Variable Interest Entities and Consolidation of Investment Vehicles (Tables)

6 Months Ended

Sep. 30, 2017

Noncontrolling Interest [Line Items]

Condensed Balance Sheet [Table Text Block]



	September 30, 2017									March 31, 2017
	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	$	1,674,466	$	114,854	$	(37,764	)	$	1,751,556	$	1,749,959	$	77,406	$	(25,618	)	$	1,801,747
Non-current assets	6,437,584		9,536		(3,011		)	6,444,109		6,481,376		9,987		(2,695		)	6,488,668
Total Assets	$	8,112,050	$	124,390	$	(40,775	)	$	8,195,665	$	8,231,335	$	87,393	$	(28,313	)	$	8,290,415
Current Liabilities	$	698,382	$	636	$	—		$	699,018	$	808,664	$	736	$	(13	)	$	809,387
Non-current liabilities	2,803,676		—		—			2,803,676		2,792,084		—		—			2,792,084
Total Liabilities	3,502,058		636		—			3,502,694		3,600,748		736		(13		)	3,601,471
Redeemable Non-controlling interests	615,795		6,753		76,226			698,774		619,302		26,853		31,617			677,772
Total Stockholders’ Equity	3,994,197		117,001		(117,001		)	3,994,197		4,011,285		59,804		(59,917		)	4,011,172
Total Liabilities and Equity	$	8,112,050	$	124,390	$	(40,775	)	$	8,195,665	$	8,231,335	$	87,393	$	(28,313	)	$	8,290,415


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

Condensed Income Statement [Table Text Block]



	Six Months Ended
	September 30, 2017												September 30, 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
Total Operating Revenues	$	1,562,247		$	—		$	(67	)	$	1,562,180		$	1,448,561		$	(12	)	$	(14	)	$	1,448,535
Total Operating Expenses	1,310,428			195			(67		)	1,310,556			1,247,124			223			—			1,247,347
Operating Income (Loss)	251,819			(195		)	—			251,624			201,437			(235		)	(14		)	201,188
Total Non-Operating Income (Expense)	(35,922		)	3,371			(984		)	(33,535		)	(32,518		)	9,651			(1,236		)	(24,103		)
Income Before Income Tax Provision	215,897			3,176			(984		)	218,089			168,919			9,416			(1,250		)	177,085
Income tax provision	66,928			—			—			66,928			45,213			—			—			45,213
Net Income	148,969			3,176			(984		)	151,161			123,706			9,416			(1,250		)	131,872
Less: Net income attributable to noncontrolling interests	22,385			279			1,913			24,577			23,813			556			7,610			31,979
Net Income Attributable to Legg Mason, Inc.	$	126,584		$	2,897		$	(2,897	)	$	126,584		$	99,893		$	8,860		$	(8,860	)	$	99,893


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

Consolidated Investment Vehicles [Member]

Noncontrolling Interest [Line Items]

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

Fair Value Determined Using NAV

As of September 30, 2017

Category of Investment

Investment Strategy

September 30, 2017

March 31, 2017

Unfunded Commitments

Remaining Term

Hedge funds

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

22,465

⁽¹⁾

24,734

n/a

n/a - not applicable


(1)	Redemption restrictions: 4% daily redemption; 7% monthly redemption; 48% quarterly redemption; and 41% 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, 2017				As of March 31, 2017
	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	$	12,160	$	13,968	$	11,660	$	15,763
Other investment funds	45,866		62,467		47,063		73,710
Total	$	58,026	$	76,435	$	58,723	$	89,473


(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.

- 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.

+ References + Details