Long-Term Debt

6 Months Ended

Sep. 30, 2013

Short-Term Borrowings and Long-Term Debt [Abstract]

Short-Term Borrowings and Long-Term Debt

7. Long-Term Debt

The disclosures below include details of Legg Mason’s debt, excluding the debt of CIVs.  See Note 12, Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the debt of CIVs.

The accreted value of long-term debt consists of the following:

	September 30, 2013						March 31, 2013
	Current Accreted Value		Unamortized Discount		Maturity Amount		Accreted Value
5.5% senior notes	$	644,560	$	5,440	$	650,000	$	644,077
Five-year amortizing term loan	450,000		—		450,000		500,000
Other term loans	657		—		657		877
Subtotal	1,095,217		5,440		1,100,657		1,144,954
Less: current portion	50,218		—		50,218		50,438
Total	$	1,044,999	$	5,440	$	1,050,439	$	1,094,516

As of September 30, 2013, the aggregate maturities of long-term debt, based on their contractual terms, are as follows:

Remaining 2014	$	218
2015	50,439
2016	50,000
2017	50,000
2018	300,000
Thereafter	650,000
Total	$	1,100,657

At September 30, 2013, the estimated fair value of long-term debt was approximately $1,162,498. The carrying value of the five-year term loan approximates fair value because the debt is a credit facility with a market-based variable interest rate. The fair value of the 5.5% senior notes was estimated using publicly quoted market prices and, along with the fair value of other long-term debt, was classified as Level 2 in the fair value hierarchy.