XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.20.1

Commitments and Contingencies | 12 Months Ended
--- | ---
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its consolidated financial statements. Incentive Fees The Partnerships have allocated carried interest, which has not yet been received or recognized, in the amounts of $441,150 and $326,466 at March 31, 2020 and 2019, respectively, of which $3,704 and $3,704 at March 31, 2020 and 2019, respectively, has been received and deferred by the Company. If the Company ultimately receives the unrecognized carried interest, a total of $110,288 and $81,616 as of March 31, 2020 and 2019, respectively, would be potentially payable to certain employees and third parties pursuant to compensation arrangements related to the carried interest profit-sharing plans. Such amounts have not been recorded in the Consolidated Balance Sheets or Consolidated Statements of Income as this liability is not yet probable. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world. These leases have remaining lease terms of one year to five years, some of which have the option to extend for an additional five years or have the option to terminate within one year. Total operating lease costs were $4,838 for the year ended March 31, 2020. Total variable lease costs were $557 for the year ended March 31, 2020. Short-term lease costs were not material for the year ended March 31, 2020.
|  |  | Year Ended March 31, 2020
Cash paid for amounts included in the measurement of operating lease liabilities |  |  | $ 5,108
Noncash ROU assets obtained in exchange for new operating lease liabilities |  |  | $ 2,102
Weighted average remaining lease term (in years) |  |  | 2.9
Weighted average discount rate |  |  | 5.2 | %
Total lease expense was $5,851 and $5,286 for the years ended March 31, 2019 and 2018, respectively, and was recorded on the straight-line basis and included in general, administrative and other expenses in the Consolidated Statements of Income. As of March 31, 2020, the maturities of operating lease liabilities were as follows:
FY2021 | $ | 4,912 |
FY2022 | 3,320
FY2023 | 1,200
FY2024 | 877
Thereafter | 688
Total lease payments | $ | 10,997 |
Less: imputed interest | (813)
Total operating lease liabilities | $ | 10,184 |
In October 2019, the Company executed an agreement to lease office space for its new headquarters in suburban Philadelphia. The lessor is currently building the office space. The Company expects to gain access to the space to build various leasehold improvements in late fiscal 2021. At that time, the Company will establish an ROU asset and a lease liability for the new lease. Upon lease commencement, total future lease payments are expected to be $92,320 over 17 years. Commitments The Company serves as the investment manager of the Partnerships. The general partner or managing member of each Partnership is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The aggregate unfunded commitment of the general partners to the Partnerships was $143,489 and $123,637 as of March 31, 2020 and 2019, respectively.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration