Variable Interest Entities and Consolidation of Investment Vehicles (Tables)

9 Months Ended

Dec. 31, 2015

Noncontrolling Interest [Line Items]

Condensed Balance Sheet [Table Text Block]



	December 31, 2015									March 31, 2015
	Balance Before Consolidation of CIVs		CIVs		Eliminations			Consolidated Totals		Balance Before Consolidation of CIVs		CIVs		Eliminations			Consolidated Totals
Current Assets	$	1,715,627	$	59,578	$	(14,384	)	$	1,760,821	$	1,880,689	$	56,929	$	(15,583	)	$	1,922,035
Non-current assets	5,077,652		—		—			5,077,652		5,151,942		—		—			5,151,942
Total Assets	$	6,793,279	$	59,578	$	(14,384	)	$	6,838,473	$	7,032,631	$	56,929	$	(15,583	)	$	7,073,977
Current Liabilities	$	684,513	$	4,087	$	(29	)	$	688,571	$	808,640	$	6,436	$	(30	)	$	815,046
Non-current liabilities	1,706,114		—		—			1,706,114		1,728,510		—		—			1,728,510
Total Liabilities	2,390,627		4,087		(29		)	2,394,685		2,537,150		6,436		(30		)	2,543,556
Redeemable Non-controlling interests	117,601		37,568		3,362			158,531		10,787		27,581		7,152			45,520
Total Stockholders’ Equity	4,285,051		17,923		(17,717		)	4,285,257		4,484,694		22,912		(22,705		)	4,484,901
Total Liabilities and Equity	$	6,793,279	$	59,578	$	(14,384	)	$	6,838,473	$	7,032,631	$	56,929	$	(15,583	)	$	7,073,977

Condensed Income Statement [Table Text Block]



	Three Months Ended
	December 31, 2015												December 31, 2014
	Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals			Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals
Total Operating Revenues	$	659,636		$	—		$	(79	)	$	659,557		$	719,166		$	—		$	(182	)	$	718,984
Total Operating Expenses	900,165			116			(79		)	900,202			599,574			224			(182		)	599,616
Operating Income (Loss)	(240,529		)	(116		)	—			(240,645		)	119,592			(224		)	—			119,368
Total Other Non-Operating Expense	(521		)	(1,509		)	414			(1,616		)	(4,387		)	1,758			1,326			(1,303		)
Income (Loss) Before Income Tax Provision	(241,050		)	(1,625		)	414			(242,261		)	115,205			1,534			1,326			118,065
Income tax provision (benefit)	(103,651		)	—			—			(103,651		)	38,017			—			—			38,017
Net Income (Loss)	(137,399		)	(1,625		)	414			(138,610		)	77,188			1,534			1,326			80,048
Less: Net income (loss) attributable to noncontrolling interests	1,227			—			(1,211		)	16			152			—			2,860			3,012
Net Income (Loss) Attributable to Legg Mason, Inc.	$	(138,626	)	$	(1,625	)	$	1,625		$	(138,626	)	$	77,036		$	1,534		$	(1,534	)	$	77,036



	Nine Months Ended December 31,
	December 31, 2015												December 31, 2014
	Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals			Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals
Total Operating Revenues	$	2,041,539		$	—		$	(246	)	$	2,041,293		$	2,117,309		$	—		$	(549	)	$	2,116,760
Total Operating Expenses	2,024,275			336			(246		)	2,024,365			1,747,375			665			(549		)	1,747,491
Operating Income (Loss)	17,264			(336		)	—			16,928			369,934			(665		)	—			369,269
Total Other Non-Operating Income (Expense)	(46,388		)	(3,406		)	1,200			(48,594		)	(132,917		)	4,683			123			(128,111		)
Income (Loss)Before Income Tax Provision (benefit)	(29,124		)	(3,742		)	1,200			(31,666		)	237,017			4,018			123			241,158
Income tax provision (benefit)	(50,914		)	—			—			(50,914		)	82,477			—			—			82,477
Net Income (Loss)	21,790			(3,742		)	1,200			19,248			154,540			4,018			123			158,681
Less: Net income (loss) attributable to noncontrolling interests	1,549			—			(2,542		)	(993		)	419			—			4,141			4,560
Net Income (Loss) Attributable to Legg Mason, Inc.	$	20,241		$	(3,742	)	$	3,742		$	20,241		$	154,121		$	4,018		$	(4,018	)	$	154,121

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)		Value as of December 31, 2015
Assets:
Trading investments:
Hedge funds	$	1,006	$	7,131	$	10,778	$	18,915
Proprietary funds	33,759		—		—		33,759
Total trading investments	$	34,765	$	7,131	$	10,778	$	52,674



	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Value as of March 31, 2015
Assets:
Trading investments:
Hedge funds	$	1,108	$	4,412	$	14,093	$	19,613
Proprietary funds	28,387		—		—		28,387
Total trading investments	$	29,495	$	4,412	$	14,093	$	48,000

Fair Value Assets and Liabilities Measured on Recurring Basis, Unobservable Input, Reconciliation [Table Text Block] [Table Text Block]



	Value as of September 30, 2015		Purchases		Sales			Settlements / Other		Transfers		Realized and unrealized gains/(losses), net			Value as of December 31, 2015
Assets:
Hedge funds	$	12,390	$	93	$	(654	)	$	—	$	—	$	(1,051	)	$	10,778



	Value as of September 30, 2014		Purchases		Sales			Settlements / Other		Transfers		Realized and unrealized gains/(losses), net			Value as of December 31, 2014
Assets:
Hedge funds	$	16,391	$	37	$	(894	)	$	—	$	—	$	(353	)	$	15,181
Private equity funds	32,229		5,920		(2,545		)	—		—		(2,076		)	33,528
	$	48,620	$	5,957	$	(3,439	)	$	—	$	—	$	(2,429	)	$	48,709



	Value as of March 31, 2015		Purchases		Sales			Settlements / Other		Transfers			Realized and unrealized gains/(losses), net			Value as of December 31, 2015
Assets:
Hedge funds	$	14,093	$	248	$	(1,062	)	$	—	$	(526	)	$	(1,975	)	$	10,778



	Value as of March 31, 2014			Purchases		Sales			Settlements / Other		Transfers		Realized and unrealized gains/(losses), net			Value as of December 31, 2014
Assets:
Hedge funds	$	17,888		$	489	$	(3,077	)	$	—	$	—	$	(119	)	$	15,181
Private equity funds	31,810			6,933		(4,942		)	—		—		(273		)	33,528
	$	49,698		$	7,422	$	(8,019	)	$	—	$	—	$	(392	)	$	48,709
Liabilities:
CLO debt	$	(79,179	)	$	—	$	—		$	79,179	$	—	$	—		$	—
Total realized and unrealized gains, net													$	(392	)

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

Fair Value Determined

Using NAV

As of December 31, 2015

Category of Investment

Investment Strategy

December 31, 2015

March 31, 2015

Unfunded Commitments

Remaining Term

Hedge funds

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

18,915

⁽¹⁾

19,613

n/a

n/a – not applicable


(1)	Redemption restrictions: 5% daily redemption; 10% monthly redemption; 5% quarterly redemption; and 80% 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 December 31, 2015				As of March 31, 2015
	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	$	—	$	299	$	—	$	1,146
Real Estate Investment Trust	10,387		15,626		13,026		18,096
Other sponsored investment funds	24,210		31,062		21,983		34,463
Total	$	34,597	$	46,987	$	35,009	$	53,705


(1)	Includes $34,597 and $27,463 related to investments in proprietary funds products as of December 31, 2015 and March 31, 2015, respectively.


(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.

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