Variable Interest Entities and Consolidation of Investment Vehicles (Tables)

12 Months Ended

Mar. 31, 2017

Noncontrolling Interest [Line Items]

Condensed Balance Sheet [Table Text Block]



	March 31, 2017									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	$	1,749,959	$	77,406	$	(25,618	)	$	1,801,747	$	2,288,080	$	110,631	$	(13,667	)	$	2,385,044
Non-current assets	6,481,376		9,987		(2,695		)	6,488,668		5,135,318		84		—			5,135,402
Total Assets	$	8,231,335	$	87,393	$	(28,313	)	$	8,290,415	$	7,423,398	$	110,715	$	(13,667	)	$	7,520,446
Current Liabilities	$	808,664	$	736	$	(13	)	$	809,387	$	837,031	$	4,548	$	(26	)	$	841,553
Non-current liabilities	2,792,084		—		—			2,792,084		2,267,343		—		—			2,267,343
Total Liabilities	3,600,748		736		(13		)	3,601,471		3,104,374		4,548		(26		)	3,108,896
Redeemable Non-controlling interests	619,302		26,853		31,617			677,772		81,649		94,027		109			175,785
Total Stockholders’ Equity	4,011,285		59,804		(59,917		)	4,011,172		4,237,375		12,140		(13,750		)	4,235,765
Total Liabilities and Equity	$	8,231,335	$	87,393	$	(28,313	)	$	8,290,415	$	7,423,398	$	110,715	$	(13,667	)	$	7,520,446


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

Condensed Income Statement [Table Text Block]



	Year Ended March 31, 2017
	Balance Before Consolidation of CIVs and Other⁽¹⁾			CIVs and Other⁽¹⁾			Eliminations			Consolidated Totals
Total Operating Revenues	$	2,887,431		$	—		$	(529	)	$	2,886,902
Total Operating Expenses	2,464,369			816			(526		)	2,464,659
Operating Income (Loss)	423,062			(816		)	(3		)	422,243
Total Non-Operating Income (Expense)	(63,636		)	15,602			(3,331		)	(51,365		)
Income Before Income Tax Provision	359,426			14,786			(3,334		)	370,878
Income tax provision	84,175			—			—			84,175
Net Income	275,251			14,786			(3,334		)	286,703
Less: Net income attributable to noncontrolling interests	47,995			2,274			9,178			59,447
Net Income Attributable to Legg Mason, Inc.	$	227,256		$	12,512		$	(12,512	)	$	227,256


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



	Year Ended March 31, 2016
	Balance Before Consolidation of CIVs and Other⁽¹⁾			CIVs and Other⁽¹⁾			Eliminations			Consolidated Totals
Total Operating Revenues	$	2,661,162		$	—		$	(318	)	$	2,660,844
Total Operating Expenses	2,609,870			466			(323		)	2,610,013
Operating Income (Loss)	51,292			(466		)	5			50,831
Total Non-Operating Income (Expense)	(65,458		)	(12,757		)	2,166			(76,049		)
Income (Loss) Before Income Tax Provision	(14,166		)	(13,223		)	2,171			(25,218		)
Income tax provision	7,692			—			—			7,692
Net Income (Loss)	(21,858		)	(13,223		)	2,171			(32,910		)
Less: Net income (loss) attributable to noncontrolling interests	3,174			—			(11,052		)	(7,878		)
Net Income (Loss) Attributable to Legg Mason, Inc.	$	(25,032	)	$	(13,223	)	$	13,223		$	(25,032	)


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



	Year Ended March 31, 2015
	Balance Before Consolidation of CIVs			CIVs			Eliminations			Consolidated Totals
Total Operating Revenues	$	2,819,827		$	—		$	(721	)	$	2,819,106
Total Operating Expenses	2,320,709			906			(728		)	2,320,887
Operating Income (Loss)	499,118			(906		)	7			498,219
Total Non-Operating Income (Expense)	(136,186		)	5,883			77			(130,226		)
Income Before Income Tax Provision	362,932			4,977			84			367,993
Income tax provision	125,284			—			—			125,284
Net Income	237,648			4,977			84			242,709
Less: Net income attributable to noncontrolling interests	568			—			5,061			5,629
Net Income Attributable to Legg Mason, Inc.	$	237,080		$	4,977		$	(4,977	)	$	237,080

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		Balance as of March 31, 2017
Assets:
Trading investments:
Hedge funds	$	—	$	—	$	—	$	15,910	$	15,910
Other proprietary fund products	33,991		—		—		—		33,991
Total trading investments	33,991		—		—		15,910		49,901
Investments:
Hedge funds	—		—		—		8,824		8,824
Total investments	$	33,991	$	—	$	—	$	24,734	$	58,725



	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Investments measured at NAV		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

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

Fair Value Determined Using NAV

As of March 31, 2017

Category of Investment

Investment Strategy

March 31, 2017

March 31, 2016

Unfunded Commitments

Remaining Term

Hedge funds

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

24,734

⁽¹⁾

18,144

n/a

n/a - not applicable


(1)	Redemption restrictions: 4% daily redemption; 11% monthly redemption; 43% quarterly redemption; and 42% 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 March 31, 2017				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	11,660		15,763		9,540		14,595
Other investment funds	47,063		73,710		22,551		27,852
Total	$	58,723	$	89,473	$	32,091	$	42,735


(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 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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