year	25,461
Other Commitment, Due through fiscal 2028	$ 29,165

Commitments and Contingencies C

Commitments and Contingencies Commitments Related to Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Other Commitments [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	$ 613,336
Noncontrolling Interest [Member]
Other Commitments [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	518,642
Management Equity Plan [Member]
Other Commitments [Line Items]
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$ 83,895

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies related to Acquisitions (Details) € in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Apr. 10, 2019EUR (€)	Apr. 10, 2019USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration, Liability, Noncurrent			$ 3,380	$ 3,308
Merger Agreement, severance and retention payments	$ 125,000
Merger Agreement, Deferred Compensation Plan Acceleration	$ 48,000
Gramercy [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		€ 3,315	$ 3,726		€ 3,315	$ 3,735

Stock Based Compensation Summar

Stock Based Compensation Summary (Details) shares in Thousands	3 Months Ended
	Jun. 30, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	6,354
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

Stock-Based Compensation Compen

Stock-Based Compensation Compensation Expense (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	$ 7,421	$ 23,834
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Employee Stock Ownership Plan (ESOP), Compensation Expense	0	254
Rabbi trust [Domain]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	9	8
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	7,054	17,634
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	166	1,154
Subsidiaries [Member] \| Management Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Deferred Compensation Arrangement with Individual, Compensation Expense	23	1,623
Director [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	0	150
Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 169	$ 3,011

Stock-Based Compensation Restri

Stock-Based Compensation Restricted Stock and Restricted Stock Unit Transactions (Details 2) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
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	1,588	3,012	2,760	3,045
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 36.96	$ 36.45	$ 36.43	$ 37.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	1,196
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0	$ 35.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(1,159)	(1,199)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 35.70	$ 38.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(13)	(30)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 36.83	$ 35.79
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 42,985
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 6 months

Stock-Based Compensation Schedu

Stock-Based Compensation Schedule of Outstanding Stock Options (Details 3) - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 41.41	$ 39.05
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,221	3,767	2,518	4,115
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 47.90	$ 39.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,285)	(311)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 35.26	$ 31.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(12)	(37)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 39.65	$ 40.63

Stock-Based Compensation Stock

Stock-Based Compensation Stock Options Excercisable (Details 4) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,106
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 48.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	115
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $	$ 383
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year

Stock-Based Compensation Non-em

Stock-Based Compensation Non-employee Directors Equity Plan (Details 6) - shares shares in Thousands	Jun. 30, 2020	Jun. 30, 2019
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	35	100

Stock-Based Compensation Manage

Stock-Based Compensation Management Equity Plans (Details 5) - Management Equity Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$ 83,895
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
Royce [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Profits interests equity plan participation percentage	24.50%
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$ 10,000
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
ClearBridge Investments [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 23	$ 1,623
ClearBridge Management Equity Plan [Member] \| ClearBridge Investments [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense		$ 1,600

Revenue Revenue by Asset Class

Revenue Revenue by Asset Class (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total Operating Revenues	$ 666,186	$ 705,360
Equity AUM [Member]
Disaggregation of Revenue [Line Items]
Total Operating Revenues	249,583	291,341
Fixed Income AUM [Member]
Disaggregation of Revenue [Line Items]
Total Operating Revenues	277,380	282,911
Alternative AUM [Member]
Disaggregation of Revenue [Line Items]
Total Operating Revenues	111,616	107,542
Liquidity AUM [Member]
Disaggregation of Revenue [Line Items]
Total Operating Revenues	$ 27,607	$ 23,566

Revenue Revenue by Geographic L

Revenue Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total Operating Revenues	$ 666,186	$ 705,360
UNITED STATES
Disaggregation of Revenue [Line Items]
Total Operating Revenues	533,616	553,760
UNITED KINGDOM
Disaggregation of Revenue [Line Items]
Total Operating Revenues	31,391	32,010
Non-US [Member]
Disaggregation of Revenue [Line Items]
Total Operating Revenues	$ 101,179	$ 119,590

Revenue Revenue (Details)

Revenue Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Capitalized Contract Cost, Net, Current	$ 9,115		$ 8,954
Capitalized Contract Cost, Net, Noncurrent	11,990		$ 11,396
Capitalized Contract Cost, Amortization	$ 2,606	$ 2,284

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
	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income Attributable to Legg Mason, Inc.
Consolidated Legg Mason, Inc.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic	89,823	86,297
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	376	197
Weighted Average Number of Shares Outstanding, Diluted	90,199	86,494
Net Income Attributable to Legg Mason, Inc.	$ 49,422	$ 45,350
Basic (in dollars per share)	$ 0.54	$ 0.51
Earnings Per Share, Diluted	$ 0.54	$ 0.51
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.	$ 49,422	$ 45,350
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted	904	1,510
Net Income (Loss) Available to Common Stockholders, Diluted	$ 48,518	$ 43,840

Earnings Per Share Information

Earnings Per Share Information about Dilutive and Anti-Dilute Shares (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
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	735	2,464
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	1,971	2,852

Noncontrolling Interests Income

Noncontrolling Interests Income Attributable to NCI Reconciliation Schedule (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	$ 4,865	$ 13,356
Net Income (Loss) Attributable to Noncontrolling Interest	5,652	16,219
Royce [Member]
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	$ 787	$ 2,863

Noncontrolling Interests Roll_2

Noncontrolling Interests Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	$ 714,414	$ 692,376
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	4,865	13,356
Noncontrolling Interest, Increase from Business Combination		11,715
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(8,789)
Noncontrolling Interest, Change in Redemption Value		(25,708)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(12,821)	(14,063)
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange	264	(47)
RE Reclassified for MEP Amortization	1,842	3,613
Noncontrolling Interest, Period Increase (Decrease)	(95,228)	(6,906)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	613,336	664,757
CIVs and Other
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	117,140	103,630
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	898	6,477
Noncontrolling Interest, Period Increase (Decrease)	(95,233)	(6,906)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	22,805	103,201
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	525,422	540,595
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	3,967	6,879
Noncontrolling Interest, Increase from Business Combination		11,715
Proceeds from (Payments to) Noncontrolling Interests	(12,821)	(14,063)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(8,789)
Noncontrolling Interest, Change in Redemption Value		(25,708)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(12,821)	(14,063)
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange	264	(837)
RE Reclassified for MEP Amortization	1,805	801
Noncontrolling Interest, Period Increase (Decrease)	5	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	518,642	510,593
Management Equity Plan [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	71,852	48,151
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	0	0
RE Reclassified for MEP Amortization	37	2,812
Noncontrolling Interest, Period Increase (Decrease)	0	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	71,889	50,963
EnTrustPermal [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	379,090	380,684
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(1,177)	2,884
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	375,947	380,161
Clarion Partners [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	1,805	801
Clarion Partners [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	133,610	123,502
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	5,086	4,118
Proceeds from (Payments to) Noncontrolling Interests	(10,855)	(10,656)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	129,646	117,765
RARE Infrastructure, Ltd [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		35,181
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		106
Proceeds from (Payments to) Noncontrolling Interests		0
Noncontrolling Interest, Change in Redemption Value	518,642	510,593
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange		(790)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		0
Other Affiliates [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period	12,722	1,228
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	58	(229)
Proceeds from (Payments to) Noncontrolling Interests	0	0
Noncontrolling Interest, Period Increase (Decrease)	5
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period	13,049	12,667
EnTrust Global [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Proceeds from (Payments to) Noncontrolling Interests	(1,966)	(3,407)
Royce [Member]
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	787	2,863
RARE Management Team [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(8,789)
Noncontrolling Interest, Change in Redemption Value		(25,708)
Management Equity Plan [Member] \| Royce [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning of Period	29,042	29,784
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(855)	(2,167)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	787	2,863
Stockholders' Equity Attributable to Noncontrolling Interest, End of Period	$ 28,974	$ 30,480

Noncontrolling Interests Noncon

Noncontrolling Interests Noncontrolling Interest Rollforward, By Affiliate (Details) - USD ($) $ in Thousands	May 10, 2019	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		$ 714,414	$ 692,376
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		4,865	13,356
Noncontrolling Interest, Period Increase (Decrease)		(95,228)	(6,906)
Noncontrolling Interest, Increase from Business Combination			11,715
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			(8,789)
Noncontrolling Interest, Change in Redemption Value			(25,708)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		(12,821)	(14,063)
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange		264	(47)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		613,336	664,757
RE Reclassified for MEP Amortization		1,842	3,613
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		525,422	540,595
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		3,967	6,879
Noncontrolling Interest, Period Increase (Decrease)		5	0
Noncontrolling Interest, Increase from Business Combination			11,715
Proceeds from (Payments to) Noncontrolling Interests		(12,821)	(14,063)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			(8,789)
Noncontrolling Interest, Change in Redemption Value			(25,708)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		(12,821)	(14,063)
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange		264	(837)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		518,642	510,593
RE Reclassified for MEP Amortization		1,805	801
Other Affiliates [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		12,722	1,228
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		58	(229)
Noncontrolling Interest, Period Increase (Decrease)		5
Proceeds from (Payments to) Noncontrolling Interests		0	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		13,049	12,667
EnTrustPermal [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		379,090	380,684
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(1,177)	2,884
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		375,947	380,161
Clarion Partners [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		1,805	801
Clarion Partners [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Beginning of Period		133,610	123,502
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		5,086	4,118
Proceeds from (Payments to) Noncontrolling Interests		(10,855)	(10,656)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period		129,646	117,765
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
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest			106
Proceeds from (Payments to) Noncontrolling Interests			0
Noncontrolling Interest, Change in Redemption Value		518,642	510,593
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange			(790)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, End of Period			0
RARE Management Team [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			(8,789)
Noncontrolling Interest, Change in Redemption Value			(25,708)
EnTrust Global [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Proceeds from (Payments to) Noncontrolling Interests		$ (1,966)	(3,407)
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	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Fair Value	$ 34,497
Noncontrolling Interest, Change in Redemption Value			$ 25,708
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Change in Redemption Value			25,708
RARE Infrastructure, Ltd [Member]
Noncontrolling Interest [Line Items]
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 11,967
Payments of Ordinary Dividends, Noncontrolling Interest			1,759
Deferred Compensation Arrangement with Individual, Compensation Expense			11,440
RARE Infrastructure, Ltd [Member] \| Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Change in Redemption Value		$ (518,642)	$ (510,593)
RARE Management Team [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			15.00%
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 ($)	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019
Other Assets [Member]
Derivative
Amount Net for Fair Value of Derivative Assets and (Liabilities)	$ 4,173,000	$ 4,716,000
Other Liabilities [Member]
Derivative
Amount Net for Fair Value of Derivative Assets and (Liabilities)	$ 1,557,000	13,872,000
Foreign Exchange Forward [Member]
Derivative
Derivative, Average Remaining Maturity	7 months
Derivative, Notional Amount	$ 309,365,000
Future [Member]
Derivative
Derivative, Average Remaining Maturity	3 months
Derivative, Notional Amount	$ 85,122,000
Total Return Swap [Member]
Derivative
Derivative, Average Remaining Maturity	7 months
Derivative, Notional Amount	$ 1,505,000
Derivative, Average Basis Spread on Variable Rate	1.60%
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] \| Not Designated as Hedging Instrument [Member]
Derivative
Derivative Liability, Fair Value, Gross Liability	$ 497,000	(11,482,000)
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	6,925,000		$ 7,080,000
Derivative Asset, Not Subject to Master Netting Arrangement	498,000		1,932,000
Derivative Asset, Fair Value, Gross Asset	6,282,000		4,493,000
Derivative Asset, Fair Value, Gross Liability	(2,607,000)		(1,709,000)
Derivative Liability, Fair Value, Gross Asset	(1,574,000)	4,368,000
Derivative Liability	(1,077,000)	(7,114,000)
Derivative Liability, Not Subject to Master Netting Arrangement	(480,000)	(6,758,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	4,944,000	12,205,000
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	497,000	(11,482,000)
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	3,675,000		2,784,000
Derivative Asset, Not Subject to Master Netting Arrangement	0		0
Derivative Asset, Fair Value, Gross Asset	6,282,000		4,493,000
Derivative Asset, Fair Value, Gross Liability	(2,607,000)		(1,709,000)
Derivative Liability, Fair Value, Gross Asset	(1,574,000)	4,368,000
Derivative Liability	(1,077,000)	(7,114,000)
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)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		8,080,000
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	280,000		288,000
Derivative Asset, Not Subject to Master Netting Arrangement	160,000		130,000
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
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
Derivative Liability		0
Derivative Liability, Not Subject to Master Netting Arrangement		(360,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		754,000
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	2,970,000		4,008,000
Derivative Asset, Not Subject to Master Netting Arrangement	338,000		1,802,000
Derivative Asset, Fair Value, Gross Asset	0		0
Derivative Asset, 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	(480,000)	(3,203,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	$ 4,944,000	$ 7,326,000

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 ($)	Jun. 30, 2020	Jun. 30, 2019
Derivative
Derivative Asset, Fair Value, Gross Asset	$ 6,282,000	$ 4,493,000
Derivative Asset, Fair Value, Gross Liability	(2,607,000)	(1,709,000)
Derivative Asset	3,675,000	2,784,000
Derivative Asset, Not Subject to Master Netting Arrangement	498,000	1,932,000
Derivative Asset, Collateral, Obligation to Return Cash, Offset	2,752,000	2,364,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	6,925,000	7,080,000
Foreign Exchange Forward [Member]
Derivative
Derivative Asset, Fair Value, Gross Asset	6,282,000	4,493,000
Derivative Asset, Fair Value, Gross Liability	(2,607,000)	(1,709,000)
Derivative Asset	3,675,000	2,784,000
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	3,675,000	2,784,000
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	160,000	130,000
Derivative Asset, Collateral, Obligation to Return Cash, Offset	120,000	158,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	280,000	288,000
Investments [Member] \| Future [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	338,000	1,802,000
Derivative Asset, Collateral, Obligation to Return Cash, Offset	2,632,000	2,206,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 2,970,000	$ 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 ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019
Derivative
Derivative Liability, Fair Value, Gross Liability	$ 497,000	$ (11,482,000)
Derivative Liability, Fair Value, Gross Asset	(1,574,000)	4,368,000
Derivative Liability	(1,077,000)	(7,114,000)
Derivative Liability, Not Subject to Master Netting Arrangement	(480,000)	(6,758,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	4,944,000	12,205,000
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	3,387,000	(1,667,000)
Derivative Asset, Not Subject to Master Netting Arrangement	498,000		$ 1,932,000
Derivative Asset, Collateral, Obligation to Return Cash, Offset	2,752,000		2,364,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	6,925,000		7,080,000
Foreign Exchange Forward [Member]
Derivative
Derivative Liability, Fair Value, Gross Liability	497,000	(11,482,000)
Derivative Liability, Fair Value, Gross Asset	(1,574,000)	4,368,000
Derivative Liability	(1,077,000)	(7,114,000)
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	(1,077,000)	(7,114,000)
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	3,675,000		2,784,000
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)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		8,080,000
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		4,517,000
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
Derivative Liability, Fair Value, Gross Asset		0
Derivative Liability		0
Derivative Liability, Not Subject to Master Netting Arrangement		(360,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		754,000
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		394,000
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	(480,000)	(3,203,000)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	4,944,000	7,326,000
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	4,464,000	$ 4,123,000
Derivative Asset, Not Subject to Master Netting Arrangement	338,000		1,802,000
Derivative Asset, Collateral, Obligation to Return Cash, Offset	2,632,000		2,206,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 2,970,000		$ 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
	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	$ 12,839	$ 5,925
Derivative Instruments Not Designated as Hedging Instruments, Loss	(20,938)	(10,817)
Forward Contracts [Member] \| Other Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	9,260	3,639
Derivative Instruments Not Designated as Hedging Instruments, Loss	2,278	5,484
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	0	1
Derivative Instruments Not Designated as Hedging Instruments, Loss	1,962	803
Total Return Swap [Member] \| Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	1,672	1,249
Derivative Instruments Not Designated as Hedging Instruments, Loss	0	0
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	1,570	725
Derivative Instruments Not Designated as Hedging Instruments, Loss	2,909	564
Investments [Member] \| Future [Member] \| Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	337	311
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 13,789	$ 3,966

Strategic Business Initiative_3

Strategic Business Initiative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended	18 Months Ended
	Jun. 30, 2020	Mar. 31, 2019	Mar. 31, 2020	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 8,022			$ 88,408
Restructuring Reserve, Beginning of Period	22,743		$ 8,594
Restructuring Charges	5,013	$ 8,594	57,232
Payments for Restructuring	(12,944)		(43,083)
Restructuring Reserve, End of Period	14,812	8,594	22,743	14,812
Restructuring Reserve, Settled without Cash	3,009	758	13,802	17,569
Payments for Merger Related Costs	22,910
Compensation and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	58,371			58,371
Restructuring Reserve, Beginning of Period	15,964		0
Restructuring Charges	858		44,919
Payments for Restructuring	(11,470)		(28,955)
Restructuring Reserve, End of Period	5,352	0	15,964	5,352
Restructuring Reserve, Settled without Cash	269	0	12,325	12,594
Occupancy
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	15,172			15,172
Restructuring Reserve, Beginning of Period	5,894		2,090
Restructuring Charges	3,681	2,090	4,426
Payments for Restructuring	(334)		(622)
Restructuring Reserve, End of Period	9,241	2,090	5,894	9,241
Restructuring Reserve, Settled without Cash	2,740	758	1,477	4,975
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	14,865			14,865
Restructuring Reserve, Beginning of Period	885		6,504
Restructuring Charges	474	6,504	7,887
Payments for Restructuring	(1,140)		(13,506)
Restructuring Reserve, End of Period	219	6,504	885	219
Restructuring Reserve, Settled without Cash	$ 0	$ 0	$ 0	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Consolidation of Investment Vehicles Information about Investments in CIV's (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 16,297	$ 28,397			$ 44,608
Sponsored Investment Fund [Member]
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	1,690			11,224
Foreign Mutual Funds [Member]
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	15,806	19,303			25,966
Employee Owned Funds [Member]
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	5,188			4,544
Sponsored ETF [Member]
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 491	$ 2,216			$ 2,874
Consolidated Investment Vehicles [Member]
Variable Interest Entity
Number of Funds	6	10			13
Consolidated Investment Vehicles [Member] \| Sponsored Investment Fund [Member]
Variable Interest Entity
Number of Funds	0	2			2
Consolidated Investment Vehicles [Member] \| Foreign Mutual Funds [Member]
Variable Interest Entity
Number of Funds	5	5			7
Consolidated Investment Vehicles [Member] \| Employee Owned Funds [Member]
Variable Interest Entity
Number of Funds	0	1			1
Consolidated Investment Vehicles [Member] \| Sponsored ETF [Member]
Variable Interest Entity
Number of Funds	1	2			3
Voting Right Entities [Member]
Variable Interest Entity
Number of Funds	3	4		4
Consolidated Legg Mason, Inc.
Variable Interest Entity
Liabilities	$ 3,408,779	$ 3,470,025
Assets	7,917,437	$ 8,006,120
Future [Member]
Variable Interest Entity
Derivative, Notional Amount	1,505
Voting Right Entities [Member]
Variable Interest Entity
Number of Funds		5	4			7
Proprietary Funds [Member] \| Voting Right Entities [Member] \| Consolidated Legg Mason, Inc.
Variable Interest Entity
Investments	49,791	$ 41,774		$ 20,548
Collateralized Loan Obligations [Member]
Variable Interest Entity
Liabilities	563,300
Investments	5,000
Stockholders' Equity, Other	37,300
Assets	$ 563,600

VIE Consolidated Balance Sheet

VIE Consolidated Balance Sheet Detail (Details) $ in Thousands	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Variable Interest Entity
REDEEMABLE NONCONTROLLING INTERESTS	$ 613,336	$ 714,414	$ 664,757	$ 692,376
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Variable Interest Entity
Current Assets	(1,940,093)	(1,942,583)
Non-current Assets	5,954,266	5,945,353
TOTAL ASSETS	7,894,359	7,887,936
Current Liabilities	865,237	925,013
Non-current Liabilities	2,543,269	2,543,968
TOTAL LIABILITIES	3,408,506	3,468,981
REDEEMABLE NONCONTROLLING INTERESTS	590,531	597,274
Total Stockholders' Equity	3,895,322	3,821,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,894,359	7,887,936
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Current Assets	(38,396)	(131,869)
Non-current Assets	979	22,313
TOTAL ASSETS	39,375	154,182
Current Liabilities	273	1,044
Non-current Liabilities	0	0
TOTAL LIABILITIES		1,044
REDEEMABLE NONCONTROLLING INTERESTS	0	0
Total Stockholders' Equity	39,102	153,138
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 39,375	$ 154,182
Consolidated Investment Vehicles [Member]
Variable Interest Entity
Number of Funds	6	10		13
Consolidated Legg Mason, Inc.
Variable Interest Entity
Current Assets	$ (1,962,192)	$ (2,039,624)
Non-current Assets	5,955,245	5,966,496
TOTAL ASSETS	7,917,437	8,006,120
Current Liabilities	865,510	926,057
Non-current Liabilities	2,543,269	2,543,968
TOTAL LIABILITIES	3,408,779	3,470,025
REDEEMABLE NONCONTROLLING INTERESTS	613,336	714,414
Total Stockholders' Equity	3,895,322	3,821,681	$ 3,731,263
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,917,437	8,006,120
Consolidation, Eliminations [Member]
Variable Interest Entity
Current Assets	16,297	34,828
Non-current Assets	0	(1,170)
TOTAL ASSETS		(35,998)
Current Liabilities	0	0
Non-current Liabilities	0	0
TOTAL LIABILITIES		0
REDEEMABLE NONCONTROLLING INTERESTS	22,805	117,140
Total Stockholders' Equity	(39,102)	(153,138)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ (16,297)	$ (35,998)
Sponsored Investment Fund [Member] \| Consolidated Investment Vehicles [Member]
Variable Interest Entity
Number of Funds	0	2		2

VIE Consolidated Income Stateme

VIE Consolidated Income Statements Details (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Condensed Income Statements, Captions [Line Items]
Total Operating Revenues	$ 666,186	$ 705,360
INCOME BEFORE INCOME TAX PROVISION
NET INCOME
Net Income (Loss) Attributable to Noncontrolling Interest	5,652	16,219
Net Income Attributable to Legg Mason, Inc.
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Condensed Income Statements, Captions [Line Items]
Total Operating Revenues	666,232	705,485
Total Operating Expenses	598,565	621,291
OPERATING INCOME	67,667	84,194
Total Other Non-Operating Income (Expense)	439	(11,054)
INCOME BEFORE INCOME TAX PROVISION	68,106	73,140
Income tax provision	13,930	18,048
NET INCOME	54,176	55,092
Net Income (Loss) Attributable to Noncontrolling Interest	4,754	9,742
Net Income Attributable to Legg Mason, Inc.	49,422	45,350
Variable Interest Entity, Primary Beneficiary [Member]
Condensed Income Statements, Captions [Line Items]
Total Operating Revenues	0	0
Total Operating Expenses	(6)	350
OPERATING INCOME	6	(350)
Total Other Non-Operating Income (Expense)	(1,687)	10,085
INCOME BEFORE INCOME TAX PROVISION	(1,681)	9,735
Income tax provision	0	0
NET INCOME	(1,681)	9,735
Net Income (Loss) Attributable to Noncontrolling Interest	472	524
Net Income Attributable to Legg Mason, Inc.	(2,153)	9,211
Consolidated Legg Mason, Inc.
Condensed Income Statements, Captions [Line Items]
Total Operating Revenues	666,186	705,360
Total Operating Expenses	598,478	621,425
OPERATING INCOME	67,708	83,935
Total Other Non-Operating Income (Expense)	1,296	(4,318)
INCOME BEFORE INCOME TAX PROVISION	69,004	79,617
Income tax provision	13,930	18,048
NET INCOME	55,074	61,569
Net Income (Loss) Attributable to Noncontrolling Interest	5,652	16,219
Net Income Attributable to Legg Mason, Inc.	49,422	45,350
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Total Operating Revenues	(46)	(125)
Total Operating Expenses	(81)	(216)
OPERATING INCOME	35	91
Total Other Non-Operating Income (Expense)	2,544	(3,349)
INCOME BEFORE INCOME TAX PROVISION	2,579	(3,258)
Income tax provision	0	0
NET INCOME	2,579	(3,258)
Net Income (Loss) Attributable to Noncontrolling Interest	426	5,953
Net Income Attributable to Legg Mason, Inc.	$ 2,153	$ (9,211)

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	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 26,337	$ 93,648
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 7,474	23,118
Hedge Funds \| 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

Unconsolidated VIE's (Details 9

Unconsolidated VIE's (Details 9) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Variable Interest Entity
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 16,297	$ 28,397	$ 44,608
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	42,024	36,287
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	46,328	57,672
Assets Under Management	26,304,649	31,325,927
Real Estate Investment Trusts [Member]
Variable Interest Entity
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	2,922	2,922
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	5,442	5,442
Other sponsored investments fund [Member]
Variable Interest Entity
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	39,102	33,365
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 40,886	$ 52,230

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jul. 21, 2020USD ($)
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of Lines of Credit	$ 250,000