Variable Interest Entities and Consolidation of Investment Vehicles (Tables)

6 Months Ended

Sep. 30, 2016

Noncontrolling Interest [Line Items]

Condensed Balance Sheet [Table Text Block]



	September 30, 2016									March 31, 2016
	Balance Before Consolidation of CIVs and Other⁽¹⁾		CIVs and Other⁽¹⁾		Eliminations			Consolidated Totals		Balance Before Consolidation of CIVs and Other⁽¹⁾		CIVs and Other⁽¹⁾		Eliminations			Consolidated Totals
Current Assets	$	1,600,512	$	92,595	$	(31,631	)	$	1,661,476	$	2,288,080	$	110,631	$	(13,667	)	$	2,385,044
Non-current assets	6,587,299		8,442		(2,667		)	6,593,074		5,135,318		84		—			5,135,402
Total Assets	$	8,187,811	$	101,037	$	(34,298	)	$	8,254,550	$	7,423,398	$	110,715	$	(13,667	)	$	7,520,446
Current Liabilities	$	674,722	$	6,649	$	(26	)	$	681,345	$	837,031	$	4,548	$	(26	)	$	841,553
Non-current liabilities	2,814,308		—		—			2,814,308		2,267,343		—		—			2,267,343
Total Liabilities	3,489,030		6,649		(26		)	3,495,653		3,104,374		4,548		(26		)	3,108,896
Redeemable Non-controlling interests	615,935		60,508		(279		)	676,164		81,649		94,027		109			175,785
Total Stockholders’ Equity	4,082,846		33,880		(33,993		)	4,082,733		4,237,375		12,140		(13,750		)	4,235,765
Total Liabilities and Equity	$	8,187,811	$	101,037	$	(34,298	)	$	8,254,550	$	7,423,398	$	110,715	$	(13,667	)	$	7,520,446


(1)	Other represents consolidated sponsored investment products that are not designated as CIVs.

Condensed Income Statement [Table Text Block]



	Three Months Ended
	September 30, 2016												September 30, 2015
	Balance Before Consolidation of CIVs and Other⁽¹⁾			CIVs and Other⁽¹⁾			Eliminations			Consolidated Totals			Balance Before Consolidation of CIVs and Other			CIVs and Other			Eliminations			Consolidated Totals
Total Operating Revenues	$	748,384		$	—		$	(14	)	$	748,370		$	673,168		$	—		$	(82	)	$	673,086
Total Operating Expenses	620,613			124			—			620,737			540,023			115			(82		)	540,056
Operating Income	127,771			(124		)	(14		)	127,633			133,145			(115		)	—			133,030
Total Other Non-Operating Expense	(17,023		)	7,103			(1,279		)	(11,199		)	(40,988		)	(2,303		)	827			(42,464		)
Income Before Income Tax Provision	110,748			6,979			(1,293		)	116,434			92,157			(2,418		)	827			90,566
Income tax provision	29,902			—			—			29,902			27,647			—			—			27,647
Net Income	80,846			6,979			(1,293		)	86,532			64,510			(2,418		)	827			62,919
Less: Net income (loss) attributable to noncontrolling interests	14,405			554			5,132			20,091			191			—			(1,591		)	(1,400		)
Net Income Attributable to Legg Mason, Inc.	$	66,441		$	6,425		$	(6,425	)	$	66,441		$	64,319		$	(2,418	)	$	2,418		$	64,319


(1)	Other represents consolidated sponsored investment products that are not designated as CIVs.



	Six Months Ended
	September 30, 2016												September 30, 2015
	Balance Before Consolidation of CIVs and Other⁽¹⁾			CIVs and Other⁽¹⁾			Eliminations			Consolidated Totals			Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals
Total Operating Revenues	$	1,448,561		$	(12	)	$	(14	)	$	1,448,535		$	1,381,903		$	—		$	(167	)	$	1,381,736
Total Operating Expenses	1,247,124			223			—			1,247,347			1,124,110			220			(167		)	1,124,163
Operating Income	201,437			(235		)	(14		)	201,188			257,793			(220		)	—			257,573
Total Other Non-Operating Expense	(32,518		)	9,651			(1,236		)	(24,103		)	(45,867		)	(1,896		)	785			(46,978		)
Income Before Income Tax Provision	168,919			9,416			(1,250		)	177,085			211,926			(2,116		)	785			210,595
Income tax provision	45,213			—			—			45,213			52,737			—			—			52,737
Net Income	123,706			9,416			(1,250		)	131,872			159,189			(2,116		)	785			157,858
Less: Net income (loss) attributable to noncontrolling interests	23,813			556			7,610			31,979			322			—			(1,331		)	(1,009		)
Net Income Attributable to Legg Mason, Inc.	$	99,893		$	8,860		$	(8,860	)	$	99,893		$	158,867		$	(2,116	)	$	2,116		$	158,867

Consolidated Investment Vehicles [Member]

Noncontrolling Interest [Line Items]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]



	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Investments measured at NAV⁽¹⁾		Balance as of September 30, 2016
Assets:
Trading investments:
Hedge funds	$	—	$	—	$	—	$	16,126	$	16,126
Other proprietary fund products	50,438		—		—		—		50,438
Total trading investments	50,438		—		—		16,126		66,564
Investments:
Hedge funds	—		—		—		7,918		7,918
Total investments	$	50,438	$	—	$	—	$	24,044	$	74,482



	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Investments measured at NAV⁽¹⁾		Balance as of March 31, 2016
Assets:
Trading investments:
Hedge funds	$	—	$	—	$	—	$	18,144	$	18,144
Other proprietary fund products	22,327		8,244		—		—		30,571
Total trading investments	$	22,327	$	8,244	$	—	$	18,144	$	48,715


(1)	Reflects certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

Fair Value Determined Using NAV

As of September 30, 2016

Category of Investment

Investment Strategy

September 30, 2016

March 31, 2016

Unfunded Commitments

Remaining Term

Hedge funds

Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge

24,044

⁽¹⁾

18,144

n/a

n/a - not applicable


(1)	Redemption restrictions: 4% daily redemption; 10% monthly redemption; 41% quarterly redemption; and 45% are subject to three to five year lock-up or side pocket provisions.

Legg Mason, Inc

Noncontrolling Interest [Line Items]

Schedule of Variable Interest Entities [Table Text Block]



	As of September 30, 2016				As of March 31, 2016
	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⁾
CLOs	$	—	$	—	$	—	$	288
Real Estate Investment Trust	11,328		13,131		9,540		14,595
Other sponsored investment funds	25,320		41,191		22,551		27,852
Total	$	36,648	$	54,322	$	32,091	$	42,735


(1)	Amounts are related to investments in proprietary funds products.


(2)	Includes equity investments the Company has made or is required to make and any earned but uncollected management fees.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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