Commitments and Contingencies

6 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

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 condensed consolidated financial statements.

Incentive Fees

The Partnerships have allocated carried interest still subject to contingencies and that did not meet the Company’s criteria for recognition in the amounts of $382,016 and $326,466, net of amounts attributable to non-controlling interests, at September 30, 2019 and March 31, 2019, respectively, of which $3,704 at both September 30, 2019 and March 31, 2019, has been received and deferred by the Company.

If the Company ultimately receives the unrecognized carried interest, a total of $95,504 and $81,616 as of September 30, 2019 and March 31, 2019, respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable.

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 Company’s aggregate unfunded commitment to the Partnerships was $128,403 and $123,637 as of September 30, 2019 and March 31, 2019, respectively.

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 to six 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 $1,205 and $2,410 for the three and six months ended September 30, 2019, respectively. Total variable lease costs were $140 and $274 for the three and six months ended September 30, 2019, respectively. Short-term lease costs were not material for the three and six months ended September 30, 2019.

The following table shows other supplemental information related to the Company’s operating leases:


	Three Months Ended September 30, 2019		Six Months Ended September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,293	$	2,575

Weighted average remaining lease term (in years)			2.7
Weighted average discount rate			5.5		%

As of September 30, 2019, the maturities of operating lease liabilities were as follows:


Remainder of FY2020	2,566
FY2021	4,490
FY2022	2,846
FY2023	747
FY2024	389
Thereafter	244
Total lease payments	11,282
Less: imputed interest	(811)
Total operating lease liabilities	$	10,471