Cover Page Statement
Cover Page Statement - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 17, 2016 | Sep. 30, 2015 | |
Document Information [Abstract] | |||
Entity Registrant Name | LEGG MASON, INC. | ||
Entity Central Index Key | 704,051 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 105,402,210 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LM | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,446,042,065 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | |
Current Assets | |||
Cash and cash equivalents | $ 375,000 | ||
Receivables: | |||
Fixed assets, net | 163,305 | $ 179,606 | |
Current Liabilities | |||
Business Combination, Contingent Consideration, Liability, Current | 26,396 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 58,189 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 175,785 | 45,520 | |
STOCKHOLDERS' EQUITY | |||
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ (66,493) | $ (60,742) | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 107,011,664 | 111,469,142 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Current Assets | |||
Cash and cash equivalents | $ 1,329,126 | $ 669,552 | |
Receivables: | |||
Investment securities | 515,335 | 454,735 | |
Other current assets | 55,405 | 51,002 | |
Total Current Assets | 2,288,080 | [1] | 1,879,941 |
TOTAL ASSETS | 7,423,398 | [1] | 7,023,488 |
Current Liabilities | |||
Other current liabilities | 138,301 | 177,879 | |
Total Current Liabilities | 837,031 | [1] | 808,640 |
TOTAL LIABILITIES | 3,104,374 | [1] | 2,528,007 |
REDEEMABLE NONCONTROLLING INTERESTS | 81,649 | [1] | 8,971 |
STOCKHOLDERS' EQUITY | |||
TOTAL STOCKHOLDERS' EQUITY | 4,237,375 | [1] | 4,486,510 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,423,398 | [1] | 7,023,488 |
Consolidated Investment Vehicles [Member] | |||
Current Assets | |||
Cash and cash equivalents | 297 | 2,808 | |
Receivables: | |||
Investment securities | 48,715 | 48,000 | |
Other current assets | 7,054 | 6,121 | |
Total Current Assets | 110,715 | [1] | 56,929 |
TOTAL ASSETS | 110,715 | [1] | 56,929 |
Current Liabilities | |||
Other current liabilities | 4,548 | 6,436 | |
Total Current Liabilities | 4,548 | [1] | 6,436 |
TOTAL LIABILITIES | 4,548 | [1] | 6,436 |
REDEEMABLE NONCONTROLLING INTERESTS | 94,027 | [1] | 29,397 |
STOCKHOLDERS' EQUITY | |||
TOTAL STOCKHOLDERS' EQUITY | 12,140 | [1] | 21,096 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 110,715 | [1] | 56,929 |
Consolidated Legg Mason, Inc. | |||
Current Assets | |||
Restricted cash | 19,580 | 32,114 | |
Receivables: | |||
Investment advisory and related fees | 334,922 | 368,399 | |
Other receivables | 74,694 | 118,850 | |
Deferred income taxes | 0 | 169,706 | |
Total Current Assets | 2,385,128 | 1,921,287 | |
Fixed assets, net | 163,305 | 179,606 | |
Intangible assets, net | 3,146,485 | 3,313,334 | |
Goodwill | 1,479,516 | 1,339,510 | |
Deferred income taxes | 206,797 | 161,978 | |
Other non-current assets | 139,215 | 149,119 | |
TOTAL ASSETS | 7,520,446 | 7,064,834 | |
Current Liabilities | |||
Accrued compensation | 430,736 | 400,245 | |
Accounts Payable and Accrued Liabilities, Current | 201,572 | 208,210 | |
Short-term borrowings | 40,000 | 0 | |
Business Combination, Contingent Consideration, Liability, Current | 26,396 | 22,276 | |
Total Current Liabilities | 841,553 | 815,046 | |
Deferred compensation | 65,897 | 51,706 | |
Deferred income taxes | 260,386 | 362,209 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 58,189 | 88,508 | |
Other non-current liabilities | 141,886 | 167,998 | |
Long-term Debt | 1,740,985 | 1,048,946 | |
TOTAL LIABILITIES | 3,108,896 | 2,534,413 | |
REDEEMABLE NONCONTROLLING INTERESTS | 175,785 | 45,520 | |
STOCKHOLDERS' EQUITY | |||
Common stock, par value $.10; authorized 500,000,000 shares; issued 107,700,310 shares in December 2015 and 111,469,142 shares in March 2015 | 10,701 | 11,147 | |
Additional paid-in capital | 2,693,113 | 2,844,441 | |
Employee stock trust | (26,263) | (29,570) | |
Deferred compensation employee stock trust | 26,263 | 29,570 | |
Retained earnings | 1,576,242 | 1,690,055 | |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | (66,493) | (60,742) | |
TOTAL STOCKHOLDERS' EQUITY | 4,235,765 | 4,484,901 | |
Stockholders' Equity Attributable to Parent | 4,213,563 | 4,484,901 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 22,202 | 0 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 7,520,446 | $ 7,064,834 | |
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
OPERATING REVENUES | ||||
Revenues | $ 2,660,844 | $ 2,819,106 | $ 2,741,757 | |
OPERATING EXPENSES | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375) | 0 | 5,000 | |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Payments of Debt Extinguishment Costs | 0 | 107,074 | 0 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ (7,878) | $ 5,629 | $ (2,948) | |
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | $ 0.64 | $ 0.52 | |
Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Distribution and service fees | $ 381,486 | $ 361,188 | $ 347,598 | |
Other | 2,237 | 5,694 | 8,374 | |
Revenues | 2,660,844 | 2,819,106 | 2,741,757 | |
OPERATING EXPENSES | ||||
Compensation and benefits | 1,204,817 | 1,232,770 | 1,210,387 | |
Distribution and servicing | 545,710 | 594,788 | 619,070 | |
Communications and technology | 197,857 | 182,438 | 157,872 | |
Occupancy | 122,610 | 109,708 | 115,234 | |
Amortization of intangible assets | 4,979 | 2,625 | 12,314 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 371,000 | 0 | 0 | |
Other | 163,040 | 198,558 | 195,987 | |
Total Operating Expenses | 2,610,013 | 2,320,887 | 2,310,864 | |
OPERATING INCOME | 50,831 | 498,219 | 430,893 | |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Interest income | 5,634 | 7,440 | 6,367 | |
Interest expense | (48,463) | (58,274) | (52,911) | |
Other income (expense), net | (25,977) | (85,280) | 32,818 | |
Total Other Non-Operating Income (Expense) | (76,049) | (130,226) | (11,252) | |
INCOME BEFORE INCOME TAX PROVISION | (25,218) | 367,993 | 419,641 | |
Income tax provision | 7,692 | 125,284 | 137,805 | |
NET INCOME | (32,910) | 242,709 | 281,836 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ (25,032) | $ 237,080 | $ 284,784 | |
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS | ||||
Basic (in dollars per share) | $ (0.25) | $ 2.06 | $ 2.34 | |
Diluted (in dollars per share) | $ (0.25) | $ 2.04 | $ 2.33 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
OPERATING REVENUES | ||||
Revenues | $ 2,661,162 | [1] | $ 2,819,827 | $ 2,743,707 |
OPERATING EXPENSES | ||||
Total Operating Expenses | 2,609,870 | [1] | 2,320,709 | 2,310,444 |
OPERATING INCOME | 51,292 | [1] | 499,118 | 433,263 |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Total Other Non-Operating Income (Expense) | (65,458) | [1] | (136,186) | (10,333) |
INCOME BEFORE INCOME TAX PROVISION | (14,166) | [1] | 362,932 | 422,930 |
Income tax provision | 7,692 | [1] | 125,284 | 137,805 |
NET INCOME | (21,858) | [1] | 237,648 | 285,125 |
Net Income (Loss) Attributable to Noncontrolling Interest | 3,174 | [1] | 568 | 341 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | (25,032) | [1] | 237,080 | 284,784 |
Consolidated Investment Vehicles [Member] | ||||
OPERATING REVENUES | ||||
Revenues | 0 | [1] | 0 | 0 |
OPERATING EXPENSES | ||||
Total Operating Expenses | 466 | [1] | 906 | 2,376 |
OPERATING INCOME | (466) | [1] | (906) | (2,376) |
OTHER NON-OPERATING INCOME (EXPENSE) | ||||
Other income (expense), net | (7,243) | 5,888 | 2,474 | |
Total Other Non-Operating Income (Expense) | (12,757) | [1] | 5,883 | 2,445 |
INCOME BEFORE INCOME TAX PROVISION | (13,223) | [1] | 4,977 | 69 |
Income tax provision | 0 | [1] | 0 | 0 |
NET INCOME | (13,223) | [1] | 4,977 | 69 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | [1] | 0 | 0 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | (13,223) | [1] | 4,977 | 69 |
Separate Accounts [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Investment Advisory Fees | 826,080 | 824,211 | 777,420 | |
Mutual Funds [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Investment Advisory Fees | 1,409,059 | 1,544,494 | 1,501,278 | |
Performance Fees [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING REVENUES | ||||
Investment Advisory Fees | 41,982 | 83,519 | 107,087 | |
Restructuring Charges [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING EXPENSES | ||||
Compensation and benefits | 32,172 | 24,556 | 2,161 | |
Non Restructuring Related [Member] | Consolidated Legg Mason, Inc. | ||||
OPERATING EXPENSES | ||||
Compensation and benefits | $ 1,172,645 | $ 1,208,214 | $ 1,208,226 | |
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ (233) | $ 0 | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (59,672) | (51,147) | ||
Unrealized gains (losses) on investment securities: | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 233 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 405 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
Consolidated Legg Mason, Inc. | ||||
NET INCOME | (32,910) | 242,709 | 281,836 | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (8,525) | (88,982) | (9,424) | |
Unrealized gains (losses) on investment securities: | ||||
Unrealized holding losses, net of tax benefit of $(3) | 0 | (5) | (184) | |
Tax benefit on unrealized holding losses on securities | 0 | (3) | (123) | |
Reclassification adjustment for losses included in net income | 0 | 5 | 18 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 233 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 2,774 | (9,595) | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 405 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | (405) | 0 | |
Reclassification for assets held for sale | 0 | (114) | 0 | |
Total other comprehensive income (loss) | (5,751) | (98,691) | (9,590) | |
COMPREHENSIVE INCOME | (38,661) | 144,018 | 272,246 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (11,738) | 5,629 | (2,948) | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
NET INCOME | (21,858) | [1] | 237,648 | 285,125 |
Unrealized gains (losses) on investment securities: | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3,174 | [1] | 568 | 341 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $ (26,923) | $ 138,389 | $ 275,194 | |
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc.COMMON STOCK | Consolidated Legg Mason, Inc.ADDITIONAL PAID-IN CAPITAL | Consolidated Legg Mason, Inc.EMPLOYEE STOCK TRUST | Consolidated Legg Mason, Inc.DEFERRED COMPENSATION EMPLOYEE STOCK TRUST | Consolidated Legg Mason, Inc.RETAINED EARNINGS | Consolidated Legg Mason, Inc.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET | Consolidated Investment Vehicles [Member] | Consolidated Investment Vehicles [Member]Retained Earnings, Appropriated [Member] | |
Stockholders' Equity Attributable to Parent | $ 12,534 | $ 3,449,190 | $ (32,623) | $ 32,623 | $ 1,304,259 | $ 47,539 | $ 4,829 | ||||
Net income (loss) reclassified to Appropriated retained earnings for consolidated investment vehicles | (4,829) | ||||||||||
Stock options exercised | 78 | 23,741 | |||||||||
Deferred compensation employee stock trust | 5 | 1,779 | |||||||||
Stock-based compensation | 123 | 53,939 | |||||||||
Adjustments to Additional Paid in Capital, Other | 0 | ||||||||||
Employee tax withholdings by settlement of net share transactions | (55) | (19,409) | |||||||||
Shares repurchased and retired | $ (359,996) | (968) | (359,028) | ||||||||
APIC reclassified for MEP vesting | (1,816) | ||||||||||
Shares Issued to plans | (1,784) | 1,784 | |||||||||
Distributions and forfeitures | 4,485 | (4,485) | |||||||||
Net Income Attributable to Legg Mason, Inc. | $ 284,784 | 284,784 | $ 69 | ||||||||
Dividends declared | (62,381) | ||||||||||
RE Reclassified for MEP Amortization | 1,816 | 0 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | 0 | |||||||||
Reclassification for assets held for sale | 0 | 0 | |||||||||
Ending Balance at Mar. 31, 2014 | 4,724,724 | ||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (166) | ||||||||||
Stockholders' Equity Attributable to Parent | 4,724,724 | 11,717 | 3,148,396 | (29,922) | 29,922 | 1,526,662 | 37,949 | 0 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income (loss) reclassified to Appropriated retained earnings for consolidated investment vehicles | 0 | ||||||||||
Stock options exercised | 71 | 21,994 | |||||||||
Deferred compensation employee stock trust | 5 | 2,218 | |||||||||
Stock-based compensation | 94 | 54,935 | |||||||||
Adjustments to Additional Paid in Capital, Other | 0 | ||||||||||
Employee tax withholdings by settlement of net share transactions | (47) | (22,067) | |||||||||
Shares repurchased and retired | (356,522) | (693) | (355,829) | ||||||||
APIC reclassified for MEP vesting | (5,206) | ||||||||||
Shares Issued to plans | (2,223) | 2,223 | |||||||||
Distributions and forfeitures | 2,575 | (2,575) | |||||||||
Net Income Attributable to Legg Mason, Inc. | 237,080 | 237,080 | 4,977 | ||||||||
Dividends declared | (73,687) | ||||||||||
RE Reclassified for MEP Amortization | 5,206 | 0 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (9,595) | (9,595) | |||||||||
Reclassification for assets held for sale | (114) | (114) | |||||||||
Ending Balance at Mar. 31, 2015 | 4,484,901 | 21,096 | |||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | ||||||||||
Stockholders' Equity Attributable to Parent | 4,484,901 | 11,147 | 2,844,441 | (29,570) | 29,570 | 1,690,055 | (60,742) | 0 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income (loss) reclassified to Appropriated retained earnings for consolidated investment vehicles | 0 | ||||||||||
Stock options exercised | 33 | 9,482 | |||||||||
Deferred compensation employee stock trust | 2 | 505 | |||||||||
Stock-based compensation | 14 | 65,373 | |||||||||
Adjustments to Additional Paid in Capital, Other | 9,173 | ||||||||||
Employee tax withholdings by settlement of net share transactions | (41) | (21,596) | |||||||||
Shares repurchased and retired | (209,632) | (454) | (209,178) | ||||||||
APIC reclassified for MEP vesting | (5,087) | ||||||||||
Shares Issued to plans | (507) | 507 | |||||||||
Distributions and forfeitures | 3,814 | (3,814) | |||||||||
Net Income Attributable to Legg Mason, Inc. | (25,032) | (25,032) | (13,223) | [1] | |||||||
Dividends declared | (87,818) | ||||||||||
RE Reclassified for MEP Amortization | $ 6,050 | (963) | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 2,774 | 2,774 | |||||||||
Reclassification for assets held for sale | 0 | 0 | |||||||||
Ending Balance at Mar. 31, 2016 | 4,235,765 | $ 12,140 | [2] | ||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | ||||||||||
Stockholders' Equity Attributable to Parent | 4,213,563 | $ 10,701 | $ 2,693,113 | $ (26,263) | $ 26,263 | $ 1,576,242 | $ (66,493) | $ 0 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 22,202 | ||||||||||
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. | ||||||||||
[2] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Payments of Debt Extinguishment Costs | $ 0 | $ 107,074,000 | $ 0 | ||
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375,000) | 0 | 5,000,000 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (244,569,000) | (208,043,000) | 137,627,000 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | (22,765,000) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [1] | (1,981,000) | |||
Net subscriptions received from noncontrolling interests | 68,294,000 | (10,459,000) | 20,438,000 | ||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 375,000,000 | ||||
Consolidated Legg Mason, Inc. | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net Income | (32,910,000) | 242,709,000 | 281,836,000 | ||
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 371,000,000 | 0 | 0 | ||
Depreciation and amortization | 60,297,000 | 55,086,000 | 62,845,000 | ||
Accretion and amortization of securities discounts and premiums, net | 3,140,000 | 4,275,000 | 3,037,000 | ||
Stock-based compensation | 92,927,000 | 66,245,000 | 66,488,000 | ||
Deferred income taxes | (7,727,000) | 100,387,000 | 118,430,000 | ||
Other | 2,631,000 | (12,939,000) | 3,276,000 | ||
Decrease (increase) in assets: | |||||
Investment advisory and related fees receivable | 34,308,000 | (28,668,000) | (2,061,000) | ||
Net (purchases) sales of trading and other current investments | (82,423,000) | 47,357,000 | (44,293,000) | ||
Other receivables | (9,545,000) | 19,547,000 | 14,105,000 | ||
Increase (decrease) in liabilities: | |||||
Accrued compensation | 30,998,000 | (17,727,000) | 76,968,000 | ||
Deferred compensation | 14,316,000 | 10,314,000 | (7,191,000) | ||
Accounts payable and accrued expenses | (7,593,000) | (14,763,000) | 319,000 | ||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 454,451,000 | 568,118,000 | 437,324,000 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Payments for fixed assets | (40,330,000) | (45,773,000) | (40,452,000) | ||
Business acquisitions, net of cash acquired of $29,830 | (234,053,000) | (183,747,000) | 0 | ||
Proceeds from Sales of Assets, Investing Activities | 0 | 47,001,000 | 1,351,000 | ||
Change in restricted cash | 21,065,000 | (25,571,000) | (5,801,000) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | 0 | |||
Issuance of common stock for stock-based compensation | 10,022,000 | 24,288,000 | 25,603,000 | ||
Employee Tax Withholdings by settlement of net share transaction | (21,637,000) | (22,114,000) | (19,464,000) | ||
Repurchase of common stock | (209,632,000) | (356,522,000) | (359,996,000) | ||
Dividends paid | (84,093,000) | (70,815,000) | (61,966,000) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,016,000) | 0 | 0 | ||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 465,772,000 | (507,062,000) | (639,071,000) | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||
Income Taxes Paid, Net | 23,743,000 | 19,578,000 | 10,140,000 | ||
Interest Paid | 49,393,000 | 59,039,000 | 44,295,000 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net Income | (21,858,000) | [2] | 237,648,000 | 285,125,000 | |
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Net (gains) losses on investments | 26,056,000 | (13,912,000) | (26,805,000) | ||
Decrease (increase) in assets: | |||||
Other assets | 4,947,000 | (9,936,000) | (24,042,000) | ||
Increase (decrease) in liabilities: | |||||
Other liabilities | (11,573,000) | 1,182,000 | (23,310,000) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Cash Acquired | 9,667,000 | 29,830,000 | 29,830,000 | ||
Purchases of investment securities | 0 | 2,641,000 | 4,335,000 | ||
Proceeds from sales and maturities of investment securities | 8,749,000 | 2,688,000 | 4,306,000 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from Lines of Credit | 40,000,000 | 0 | 0 | ||
Repayment of long-term debt | 0 | (645,780,000) | (500,439,000) | ||
Proceeds from issuance of long-term debt | 699,793,000 | 658,769,000 | 393,740,000 | ||
Debt issuance costs | (13,539,000) | (5,250,000) | (3,940,000) | ||
EFFECT OF EXCHANGE RATES ON CASH | (16,080,000) | (41,483,000) | (10,894,000) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 659,574,000 | (188,470,000) | (75,014,000) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 669,552,000 | 858,022,000 | 933,036,000 | ||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,329,126,000 | 669,552,000 | 858,022,000 | ||
Proceeds from Income Tax Refunds | (4,689) | (865) | (13,835) | ||
Consolidated Investment Vehicles [Member] | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net Income | (13,223,000) | [2] | 4,977,000 | 69,000 | |
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Net (gains) losses on investments | 2,496,000 | (1,308,000) | (643,000) | ||
Decrease (increase) in assets: | |||||
Other assets | (1,631,000) | 114,934,000 | (62,916,000) | ||
Increase (decrease) in liabilities: | |||||
Other liabilities | (1,888,000) | (3,321,000) | (3,719,000) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchases of investment securities | 0 | 0 | (17,328,000) | ||
Proceeds from sales and maturities of investment securities | 0 | 0 | 199,886,000 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Repayment of long-term debt | 0 | (79,179,000) | (133,047,000) | ||
Net subscriptions received from noncontrolling interests | 68,639,000 | (10,459,000) | 20,438,000 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 2,808,000 | ||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 297,000 | 2,808,000 | |||
5.5% Senior Notes [Member] | Consolidated Legg Mason, Inc. | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Payments of Debt Extinguishment Costs | 0 | 107,074,000 | 0 | ||
Make Whole Premium [Member] | 5.5% Senior Notes [Member] | Consolidated Legg Mason, Inc. | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Payments of Debt Extinguishment Costs | 0 | (98,418,000) | 0 | ||
Change in Input Assumptions [Member] | |||||
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375,000) | ||||
Change in Input Assumptions [Member] | Consolidated Legg Mason, Inc. | |||||
Adjustments to reconcile Net Income to net cash used in operations: | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375,000) | 0 | 5,000,000 | ||
Noncontrolling Interest [Member] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [3] | (1,981,000) | 25,000 | (240,000) | |
Consolidated Investment Vehicles [Member] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Net subscriptions received from noncontrolling interests | [1] | $ 68,639,000 | $ (10,484,000) | $ 20,678,000 | |
[1] | Principally related to VIE and seeded investment products. | ||||
[2] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. | ||||
[3] | Principally related to RARE Infrastructure. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1 . SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Legg Mason, Inc. ("Parent") and its subsidiaries (collectively, "Legg Mason" or "the Company") are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The consolidated financial statements include the accounts of the Parent and its subsidiaries in which it has a controlling financial interest. Generally, an entity is considered to have a controlling financial interest when it owns a majority of the voting interest in an entity. Legg Mason is also required to consolidate any variable interest entity ("VIE") in which it is considered to be the primary beneficiary. See "Consolidation" below and Note 17 for a further discussion of VIEs. All material intercompany balances and transactions have been eliminated. Certain amounts in prior year financial statements have been reclassified to conform to the current year presentation, including the classification in our Consolidated Balance Sheets of deferred debt issuance costs, as more fully described below. All references to fiscal 2016 , 2015 or 2014 , refer to Legg Mason's fiscal year ended March 31 of that year. Use of Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and the applicable rules and regulations of the Securities and Exchange Commission, which require management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes, including revenue recognition, valuation of financial instruments, intangible assets and goodwill, stock-based compensation, income taxes, and consolidation. Management believes that the estimates used are reasonable, although actual amounts could differ from the estimates and the differences could have a material impact on the consolidated financial statements. Consolidation In the normal course of its business, Legg Mason sponsors and manages various types of investment vehicles. For its services, Legg Mason is entitled to receive management fees and may be eligible, under certain circumstances, to receive additional subordinated management fees or other incentive fees. Legg Mason's exposure to risk in these entities is generally limited to any equity investment it has made or is required to make, and any earned but uncollected management fees. Legg Mason did not sell or transfer assets to any of these investment vehicles. In accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment vehicles, some of which are designated and reported as consolidated investment vehicles (“CIVs”). The consolidation of sponsored investment vehicles, including those designated as CIVs, has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. and does not have a material impact on Legg Mason's consolidated operating results. The change in the value of all consolidated sponsored investment vehicles, is recorded in Other Non-Operating Income (Expense) and reflected in Net income (loss) attributable to noncontrolling interests. Certain investment vehicles Legg Mason sponsors and is the manager of are considered to be VIEs (as further described below) while others are considered to be voting rights entities (“VREs”) subject to traditional consolidation concepts based on ownership rights. Sponsored investment vehicles that are considered VREs are consolidated if Legg Mason has a controlling financial interest in the investment vehicle, absent substantive investor rights to replace the manager of the entity (kick-out rights). Legg Mason may also fund the initial cash investment in certain VRE investment vehicles to generate an investment performance track record in order to attract third-party investors in the product. Legg Mason's initial investment in a new product typically represents 100% of the ownership in that product. As further discussed below, these “seed capital investments” are consolidated as long as Legg Mason maintains a controlling financial interest in the product, but they are not designated as CIVs by Legg Mason unless the investment is longer-term. Legg Mason held a longer-term controlling financial interest in one sponsored investment fund VRE, which has third-party investors and was consolidated and included as a CIV prior to the quarter ended March 31, 2015. Prior to March 31, 2015, Legg Mason redeemed a significant portion of its investment in this fund and as a result no longer had a controlling financial interest in the fund; therefore, the fund was not included as a CIV as of or subsequent to March 31, 2015. A VIE is an entity which does not have adequate equity to finance its activities without additional subordinated financial support; or the equity investors, as a group, do not have the normal characteristics of equity investors for a potential controlling financial interest. Investment Company VIEs For most sponsored investment fund VIEs deemed to be investment companies, including money market funds, Legg Mason determines it is the primary beneficiary of the VIE if it absorbs a majority of the VIE's expected losses, or receives a majority of the VIE's expected residual returns, if any. Legg Mason's determination of expected residual returns excludes gross fees paid to a decision maker if certain criteria relating to the fees are met. In determining whether it is the primary beneficiary of an investment company VIE, Legg Mason considers both qualitative and quantitative factors such as the voting rights of the equity holders; economic participation of all parties, including how fees are earned and paid to Legg Mason; related party (including employees) ownership; guarantees and implied relationships. Legg Mason concluded it was the primary beneficiary of one sponsored investment fund VIE, which was consolidated (and designated as a CIV) as of March 31, 2016 , 2015 , and 2014 , despite significant third-party investments in this product. As of March 31, 2016 , 2015 , and 2014 , Legg Mason also concluded it was the primary beneficiary of 14 , 17 , and 17 employee-owned funds it sponsors, respectively, which were consolidated and designated as CIVs. Other VIEs For other sponsored investment funds that do not meet the investment company criteria, Legg Mason determines it is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses, or the right to receive benefits, that potentially could be significant to the VIE. As of March 31, 2016 and 2015 , Legg Mason had a variable interest in four collateralized loan obligations ("CLOs"). Legg Mason concluded it was not the primary beneficiary of these CLOs, which were not consolidated, as it holds no equity interest in these investment vehicles and the level of fees they are expected to pay to Legg Mason is insignificant. As of March 31, 2014, Legg Mason had a variable interest in two of these CLOs, which also were not consolidated during that period. As of March 31, 2014, Legg Mason concluded that it was the primary beneficiary of another CLO in which it held a variable interest. Although it held no equity interest in this investment vehicle, it had both the power to control the CLO and had a significant variable interest because of the level of its expected subordinated fees. As of March 31, 2014, the balances related to this CLO were consolidated and reported as a CIV in the Company's consolidated financial statements. During the three months ended June 30, 2014, this CLO was substantially liquidated and therefore was not consolidated by Legg Mason as of, or subsequent to, June 30, 2014. Legg Mason's investment in CIVs as of March 31, 2016 and 2015 was $13,641 and $15,553 , respectively, which represents its maximum risk of loss, excluding uncollected advisory fees, which were not material. The assets of these CIVs are primarily comprised of investment securities. Investors and creditors of these CIVs have no recourse to the general credit or assets of Legg Mason beyond its investment in these funds. See Notes 3 and 17 for additional information regarding VIEs and VREs. Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of 90 days or less. Restricted Cash Restricted cash represents cash collateral required for market hedge arrangements, long-term escrow deposits, and other cash that is not available to Legg Mason for general corporate use. Financial Instruments Substantially all financial instruments are reflected in the financial statements at fair value or amounts that approximate fair value, except Legg Mason's long-term debt not designated for a hedging transaction. As discussed above in "Consolidation," seed capital investments in proprietary fund products are initially consolidated and the individual securities within the portfolio are accounted for as trading investments. Legg Mason consolidates these products as long as it holds a controlling financial interest in the product. Upon deconsolidation, which typically occurs after several years, Legg Mason accounts for its investments in proprietary fund products as equity method investments (further described below) if its ownership is between 20% and 50% , or it otherwise has the ability to significantly influence the financial and operating policies of the investee. For partnerships and LLCs, where third-party investors may have less ability to influence operations, the equity method of accounting is considered if Legg Mason's ownership is greater than 3% . Changes in the fair value of proprietary fund products classified as trading or equity method investments are recognized in Other Non-Operating Income (Expense) on the Consolidated Statements of Income (Loss). Legg Mason generally redeems its investment in proprietary fund products when the related product establishes a sufficient track record, when third-party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time Legg Mason holds a majority interest in a product varies based on a number of factors, such as market demand, market conditions and investment performance. See Notes 3 and 17 for additional information regarding Legg Mason's seed capital investments and the determination of whether investments in proprietary fund products represent VIEs, respectively. For equity investments in which Legg Mason does not control the investee and is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, Legg Mason follows the equity method of accounting. The evaluation of whether Legg Mason can exert control or significant influence over the financial and operational policies of an investee requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include investor voting or other rights, any influence Legg Mason may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund's operating documents and the relationship between Legg Mason and other investors in the entity. Legg Mason's equity method investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, Legg Mason's share of the investee's underlying net income or loss predominantly represents fair value adjustments in the investments held by the equity method investee. Legg Mason's share of the investee's net income or loss is based on the most current information available and is recorded as a net gain (loss) on investments within Non-Operating Income (Expense). A significant portion of earnings (losses) attributable to Legg Mason's equity method investments has offsetting compensation expense adjustments under revenue sharing arrangements and deferred compensation arrangements, therefore, fluctuations in the market value of these investments will not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Legg Mason also holds debt and marketable equity investments which are classified as trading. Certain investment securities, including those held by CIVs, are also classified as trading securities. These investments are recorded at fair value and unrealized gains and losses are included in current period earnings. Realized gains and losses for all investments are included in current period earnings. Equity and fixed income securities classified as trading are valued using closing market prices for listed instruments or broker price quotations, when available. Fixed income securities may also be valued using valuation models and estimates based on spreads to actively traded benchmark debt instruments with readily available market prices. Legg Mason evaluates its non-trading investment securities for "other-than-temporary" impairment. Impairment may exist when the fair value of an investment security has been below the adjusted cost for an extended period of time. If an "other-than-temporary" impairment is determined to exist, the amount of impairment that relates to credit losses is recognized as a charge to income. As of March 31, 2016 , 2015 and 2014 , the amount of temporary unrealized losses for investment securities not recognized in income was not material. For investments in illiquid or privately-held securities for which market prices or quotations may not be readily available, management estimates the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry. In addition to the financial instruments described above and the derivative instruments described below, other financial instruments that are carried at fair value or amounts that approximate fair value include Cash and cash equivalents and Short-term borrowings. The fair value of Long-term debt at March 31, 2016 and 2015 , aggregated $1,773,852 and $1,166,697 , respectively. Except for long-term debt designated for a hedging transaction, these fair values were estimated using publicly quoted market prices and were classified as Level 2 in the fair value hierarchy, as described below. Additionally, the 2.7% Senior Notes due 2019 designated for a hedging transaction are valued as the sum of the amortized cost of the debt and the fair value of the related interest rate contract designated for a hedging transaction which approximates the debt fair value, and was classified as a Level 2 measurement, as discussed below. Derivative Instruments The fair values of derivative instruments are recorded as assets or liabilities on the Consolidated Balance Sheets. Legg Mason has used foreign exchange forwards and interest rate swaps to hedge the risk of movement in exchange rates or interest rates on financial assets and liabilities on a limited basis. Also, Legg Mason has used futures contracts on index funds to hedge the market risk of certain seed capital investments. With the exception of an interest rate swap and a reverse treasury rate lock contract, as further discussed in Note 6 , Legg Mason has not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented. The gains or losses on derivative instruments not designated for hedge accounting are included as Other operating income (expense) or Other Non-Operating Income (Expense) in the Consolidated Statements of Income (Loss), depending on the strategy. Gains and losses on derivative instruments of CIVs are recorded as Other non-operating income (loss) of consolidated investment vehicles, net, in the Consolidated Statements of Income (Loss), if applicable. See Note 15 for additional information regarding derivatives and hedging. Fair Value Measurements Accounting guidance for fair value measurements defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Under accounting guidance, a fair value measurement should reflect all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. The objective of fair value accounting measurements is to reflect, at the date of the financial statements, how much an asset would be sold for in an orderly transaction (as opposed to a distressed or forced transaction) under current market conditions. Specifically, it requires the use of judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. This accounting guidance also relates to other-than-temporary impairments and is intended to bring greater consistency to the timing of impairment recognition. It is also intended to provide greater clarity to investors about the credit and noncredit components of impaired debt securities that are not expected to be sold. The guidance also requires timely disclosures regarding expected cash flows, credit losses, and an aging of securities with unrealized losses. Fair value accounting guidance also establishes a hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Legg Mason's financial instruments are measured and reported at fair value (except debt not designated for a hedging transaction) and are classified and disclosed in one of the following categories: Level 1 — Financial instruments for which prices are quoted in active markets, which, for Legg Mason, include investments in publicly traded mutual funds with quoted market prices and equities listed in active markets and certain derivative instruments. Level 2 — Financial instruments for which: prices are quoted for similar assets and liabilities in active markets; prices are quoted for identical or similar assets in inactive markets; or prices are based on observable inputs, other than quoted prices, such as models or other valuation methodologies. For Legg Mason, this category may include fixed income securities, certain proprietary fund products and certain long-term debt. Level 3 — Financial instruments for which values are based on unobservable inputs, including those for which there is little or no market activity. This category includes investments in partnerships, limited liability companies, and private equity funds. This category may also include certain proprietary fund products with redemption restrictions and contingent consideration liabilities. The valuation of an asset or liability may involve inputs from more than one level of the hierarchy. The level in the fair value hierarchy in which a fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Certain proprietary fund products and investments held by CIVs are valued at net asset value ("NAV") determined by the applicable fund administrator. These funds are typically invested in exchange traded investments with observable market prices. Their valuations may be classified as Level 1, Level 2 or Level 3 based on whether the fund is exchange traded, the frequency of the related NAV determinations and the impact of redemption restrictions. For investments in illiquid and privately-held securities (private equity and investment partnerships) for which market prices or quotations may not be readily available, management must estimate the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry to which it applies in order to determine fair value. These valuation processes for illiquid and privately-held securities inherently require management's judgment and are therefore classified as Level 3. Futures contracts are valued at the last settlement price at the end of each day on the exchange upon which they are traded and are classified as Level 1. As a practical expedient, Legg Mason relies on the NAV of certain investments, classified as Level 2 or Level 3, as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date. Any transfers between categories are measured at the beginning of the period. See Note 3 for additional information regarding fair value measurements. Appropriated Retained Earnings Prior to June 30, 2014, Legg Mason elected the fair value option for certain eligible assets and liabilities, including corporate loans and debt, of the then consolidated CLO. Upon the election of the fair value option for eligible assets and liabilities of the CLO, Legg Mason recorded a cumulative effect adjustment to Appropriated retained earnings for consolidated investment vehicle on the Consolidated Balance Sheets equal to the difference between the fair values of the CLO's assets and liabilities. This difference was recorded as "Appropriated retained earnings for consolidated investment vehicle" because the investors in the CLO, not Legg Mason shareholders, would ultimately realize any benefits or losses associated with the CLO. Changes in the fair values of the CLO assets and liabilities were recorded as Net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Income (Loss) and Appropriated retained earnings for consolidated investment vehicle in the Consolidated Balance Sheet. The CLO substantially liquidated and was deconsolidated as of June 30, 2014. At March 31, 2014, the CLO was in the final stage of liquidation, and the fair value of its assets and liabilities were substantially equal, and there were no Appropriated retained earnings. Fixed Assets Fixed assets primarily consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Capitalized software includes both purchased software and internally developed software. The cost of software used under a service contract where Legg Mason does not own or control the software is expensed over the term of the contract. Fixed assets are reported at cost, net of accumulated depreciation and amortization. Depreciation and amortization are determined by use of the straight-line method. Equipment is depreciated over the estimated useful lives of the assets, generally ranging from three to eight years. Software is amortized over the estimated useful lives of the assets, generally three years. Leasehold improvements are amortized or depreciated over the initial term of the lease unless options to extend are likely to be exercised. Maintenance and repair costs are expensed as incurred. Internally developed software is reviewed periodically to determine if there is a change in the useful life, or if an impairment in value may exist. If impairment is deemed to exist, the asset is written down to its fair value or is written off if the asset is determined to no longer have any value. Intangible Assets and Goodwill Legg Mason's identifiable intangible assets consist principally of asset management contracts, contracts to manage proprietary mutual funds or funds-of-hedge funds, and trade names resulting from acquisitions. Intangible assets are amortized over their estimated useful lives, using the straight-line method, unless the asset is determined to have an indefinite useful life. Asset management contracts are amortizable intangible assets that are capitalized at acquisition and amortized over the expected life of the contract. The value of contracts to manage assets in proprietary mutual funds or funds-of-hedge funds and the value of trade names are classified as indefinite-life intangible assets. The assignment of indefinite lives to proprietary fund contracts is based upon the assumption that there is no foreseeable limit on the contract period to manage proprietary funds due to the likelihood of continued renewal at little or no cost. The assignment of indefinite lives to trade names is based on the assumption that they are expected to generate cash flows indefinitely. Goodwill represents the residual amount of acquisition cost in excess of identified tangible and intangible assets and assumed liabilities. Indefinite-life intangible assets and goodwill are not amortized for financial statement purposes. Given the relative significance of intangible assets and goodwill to the Company's consolidated financial statements, on a quarterly basis Legg Mason considers if triggering events have occurred that may indicate that the fair values have declined below their respective carrying amounts. Triggering events may include significant adverse changes in the Company's business or the legal or regulatory environment, loss of key personnel, significant business dispositions, or other events, including changes in economic arrangements with our affiliates that will impact future operating results. If a triggering event has occurred, the Company will perform quantitative tests, which include critical reviews of all significant factors and assumptions, to determine if any intangible assets or goodwill are impaired. Legg Mason considers factors such as projected cash flows and revenue multiples, to determine whether the value of the assets is impaired and the indefinite-life assumptions are appropriate. If an asset is impaired, the difference between the value of the asset reflected on the consolidated financial statements and its current fair value is recognized as an expense in the period in which the impairment is determined. If a triggering event has not occurred, the Company performs quantitative tests annually at December 31, for indefinite-life intangible assets and goodwill, unless the Company can qualitatively conclude that it is more likely than not that the respective fair values exceed the related carrying values. The fair values of intangible assets subject to amortization are considered for impairment at each reporting period using an undiscounted cash flow analysis. For intangible assets with indefinite lives, fair value is determined from a market participant's perspective based on projected discounted cash flows, which take into consideration estimates of future fees, profit margins, growth rates, taxes, and discount rates. Proprietary fund contracts that are managed and operated as a single unit and meet other criteria may be aggregated for impairment testing. Goodwill is evaluated at the reporting unit level, and is considered for impairment when the carrying value of the reporting unit exceeds the implied fair value of the reporting unit. In estimating the implied fair value of the reporting unit, Legg Mason uses valuation techniques principally based on discounted projected cash flows and EBITDA multiples, similar to techniques employed in analyzing the purchase price of an acquisition. Goodwill is deemed to be recoverable at the reporting unit level, which is also the operating segment level that Legg Mason defines as the Global Asset Management segment. This results from the fact that the chief operating decision maker, Legg Mason's Chief Executive Officer, regularly receives discrete financial information at the consolidated Global Asset Management business level and does not regularly receive discrete financial information, such as operating results, at any lower level, such as the asset management affiliate level. Allocations of goodwill for management restructures, acquisitions, and dispositions are based on relative fair values of the respective businesses restructured, acquired, or divested. See Note 5 for additional information regarding intangible assets and goodwill and Note 16 for additional business segment information. Debt For the year ended March 31, 2016, Legg Mason elected to early adopt updated accounting guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated long-term debt liability, consistent with the presentation of a debt discount. This updated guidance was adopted on a retrospective basis and, as a result, Legg Mason reclassified unamortized debt issuance costs of $8,395 from Other non-current assets and $748 from Other current assets to Long-term debt within the Consolidated Balance Sheet for the year ended March 31, 2015. Contingent Consideration Liabilities In connection with business acquisitions, Legg Mason may be required to pay additional future consideration based on the achievement of certain designated financial metrics. Legg Mason estimates the fair value of these potential future obligations at the time a business combination is consummated and records a Contingent consideration liability in the Consolidated Balance Sheet. Legg Mason accretes contingent consideration liabilities to the expected payment amounts over the related earn-out terms until the obligations are ultimately paid, resulting in Interest expense in the Consolidated Statements of Income (Loss). If the expected payment amounts subsequently change, the contingent consideration liabilities are (reduced) or increased in the current period, resulting in a (gain) or loss, which is reflected within Other operating expense in the Consolidated Statements of Income (Loss). See Notes 2 and 8 for additional information regarding contingent consideration liabilities. Translation of Foreign Currencies Assets and liabilities of foreign subsidiaries that are denominated in non-U.S. dollar functional currencies are translated at exchange rates as of the Consolidated Balance Sheet dates. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars are included in stockholders' equity and comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in Net Income (Loss). Investment Advisory Fees Legg Mason earns investment advisory fees on assets in separately managed accounts, investment funds, and other products managed for Legg Mason's clients. These fees are primarily based on predetermined percentages of the market value of the assets under management ("AUM"), and are recognized over the period in which services are performed and may be billed in advance of the period earned based on AUM at the beginning of the billing period in accordance with the related advisory contracts. Revenue associated with advance billings is deferred and included in Other current liabilities in the Consolidated Balance Sheets and is recognized over the period earned. Performance fees may be earned on certain investment advisory contracts for exceeding performance benchmarks on a relative or absolute basis, depending on the product, and are recognized at the end of the performance measurement period. Accordingly, neither advanced billings nor performance fees are subject to reversal. The largest portion of performance fees are earned based on 12-month performance periods that end in differing quarters during the year, with a portion also based on quarterly performance periods. Legg Mason has responsibility for the valuation of AUM, substantially all of which is based on observable market data from independent pricing services, fund accounting agents, custodians or brokers. Distribution and Service Fees Revenue and Expense Distribution and service fees represent fees earned from funds to reimburse the distributor for the costs of marketing and selling fund shares and servicing proprietary funds and are generally determined as a percentage of client assets. Reported amounts also include fees earned from providing client or shareholder servicing, including record keeping or administrative services to proprietary funds, and non-d |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2 . ACQUISITIONS AND DISPOSITION Acquisitions The following table presents a summary of the acquisition-date fair values of the assets acquired and liabilities assumed for each of Legg Mason's significant recent acquisitions: RARE Infrastructure Limited (1) Martin Currie (Holdings) Limited QS Investors Holdings, LLC Fauchier Partners Management, Limited Acquisition Date October 21, 2015 October 1, 2014 May 30, 2014 March 13, 2013 Purchase price Cash $ 213,739 $ 202,577 $ 11,000 $ 63,433 Estimated contingent consideration 25,000 75,211 13,370 21,566 Total Consideration 238,739 277,788 24,370 84,999 Fair value of noncontrolling interest 62,722 — — — Total 301,461 277,788 24,370 84,999 Identifiable assets and liabilities Cash 9,667 29,389 441 8,156 Investments — — 3,281 — Receivables 6,612 — 2,699 12,174 Indefinite-life intangible fund management contracts 122,755 135,321 — 65,126 Amortizable intangible asset management contracts 67,877 15,234 7,060 2,865 Indefinite-life trade name 4,766 7,130 — — Fixed assets 673 784 599 — Other current liabilities, net (10,605 ) — — (16,667 ) Liabilities, net (3,948 ) (4,388 ) (6,620 ) — Pension liability — (32,433 ) — — Deferred tax liabilities (58,619 ) (31,537 ) — (15,638 ) Total identifiable assets and liabilities 139,178 119,500 7,460 56,016 Goodwill $ 162,283 $ 158,288 $ 16,910 $ 28,983 (1) Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. RARE Infrastructure Limited On October 21, 2015, Legg Mason acquired a majority equity interest in RARE Infrastructure Limited ("RARE Infrastructure"). RARE Infrastructure specializes in global listed infrastructure security investing, is headquartered in Sydney, Australia, and had approximately $6,800,000 in AUM at the closing of the transaction. Under the terms of the related transaction agreements, Legg Mason acquired a 75% ownership interest in the firm, the firm's management team retained a 15% equity interest and The Treasury Group, a continuing minority owner, retained 10% . The acquisition required an initial cash payment of $213,739 (using the foreign exchange rate as of October 21, 2015 for the 296,000 Australian dollar payment), which was funded with approximately $40,000 of net borrowings under the Company's previous revolving credit facility, as further discussed in Note 6 , as well as existing cash resources. In August 2015, Legg Mason executed a currency forward contract to economically hedge the risk of movement in the exchange rate between the U.S. dollar and the Australian dollar in which the initial cash payment was denominated. This currency forward contract was closed in October 2015. See Note 15 for additional information regarding derivatives and hedging. In addition, contingent consideration may be due March 31, 2017 and 2018, aggregating up to $81,320 (using the foreign exchange rate as of March 31, 2016 , for the maximum 106,000 Australian dollar amount per the related agreements), dependent on the achievement of certain net revenue targets, and subject to potential catch-up adjustments extending through March 31, 2019. The noncontrolling interests can be put by the holders or called by Legg Mason for settlement at fair value, except for the non-management portion of the noncontrolling interests, which are callable at a pre-agreed formula, as specified in the agreements. The fair value of the noncontrolling interests reflects the total business enterprise value, after appropriate discounts for lack of marketability and control. The fair value of the acquired amortizable intangible asset management contracts had a useful life of 12 years at acquisition. Purchase price allocated to intangible assets and goodwill is not deductible for Australian tax purposes. Goodwill is principally attributable to synergies expected to arise with RARE Infrastructure. Management estimated the fair values of the indefinite-life intangible fund management contracts, indefinite-life trade name, and amortizable intangible asset management contracts based upon discounted cash flow analyses, using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in these analyses at acquisition, including projected annual cash flows, projected AUM growth rates and discount rates, are summarized as follows: Projected Cash Flow Growth Discount Rate Indefinite-life intangible fund management contracts and indefinite-life trade name 0% to 10% (weighted-average - 7%) 16.5% Projected AUM Growth / (Attrition) Discount Rate Amortizable intangible asset management contracts 7% / (8)% 16.5% The fair value of the contingent consideration was estimated using Monte Carlo simulation in a risk-neutral framework with various observable inputs, as well as, with various unobservable data inputs which are Level 3 measurements. The simulation considered variables, including AUM growth and performance fee levels. Consistent with risk-neutral framework, projected AUM and performance fees were dampened by a measure of risk referred to as 'market price of risk' to account for its market risk or systematic risk before calculating the earn-out payments. These earn-out payments were then discounted commensurate with their timing. A summary of various assumption values follows: AUM growth rates 0% to 14% (weighted-average - 7%) Performance fee growth rates 0% to 7% (weighted-average - 3%) Projected AUM and performance fee market price of risk 6.5% AUM volatility 20.0% Earn-out payment discount rate 1.9% Significant increases (decreases) in projected AUM or performance fees would result in a significantly higher (lower) contingent consideration liability fair value. The contingent consideration liability established at closing had an acquisition date fair value of $25,000 (using the foreign exchange rate as of October 21, 2015). As of March 31, 2016 , the fair value of the contingent consideration liability was $27,145 , of which $7,001 relates to the first anniversary payment and is included in current Contingent consideration in the Consolidated Balance Sheet, with the remainder included in non-current Contingent consideration in the Consolidated Balance Sheet. The increase of $2,145 from October 21, 2015, was attributable to changes in the exchange rate, which is included in Accumulated other comprehensive loss, net, as Foreign currency translation adjustment, and accretion. The contingent consideration liability is recorded at an entity with an Australian dollar functional currency, such that related changes in the exchange rate do not impact net income (loss). The Company has not presented pro forma combined results of operations for this acquisition because the results of operations as reported in the accompanying Consolidated Statements of Income (Loss) would not have been materially different. The financial results of RARE Infrastructure included in Legg Mason's consolidated financial results for the year ended March 31, 2016 , include revenues of $18,420 , and did not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Martin Currie (Holdings) Limited On October 1, 2014, Legg Mason acquired all outstanding equity interests of Martin Currie (Holdings) Limited ("Martin Currie"), an international equity specialist based in the United Kingdom. The acquisition required an initial payment of $202,577 (using the foreign exchange rate as of October 1, 2014 for the £125,000 contract amount), which was funded from existing cash. In addition, contingent consideration payments may be due March 31 following the second and third anniversaries of closing, aggregating up to approximately $467,076 (using the foreign exchange rate as of March 31, 2016 for the maximum £325,000 contract amount), inclusive of the payment of certain potential pension and other obligations, and dependent on the achievement of certain financial metrics at March 31, 2017, and 2018, as specified in the share purchase agreement. The agreement provided for a potential first anniversary payment due as of March 31, 2016, however no such payment was due based on relevant financial metrics. The fair value of the amortizable intangible asset management contracts asset is being amortized over a period of 12 years. Goodwill is principally attributable to synergies expected to arise with Martin Currie. These acquired intangible assets and goodwill are not deductible for U.K. tax purposes. Management estimated the fair values of the indefinite-life intangible fund management contracts, indefinite-life trade name, and amortizable intangible asset management contracts based upon discounted cash flow analyses, using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in these analyses at acquisition, including projected annual cash flows, projected AUM growth rates and discount rates, are summarized as follows: Projected Cash Flow Growth Discount Rate Indefinite-life intangible fund management contracts and indefinite-life trade name 0% to 25% (weighted-average - 11%) 15.0% Projected AUM Growth / (Attrition) Discount Rate Amortizable intangible asset management contracts 6% / (17)% 15.0% The fair value of the contingent consideration was measured using Monte Carlo simulation with various unobservable market data inputs, which are Level 3 measurements. The simulation considered variables, including AUM growth, performance fee levels and relevant product performance. Projected AUM, performance fees and earn-out payments were discounted as appropriate. A summary of various assumption values follows: AUM growth rates 0% to 28% (weighted-average - 14%) Performance fee growth rates 0% to 30% (weighted-average - 15%) Discount rates: Projected AUM 13.0% Projected performance fees 15.0% Earn-out payments 1.3% AUM volatility 18.8% Significant future increases (decreases) in projected AUM or performance fees would result in a significantly higher (lower) contingent consideration liability fair value. The contingent consideration liability established at closing had an acquisition date fair value of $75,211 (using the foreign exchange rate as of October 1, 2014). Actual payments to be made may also include amounts for certain potential pension and other obligations that are accounted for separately. As of March 31, 2016 , the fair value of the contingent consideration liability was $41,222 , a decrease of $28,892 from March 31, 2015 . During the year ended March 31, 2016, a decrease in projected AUM and performance fees resulted in a $28,361 reduction in the estimated contingent consideration liability, recorded as a credit to Other operating expense in the Consolidated Statement of Income (Loss). Changes related to the exchange rate of $531 for the year ended March 31, 2016, which are included in Accumulated other comprehensive loss, net, as Foreign currency translation adjustment, net of accretion, also impacted the contingent consideration liability. The contingent consideration liability is recorded at an entity with a British pound functional currency, such that related changes in the exchange rate do not impact net income (loss). The total contingent consideration liability as of March 31, 2016, includes $12,846 related to the second anniversary payment, which is included in current Contingent consideration in the Consolidated Balance Sheet, with the remainder included in non-current Contingent consideration in the Consolidated Balance Sheet. The Company has not presented pro forma combined results of operations for this acquisition because the results of operations as reported in the accompanying Consolidated Statements of Income (Loss) would not have been materially different. The financial results of Martin Currie included in Legg Mason's consolidated financial results for the year ended March 31, 2015, include revenues of $32,293 and did not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Martin Currie Defined Benefit Pension Plan Martin Currie sponsors a retirement and death benefits plan, a defined benefit pension plan with assets held in a separate trustee-administered fund. Plan assets are measured at fair value and comprised of 60% equities (Level 1) and 40% bonds (Level 2) as of March 31, 2016 , and 58% equities (Level 1) and 42% bonds (Level 2) as of March 31, 2015 . Assumptions used to determine the expected return on plan assets targets a 55% / 45% equity/bond allocation with reference to the 15-year FTSE U.K. Gilt yield for equities and U.K. long-dated bond yields for bonds. Plan liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate on a high quality bond in the local U.K. market and currency. There were no significant concentrations of risk in plan assets as of March 31, 2016 or 2015. The most recent actuarial valuation was performed as of May 31, 2013, which was updated through the acquisition and at subsequent balance sheet dates. Accrual of service credit under the plan ceased on October 3, 2014. The resulting net benefit obligation, comprised as follows, is included in the March 31, 2016 and 2015, Consolidated Balance Sheets as Other non-current liabilities: 2016 2015 Fair value of plan assets (at 5.2 % and 6.3%, respectively, expected weighted-average long-term return) $ 57,253 $ 59,404 Benefit obligation (at 3.6% and 3.3%, respectively, discount rate) (90,010 ) (98,110 ) Unfunded status (excess of benefit obligation over plan assets) $ (32,757 ) $ (38,706 ) The change in the benefit obligation is summarized below: Year ended March 31, 2016 Period from Acquisition through March 31, 2015 Beginning benefit obligation $ 98,110 $ 91,750 Interest costs 3,268 1,730 Actuarial (gain) loss (6,922 ) 14,461 Benefits paid (1,524 ) (762 ) Plan curtailments — (789 ) Exchange rate changes (2,922 ) (8,280 ) Ending benefit obligation $ 90,010 $ 98,110 The change in plan assets is summarized below: Year ended March 31, 2016 Period from Acquisition through March 31, 2015 Beginning plan assets $ 59,404 $ 59,317 Actual return on plan assets (984 ) 6,028 Employer contributions 2,262 1 Benefits paid (1,524 ) (762 ) Exchange rate changes (1,905 ) (5,180 ) Ending plan assets $ 57,253 $ 59,404 For the years ended March 31, 2016 and 2015, a net periodic loss (gain) of $92 and $(815) , respectively, was included in Compensation and benefits expense in the Consolidated Statements of Income (Loss). The components of the net periodic loss (gain) for the year ended March 31, 2016, and for the period from acquisition through March 31, 2015, are as follows: 2016 2015 Interest costs $ 3,268 $ 1,730 Expected return on plan assets (3,176 ) (1,756 ) Curtailment gain recognized — (789 ) Net periodic benefit loss (gain) $ 92 $ (815 ) Net actuarial losses of $6,821 and $9,595 were included in Accumulated other comprehensive loss, net, in the Consolidated Balance Sheets at March 31, 2016 and 2015, respectively. As of March 31, 2016, the plan expects to make benefit payments over the next 10 fiscal years as follows: 2017 $ 1,195 2018 1,281 2019 1,559 2020 1,537 2021 1,884 2022 - 2026 14,789 The contingent consideration payments are expected to provide some, if not all, funding of the net plan benefit obligation, through a provision of the share purchase agreement requiring certain amounts to be paid to the plan. Any contingent consideration payments to the plan are based on determination of the plan benefit obligation under local technical provisions utilized by the plan trustees. Absent any such funding or any regulatory requirement for additional payments, Martin Currie expects to contribute $2,156 to the plan during the year ending March 31, 2017. The contingent consideration provisions of the share purchase agreement also require a designated percentage of the earn-out payments, net of any pension contribution, to be allocated to fund an incentive plan for Martin Currie's management. No payments to employees under the arrangement will be made until the end of the earn-out period. The estimated payment (adjusted quarterly) is being amortized over the earn-out term. Other In December 2015, Martin Currie acquired certain assets of PK Investment Management, LLP ("PK Investments"), a London based equity manager, for an initial cash payment of $4,981 and an estimated contingent payment of $2,469 due on December 31, 2017. The amount of any ultimate contingent payment will be based on certain financial metrics. The initial cash payment was funded with existing cash resources. In connection with the acquisition, Legg Mason recognized indefinite-life intangible fund management contracts and goodwill of $6,619 and $827 , respectively. QS Investors Holdings, LLC Effective May 31, 2014, Legg Mason acquired all of the outstanding equity interests of QS Investors, a customized solutions and global quantitative equities provider. The initial purchase price was a cash payment of $11,000 , funded from existing cash. In addition, contingent consideration of up to $10,000 and $20,000 for the second and fourth anniversary payments may be due in July 2016 and July 2018, respectively, dependent on the achievement of certain net revenue targets, and subject to a potential catch-up adjustment in the fourth anniversary payment for any second anniversary payment shortfall. The fair value of the amortizable intangible asset management contracts had a useful life of 10 years at acquisition. Purchase price allocated to goodwill is expected to be deductible for U.S. tax purposes over a period of 15 years. Management estimated the fair values of the amortizable intangible asset management contracts based upon a discounted cash flow analysis, and the contingent consideration expected to be paid and discounted, based upon probability-weighted revenue projections, using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in these analyses at acquisition including projected annual cash flows, revenues and discount rates, are summarized as follows: Projected Cash Flow Attrition, Net Discount Rate Amortizable intangible asset management contracts (10.0)% 15.0% Projected Revenue Growth Rates Discount Rates Contingent consideration 0% to 10% (weighted-average - 6%) 1.2% / 2.1% Goodwill is principally attributable to synergies expected to arise with QS Investors. The contingent consideration liability established at closing had an acquisition date fair value of $13,370 . As of March 31, 2016 , the fair value of the contingent consideration liability has accreted to $13,749 , an increase of $196 from March 31, 2015 . Of the $13,749 , $6,549 relates to the second anniversary payment and is included in current Contingent consideration in the Consolidated Balance Sheet, with the remainder included in non-current Contingent consideration in the Consolidated Balance Sheet as of March 31, 2016 . The Company has not presented pro forma combined results of operations for this acquisition because the results of operations as reported in the accompanying Consolidated Statements of Income (Loss) would not have been materially different. The financial results of QS Investors included in Legg Mason's consolidated financial results for the year ended March 31, 2015, include revenues of $12,340 and did not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Legg Mason integrated two existing affiliates, Batterymarch and LMGAA, into QS Investors to capture synergies and leverage the best capabilities of each entity. In connection with the integration, total charges for restructuring and transition costs of $38,404 were recognized through the completion of the plan in March 31, 2015, which includes $35,846 , and $2,558 for the years ended March 31, 2015 and 2014, respectively, primarily recorded in Compensation and benefits in the Consolidated Statements of Income (Loss). These costs were primarily comprised of charges for employee termination benefits, including severance and retention incentives, as well as real estate related charges. Any additional charges related to the integration are not expected to be material. The table below presents a summary of changes in the restructuring and transition-related liability from December 31, 2013 through March 31, 2016 and cumulative charges incurred through the completion of the plan in fiscal 2015: Compensation Other Total Balance as of December 31, 2013 $ — $ — $ — Accrued charges 2,161 111 2,272 Balance as of March 31, 2014 2,161 111 2,272 Accrued charges 22,897 9,720 (1) 32,617 Payments (24,658 ) (3,940 ) (28,598 ) Balance as of March 31, 2015 400 5,891 6,291 Payments (400 ) (2,148 ) (2,548 ) Balance as of March 31, 2016 $ — $ 3,743 $ 3,743 Non-cash charges (2) Year ended March 31, 2014 $ — $ 286 $ 286 Year ended March 31, 2015 1,659 1,570 3,229 Total $ 1,659 $ 1,856 $ 3,515 Cumulative charges incurred through March 31, 2015 $ 26,717 $ 11,687 $ 38,404 (1) Includes lease loss reserve of $6,760 for space permanently abandoned. (2) Includes stock-based compensation expense and accelerated fixed asset depreciation. Fauchier Partners Management, Limited On March 13, 2013, Permal, a wholly-owned subsidiary of Legg Mason, acquired all of the outstanding share capital of Fauchier Partners Management, Limited ("Fauchier"), a European based manager of funds-of-hedge funds. The initial purchase price was a cash payment of $63,433 , which was funded from existing cash resources. In May 2015, Legg Mason paid contingent consideration of $22,765 (using the exchange rate as of May 5, 2015 for the maximum £15,000 payment amount) for the second anniversary payment. Additional contingent consideration of up to approximately $28,743 (using the exchange rate as of March 31, 2016 for the £20,000 maximum contract amount), may be due on or about the fourth anniversary of closing, dependent on achieving certain levels of revenue, net of distribution costs. The fair value of the amortizable intangible asset management contracts is being amortized over a period of six years. These acquired intangible assets and goodwill are not deductible for U.K. tax purposes. Management estimated the fair values of the indefinite-life intangible fund management contracts based upon discounted cash flow analyses, and the contingent consideration expected to be paid based upon probability-weighted revenue projections, using unobservable market data inputs, which are Level 3 measurements. As is typical with the acquisition of a portion of a business from a larger financial services firm with other related operations, Legg Mason expected some initial contraction in the acquired business. The significant assumptions used in these analyses at acquisition, including projected annual cash flows, revenues and discount rates, are summarized as follows: Projected Cash Flow Growth Rates Discount Rate Indefinite-life intangible fund management contracts (35)% to 11% (weighted-average - 6% ) 16.0% Projected Revenue Growth Rates Discount Rate Contingent consideration (16)% to 3% (weighted-average - (5)%) 2.0% As of March 31, 2016, no contingent consideration liability was included in the Consolidated Balance Sheet, and a liability of $27,117 was included as of March 31, 2015. During the three months ended December 31, 2015, due to lower actual and expected performance fees earned over the earn out period, the contingent consideration liability was reduced by $5,014 , recorded as a credit to Other operating expense in the Consolidated Statement of Income (Loss). The decrease of $27,117 from March 31, 2015, reflects this reduction and the payment discussed above, offset in part by changes in the exchange rate, net of accretion. In December 2015, Legg Mason closed the currency forward contracts that were previously executed to economically hedge the risk of movements in the exchange rate between the U.S. dollar and the British pound in which the estimated contingent liability payment amounts were denominated. See Note 15 for additional information regarding derivatives and hedging. Precidian Investments, LLC On January 22, 2016, Legg Mason acquired a minority equity position in Precidian Investments, LLC ("Precidian"), a firm specializing in creating innovative products and solutions and solving market structure issues, particularly with regard to the Exchange Traded Funds marketplace. The transaction required a cash payment, which was funded from existing cash resources. Under the terms of the transaction, Legg Mason acquired series B preferred units of Precidian that entitle Legg Mason to approximately 20% of the voting and economic interests of Precidian, along with customary preferred equity protections. At its sole option during the 48 months following the initial investment, Legg Mason may, subject to satisfaction of certain closing conditions, convert its preferred units to 75% of the common equity of Precidian on a fully diluted basis. Legg Mason accounts for its investment in Precidian, which is included in Other assets in the Consolidated Balance Sheet as of March 31, 2016, under the equity method of accounting. EnTrustPermal On May 2, 2016, Legg Mason closed a transaction to combine Permal, Legg Mason's existing hedge fund platform, with EnTrust, an alternative asset management firm with largely complimentary investment strategies, investor base and business mix to Permal. In connection with the combination, Legg Mason expects to incur total restructuring and transition-related charges of approximately $100,000 , primarily comprised of charges for employee termination benefits, including severance and retention incentives, and real estate related charges. Charges for restructuring and transition costs for the year ended March 31, 2016, were $43,296 , primarily recorded as Transition-related compensation in the Consolidated Statement of Income (Loss). Legg Mason expects that approximately $40,000 to $50,000 of the remaining anticipated costs associated with the combination will be incurred in the year ending March 31, 2017. The table below presents a summary of changes in the restructuring and transition-related liability from December 31, 2015 through March 31, 2016 and cumulative charges incurred through March 31, 2016: Compensation Other Total Balance as of December 31, 2015 $ — $ — $ — Accrued charges 31,581 9,981 (1) 41,562 Payments (21,938 ) (2,097 ) (24,035 ) Balance as of March 31, 2016 $ 9,643 $ 7,884 $ 17,527 Non-cash charges (2) Year ended March 31, 2016 $ 591 $ 1,143 $ 1,734 Cumulative charges incurred through March 31, 2016 $ 32,172 $ 11,124 $ 43,296 (1) Includes lease loss reserve of $7,212 for space permanently abandoned. (2) Includes stock-based compensation expense and accelerated fixed asset depreciation. Clarion Partners On April 13, 2016, Legg Mason acquired a majority equity interest in Clarion Partners, a diversified real estate asset management firm based in New York. Clarion Partners managed approximately $41,500,000 in AUM as of April 30, 2016. See Note 18 for additional information regarding the acquisitions of EnTrust and Clarion Partners. Disposition Legg Mason Investment Counsel & Trust On November 7, 2014, Legg Mason completed the previously announced sale of all of its equity interests in Legg Mason Investment Counsel & Trust Company N.A. ("LMIC") for proceeds of $47,000 to Stifel Financial Corporation's Global Wealth Management segment. The sale did not have a material impact on Legg Mason's consolidated financial condition or results of operations. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | 3 . INVESTMENTS AND FAIR VALUES OF ASSETS AND LIABILITIES The disclosures below include details of Legg Mason's financial assets and financial liabilities that are measured at fair value, excluding the financial assets and financial liabilities of CIVs. See Note 17 , Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the assets and liabilities of CIVs that are measured at fair value. The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs: As of March 31, 2016 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total Assets: Cash equivalents: (1) Money market funds $ 1,057,916 $ — $ — $ 1,057,916 Time deposits and other — 35,265 — 35,265 Total cash equivalents 1,057,916 35,265 — 1,093,181 Trading investments of proprietary fund products and other trading investments: (2) Seed capital investments 205,608 120,216 112 325,936 Other (3) 65,112 2,352 — 67,464 Trading investments relating to long-term incentive compensation plans (4) 105,979 585 — 106,564 Equity method investments relating to proprietary fund products and long-term incentive compensation plans: (5) Seed capital investments 1,329 7,575 — 8,904 Investments related to long-term incentive compensation plans — 6,467 — 6,467 Total current investments (6) 378,028 137,195 112 515,335 Equity method investments in partnerships and LLCs: (5)(7) Seed capital investments — — 20,439 20,439 Investments related to long-term incentive compensation plans — — 7,501 7,501 Other — — 9,352 9,352 Investments in partnerships and LLCs (7) — — 8,013 8,013 Derivative assets (7)(8) 1,051 7,599 — 8,650 Other investments (7) — — 83 83 Total $ 1,436,995 $ 180,059 $ 45,500 $ 1,662,554 Liabilities: Contingent consideration liabilities (9) — — (84,585 ) (84,585 ) Derivative liabilities (8) (18,079 ) — — (18,079 ) Total $ (18,079 ) $ — $ (84,585 ) $ (102,664 ) As of March 31, 2015 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total Assets: Cash equivalents: (1) Money market funds $ 353,265 $ — $ — $ 353,265 Time deposits and other — 47,035 — 47,035 Total cash equivalents 353,265 47,035 — 400,300 Trading investments of proprietary fund products and other trading investments: (2) Seed capital investments 259,840 85,220 186 345,246 Other 9,807 2,981 — 12,788 Trading investments relating to long-term incentive compensation plans (4) 80,529 — — 80,529 Equity method investments relating to proprietary fund products and long-term incentive compensation plans: (5) Seed capital investments 2,148 5,296 — 7,444 Investments related to long-term incentive compensation plans — 8,728 — 8,728 Total current investments (6) 352,324 102,225 186 454,735 Equity method investments in partnerships and LLCs: (5)(7) Seed capital investments — — 23,796 23,796 Investments related to long-term incentive compensation plans — — 5,595 5,595 Other — — 18,953 18,953 Investments in partnerships and LLCs (7) — — 14,511 14,511 Derivative assets (7)(8) 580 5,462 — 6,042 Other investments (7) — — 77 77 Total $ 706,169 $ 154,722 $ 63,118 $ 924,009 Liabilities: Contingent consideration liabilities (9) — — (110,784 ) (110,784 ) Derivative liabilities (8) (8,665 ) — — (8,665 ) Total $ (8,665 ) $ — $ (110,784 ) $ (119,449 ) (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at NAV and are classified as Level 1. Cash investments in time deposits and other are measured at amortized cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization, and are classified as Level 2. (2) T rading investments of proprietary fund products and other trading investments consist of approximately 68% and 32% of equity and debt securities, respectively, as of March 31, 2016 , and approximately 63% and 37% of equity and debt securities, respectively, as of March 31, 2015 . (3) Includes $54,392 in noncontrolling interests associated with consolidated seed investment products as of March 31, 2016 . (4) Primarily mutual funds where there is minimal market risk to the Company as any change in value is primarily offset by an adjustment to compensation expense and related deferred compensation liability. (5) Legg Mason's equity method investments that are investment companies record underlying investments at fair value. Therefore, fair value is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee. (6) Excludes seed capital investments of $13,641 and $15,553 related to Legg Mason's investments in CIVs as of March 31, 2016 and 2015, respectively. (7) Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. (8) See Note 15 . (9) See Note 2 and Note 8. Proprietary fund products include seed capital investments made by Legg Mason to fund new investment strategies and products. Legg Mason had seed capital investments in proprietary fund products, which totaled $368,920 and $392,039 , as of March 31, 2016 and 2015, respectively, which are substantially comprised of investments in 63 funds and 52 funds, respectively, that are individually greater than $1,000 , with minimal third-party investment, and together comprise over 90% of the total seed capital investments at each period end. See Notes 1 and 17 for information regarding the determination of whether investments in proprietary fund products represent VIEs and consolidation. Substantially all of the above financial instruments where valuation methods rely on other than observable market inputs as a significant input utilize the equity method, the cost method, or NAV practical expedient discussed below, such that measurement uncertainty has little relevance. The net realized and unrealized gain (loss) for investment securities classified as trading was $(27,654) , $10,545 , and $22,963 for the years ended March 31, 2016, 2015, and 2014, respectively. The net unrealized gains (losses) relating to trading investments still held as of the reporting dates were $(35,111) , $(10,858) , and $26,618 for the years ended March 31, 2016, 2015, and 2014, respectively. The changes in financial assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the years ended March 31, 2016 and 2015 , are presented in the tables below: Value as of March 31, 2015 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2016 Assets: Trading investments of seed capital investments in proprietary fund products $ 186 $ 1 $ (80 ) $ — $ — $ 5 $ 112 Investments in partnerships and LLCs 14,511 — (27 ) (5,647 ) — (824 ) 8,013 Equity method investments in partnerships and LLCs: Seed capital investments 23,796 678 — (3,127 ) — (908 ) 20,439 Investments related to long-term incentive compensation plans 5,595 1,906 — — — — 7,501 Other 18,953 — (6,774 ) (2,037 ) — (790 ) 9,352 Other investments 77 — — — — 6 83 $ 63,118 $ 2,585 $ (6,881 ) $ (10,811 ) $ — $ (2,511 ) $ 45,500 Liabilities: Contingent consideration liabilities $ (110,784 ) $ (27,457 ) n/a $ 22,765 n/a $ 30,891 $ (84,585 ) n/a - not applicable Value as of March 31, 2014 Purchases Sales Redemptions/Settlements/ Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2015 Assets: Trading investments of seed capital investments in proprietary fund products $ 190 $ 2 $ (27 ) $ — $ — $ 21 $ 186 Investments in partnerships and LLCs 21,586 — (24 ) (5,108 ) — (1,943 ) 14,511 Equity method investments in partnerships and LLCs: Seed capital investments 33,611 725 (11,617 ) 1,426 — (349 ) 23,796 Investments related to long-term incentive compensation plans 4,284 1,311 — — — — 5,595 Other 25,078 12 (2,484 ) (2,547 ) — (1,106 ) 18,953 Other investments 90 — — — — (13 ) 77 $ 84,839 $ 2,050 $ (14,152 ) $ (6,229 ) $ — $ (3,390 ) $ 63,118 Liabilities: Contingent consideration liabilities $ (29,553 ) $ (88,581 ) n/a $ — n/a $ 7,350 $ (110,784 ) n/a - not applicable Realized and unrealized gains and losses recorded for Level 3 investments are primarily included in Other Non-Operating Income (Expense) in the Consolidated Statements of Income (Loss). The change in unrealized gains (losses) for Level 3 investments and liabilities still held at the reporting date was $24,182 , $2,439 , $(5,210) and for the years ended March 31, 2016 , 2015 , and 2014, respectively. There were no significant transfers between Level 1 and Level 2 during the years ended March 31, 2016 and 2015 . As a practical expedient, Legg Mason relies on the NAV of certain investments as their fair value. The NAVs that have been provided by the investees have been derived from the fair values of the underlying investments as of the respective reporting dates. The following table summarizes, as of March 31, 2016 and 2015, the nature of these investments and any related liquidation restrictions or other factors which may impact the ultimate value realized: Fair Value Determined Using NAV As of March 31, 2016 Category of Investment Investment Strategy March 31, 2016 March 31, 2015 Unfunded Commitments Remaining Term Funds-of-hedge funds Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge $ 19,139 (1) $ 23,787 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 11,403 14,515 $ 20,000 n/a Private equity funds Long/short equity 20,471 (2) 23,563 8,254 Up to 8 years Other Various 678 1,129 n/a Various (3) Total $ 51,691 (4) $ 62,994 (4) $ 28,254 n/a - not applicable (1) Liquidation restrictions: 2% daily redemption, 11% monthly redemption and 87% quarterly redemption as of March 31, 2016 . (2) Liquidations are expected over the remaining term. (3) Of this balance, 28% has a remaining term of less than one year and 72% has a remaining term of 16 years. (4) Comprised of 1% , 36% , and 63% of Level 1, Level 2, and Level 3 assets, respectively, as of March 31, 2016 and 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 . There are no current plans to sell any of these investments held as of March 31, 2016 . As of March 31, 2016 and 2015, Legg Mason did not hold any available-for-sale investments. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 4 . FIXED ASSETS The following table reflects the components of fixed assets as of March 31: 2016 2015 Equipment $ 150,259 $ 152,893 Software 293,844 269,745 Leasehold improvements 199,354 203,420 Total cost 643,457 626,058 Less: accumulated depreciation and amortization (480,152 ) (446,452 ) Fixed assets, net $ 163,305 $ 179,606 Depreciation and amortization expense related to fixed assets was $55,318 , $52,461 , and $50,531 for the years ended March 31, 2016 , 2015 , and 2014, respectively. The expense includes accelerated depreciation and amortization of $4,147 in fiscal 2016 primarily related to reduced space requirements and the restructuring of Permal for the combination with EnTrust, $1,265 in fiscal 2015 primarily related to the integration of Batterymarch into QS Investors, and $2,542 in fiscal 2014 primarily related to various corporate initiatives. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 5 . INTANGIBLE ASSETS AND GOODWILL Goodwill and indefinite-life intangible assets are not amortized, and the values of other identifiable intangible assets are amortized over their useful lives, unless the assets are determined to have indefinite useful lives. Goodwill and indefinite-life intangible assets are analyzed to determine if the fair value of the assets exceeds the book value. Intangible assets subject to amortization are considered for impairment at each reporting period. If the fair value is less than the book value, Legg Mason will record an impairment charge. The following table reflects the components of intangible assets as of: March 31, 2016 March 31, 2015 Amortizable intangible asset management contracts Cost $ 259,513 $ 188,312 Accumulated amortization (171,169 ) (166,583 ) Net (1) 88,344 21,729 Indefinite–life intangible assets U.S. domestic mutual fund management contracts 2,106,351 2,106,351 Permal funds-of-hedge funds management contracts 334,104 698,104 Other fund management contracts (1) 560,499 427,816 Trade names (1) 57,187 59,334 3,058,141 3,291,605 Intangible assets, net $ 3,146,485 $ 3,313,334 (1) As of March 31, 2016, Amortizable intangible asset management contracts, net, Other fund management contracts, and Trade names include $69,610 , $130,419 , and $5,063 , respectively, related to the acquisition of RARE Infrastructure. See Note 2 for additional information. Certain of Legg Mason's intangible assets are denominated in currencies other than the U.S. dollar and balances related to these assets will fluctuate with changes in the related foreign currency exchange rates. Legg Mason completed its annual impairment testing process as of December 31, 2015, and determined that the carrying value of the Permal indefinite-life funds-of-hedge funds management contracts intangible asset, inclusive of the related indefinite-life funds-of-hedge funds management contracts intangible asset from Fauchier, and the Permal trade name asset exceeded their respective fair values, and the assets were impaired by an aggregate amount of $371,000 . The impairment charges resulted from a number of current trends and factors, including (i) periods of moderate inflows or outflows over recent years and related reductions in AUM; (ii) reduced growth assumptions for the next five years; (iii) a decrease in projected margins for the next two years; and (iv) an increase in the rate used to discount projected future cash flows primarily due to company specific factors including continued market influences. These changes resulted in a reduction of the projected cash flows and Legg Mason's overall assessment of fair value of the assets such that the fair values of the Permal funds-of-hedge funds contracts asset and Permal trade name declined below their carrying values, and accordingly were impaired by $364,000 and $7,000 , respectively. Management estimated the fair values of these assets based upon discounted cash flow analyses using unobservable market data inputs, which are Level 3 measurements. The significant assumptions used in these cash flow analyses included projected revenue growth rates and discount rates. Total revenues related to the Permal funds-of-hedge funds contracts were assumed to have annual growth rates ranging from (6)% to 6% (average - 5% ), and the projected cash flows from the Permal funds-of-hedge funds contracts were discounted at 16.5% . Projected revenue growth rates for these assets are most dependent on client AUM flows, changes in market conditions, and product investment performance. Discount rates are also influenced by changes in market conditions, as well as interest rates and other factors. Decreases in the projected revenue growth rates and/or increases in the discount rates could result in lower fair value measurements and potential additional impairments. There were no other impairments to indefinite-life intangible assets, amortizable management contracts intangible assets, or goodwill as of December 31, 2015. Legg Mason also determined that no triggering events occurred as of March 31, 2016, that would require further impairment testing. The December 31, 2015, assessed fair value of the indefinite-life domestic mutual funds contracts asset related to the Citigroup Asset Management ("CAM") acquisition exceeds the carrying value by 48% . As of March 31, 2016 , amortizable intangible asset management contracts are being amortized over a weighted-average remaining life of 10.9 years. Estimated amortization expense for each of the next five fiscal years is as follows: 2017 $ 8,569 2018 8,569 2019 8,569 2020 8,085 2021 8,085 Thereafter 46,467 Total $ 88,344 The change in the carrying value of goodwill is summarized below: Gross Book Value Accumulated Impairment Net Book Value Balance as of March 31, 2014 $ 2,402,423 $ (1,161,900 ) $ 1,240,523 Impact of excess tax basis amortization (21,742 ) — (21,742 ) Business acquisitions, net of $(9,271) relating to the sale of LMIC (See Note 2) 165,927 — 165,927 Changes in foreign exchange rates and other (45,198 ) — (45,198 ) Balance as of March 31, 2015 2,501,410 (1,161,900 ) 1,339,510 Impact of excess tax basis amortization (20,920 ) — (20,920 ) Business acquisitions (See Note 2) 163,110 — 163,110 Changes in foreign exchange rates and other (2,184 ) — (2,184 ) Balance as of March 31, 2016 $ 2,641,416 $ (1,161,900 ) $ 1,479,516 Legg Mason recognizes the tax benefit of the amortization of excess tax benefit related to the CAM acquisition. In accordance with accounting guidance for income taxes, the tax benefit is recorded as a reduction of goodwill and deferred tax liabilities as the benefit is realized. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6 . SHORT-TERM BORROWINGS AND LONG-TERM DEBT Short-term borrowings In June 2012, Legg Mason entered into an unsecured credit agreement which provided for a $500,000 revolving credit facility. In January 2014, Legg Mason entered into a $250,000 incremental borrowing credit facility, which was contemplated in, and was in addition to the $500,000 revolving credit facility. Both revolving credit facilities were to expire in June 2017. The revolving credit facilities had interest rates of LIBOR plus 150 basis points and annual commitment fees of 20 basis points and were available for capital needs and for general corporate purposes. In October 2015, Legg Mason borrowed $40,000 under these facilities to partially finance the acquisition of RARE Infrastructure. There were no borrowings outstanding under these facilities as of March 31, 2015. On December 29, 2015, Legg Mason entered into a new unsecured credit agreement which provides for a $1,000,000 multi-currency revolving credit facility. Legg Mason borrowed $40,000 under this revolving credit facility, which remained outstanding as of March 31, 2016, and used the proceeds to repay the $40,000 of outstanding borrowings under its previous revolving credit facility, as discussed above. The previous revolving credit facility was terminated effective upon the repayment. The new revolving credit facility may be increased by an aggregate amount of up to $500,000 , subject to the approval of the lenders, expires in December 2020, and can be repaid at any time. The revolving credit facility has an interest rate of the monthly Eurocurrency Rate plus 125 basis points and an annual commitment fee of 17.5 basis points. As of March 31, 2016, the effective interest rate was 1.9% . Interest is payable at least quarterly on any amounts outstanding under the revolving credit facility and the interest rate may change in the future based on changes in Legg Mason's credit ratings. This revolving credit facility is available to fund working capital needs and for general corporate purposes. The revolving credit facility has standard financial covenants. These covenants were modified in March 2016 and include: maximum net debt to EBITDA ratio (as defined in the documents) of 3.5 to 1 for the period from March 31, 2016 through September 30, 2016, 3.25 to 1 for the period from October 1, 2016 through December 31, 2016, and 3.0 to 1 thereafter; and minimum EBITDA to interest ratio (as defined in the documents) of 4.0 to 1. As of March 31, 2016, Legg Mason's net debt to EBITDA ratio was 1.3 to 1 and EBITDA to interest expense ratio was 13.0 to 1, and therefore, Legg Mason has maintained compliance with the applicable covenants. As of March 31, 2016 and 2015, Legg Mason had $960,000 and $750,000 of undrawn revolving credit facility capacity. On April 29, 2016, Legg Mason entered into a forward starting, amortizing interest rate swap agreement with a financial intermediary, which was designated as a cash flow hedge. The interest rate swap is being used to hedge interest rate risk on outstanding borrowings under the revolving credit facility. The swap has a 4.67-year term, with five reductions beginning on March 31, 2017, and expires on December 29, 2020. Under the terms of the interest rate swap agreement, Legg Mason will pay a fixed interest rate of 2.3% on a notional amount of $500,000 . As previously discussed, the interest rate on the revolving credit facility may change in the future based on changes in Legg Mason's credit ratings, and such a change would result in a corresponding change in the fixed interest rate paid under the interest rate swap agreement. The interest rate swap has similar terms to the underlying debt being hedged. Changes in the market value of the interest rate swap will be recorded in Other comprehensive income on the Consolidated Balance Sheets. In May 2016, Legg Mason used additional borrowings under the new revolving credit facility to finance the acquisition of EnTrust, as further discussed in Note 18, and to replenish cash used to complete the acquisitions of Clarion Partners in April 2016 and RARE Infrastructure in October 2015. The amount of total borrowings outstanding under this facility is $500,000 , as of the date of filing. Long-term Debt Long-term debt consists of the following: March 31, 2016 March 31, 2015 Carrying Value Fair Value Hedge Adjustment Unamortized Discount (Premium) Debt Issuance Costs (1) Maturity Amount Carrying Value (1) 2.7% Senior Notes due July 2019 $ 256,055 $ (7,599 ) $ 359 $ 1,185 $ 250,000 $ 253,452 3.95% Senior Notes due July 2024 248,028 — 377 1,595 250,000 247,792 4.75% Senior Notes due March 2026 447,030 — — 2,970 450,000 — 5.625% Senior Notes due January 2044 547,781 — (3,396 ) 5,615 550,000 547,702 6.375% Junior Notes due March 2056 242,091 — — 7,909 250,000 — Total $ 1,740,985 $ (7,599 ) $ (2,660 ) $ 19,274 $ 1,750,000 $ 1,048,946 (1) As previously discussed in Note 1, for the year ended March 31, 2016, Legg Mason elected to early adopt updated accounting guidance which requires unamortized debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated long-term debt liability. This updated guidance was adopted on a retrospective basis; therefore, the carrying value of debt as of March 31, 2015, has been reduced by the amount of related unamortized debt issuance costs. In March 2016, Legg Mason issued $450,000 of 4.75% Senior Notes due 2026 (the "2026 Notes") and $250,000 of 6.375% Junior Subordinated Notes due 2056 (the "2056 Notes"). Legg Mason used the net proceeds of these offerings to finance the acquisitions of EnTrust in May 2016 and Clarion Partners in April 2016, as further discussed in Note 18. In May 2012, Legg Mason repurchased the Company's then outstanding 2.5% convertible notes (the "Convertible Notes"). The terms of the repurchase included a non-cash exchange of warrants to the holders of the Convertible Notes that replicated and extended the contingent conversion feature of the Convertible Notes. The warrants issued to the holders of the Convertible Notes in connection with the repurchase of the Convertible Notes provide for the purchase, in the aggregate and subject to adjustment, of 14,205 shares of our common stock, on a net share settled basis, at an exercise price of $88 per share. The warrants expire in July 2017 and can be settled, at the Company's election, in either shares of common stock or cash. Accordingly, the warrants are accounted for as equity. In January 2014, Legg Mason issued $400,000 of 5.625% Senior Notes due January 2044, the net proceeds of which, together with cash on hand, were used to repay the $450,000 of borrowings under the Company's then outstanding five-year term loan. The 5.625% Senior Notes were sold at a discount of $6,260 , which is being amortized to interest expense over the 30-year term. In June 2014, Legg Mason issued $250,000 of 2.7% Senior Notes due 2019 (the "2019 Notes"), $250,000 of 3.95% Senior Notes due 2024 (the "2024 Notes"), and an additional $150,000 of the existing 5.625% Senior Notes due 2044 (the "2044 Notes" and, together with the 2019 Notes and the 2024 Notes, the "Notes"). In July 2014, the Company used $658,769 in proceeds from the sale of the Notes, net of related fees, together with cash on hand, to call the then outstanding $650,000 of 5.5% Senior Notes and pay a related make-whole premium of $98,418 , as discussed below. On June 23, 2014, Legg Mason entered into a reverse treasury rate lock contract with a financial intermediary with a notional amount of $650,000 , which was designated as a cash flow hedge. The contract was issued in connection with the retirement of the 5.5% Senior Notes. The Company entered into the reverse treasury rate lock agreement in order to hedge the variability in the retirement payment on the entire principal amount of debt. The reverse treasury rate lock contract effectively fixed the present value of the forecasted debt make-whole payment which was priced on July 18, 2014, to eliminate risk associated with changes in the five-year U.S. treasury yield. The 5.5% Senior Notes were retired on July 23, 2014, and resulted in a pre-tax, non-operating charge of $107,074 , consisting of a make-whole premium of $98,418 to call the 5.5% Senior Notes, net of $638 from the settlement of the reverse treasury lock before related administrative fees, and $8,656 associated with existing deferred charges and original issue discount. 2.7% Senior Notes due July 2019 The $250,000 2019 Notes were sold at a discount of $553 , which is being amortized to interest expense over the five-year term. The 2019 Notes can be redeemed at any time prior to the scheduled maturity in part or in aggregate, at the greater of the related principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.20% , together with any related accrued and unpaid interest. On June 23, 2014, Legg Mason entered into an interest rate swap contract with a financial intermediary with a notional amount of $250,000 , which was designated as a fair value hedge. The interest rate swap was being used to effectively convert the 2019 Notes from fixed rate debt to floating rate debt and has identical terms as the underlying debt being hedged, so no ineffectiveness is expected. The related hedging gains and losses offset one another resulting in no net income or loss impact. The swap has a five-year term, and matures on July 15, 2019. The fair value of the contract at March 31, 2016 and 2015, was a derivative asset of $7,599 and $5,462 , respectively, classified as Other assets in the Consolidated Balance Sheets. The increase of $2,137 and $5,462 for the years ended March 31, 2016 and 2015, respectively, reflects a gain on hedging activity related to the fair value adjustment on the derivative asset, which is recorded as Other income (gain on hedging activity) in the Consolidated Statements of Income (Loss). The carrying value of the debt in the Consolidated Balance Sheets was likewise increased by $7,599 and $5,462 as of March 31, 2016 and 2015, respectively. The increase of $2,137 and $5,462 for the years ended March 31, 2016 and 2015, respectively, reflects a loss on hedging activity related to the fair value adjustment on the debt, which is recorded as Other expense (loss on hedging activity) in the Consolidated Statements of Income (Loss). The swap payment dates coincide with the debt payment dates on July 15 and January 15. The related receipts/payments by Legg Mason are recorded as Interest expense in the Consolidated Statements of Income (Loss). Since the original terms and conditions of the hedged instruments are unchanged, the swap was an effective fair value hedge. On April 21, 2016, the fair value hedge swap was terminated for a receipt of approximately $6,500 , which will be amortized over the hedge term. 3.95% Senior Notes due July 2024 The $250,000 2024 Notes were sold at a discount of $458 , which is being amortized to interest expense over the 10-year term. The 2024 Notes can be redeemed at any time prior to the scheduled maturity in part or in aggregate, at the greater of the related principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.25% , together with any related accrued and unpaid interest. 4.75% Senior Notes due March 2026 The $450,000 2026 Notes were sold at a discount of $207 , and Legg Mason incurred debt issuance costs of $2,970 in connection with the issuance. The 2026 Notes can be redeemed in part or in aggregate at the greater of the related principal amount at the time of redemption or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.45% , together with any related accrued and unpaid interest. 5.625% Senior Notes due January 2044 As previously discussed, in January 2014, Legg Mason issued $400,000 of 5.625% Senior Notes, sold at a discount of $6,260 , which is being amortized to interest expense over the 30-year term. An additional $150,000 of 2044 Notes were issued in June 2014 and were sold at a premium of $9,779 , which is also being amortized to interest expense over the 30-year term. All of the 2044 Notes can be redeemed at any time prior to their scheduled maturity in part or in aggregate, at the greater of the related principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate (as defined) plus 0.30% , together with any related accrued and unpaid interest. 6.375% Junior Subordinated Notes due March 2056 The $250,000 2056 Notes were issued at 100% of principal amount and Legg Mason incurred debt issuance costs of $7,909 in connection with the issuance. The 2056 Notes rank junior and subordinate in right of payment to all of Legg Mason's current and future senior indebtedness. Prior to March 15, 2021, the 2056 Notes can be redeemed in aggregate, but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if called for a tax event (as defined), or 102% of the principal amount, plus any accrued and unpaid interest, if called for a rating agency event (as defined). On or after March 15, 2021, the 2056 Notes can be redeemed in aggregate or in part, at 100% of the principal amount, plus any related accrued and unpaid interest. As of March 31, 2016 , $250,000 of long-term debt matures in fiscal 2020, and $1,500,000 matures thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7 . INCOME TAXES The components of income (loss) before income tax provision are as follows: 2016 2015 2014 Domestic $ 245,046 $ 249,380 $ 320,890 Foreign (270,264 ) 118,613 98,751 Total $ (25,218 ) $ 367,993 $ 419,641 The components of income tax expense (benefit) are as follows: 2016 2015 2014 Federal $ 87,166 $ 95,499 $ 125,494 Foreign (71,828 ) 20,365 (1,450 ) State and local (7,646 ) 9,420 13,761 Total income tax provision $ 7,692 $ 125,284 $ 137,805 Current $ 15,419 $ 24,897 $ 19,375 Deferred (7,727 ) 100,387 118,430 Total income tax provision $ 7,692 $ 125,284 $ 137,805 A reconciliation of the difference between the effective income tax rate and the statutory federal income tax rate is as follows: 2016 2015 2014 Tax provision at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit (1) 43.2 4.0 1.0 Uncertain tax benefits 41.8 1.8 0.6 Effect of foreign tax rates (1) (172.5 ) (4.8 ) (4.8 ) Changes in U.K. tax rates on deferred tax assets and liabilities 33.2 — (4.6 ) Net (income) loss attributable to noncontrolling interests (15.6 ) (0.5 ) 0.3 Change in valuation allowances (2) (33.9 ) (2.7 ) 2.2 Federal effect of permanent tax adjustments 39.1 1.7 2.2 Other, net (0.8 ) (0.5 ) 0.9 Effective income tax rate (30.5 )% 34.0 % 32.8 % (1) State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates for fiscal 2016 also includes a $66,780 tax benefit for non-cash impairment charges related to the intangible assets of the Permal business, as further discussed in Note 5. (2) See schedule below for the change in valuation allowances by jurisdiction. In July 2013, the Finance Bill 2013 was enacted, which reduced the main U.K. corporate tax rate from 23% to 21% effective April 1, 2014, and 20% effective April 1, 2015. In November 2015, the U.K. Finance Bill 2015 was enacted, which further reduced the main U.K. corporate tax rate to 19% effective April 1, 2017, and to 18% effective April 1, 2020. The reductions in the U.K. corporate tax rate resulted in tax benefits of $8,383 and $19,164 , recognized in fiscal 2016 and 2014 , respectively, as a result of the revaluation of deferred tax assets and liabilities at the new rates. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets. These temporary differences result in taxable or deductible amounts in future years. A summary of Legg Mason's deferred tax assets and liabilities are as follows: 2016 2015 DEFERRED TAX ASSETS Accrued compensation and benefits $ 185,311 $ 158,369 Accrued expenses 50,865 60,282 Operating loss carryforwards 273,133 290,765 Capital loss carryforwards 3,121 5,335 Foreign tax credit carryforward 258,486 247,027 Federal benefit of uncertain tax positions 12,290 18,461 Mutual fund launch costs 30,234 30,968 Martin Currie defined benefit pension liability 5,896 7,741 Charitable contributions carryforwards 4,552 — Net unrealized losses from investments 4,389 — Basis differences in partnerships — 4,174 Other 5,181 — Deferred tax assets 833,458 823,122 Valuation allowance (79,476 ) (96,687 ) Deferred tax assets after valuation allowance $ 753,982 $ 726,435 DEFERRED TAX LIABILITIES Basis differences, principally for intangible assets and goodwill $ 56,625 $ 82,636 Depreciation and amortization 686,421 666,057 Net unrealized gains from investments — 7,832 Basis differences in partnerships 64,525 — Other — 435 Deferred tax liabilities 807,571 756,960 Net deferred tax liabilities $ (53,589 ) $ (30,525 ) Certain tax benefits associated with Legg Mason's employee stock plans are recorded directly in Stockholders' Equity. No tax benefit was recorded to equity in fiscal 2016 , 2015 or 2014 , due to the cumulative net operating loss position of the Company. As of March 31, 2016 , an aggregate $22,585 of tax benefit will be recognized as an increase in Stockholders' Equity when the related net operating losses are ultimately realized. Legg Mason has various loss and tax credit carryforwards that may provide future tax benefits. Related valuation allowances are established in accordance with accounting guidance for income taxes, if it is management's opinion that it is more likely than not that these benefits will not be realized. To the extent the analysis of the realization of deferred tax assets relies on deferred tax liabilities, Legg Mason has considered the timing, nature, and jurisdiction of reversals, as well as, future increases relating to the tax amortization of goodwill and indefinite-life intangible assets. On March 1, 2016, Legg Mason executed agreements with the management of its wholly-owned subsidiary Royce and Associates ("Royce") which changed the tax reporting of Royce from a disregarded entity to a partnership. As a result, Legg Mason's deferred balance for tax basis differences in partnership investments changed by $68,526 with an offsetting change to the tax basis of other temporary differences. Substantially all of Legg Mason's deferred tax assets relate to U.S. federal, state and U.K. taxing jurisdictions. As of March 31, 2016 , U.S. federal deferred tax assets aggregated $711,535 , realization of which is expected to require approximately $3,200,000 of future U.S. earnings, of which $740,000 must be foreign sourced earnings. Based on estimates of future taxable income, using assumptions consistent with those used in Legg Mason's goodwill impairment testing, it is more likely than not that substantially all of the current federal tax benefits relating to net operating losses will be realizable. With respect to deferred tax assets relating to foreign tax credit carryforwards, it is more likely than not that tax benefits relating to the utilization of approximately $23,465 of foreign taxes as credits will not be realized and a valuation allowance has been established. Further, the Company's estimates and assumptions do not contemplate certain possible future changes in the ownership of Legg Mason stock, which, under the U.S. Internal Revenue Code, could limit the utilization of net operating loss and foreign tax credit benefits. Any such limitation would impact the timing or amount of net operating loss or foreign tax credit benefits ultimately realized before they expire. As of March 31, 2016, federal valuation allowances aggregated $20,950 . Of the decrease in federal valuation allowances from the prior year, $12,677 relates to expiring foreign tax credits which have been reclassified to net operating losses. The release was offset in part by $6,916 , of which $2,500 relates to foreign tax credits, $3,443 relates to charitable contributions, and $973 relates to Martin Currie’s operating losses. While tax planning may enhance Legg Mason's tax positions, the realization of tax benefits on deferred tax assets for which valuation allowances have not been provided is not dependent on implementation of any significant tax strategies. As of March 31, 2016 , U.S. state deferred tax assets aggregated approximately $175,749 . Due to limitations on utilization of net operating loss carryforwards and taking into consideration certain state tax planning strategies, the related valuation allowance of $26,816 was substantially established in prior years for state net operating loss benefits generated in certain jurisdictions in cases where it is more likely that these benefits will ultimately not be realized. For foreign jurisdictions, the decrease in valuation allowances of $11,438 during fiscal 2016, primarily relates to the change in statutory rates, the expiration of certain deferred tax assets, and the utilization of attributes previously considered unrealizable. The following deferred tax assets and valuation allowances relating to carryforwards have been recorded at March 31, 2016 and 2015 , respectively. 2016 2015 Expires Beginning after Fiscal Year DEFERRED TAX ASSETS U.S. federal net operating losses $ 82,350 $ 96,774 2028 U.S. federal foreign tax credits 258,486 247,027 2017 U.S. charitable contributions 4,552 233 2016 U.S. state net operating losses (1,2) 166,772 168,069 2017 U.S. state capital losses 44 44 2017 U.S. state tax credits 308 — 2022 Foreign net operating losses 24,192 25,877 2027 Foreign capital losses 3,077 5,290 n/a Total deferred tax assets for carryforwards $ 539,781 $ 543,314 VALUATION ALLOWANCES U.S. federal net operating losses $ 2,255 $ 1,282 U.S. federal foreign tax credits 15,252 25,429 U.S. charitable contributions 3,443 — U.S. state net operating losses 26,816 26,828 U.S. state capital losses 44 44 Foreign net operating losses 20,631 23,504 Foreign capital losses 3,077 5,290 Valuation allowances for carryforwards 71,518 82,377 Foreign other deferred assets 7,958 14,310 Total valuation allowances $ 79,476 $ 96,687 (1) Substantially all of the U.S. state net operating losses carryforward through fiscal 2036. (2) Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. Legg Mason had total gross unrecognized tax benefits of approximately $73,873 , $92,344 and $77,892 as of March 31, 2016 , 2015 and 2014 , respectively. Of these totals, approximately $49,629 , $62,775 and $51,518 , respectively, (net of the federal benefit for state tax liabilities) are the amounts of unrecognized benefits which, if recognized, would favorably impact future income tax provisions and effective tax rates. During fiscal 2016 , as a result of the net impact of effective settlement of tax examinations, previously unrecognized benefits of $24,106 were realized, of which $5,145 was recorded in equity. A reconciliation of the beginning and ending amount of unrecognized gross tax benefits for the years ended March 31, 2016 , 2015 and 2013, is as follows: 2016 2015 2014 Balance, beginning of year $ 92,344 $ 77,892 $ 72,650 Additions based on tax positions related to the current year 3,514 9,919 5,659 Additions for tax positions of prior years 10,078 13,054 12,610 Reductions for tax positions of prior years (155 ) — (138 ) Decreases related to settlements with taxing authorities (25,046 ) (8,521 ) (12,889 ) Expiration of statutes of limitations (6,862 ) — — Balance, end of year $ 73,873 $ 92,344 $ 77,892 Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change within the next 12 months by up to $9,000 as a result of the expiration of statutes of limitations and the completion of tax authorities' examinations. On April 13, 2015, reforms to New York City’s corporate tax structure were enacted which included changes in the calculation of net operating loss carryforwards and changes in the way sales revenue is sourced. The revaluation of deferred tax assets and liabilities under the new rules resulted in the recognition of a one-time income tax benefit of $17,053 for the year ended March 31, 2016. The Company accrues interest related to unrecognized tax benefits in interest expense and recognizes penalties in other operating expense. During the years ended March 31, 2016 , 2015 and 2014 , the Company recognized approximately $(4,441) , $1,492 , and $(580) , respectively, which was substantially all interest. At March 31, 2016 , 2015 and 2014 , Legg Mason had approximately $1,900 , $8,570 , and $7,300 , respectively, accrued for interest and penalties on tax contingencies in the Consolidated Balance Sheets. Legg Mason's prior year tax returns are subject to examination by the Internal Revenue Service, Her Majesty’s Revenue & Customs, Brazilian and other tax authorities in various other countries and states. The following tax years remain open to income tax examination for each of the more significant jurisdictions where Legg Mason is subject to income taxes: after fiscal 2014 for U.S. federal; after fiscal 2014 for the U.K.; after calendar year 2008 for Brazil; after fiscal 2011 for the state of California; after fiscal 2008 for the state of New York; and after fiscal 2012 for the states of Connecticut and Maryland. The Company does not anticipate making any significant cash payments with the settlement of these audits in excess of amounts that have been reserved. Except as noted below, Legg Mason intends to permanently reinvest overseas substantially all of the cumulative undistributed earnings of its foreign subsidiaries. Accordingly, no additional U.S. federal income taxes have been provided for undistributed earnings to the extent that they are permanently reinvested in Legg Mason's foreign operations. It is not practical at this time to determine the income tax liability that would result upon repatriation of additional accumulated foreign earnings. In order to increase the amount of cash available in the U.S. for general corporate purposes, Legg Mason plans to utilize up to $170,000 of foreign cash over the next several years, of which $8,500 is accumulated foreign earnings. Any additional tax provision associated with these repatriations was previously recognized. No further repatriation of accumulated prior period foreign earnings is currently planned. However, if circumstances change, Legg Mason will provide for and pay any applicable additional U.S. taxes in connection with repatriation of offshore funds. It is not practical at this time to determine the income tax liability that would result from any further repatriation of accumulated foreign earnings. Excluding cash used to fund the acquisitions of Clarion Partners in April 2016 and EnTrust in May 2016, Legg Mason had available domestically cash and cash equivalents of approximately $375,000 as of March 31, 2016; and, after borrowing $460,000 in May 2016 in connection with these acquisitions, had $500,000 of remaining undrawn capacity on our revolving credit facility to meet domestic liquidity needs, subject to compliance with applicable covenants, and to provide flexibility in maximizing cost effective capital deployment without repatriating additional accumulated foreign earnings. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . COMMITMENTS AND CONTINGENCIES Legg Mason leases office facilities and equipment under non-cancelable operating leases, and also has multi-year agreements for certain services. These leases and service agreements expire on varying dates through fiscal 2028. Certain leases provide for renewal options and contain escalation clauses providing for increased rentals based upon maintenance, utility and tax increases. As of March 31, 2016 , the minimum annual aggregate rentals under operating leases and service agreements are as follows: 2017 $ 128,023 2018 109,368 2019 88,644 2020 79,765 2021 73,432 Thereafter 225,678 Total $ 704,910 The minimum rental commitments shown above have not been reduced by $140,780 for minimum sublease rentals to be received in the future under non-cancelable subleases, of which approximately 35% is due from one counterparty. The lease reserve liability, which is included in the table below, for space subleased as of March 31, 2016 and 2015, was $31,745 and $43,726 , respectively. If a sub-tenant defaults on a sublease, Legg Mason may incur operating charges to adjust the existing lease reserve liability to reflect expected future sublease rentals at reduced amounts, as a result of the then current commercial real estate market. The above minimum rental commitments include $633,350 in real estate and equipment leases and $71,560 in service and maintenance agreements. The minimum rental commitments shown above include $32,395 for commitments related to space that has been vacated, but for which subleases are being pursued. The related lease reserve liability, also included in the table below, was $20,495 and $2,213 as of March 31, 2016 and 2015, respectively, and remains subject to adjustment based on circumstances in the real estate markets that may require a change in assumptions or the actual terms of a sublease that is ultimately secured. The lease reserve liability takes into consideration various assumptions, including the expected amount of time it will take to secure a sublease agreement and prevailing rental rates in the applicable real estate markets. During fiscal 2016, certain headquarters space was permanently vacated to pursue a sublease and certain office space was permanently vacated in connection with the restructuring of Permal for the combination with EnTrust, both of which are reflected in the lease reserve liability in the table below. The lease reserve liability for subleased space and vacated space for which subleases are being pursued is included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. The table below presents a summary of the changes in the lease reserve liability: Balance as of March 31, 2014 $ 55,500 Accrued charges for vacated and subleased space (1) (2) 9,023 Payments, net (15,001 ) Adjustments and other (3,583 ) Balance as of March 31, 2015 45,939 Accrued charges for vacated and subleased space (1) (2) 14,642 Payments, net (12,689 ) Adjustments and other 4,348 Balance as of March 31, 2016 $ 52,240 (1) Included in Occupancy expense in the Consolidated Statements of Income (Loss) (2) Includes $7,212 related to the restructuring of Permal for the merger with EnTrust and $6,760 related to the integration of Batterymarch and LMGAA into QS Investors for the years ended March 31, 2016 and 2015, respectively. See Note 2 for additional information. The following table reflects rental expense under all operating leases and servicing agreements: 2016 2015 2014 Rental expense $ 135,850 $ 136,414 $ 130,880 Less: sublease income 21,154 19,672 16,289 Net rent expense $ 114,696 $ 116,742 $ 114,591 Legg Mason recognizes rent expense ratably over the lease period based upon the aggregate lease payments. The lease period is determined as the original lease term without renewals, unless and until the exercise of lease renewal options is reasonably assured, and also includes any periods provided by the landlord as a "free rent" period. Aggregate lease payments include all rental payments specified in the contract, including contractual rent increases, and are reduced by any lease incentives received from the landlord, including those used for tenant improvements. As of March 31, 2016 , Legg Mason had commitments to invest $28,859 in limited partnerships that make private investments. These commitments are expected to be outstanding, or funded as required, through the end of their respective investment periods ranging through fiscal 2024. As of March 31, 2016 , Legg Mason had various commitments to pay contingent consideration relating to business acquisitions. The following table presents a summary of the maximum remaining contingent consideration and changes in the contingent consideration liability for each of Legg Mason's recent acquisitions. See Note 2 for additional details regarding each significant acquisition. RARE Infrastructure Martin Currie PK Investments QS Investors Fauchier Total Acquisition Date October 21, 2015 October 1, 2014 December 31, 2015 May 30, 2014 March 13, 2013 Maximum Remaining Contingent Consideration (1) $ 81,320 $ 467,076 $ 2,469 $ 30,000 $ 28,743 $ 609,608 Contingent Consideration Liability Balance as of March 31, 2014 $ — $ — $ — $ — $ 29,553 $ 29,553 Initial purchase accounting accrual (2) — 75,211 — 13,370 — 88,581 Foreign exchange and accretion — (5,097 ) — 183 (2,436 ) (7,350 ) Balance as of March 31, 2015 — 70,114 — 13,553 27,117 110,784 Initial purchase accounting accrual (2) 25,000 — 2,457 — — 27,457 Payment — — — — (22,765 ) (22,765 ) Foreign exchange and accretion 2,145 (531 ) 12 196 662 2,484 Fair value adjustment — (28,361 ) — — (5,014 ) (33,375 ) Balance as of March 31, 2016 $ 27,145 $ 41,222 $ 2,469 $ 13,749 $ — $ 84,585 Balance Sheet Classification Current Contingent consideration $ 7,001 $ 12,846 $ — $ 6,549 $ — $ 26,396 Non-current Contingent consideration 20,144 28,376 2,469 7,200 — 58,189 Balance as of March 31, 2016 $ 27,145 $ 41,222 $ 2,469 $ 13,749 $ — $ 84,585 (1) Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. (2) Using the applicable exchange rate on the date of acquisition for amounts denominated in currencies other than the U.S. dollar. In the normal course of business, Legg Mason enters into contracts that contain a variety of representations and warranties and that provide general indemnifications, which are not considered financial guarantees by relevant accounting guidance. Legg Mason’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against Legg Mason that have not yet occurred. Legg Mason has been the subject of customer complaints and has also been named as a defendant in various legal actions arising primarily from asset management, securities brokerage, and investment banking activities, including certain class actions, which primarily allege violations of securities laws and seek unspecified damages, which could be substantial. In the normal course of its business, Legg Mason has also received subpoenas and is currently involved in governmental and industry self-regulatory agency inquiries, investigations and, from time to time, proceedings involving asset management activities. In accordance with guidance for accounting for contingencies, Legg Mason has established provisions for estimated losses from pending complaints, legal actions, investigations and proceedings when it is probable that a loss has been incurred and a reasonable estimate of loss can be made. Legg Mason cannot estimate the reasonably possible loss or range of loss associated with matters of litigation and other proceedings, including those described above as customer complaints, legal actions, inquiries, proceedings and investigations. The inability to provide a reasonably possible amount or range of losses is not because there is uncertainty as to the ultimate outcome of a matter, but because liability and damage issues have not developed to the point where Legg Mason can conclude that there is both a reasonable possibility of a loss and a meaningful amount or range of possible losses. There are numerous aspects to customer complaints, legal actions, inquiries, proceedings and investigations that prevent Legg Mason from estimating a related amount or range of reasonably possible losses. These aspects include, among other things, the nature of the matters; that significant relevant facts are not known, are uncertain or are in dispute; and that damages sought are not specified, are uncertain, unsupportable or unexplained. In addition, for legal actions, discovery may not yet have started, may not be complete or may not be conclusive, and meaningful settlement discussions may not have occurred. Further, for regulatory matters, investigations may run their course without any clear indication of wrongdoing or fault until their conclusion. In management's opinion, an adequate accrual has been made as of March 31, 2016 , to provide for any probable losses that may arise from matters for which the Company could reasonably estimate an amount. Legg Mason's financial condition, results of operations and cash flows could be materially affected during a period in which a matter is ultimately resolved. In addition, the ultimate costs of litigation-related charges can vary significantly from period-to-period, depending on factors such as market conditions, the size and volume of customer complaints and claims, including class action suits, and recoveries from indemnification, contribution, insurance reimbursement, or reductions in compensation under revenue share arrangements. As of March 31, 2016 and 2015, Legg Mason's liability for losses and contingencies was $400 and $200 , respectively. During fiscal 2016, 2015, and 2014, Legg Mason incurred charges relating to litigation and other proceedings of approximately $250 , $200 , and $200 , respectively (net of recoveries of $19,300 in fiscal 2014). As further described in Note 2, Legg Mason may be obligated to settle noncontrolling interests related to RARE Infrastructure. The balance of the related noncontrolling interests was $67,155 as of March 31, 2016. Also, as further described in Note 11, in April 2016, in conjunction with the Permal restructuring in preparation for the combination with EnTrust, the Permal management equity plan was liquidated with the payment of $7,150 to its participants. As further described in Note 18, subsequent to March 31, 2016, Legg Mason acquired Clarion Partners and EnTrust. Both of these acquisitions resulted in redeemable noncontrolling interests and the Clarion Partners acquisition terms included the implementation of an affiliate management equity plan. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2016 | |
Employee Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 9 . EMPLOYEE BENEFITS Legg Mason, through its subsidiaries, maintains various defined contribution plans covering substantially all employees. Through these plans, Legg Mason can make two types of discretionary contributions. One is a profit sharing contribution to eligible plan participants based on a percentage of qualified compensation and the other is a match of employee 401(k) contributions. Matches range from 50% to 100% of employee 401(k) contributions, up to a maximum of the lesser of up to 6% of employee compensation or a specified amount up to $16 per year. Corporate profit sharing and matching contributions, together with contributions made under subsidiary plans, totaled $33,152 , $27,888 and $29,355 in fiscal 2016 , 2015 and 2014 , respectively. In addition, employees can make voluntary contributions under certain plans. In connection with the acquisition of Martin Currie on October 1, 2014, Legg Mason assumed the obligations of Martin Currie's defined benefit pension plan, more fully discussed in Note 2 . |
Capital Stock
Capital Stock | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 10 . CAPITAL STOCK At March 31, 2016 , the authorized numbers of common and preferred shares were 500,000 and 4,000 , respectively. At March 31, 2016 and 2015 , there were 6,988 and 8,815 shares of common stock, respectively, reserved for issuance under Legg Mason's equity plans. In May 2012, Legg Mason's Board of Directors approved a share repurchase authorization for up to $1,000,000 for purchases of common stock. All but $13,515 of the share repurchases under this authorization were completed by March 2015, and the remaining share repurchases under this authorization were completed in April 2015. In January 2015, Legg Mason's Board of Directors approved a new share repurchase authorization for up to $1,000,000 for additional repurchases of common stock. There is no expiration attached to this share repurchase authorization. During fiscal 2016 , 2015 , and 2014 , Legg Mason purchased and retired 4,537 , 6,931 , and 9,677 shares of its common stock, respectively, for $209,632 , $356,522 , and $359,996 , respectively, through open market purchases. The remaining balance of the authorized stock buyback is approximately $804,000 . As discussed in Note 6 , warrants issued in connection with the repurchase of the Convertible Notes could result in the issuance of a maximum of 14,205 shares of Legg Mason common stock, subject to adjustment, if certain conditions are met. Changes in common stock for the years ended March 31, 2016 , 2015 and 2014 , respectively, are as follows: Years Ended March 31, 2016 2015 2014 COMMON STOCK Beginning balance 111,469 117,173 125,341 Shares issued for: Stock option exercises 338 718 781 Deferred compensation employee stock trust 12 44 50 Stock-based compensation 142 938 1,233 Shares repurchased and retired (4,537 ) (6,931 ) (9,677 ) Employee tax withholding by settlement of net share transactions (412 ) (473 ) (555 ) Ending balance 107,012 111,469 117,173 Dividends declared per share were $0.80 , $0.64 and $0.52 for fiscal 2016 , 2015 and 2014 , respectively. Dividends declared but not paid at March 31, 2016 , 2015 and 2014 , were $22,038 , $17,837 and $14,945 , respectively, and are included in Other current liabilities of the Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11 . STOCK-BASED COMPENSATION Legg Mason's stock-based compensation includes stock options, an employee stock purchase plan, market-based performance shares payable in common stock, restricted stock awards and units, affiliate management equity plans and deferred compensation payable in stock. Shares available for issuance under the active equity incentive stock plan as of March 31, 2016 , were 6,476 . Options under Legg Mason’s employee stock plans have been granted at prices not less than 100% of the fair market value. Options are generally exercisable in equal increments over four or five years and expire within eight to ten years from the date of grant. As further discussed below, the components of Legg Mason's total stock-based compensation expense for the years ended March 31, 2016 , 2015 , and 2014, were as follows: Years Ended March 31, 2016 2015 2014 Stock options $ 9,403 $ 11,584 $ 13,530 Restricted stock and restricted stock units 52,670 45,975 48,263 Employee stock purchase plan 729 673 315 Affiliate management equity plans 26,184 5,206 2,270 Non-employee director awards 1,150 1,550 1,950 Performance share units 2,766 1,056 — Employee stock trust 25 201 160 Total stock-based compensation expense $ 92,927 $ 66,245 $ 66,488 Stock Options Stock option transactions under Legg Mason's equity incentive plans during the years ended March 31, 2016 , 2015 , and 2014, are summarized below: Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2013 5,361 $ 53.13 Granted 1,215 33.64 Exercised (804 ) 30.52 Canceled/forfeited (971 ) 97.49 Options outstanding at March 31, 2014 4,801 43.02 Granted 918 47.65 Exercised (694 ) 30.75 Canceled/forfeited (593 ) 90.31 Options outstanding at March 31, 2015 4,432 39.58 Granted 876 54.51 Exercised (349 ) 28.35 Canceled/forfeited (453 ) 88.06 Options outstanding at March 31, 2016 4,506 $ 38.48 The total intrinsic value of options exercised during the years ended March 31, 2016, 2015, and 2014, was $5,811 , $14,351 , and $6,064 , respectively. At March 31, 2016, the aggregate intrinsic value of options outstanding was $11,009 . The following information summarizes Legg Mason's stock options outstanding at March 31, 2016: Exercise Option Shares Weighted-Average Weighted-Average $ 14.81 - $ 25.00 567 $ 23.68 4.10 25.01 - 35.00 1,706 31.88 3.39 35.01 - 55.18 2,233 47.28 6.27 4,506 At March 31, 2016 , 2015, and 2014, options were exercisable for 2,544 , 2,202 , and 2,531 shares, respectively, and the weighted-average exercise price was $32.22 , $41.50 , and $54.04 , respectively. Stock options exercisable at March 31, 2016 , have a weighted-average remaining contractual life of 3.9 years. At March 31, 2016, the aggregate intrinsic value of exercisable shares was $9,070 . The following summarizes Legg Mason's stock options exercisable at March 31, 2016: Exercise Option Shares Weighted-Average $ 14.81 - $ 25.00 391 $ 23.67 25.01 - 35.00 1,702 31.88 35.01 - 55.18 451 40.94 2,544 The following information summarizes unvested stock options under Legg Mason's equity incentive plans for the year ended March 31, 2016: Number Weighted-Average Shares unvested at March 31, 2015 2,230 $ 11.73 Granted 876 11.26 Vested (1,074 ) 11.82 Canceled/forfeited (70 ) 11.62 Shares unvested at March 31, 2016 1,962 $ 11.48 For the years ended March 31, 2016, 2015, and 2014, income tax benefits related to stock options were $3,730 , $4,681 , and $5,244 , respectively. Unamortized compensation cost at March 31, 2016 , was $13,480 and was related to unvested options for 1,962 shares. The unamortized compensation cost at March 31, 2016 , is expected to be recognized over a weighted-average period of 1.7 years. Cash received from exercises of stock options under Legg Mason's equity incentive plans was $9,516 , $22,069 , and $23,818 for the years ended March 31, 2016, 2015, and 2014, respectively. The tax benefit expected to be realized for the tax deductions from these option exercises totaled $1,962 , $4,856 , and $1,815 for the years ended March 31, 2016, 2015, and 2014, respectively. The weighted-average fair value of service-based stock options granted during the years ended March 31, 2016 , 2015 , and 2014, excluding those granted to our Chief Executive Officer in May 2013 discussed below, using the Black-Scholes option pricing model, was $11.26 , $12.03 , and $12.13 per share, respectively. The following weighted-average assumptions were used in the model for grants in fiscal 2016, 2015, and 2014: Years Ended March 31, 2016 2015 2014 Expected dividend yield 1.18 % 1.04 % 1.54 % Risk-free interest rate 1.44 % 1.51 % 0.80 % Expected volatility 24.37 % 29.53 % 45.08 % Expected life (in years) 4.97 4.94 4.93 Legg Mason uses an equally weighted combination of both implied and historical volatility to measure expected volatility for calculating Black-Scholes option values. In May 2013, Legg Mason awarded options to purchase 500 shares of Legg Mason, Inc. common stock at an exercise price of $31.46 , equal to the then current market value of Legg Mason's common stock, to its Chief Executive Officer, which are included in the outstanding options table above. The award had a grant date fair value of $5,525 and was subject to vesting requirements, all of which had been satisfied by May 2015. The vesting requirements were as follows: 25% over a two-year service period; 25% over a two-year service period and was subject to Legg Mason's common stock price equaling or exceeding $36.46 for 20 consecutive trading days; 25% was subject to Legg Mason's common stock price equaling or exceeding $41.46 for 20 consecutive trading days; and 25% was subject to Legg Mason's common stock price equaling or exceeding $46.46 for 20 consecutive trading days; and a requirement that certain shares received upon exercise are retained for a two-year period. In each of January and June 2014, 25% (50% in aggregate) of this award vested when the Legg Mason stock price met and exceeded $41.46 and $46.46, respectively, for 20 consecutive trading days. In May 2015 the remaining 50% of this award vested when the two-year service period was satisfied. The weighted-average fair value per share for these awards of $11.05 was estimated as of the grant date using a grant price of $31.46 , and a Monte Carlo option pricing model with the following assumptions: Expected dividend yield 1.48 % Risk-free interest rate 0.86 % Expected volatility 44.05 % Restricted Stock Restricted stock and restricted stock unit transactions during the years ended March 31, 2016 , 2015 , and 2014, are summarized below: Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31, 2013 3,738 $ 27.99 Granted 1,369 35.66 Vested (1,622 ) 28.66 Canceled/forfeited (151 ) 29.04 Unvested shares at March 31, 2014 3,334 30.77 Granted 1,236 48.03 Vested (1,330 ) 30.92 Canceled/forfeited (190 ) 35.95 Unvested shares at March 31, 2015 3,050 37.38 Granted 1,332 48.95 Vested (1,261 ) 34.91 Canceled/forfeited (63 ) 42.09 Unvested shares at March 31, 2016 3,058 $ 43.34 The restricted stock and restricted stock units were non-cash transactions. For the years ended March 31, 2016, 2015, and 2014, Legg Mason recognized income tax benefits related to restricted stock and restricted stock unit awards of $20,597 , $18,246 , and $18,575 , respectively. Unamortized compensation cost related to unvested restricted stock and restricted stock unit awards for 3,058 shares not yet recognized at March 31, 2016 , was $81,271 and is expected to be recognized over a weighted-average period of 1.7 years. In connection with the change in Legg Mason's Chief Executive Officer in September 2012, 325 shares of restricted stock were granted to certain executives and key employees, of which the vesting of 85 of these shares was accelerated in connection with the termination of the recipients' employment. The remaining shares vested on March 31, 2014. Affiliate Management Equity Plans Effective March 1, 2016, Legg Mason executed agreements with the management of its existing wholly-owned subsidiary, Royce, regarding employment arrangements with Royce management, revised revenue sharing, and the implementation of a management equity plan for its key employees. Under the management equity plan, minority equity interests equivalent to 16.9% in the Royce entity were issued to its management team. These interests allow the holders to receive quarterly distributions of Royce's net revenues in amounts equal to the percentage of ownership represented by the equity they hold. The previously existing revenue sharing arrangement was terminated with an arrangement under the plan whereby the percentage of Royce net revenues reserved to pay all expenses (including bonus awards), was reduced to reflect the percentage of revenues paid under the equity units and an increased percentage to Legg Mason. Legg Mason receives a permanent increase of two percent of Royce's net revenues over the percentage provided for in the prior revenue sharing arrangement, phased in over a 13-month period. The management equity plan also provides an option for the issuance of additional equity over the next three years. Current and future grants under the plan vest immediately and, upon issuance, the related grant-date fair value of equity units will be recognized as Compensation and benefits expense in the Consolidated Statements of Income (Loss) and reflected in the Consolidated Balance Sheets as Nonredeemable noncontrolling interest. As a result of the implementation of the management equity plan, Legg Mason incurred a non-cash charge of $21,400 in the year ended March 31, 2016. As of March 31, 2016, the redemption amount of units under the plan was $22,202 . In conjunction with the December 2012 modification of employment and other arrangements with certain employees of its subsidiary, Permal, Legg Mason completed implementation of a management equity plan during the quarter ended June 30, 2013. On March 31, 2014, a similar management equity plan was implemented by Legg Mason for certain employees of its subsidiary ClearBridge Investments, LLC ("ClearBridge"). The plans better align the interests of each affiliate's management with those of Legg Mason and its shareholders, and provide for, among other things, higher margins at specified higher revenue levels. The affiliate management equity plans entitle certain key employees of each affiliate to participate in 15% of the future growth, if any, of the respective affiliates' enterprise value (subject to appropriate discounts) subsequent to the date of grant. Current and future grants under the plans vest 20% annually for five years. Independent valuations determined the aggregate cost of the awards to be approximately $9,000 and $16,000 for Permal and ClearBridge, respectively, which will be recognized as Compensation and benefits expense in the Consolidated Statements of Income (Loss) over the related vesting periods, through December 2017 and March 2019, respectively. Total compensation expense related to the Permal and ClearBridge affiliate management equity plans was $4,784 , $5,206 , and $2,270 for the years ended March 31, 2016, 2015, and 2014, respectively. Both arrangements provide that one-half of the respective cost will be absorbed by the affiliates' incentive pool. Once vested, plan units can be put to Legg Mason for settlement at fair value, beginning one year after the holder terminates their employment. Legg Mason can also call plan units, generally post employment, for settlement at fair value. Changes in control of Legg Mason or either affiliate do not impact vesting, settlement or other provisions of the units. However, upon sale of substantially all of the affiliate's assets, the vesting of the respective units would accelerate and participants would receive a fair value payment in respect of their interests under the plan. Future grants of additional plan units will dilute the participation of existing outstanding units in 15% of the future growth of the respective affiliates' enterprise value, if any, subsequent to the related future grant date, for which additional compensation expense would be incurred. Further, future grants under either plan will not entitle the plan participants, collectively, to more than an aggregate 15% of the future growth of the respective affiliate's enterprise value. Upon vesting, the grant-date fair value of vested plan units will be reflected in the Consolidated Balance Sheets as Redeemable noncontrolling interests through an adjustment to additional paid-in capital. Thereafter, redeemable noncontrolling interests will continue to be adjusted to the ultimate maximum estimated redemption value over the expected term, through retained earnings adjustments. As of March 31, 2016 , the redemption amount of vested units under the ClearBridge plan, as if they were currently redeemable, aggregated approximately $22,160 . In April 2016, in conjunction with the Permal restructuring in preparation for the combination with EnTrust, the Permal management equity plan was liquidated with the payment of $7,150 to its participants, and the remaining $3,481 unamortized cost was expensed. Other Legg Mason has a qualified Employee Stock Purchase Plan covering substantially all U.S. employees. Shares of common stock are purchased in the open market on behalf of participating employees, subject to a 4,500 total share limit under the plan. Purchases are made through payroll deductions and Legg Mason provides a 15% contribution towards purchases, which is charged to earnings. Legg Mason’s contribution increased from 10% to 15% in January 2014. During the fiscal years ended March 31, 2016, 2015, and 2014, approximately 134 , 107 , and 85 shares, respectively, have been purchased in the open market on behalf of participating employees. Legg Mason also has an equity plan for non-employee directors. Under the current equity plan, directors may elect to receive shares of stock or restricted stock units. Prior to a July 19, 2007 amendment to the Plan, directors could also elect to receive stock options, which were immediately exercisable at a price equal to the market value of the shares on the date of grant and have a term of not more than ten years. Shares, options, and restricted stock units issuable under this equity plan are limited to 625 in aggregate, of which 384 and 359 shares were issued as of March 31, 2016 and 2015, respectively. As of March 31, 2016 and 2015, non-employee directors held no stock options, and as of March 31, 2014, non-employee directors held 32 stock options, which are included in the outstanding options table. During the years ended March 31, 2016, 2015, and 2014, non-employee directors did not exercise any stock options. During the year ended March 31, 2016, there were no stock options canceled or forfeited from the current equity plan and during the years ended March 31, 2015 and 2014, there were 32 and 26 stock options canceled or forfeited from the current equity plan for non-employee directors, respectively. For the year ended March 31, 2014, there were 54 stock options canceled or forfeited related to an equity plan for non-employee directors which was discontinued in July 2005. As of March 31, 2016, 2015, and 2014, non-employee directors held 53 , 45 , and 64 restricted stock units, respectively, which vest on the grant date and are, therefore, not included in the unvested shares of restricted stock and restricted stock units in the table above. During the years ended March 31, 2016, 2015 and 2014, non-employee directors were granted 9 , 8 , and 12 restricted stock units, respectively, and 16 , 23 , and 47 shares of common stock, respectively. During the year ended March 31, 2016, there were no restricted stock units distributed, and during the years ended March 31, 2015, and 2014, there were 27 and 39 restricted stock units distributed, respectively. In May 2015 and 2014, Legg Mason granted certain executive officers a total of 107 and 78 performance share units, respectively, as part of their fiscal 2015 and 2014 incentive award with an aggregate value of $4,312 and $3,457 , respectively. The vesting of performance share units granted in May 2015 and 2014 and the number of shares payable at vesting are determined based on Legg Mason’s relative total stockholder return over a three-year period ending March 31, 2018 and 2017, respectively. The grant date fair value per unit for the May 2015 and 2014 performance share units of $40.29 and $44.11 , respectively, was estimated as of the grant date using a Monte Carlo pricing model with the following assumptions: 2016 2015 Expected dividend yield 1.46 % 1.33 % Risk-free interest rate 0.86 % 0.75 % Expected volatility 22.63 % 30.81 % During fiscal 2012, Legg Mason established a long-term incentive plan (the "LTIP") under its equity incentive plan, which provided an additional element of compensation that is based on performance, determined as the achievement of a pre-defined amount of Legg Mason’s cumulative adjusted earnings per share over a three year performance period. Under the LTIP, executive officers were granted cash value performance units in the quarter ended September 2012 for a total targeted amount of $1,850 . The September 2012 grant performance period ended March 31, 2015, and resulted in a payment amount of $1,000 that was settled in cash on May 31, 2015. Deferred compensation payable in shares of Legg Mason common stock has been granted to certain employees in an elective plan. The vesting in the plan is immediate and the plan provides for discounts of up to 10% on contributions and dividends. Effective January 1, 2015, there will be no additional contributions to the plan, with the remaining 271 shares reserved for future dividend distributions. During fiscal 2016, 2015, and 2014, Legg Mason issued 12 , 44 , and 51 shares, respectively, under the plan with a weighted-average fair value per share at the grant date of $41.82 , $45.83 , and $31.90 , respectively. The undistributed shares issued under this plan are held in a rabbi trust. Assets of the rabbi trust are consolidated with those of the employer, and the value of the employer's stock held in the rabbi trust is classified in stockholders' equity and accounted for in a manner similar to treasury stock. Therefore, the shares Legg Mason has issued to the rabbi trust and the corresponding liability related to the deferred compensation plan are presented as components of stockholders' equity as Employee stock trust and Deferred compensation employee stock trust, respectively. Shares held by the trust at March 31, 2016, 2015 and 2014, were 583 , 660 and 672 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 12 . EARNINGS PER SHARE Basic earnings per share attributable to Legg Mason, Inc. shareholders ("EPS") is calculated by dividing Net Income (Loss) Attributable to Legg Mason, Inc. (adjusted by earnings allocated to participating securities) by the weighted-average number of shares outstanding. Legg Mason issues to employees restricted stock that are deemed to be participating securities prior to vesting, because the unvested restricted shares entitle their holder to nonforfeitable dividend rights. In this circumstance, accounting guidance requires a “two-class method” for EPS calculations that excludes earnings (potentially both distributed and undistributed) allocated to participating securities. Diluted EPS is similar to basic EPS, but adjusts for the effect of potential common shares unless they are antidilutive. For periods with a Net Loss Attributable to Legg Mason, Inc., potential common shares are considered antidilutive and are therefore, excluded from the calculation. During fiscal 2016 , 2015 , and 2014 , pursuant to the $1,000,000 share repurchase authorization discussed in Note 10, Legg Mason purchased and retired 4,537 , 6,931 , and 9,677 shares of its common stock, respectively, for $209,632 , $356,522 , and $359,996 , respectively, through open market purchases. These total repurchases reduced weighted-average shares outstanding by 2,564 , 3,528 , and 4,908 shares for the years ended March 31, 2016 , 2015, and 2014, respectively. The par value of the shares repurchased is charged to common stock, with the excess of the purchase price over par first charged against additional paid-in capital, with the remaining balance, if any, charged against retained earnings. The following table presents the computations of basic and diluted EPS: Years Ended March 31, 2016 2015 2014 Basic weighted-average shares outstanding for EPS 107,406 112,019 121,941 Potential common shares: Dilutive employee stock options — 1,227 442 Diluted weighted-average shares outstanding for EPS 107,406 113,246 122,383 Net Income (Loss) Attributable to Legg Mason, Inc. $ (25,032 ) $ 237,080 $ 284,784 Less: Earnings (distributed and undistributed) allocated to participating securities 2,288 6,340 — Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ (27,320 ) $ 230,740 $ 284,784 Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ (0.25 ) $ 2.06 $ 2.34 Diluted $ (0.25 ) $ 2.04 $ 2.33 The weighted-average shares for the years ended March 31, 2016 and 2015 , exclude weighted-average unvested restricted shares deemed to be participating securities of 2,831 and 3,065 , respectively. The diluted EPS calculations for the years ended March 31, 2016 , 2015 , and 2014, exclude any potential common shares issuable under the 14,205 warrants issued in connection with the repurchase of the Convertible Notes in May 2012 because the market price of Legg Mason common stock did not exceed the exercise price, and therefore, the warrants would be antidilutive. The diluted EPS calculation for the year ended March 31, 2016, excludes 814 potential common shares that are antidilutive due to the net loss in the year. Options to purchase 1,319 and 2,620 shares for the years ended March 31, 2015 and 2014, respectively, were not included in the computation of diluted EPS because the presumed proceeds from exercising such options, including the related income tax benefits, exceed the average price of the common shares for the period and therefore, the options are deemed antidilutive. Further, market- and performance-based awards are excluded from potential dilution until the designated market or performance condition is met. Unvested restricted shares for the years ended March 31, 2016, 2015, and 2014, were antidilutive and therefore do not further impact diluted EPS. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13 . ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss includes cumulative foreign currency translation adjustments and gains and losses on defined benefit pension plans. The change in the accumulated translation adjustments for fiscal 2016 and 2015 , primarily resulted from the impact of changes in the Brazilian real, British pound, the Australian dollar, the Canadian dollar, and the Singaporean dollar, in relation to the U.S. dollar on the net assets of Legg Mason's subsidiaries in Brazil, the U.K., Australia, Canada and Singapore, for which the real, the pound, the Australian dollar, Canadian dollar, and the Singaporean dollar, are the functional currencies, respectively. A summary of Legg Mason's accumulated other comprehensive loss as of March 31, 2016 and 2015 , is as follows: 2016 2015 Foreign currency translation adjustment $ (59,672 ) $ (51,147 ) Net actuarial losses on defined benefit pension plan (6,821 ) (9,595 ) Total Accumulated other comprehensive loss $ (66,493 ) $ (60,742 ) There were no significant amounts reclassified from Accumulated other comprehensive loss to the Consolidated Statements of Income (Loss) for the years ended March 31, 2016 , 2015 , or 2014 , except for $405 , net of income tax provision of $233 , realized on the termination of a reverse treasury rate lock contract, in the year ended March 31, 2015 as further described in Note 6 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 14 . NONCONTROLLING INTERESTS Net income (loss) attributable to noncontrolling interests for the years ended March 31 , included the following amounts: Years Ended March 31, 2016 2015 2014 Net income (loss) attributable to redeemable noncontrolling interests $ (8,680 ) $ 5,629 $ 1,881 Net income attributable to nonredeemable noncontrolling interests 802 — — Net income reclassified to appropriated retained earnings for consolidated investment vehicle — — (4,829 ) Total $ (7,878 ) $ 5,629 $ (2,948 ) Total redeemable and nonredeemable noncontrolling interests for the years ended March 31 , included the following amounts: Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling Interests (2) Management equity plans Total Nonredeemable noncontrolling interests (3) Value as of March 31, 2013 $ 19,754 $ 1,255 $ — $ 21,009 $ — Net income attributable to noncontrolling interests 1,540 341 — 1,881 — Net subscriptions (redemptions) 20,678 (240 ) — 20,438 — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 1,816 1,816 — Value as of March 31, 2014 41,972 1,356 1,816 45,144 — Net income attributable to noncontrolling interests 5,061 568 — 5,629 — Net subscriptions (redemptions) (10,484 ) 25 — (10,459 ) — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 5,206 5,206 — Value as of March 31, 2015 36,549 1,949 7,022 45,520 — Net income (loss) attributable to noncontrolling interests (11,052 ) 2,372 — (8,680 ) 802 Net subscriptions (redemptions) 68,639 (1,981 ) — 66,658 — Grants/settlements of affiliate management equity plan interests — — (345 ) (345 ) 21,400 Business acquisition — 62,722 — 62,722 — Foreign exchange — 3,860 — 3,860 — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 6,050 6,050 — Value as of March 31, 2016 $ 94,136 $ 68,922 $ 12,727 $ 175,785 $ 22,202 (1) Principally related to VIE and seeded investment products. (2) Principally related to RARE Infrastructure. (3) Related to Royce. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | 15 . DERIVATIVES AND HEDGING The disclosures below detail Legg Mason’s derivatives and hedging activities excluding the derivatives and hedging activities of CIVs. See Note 17 , Variable Interest Entities and Consolidated Investment Vehicles , for information related to the derivatives and hedging of CIVs. Legg Mason uses currency forwards to economically hedge the risk of movements in exchange rates, primarily between the U.S. dollar, Australian dollar, British pound, euro, Japanese yen, and Singapore dollar. All derivative transactions for which Legg Mason has certain legally enforceable rights of setoff are governed by International Swaps and Derivative Association ("ISDA") Master Agreements. For these derivative transactions, Legg Mason has one ISDA Master Agreement with each of the significant counterparties, which covers transactions with that counterparty. Each of the respective ISDA agreements provides for settlement netting and close-out netting between Legg Mason and that counterparty, which are legally enforceable rights to setoff. Other assets recorded in the Consolidated Balance Sheets as of March 31, 2016 and 2015, were $8,650 and $6,042 , respectively. Other liabilities recorded in the Consolidated Balance Sheets as of March 31, 2016 and 2015, were $18,079 and $8,665 , respectively. Legg Mason also uses market hedges on certain seed capital investments by entering into futures contracts to sell index funds that benchmark the hedged seed capital investments. With the exception of the interest rate swap contract and reverse treasury rate lock contract discussed in Note 6 , Legg Mason has not designated any derivatives as hedging instruments for accounting purposes during the periods ended March 31, 2016 , 2015 , or 2014 . As of March 31, 2016 , Legg Mason had open currency forward contracts with aggregate notional amounts totaling $334,640 and open futures contracts relating to seed capital investments with aggregate notional values totaling $127,736 . These amounts are representative of the level of non-hedge designation derivative activity throughout fiscal 2016. As of March 31, 2016 , the weighted-average remaining contract terms for both currency forward contracts and futures contracts relating to seed capital investments were three months. As discussed in Note 6, subsequent to March 31, 2016, Legg Mason executed a 4.67-year, amortizing interest rate swap, and terminated the previously existing interest rate swap. The following table presents the derivative assets and related offsets, if any, as of March 31, 2016 : Gross amounts not offset in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amount of derivative assets presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2016 Derivative instruments designated as hedging instruments (See Note 6) Interest rate swap $ — $ — $ — $ 7,599 $ — $ 7,599 Derivative instruments not designated as hedging instruments Currency forward contracts 1,933 (963 ) 970 — — 970 Futures contracts relating to seed capital investments — — — 81 1,840 1,921 Total derivative instruments not designated as hedging instruments 1,933 (963 ) 970 81 1,840 2,891 Total derivative instruments $ 1,933 $ (963 ) $ 970 $ 7,680 $ 1,840 $ 10,490 The following table presents the derivative liabilities and related offsets, if any, as of March 31, 2016 : Gross amounts not offset in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amount of derivative liabilities presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2016 Derivative instruments not designated as hedging instruments Currency forward contracts $ (16,364 ) $ 280 $ (16,084 ) $ — $ — $ (16,084 ) Futures contracts relating to seed capital investments — — — (1,995 ) 5,920 3,925 Total derivative instruments not designated as hedging instruments $ (16,364 ) $ 280 $ (16,084 ) $ (1,995 ) $ 5,920 $ (12,159 ) The following table presents the derivative assets and related offsets, if any, as of March 31, 2015 : Gross amounts not offset in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amount of derivative assets presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2015 Derivative instruments designated as hedging instruments (See Note 6) Interest rate swap $ — $ — $ — $ 5,462 $ — $ 5,462 Derivative instruments not designated as hedging instruments Currency forward contracts 781 (259 ) 522 — — 522 Futures and forward contracts relating to seed capital investments 75 (17 ) 58 — — 58 Total derivative instruments not designated as hedging instruments 856 (276 ) 580 — — 580 Total derivative instruments $ 856 $ (276 ) $ 580 $ 5,462 $ — $ 6,042 The following table presents the derivative liabilities and related offsets, if any, as of March 31, 2015 : Gross amounts not offset in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amount of derivative liabilities presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2015 Derivative instruments not designated as hedging instruments Currency forward contracts $ (8,623 ) $ 2,327 $ (6,296 ) $ — $ — $ (6,296 ) Futures and forward contracts relating to seed capital investments — — — (2,369 ) 8,343 5,974 Total derivative instruments not designated as hedging instruments $ (8,623 ) $ 2,327 $ (6,296 ) $ (2,369 ) $ 8,343 $ (322 ) The following table presents gains (losses) recognized in the Consolidated Statements of Income (Loss) on derivative instruments. As described above, the currency forward contracts and futures and forward contracts for seed capital investments included below are economic hedges of interest rate and market risk of certain operating and investing activities of Legg Mason, including foreign exchange risk on acquisition contingent consideration. Gains and losses on these derivative instruments substantially offset gains and losses of the economically hedged items. In connection with the acquisition of RARE Infrastructure, in August 2015 Legg Mason executed a U.S. dollar - Australian dollar currency forward contract to economically hedge against currency changes affecting the Australian dollar denominated purchase price, which was closed in October 2015. Years Ended March 31, 2016 2015 2014 Income Statement Classification Gains Losses Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts for: Operating activities Other expense $ 7,887 $ (19,547 ) $ 5,150 $ (16,518 ) $ 7,098 $ (2,617 ) Seed capital investments Other non-operating income (expense) 547 (1,611 ) 2,491 (259 ) 56 (1,719 ) Other non-operating activities (1) Other non-operating income (expense) — (4,493 ) — — — — Futures and forward contracts relating to seed capital investments Other non-operating income (expense) 11,270 (9,206 ) 10,801 (15,413 ) 2,471 (19,403 ) Total gain (loss) from derivatives not designated as hedging instruments 19,704 (34,857 ) 18,442 (32,190 ) 9,625 (23,739 ) Derivatives designated as hedging instruments (See Note 6) Interest rate swap Interest expense 5,710 — 5,462 — — — Reverse treasury rate lock Other non-operating income (expense) — — 638 — — — Total $ 25,414 $ (34,857 ) $ 24,542 $ (32,190 ) $ 9,625 $ (23,739 ) (1) Relates to a currency forward executed in August 2015 and closed in October 2015 in connection with the October 2015 acquisition of RARE Infrastructure. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16 . BUSINESS SEGMENT INFORMATION Legg Mason is a global asset management company that provides investment management and related services to a wide array of clients. The company operates in one reportable business segment, Global Asset Management. Global Asset Management provides investment advisory services to institutional and individual clients and to company-sponsored investment funds. The primary sources of revenue in Global Asset Management are investment advisory, distribution and administrative fees, which typically are calculated as a percentage of AUM and vary based upon factors such as the type of underlying investment product and the type of services that are provided. In addition, performance fees may be earned under certain investment advisory contracts for exceeding performance benchmarks. Revenues by geographic location are primarily based on the geographic location of the advisor or the domicile of fund families managed by Legg Mason. The table below reflects our revenues and long-lived assets by geographic region as of March 31: 2016 2015 2014 OPERATING REVENUES United States $ 1,868,076 $ 1,977,975 $ 1,874,328 United Kingdom 338,552 398,729 436,542 Other International 454,216 442,402 430,887 Total $ 2,660,844 $ 2,819,106 $ 2,741,757 INTANGIBLE ASSETS, NET AND GOODWILL United States $ 3,134,267 $ 3,135,226 $ 3,127,654 United Kingdom 820,730 1,062,332 879,946 Other International 671,004 455,286 404,696 Total $ 4,626,001 $ 4,652,844 $ 4,412,296 |
Variable Interest Entities and
Variable Interest Entities and Consolidation of Investment Vehicles | 12 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities and Consolidation of Investment Vehicles [Abstract] | |
Consolidated Investment Vehicles and Other Variable Interest Entities Disclosure [Text Block] | 17 . VARIABLE INTEREST ENTITIES AND CONSOLIDATED INVESTMENT VEHICLES As further discussed in Notes 1 and 3 , in accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment vehicles, some of which are designated as CIVs. As of March 31, 2016 , Legg Mason concluded it was the primary beneficiary of one sponsored investment fund VIE, which was consolidated (and designated a CIV) as of March 31, 2016 , 2015 , and 2014 , despite significant third party investments in this product. As of March 31, 2016 , 2015 , and 2014 , Legg Mason also concluded it was the primary beneficiary of 14 , 17 , and 17 , respectively, employee-owned funds it sponsors, which were consolidated and reported as CIVs. Prior to March 31, 2015, Legg Mason also held a longer-term controlling financial interest in one sponsored investment fund VRE, which has third-party investors and was consolidated and included as a CIV prior to the three months ended March 31, 2015. Legg Mason redeemed a significant portion of its investment in this fund prior to March 31, 2015, and as a result no longer had a controlling financial interest in the fund; therefore, the fund was not consolidated, or included as a CIV as of or subsequent to March 31, 2015. Prior to June 30, 2014, Legg Mason concluded it was the primary beneficiary of one of three CLOs in which it had a variable interest and the balances related to this CLO were consolidated and reported as a CIV in the Company's consolidated financial statements. During the three months ended June 30, 2014, this CLO substantially liquidated and therefore was not consolidated by Legg Mason as of, or subsequent to, June 30, 2014. Legg Mason's investment in CIVs, as of March 31, 2016 and 2015, was $13,641 and $15,553 , respectively, which represents its maximum risk of loss, excluding uncollected advisory fees. The assets of these CIVs are primarily comprised of investment securities. Investors and creditors of these CIVs have no recourse to the general credit or assets of Legg Mason beyond its investment in these funds. The following tables reflect the impact of CIVs in the Consolidated Balance Sheets as of March 31, 2016 and 2015, respectively, and the Consolidated Statements of Income (Loss) for the years ended March 31, 2016 , 2015 , and 2014, respectively: Consolidating Balance Sheets March 31, 2016 March 31, 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 Current Assets $ 2,288,080 $ 110,715 $ (13,667 ) $ 2,385,128 $ 1,879,941 $ 56,929 $ (15,583 ) $ 1,921,287 Non-current assets 5,135,318 — — 5,135,318 5,143,547 — — 5,143,547 Total Assets $ 7,423,398 $ 110,715 $ (13,667 ) $ 7,520,446 $ 7,023,488 $ 56,929 $ (15,583 ) $ 7,064,834 Current Liabilities $ 837,031 $ 4,548 $ (26 ) $ 841,553 $ 808,640 $ 6,436 $ (30 ) $ 815,046 Non-current liabilities 2,267,343 — — 2,267,343 1,719,367 — — 1,719,367 Total Liabilities 3,104,374 4,548 (26 ) 3,108,896 2,528,007 6,436 (30 ) 2,534,413 Redeemable Non-controlling interests 81,649 94,027 109 175,785 8,971 29,397 7,152 45,520 Total Stockholders’ Equity 4,237,375 12,140 (13,750 ) 4,235,765 4,486,510 21,096 (22,705 ) 4,484,901 Total Liabilities and Equity $ 7,423,398 $ 110,715 $ (13,667 ) $ 7,520,446 $ 7,023,488 $ 56,929 $ (15,583 ) $ 7,064,834 (1) Other represents consolidated sponsored investment vehicles that are not designated as CIVs. Consolidating Statements of Income (Loss) 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 Other Non-Operating Income (Expense) (65,458 ) (12,757 ) 2,166 (76,049 ) Income (Loss) Before Income Tax Provision (Benefit) (14,166 ) (13,223 ) 2,171 (25,218 ) Income tax provision (benefit) 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 vehicles 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 Other 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 (Loss) Attributable to Legg Mason, Inc. $ 237,080 $ 4,977 $ (4,977 ) $ 237,080 Year Ended March 31, 2014 Balance Before Consolidation of CIVs CIVs Eliminations Consolidated Totals Total Operating Revenues $ 2,743,707 $ — $ (1,950 ) $ 2,741,757 Total Operating Expenses 2,310,444 2,376 (1,956 ) 2,310,864 Operating Income (Loss) 433,263 (2,376 ) 6 430,893 Total Other Non-Operating Income (Expense) (10,333 ) 2,445 (3,364 ) (11,252 ) Income Before Income Tax Provision (Benefit) 422,930 69 (3,358 ) 419,641 Income tax provision 137,805 — — 137,805 Net Income (Loss) 285,125 69 (3,358 ) 281,836 Less: Net income (loss) attributable to noncontrolling interests 341 — (3,289 ) (2,948 ) Net Income (Loss) Attributable to Legg Mason, Inc. $ 284,784 $ 69 $ (69 ) $ 284,784 Other non-operating income (expense) includes interest income, interest expense, and net gains (losses) on investments. The consolidation of CIVs has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. Legg Mason had no financial liabilities of CIVs carried at fair value as of March 31, 2016 or 2015. The fair value of the financial assets of CIVs were determined using the following categories of inputs as of March 31, 2016 and 2015: Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Value as of March 31, 2016 Assets: Trading investments: Hedge funds $ 922 $ 7,138 $ 10,084 $ 18,144 Proprietary funds 22,327 8,244 — 30,571 Total trading investments $ 23,249 $ 15,382 $ 10,084 $ 48,715 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 Substantially all of the above financial instruments where valuation methods rely on other than observable market inputs as a significant input utilize the NAV practical expedient, such that measurement uncertainty has little relevance. During the quarter ended June 30, 2014, the CLO substantially liquidated and was not consolidated as of March 31, 2015. The changes in assets and (liabilities) of CIVs measured at fair value using significant unobservable inputs (Level 3) for the years ended March 31, 2016 and 2015 , are presented in the tables below: Value as of March 31, 2015 Purchases Sales Settlements / Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2016 Assets: Hedge funds $ 14,093 $ 251 $ (1,455 ) $ (825 ) $ (526 ) $ (1,454 ) $ 10,084 Value as of March 31, 2014 Purchases Sales Settlements / Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2015 Assets: Hedge funds $ 17,888 $ 2,580 $ (5,761 ) $ — $ 78 $ (692 ) $ 14,093 Private equity funds 31,810 4,727 (3,124 ) (34,042 ) — 629 — $ 49,698 $ 7,307 $ (8,885 ) $ (34,042 ) $ 78 $ (63 ) $ 14,093 Liabilities: CLO debt $ (79,179 ) $ — $ — $ 79,179 $ — $ — $ — Total realized and unrealized gains, net $ (63 ) Realized and unrealized gains and losses recorded for Level 3 assets and liabilities of CIVs are included in Other non-operating income (expense) of CIVs in the Consolidated Statements of Income (Loss). The change in unrealized losses for Level 3 investments and liabilities of CIVs relating only to those assets and liabilities still held at the reporting date were $2,580 and $79 for the years ended March 31, 2016 and 2015 , respectively. There were no transfers between Level 1 and Level 2 during either of the years ended March 31, 2016 and 2015 . The NAVs used as a practical expedient by CIVs have been provided by the investees and have been derived from the fair values of the underlying investments as of the respective reporting dates. The following table summarizes, as of March 31, 2016 and 2015, the nature of these investments and any related liquidation restrictions or other factors, which may impact the ultimate value realized: Fair Value Determined Using NAV As of March 31, 2016 Category of Investment Investment Strategy March 31, 2016 March 31, 2015 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 18,144 (1) $ 19,613 n/a n/a n/a - not applicable (1) Redemption restrictions: 5% daily redemption; 13% monthly redemption; 10% quarterly redemption; and 72% are subject to three to five year lock-up or side pocket provisions. There are no current plans to sell any of these investments held as of March 31, 2016. As of March 31, 2014, Legg Mason elected the fair value option for certain eligible assets and liabilities, including corporate loans and debt, of the consolidated CLO. Legg Mason did not elect the fair value option for any assets or liabilities as of March 31, 2016 or 2015, as the CLO was no longer consolidated. During the year ended March 31, 2014, total net losses of $5,914 , were recognized in Other non-operating income (losses) of CIVs, net, in the Consolidated Statements of Income (Loss) related to assets and liabilities for which the fair value option was elected. CLO loans and CLO debt measured at fair value have floating interest rates; therefore, substantially all of the estimated gains and losses included in earnings for the year ended March 31, 2014, were attributable to instrument specific credit risk. As of March 31, 2016 and 2015, there were no derivative liabilities of CIVs. Gains and (losses) of $1,311 and $(1,537) , respectively, for the year ended March 31, 2014, related to derivative liabilities of CIVs are included in Other non-operating income (loss) of CIVs. As of March 31, 2016 and 2015, for VIEs in which Legg Mason holds a variable interest or is the sponsor and holds a variable interest, but for which it was not the primary beneficiary, Legg Mason's carrying value and maximum risk of loss were as follows: As of March 31, 2016 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 $ — $ 288 $ — $ 1,146 Real Estate Investment Trust 9,540 14,595 13,026 18,096 Other sponsored investment funds 22,551 27,852 21,983 34,463 Total $ 32,091 $ 42,735 $ 35,009 $ 53,705 (1) Includes $32,091 and $27,463 related to investments in proprietary funds products as of March 31, 2016 and 2015, respectively. (2) Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. The Company's total AUM of unconsolidated VIEs was $17,170,697 and $19,527,670 as of March 31, 2016 and 2015, respectively. The assets of these VIEs are primarily comprised of cash and cash equivalents, investment securities, and CLO loans, and the liabilities are primarily comprised of CLO debt and various expense accruals. These VIEs are not consolidated because either (1) Legg Mason does not have the power to direct significant economic activities of the entity and rights/obligations associated with benefits/losses that could be significant to the entity, or (2) Legg Mason does not absorb a majority of each VIE's expected losses or does not receive a majority of each VIE's expected residual gains. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18 . SUBSEQUENT EVENTS Clarion Partners On April 13, 2016, Legg Mason acquired a majority equity interest in Clarion Partners, a diversified real estate asset management firm based in New York. Clarion Partners managed approximately $41,500,000 in AUM as of April 30, 2016. Under the terms of the transaction, Legg Mason acquired an 82% ownership interest in Clarion Partners for a cash payment of $577,458 , which was funded with a portion of the proceeds from the issuance of the 2026 Notes and the 2056 Notes in March 2016. In addition, Legg Mason paid $16,000 for certain co-investments on a dollar-for-dollar basis. The Clarion Partners management team retained 18% of the outstanding equity in Clarion Partners. In addition, Legg Mason implemented an affiliate management equity plan for the management team of Clarion Partners. The affiliate management equity plan entitles certain key employees of Clarion Partners to participate in 15% of the future growth, if any, of the enterprise value (subject to appropriate discounts) subsequent to the date of the grant. The initial grant under the plan vests immediately. The firm's previous majority owner sold its entire ownership interest in the transaction. The noncontrolling interests held by the management team can be put by the holders or called by Legg Mason for settlement at fair value starting after three years from the closing of the agreement. The holders' put is limited to certain amounts, which increase in years four and five. The acquired assets and liabilities and related results of operations of Clarion Partners will be included in Legg Mason's financial statements, subsequent to the acquisition. Due to the timing of the acquisition, purchase accounting adjustments and related disclosures require additional analysis and are not currently possible. During fiscal 2016, there were $2,807 of costs incurred in connection with the acquisition of Clarion Partners. EnTrust On May 2, 2016, Legg Mason closed the transaction to combine Permal, Legg Mason's existing hedge fund platform, with EnTrust. EnTrust is an alternative asset management firm headquartered in New York with approximately $10,000,000 in AUM and approximately $2,000,000 in assets under advisement and committed capital at closing, and largely complementary investment strategies, investor base, and business mix to Permal. As a result of the combination, Legg Mason owns 65% of the new entity, branded EnTrustPermal, with the remaining 35% owned by EnTrust's co-founder and managing partner. The noncontrolling interests can be put by the holder or called by Legg Mason for settlement at fair value starting after five years from the closing of the agreement. The transaction included a cash payment of $400,000 , which was funded with borrowings under Legg Mason's revolving credit facility, as well as a portion of the proceeds from the issuance of the 4.75% Senior Notes due 2026 and the 6.375% Junior Subordinated Notes due 2056 in March 2016. The acquired assets and liabilities and related results of operations of EnTrust will be included in Legg Mason's financial statements, subsequent to the acquisition. Due to the timing of the acquisition, purchase accounting adjustments and related disclosures require additional analysis and are not currently possible. During fiscal 2016, there were $3,492 of costs incurred in connection with the acquisition of EnTrust. In connection with the combination, Legg Mason expects to incur total restructuring and transition-related costs of approximately $100,000 , of which $43,296 was incurred in fiscal 2016. See Note 2 for further discussion of the restructuring and transition-related costs. |
Significant Accounting Polici25
Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation Legg Mason, Inc. ("Parent") and its subsidiaries (collectively, "Legg Mason" or "the Company") are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The consolidated financial statements include the accounts of the Parent and its subsidiaries in which it has a controlling financial interest. Generally, an entity is considered to have a controlling financial interest when it owns a majority of the voting interest in an entity. Legg Mason is also required to consolidate any variable interest entity ("VIE") in which it is considered to be the primary beneficiary. See "Consolidation" below and Note 17 for a further discussion of VIEs. All material intercompany balances and transactions have been eliminated. Certain amounts in prior year financial statements have been reclassified to conform to the current year presentation, including the classification in our Consolidated Balance Sheets of deferred debt issuance costs, as more fully described below. All references to fiscal 2016 , 2015 or 2014 , refer to Legg Mason's fiscal year ended March 31 of that year. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and the applicable rules and regulations of the Securities and Exchange Commission, which require management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes, including revenue recognition, valuation of financial instruments, intangible assets and goodwill, stock-based compensation, income taxes, and consolidation. Management believes that the estimates used are reasonable, although actual amounts could differ from the estimates and the differences could have a material impact on the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | Consolidation In the normal course of its business, Legg Mason sponsors and manages various types of investment vehicles. For its services, Legg Mason is entitled to receive management fees and may be eligible, under certain circumstances, to receive additional subordinated management fees or other incentive fees. Legg Mason's exposure to risk in these entities is generally limited to any equity investment it has made or is required to make, and any earned but uncollected management fees. Legg Mason did not sell or transfer assets to any of these investment vehicles. In accordance with financial accounting standards, Legg Mason consolidates certain sponsored investment vehicles, some of which are designated and reported as consolidated investment vehicles (“CIVs”). The consolidation of sponsored investment vehicles, including those designated as CIVs, has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. and does not have a material impact on Legg Mason's consolidated operating results. The change in the value of all consolidated sponsored investment vehicles, is recorded in Other Non-Operating Income (Expense) and reflected in Net income (loss) attributable to noncontrolling interests. Certain investment vehicles Legg Mason sponsors and is the manager of are considered to be VIEs (as further described below) while others are considered to be voting rights entities (“VREs”) subject to traditional consolidation concepts based on ownership rights. Sponsored investment vehicles that are considered VREs are consolidated if Legg Mason has a controlling financial interest in the investment vehicle, absent substantive investor rights to replace the manager of the entity (kick-out rights). Legg Mason may also fund the initial cash investment in certain VRE investment vehicles to generate an investment performance track record in order to attract third-party investors in the product. Legg Mason's initial investment in a new product typically represents 100% of the ownership in that product. As further discussed below, these “seed capital investments” are consolidated as long as Legg Mason maintains a controlling financial interest in the product, but they are not designated as CIVs by Legg Mason unless the investment is longer-term. Legg Mason held a longer-term controlling financial interest in one sponsored investment fund VRE, which has third-party investors and was consolidated and included as a CIV prior to the quarter ended March 31, 2015. Prior to March 31, 2015, Legg Mason redeemed a significant portion of its investment in this fund and as a result no longer had a controlling financial interest in the fund; therefore, the fund was not included as a CIV as of or subsequent to March 31, 2015. A VIE is an entity which does not have adequate equity to finance its activities without additional subordinated financial support; or the equity investors, as a group, do not have the normal characteristics of equity investors for a potential controlling financial interest. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Investment Company VIEs For most sponsored investment fund VIEs deemed to be investment companies, including money market funds, Legg Mason determines it is the primary beneficiary of the VIE if it absorbs a majority of the VIE's expected losses, or receives a majority of the VIE's expected residual returns, if any. Legg Mason's determination of expected residual returns excludes gross fees paid to a decision maker if certain criteria relating to the fees are met. In determining whether it is the primary beneficiary of an investment company VIE, Legg Mason considers both qualitative and quantitative factors such as the voting rights of the equity holders; economic participation of all parties, including how fees are earned and paid to Legg Mason; related party (including employees) ownership; guarantees and implied relationships. Legg Mason concluded it was the primary beneficiary of one sponsored investment fund VIE, which was consolidated (and designated as a CIV) as of March 31, 2016 , 2015 , and 2014 , despite significant third-party investments in this product. As of March 31, 2016 , 2015 , and 2014 , Legg Mason also concluded it was the primary beneficiary of 14 , 17 , and 17 employee-owned funds it sponsors, respectively, which were consolidated and designated as CIVs. Other VIEs For other sponsored investment funds that do not meet the investment company criteria, Legg Mason determines it is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses, or the right to receive benefits, that potentially could be significant to the VIE. As of March 31, 2016 and 2015 , Legg Mason had a variable interest in four collateralized loan obligations ("CLOs"). Legg Mason concluded it was not the primary beneficiary of these CLOs, which were not consolidated, as it holds no equity interest in these investment vehicles and the level of fees they are expected to pay to Legg Mason is insignificant. As of March 31, 2014, Legg Mason had a variable interest in two of these CLOs, which also were not consolidated during that period. As of March 31, 2014, Legg Mason concluded that it was the primary beneficiary of another CLO in which it held a variable interest. Although it held no equity interest in this investment vehicle, it had both the power to control the CLO and had a significant variable interest because of the level of its expected subordinated fees. As of March 31, 2014, the balances related to this CLO were consolidated and reported as a CIV in the Company's consolidated financial statements. During the three months ended June 30, 2014, this CLO was substantially liquidated and therefore was not consolidated by Legg Mason as of, or subsequent to, June 30, 2014. Legg Mason's investment in CIVs as of March 31, 2016 and 2015 was $13,641 and $15,553 , respectively, which represents its maximum risk of loss, excluding uncollected advisory fees, which were not material. The assets of these CIVs are primarily comprised of investment securities. Investors and creditors of these CIVs have no recourse to the general credit or assets of Legg Mason beyond its investment in these funds. See Notes 3 and 17 for additional information regarding VIEs and VREs. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of 90 days or less. Restricted Cash Restricted cash represents cash collateral required for market hedge arrangements, long-term escrow deposits, and other cash that is not available to Legg Mason for general corporate use. |
Investment, Policy [Policy Text Block] | Financial Instruments Substantially all financial instruments are reflected in the financial statements at fair value or amounts that approximate fair value, except Legg Mason's long-term debt not designated for a hedging transaction. As discussed above in "Consolidation," seed capital investments in proprietary fund products are initially consolidated and the individual securities within the portfolio are accounted for as trading investments. Legg Mason consolidates these products as long as it holds a controlling financial interest in the product. Upon deconsolidation, which typically occurs after several years, Legg Mason accounts for its investments in proprietary fund products as equity method investments (further described below) if its ownership is between 20% and 50% , or it otherwise has the ability to significantly influence the financial and operating policies of the investee. For partnerships and LLCs, where third-party investors may have less ability to influence operations, the equity method of accounting is considered if Legg Mason's ownership is greater than 3% . Changes in the fair value of proprietary fund products classified as trading or equity method investments are recognized in Other Non-Operating Income (Expense) on the Consolidated Statements of Income (Loss). Legg Mason generally redeems its investment in proprietary fund products when the related product establishes a sufficient track record, when third-party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time Legg Mason holds a majority interest in a product varies based on a number of factors, such as market demand, market conditions and investment performance. See Notes 3 and 17 for additional information regarding Legg Mason's seed capital investments and the determination of whether investments in proprietary fund products represent VIEs, respectively. For equity investments in which Legg Mason does not control the investee and is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, Legg Mason follows the equity method of accounting. The evaluation of whether Legg Mason can exert control or significant influence over the financial and operational policies of an investee requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include investor voting or other rights, any influence Legg Mason may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund's operating documents and the relationship between Legg Mason and other investors in the entity. Legg Mason's equity method investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, Legg Mason's share of the investee's underlying net income or loss predominantly represents fair value adjustments in the investments held by the equity method investee. Legg Mason's share of the investee's net income or loss is based on the most current information available and is recorded as a net gain (loss) on investments within Non-Operating Income (Expense). A significant portion of earnings (losses) attributable to Legg Mason's equity method investments has offsetting compensation expense adjustments under revenue sharing arrangements and deferred compensation arrangements, therefore, fluctuations in the market value of these investments will not have a material impact on Net Income (Loss) Attributable to Legg Mason, Inc. Legg Mason also holds debt and marketable equity investments which are classified as trading. Certain investment securities, including those held by CIVs, are also classified as trading securities. These investments are recorded at fair value and unrealized gains and losses are included in current period earnings. Realized gains and losses for all investments are included in current period earnings. Equity and fixed income securities classified as trading are valued using closing market prices for listed instruments or broker price quotations, when available. Fixed income securities may also be valued using valuation models and estimates based on spreads to actively traded benchmark debt instruments with readily available market prices. Legg Mason evaluates its non-trading investment securities for "other-than-temporary" impairment. Impairment may exist when the fair value of an investment security has been below the adjusted cost for an extended period of time. If an "other-than-temporary" impairment is determined to exist, the amount of impairment that relates to credit losses is recognized as a charge to income. As of March 31, 2016 , 2015 and 2014 , the amount of temporary unrealized losses for investment securities not recognized in income was not material. For investments in illiquid or privately-held securities for which market prices or quotations may not be readily available, management estimates the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry. In addition to the financial instruments described above and the derivative instruments described below, other financial instruments that are carried at fair value or amounts that approximate fair value include Cash and cash equivalents and Short-term borrowings. The fair value of Long-term debt at March 31, 2016 and 2015 , aggregated $1,773,852 and $1,166,697 , respectively. Except for long-term debt designated for a hedging transaction, these fair values were estimated using publicly quoted market prices and were classified as Level 2 in the fair value hierarchy, as described below. Additionally, the 2.7% Senior Notes due 2019 designated for a hedging transaction are valued as the sum of the amortized cost of the debt and the fair value of the related interest rate contract designated for a hedging transaction which approximates the debt fair value, and was classified as a Level 2 measurement, as discussed below. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The fair values of derivative instruments are recorded as assets or liabilities on the Consolidated Balance Sheets. Legg Mason has used foreign exchange forwards and interest rate swaps to hedge the risk of movement in exchange rates or interest rates on financial assets and liabilities on a limited basis. Also, Legg Mason has used futures contracts on index funds to hedge the market risk of certain seed capital investments. With the exception of an interest rate swap and a reverse treasury rate lock contract, as further discussed in Note 6 , Legg Mason has not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented. The gains or losses on derivative instruments not designated for hedge accounting are included as Other operating income (expense) or Other Non-Operating Income (Expense) in the Consolidated Statements of Income (Loss), depending on the strategy. Gains and losses on derivative instruments of CIVs are recorded as Other non-operating income (loss) of consolidated investment vehicles, net, in the Consolidated Statements of Income (Loss), if applicable. See Note 15 for additional information regarding derivatives and hedging. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Accounting guidance for fair value measurements defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Under accounting guidance, a fair value measurement should reflect all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. The objective of fair value accounting measurements is to reflect, at the date of the financial statements, how much an asset would be sold for in an orderly transaction (as opposed to a distressed or forced transaction) under current market conditions. Specifically, it requires the use of judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. This accounting guidance also relates to other-than-temporary impairments and is intended to bring greater consistency to the timing of impairment recognition. It is also intended to provide greater clarity to investors about the credit and noncredit components of impaired debt securities that are not expected to be sold. The guidance also requires timely disclosures regarding expected cash flows, credit losses, and an aging of securities with unrealized losses. Fair value accounting guidance also establishes a hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Legg Mason's financial instruments are measured and reported at fair value (except debt not designated for a hedging transaction) and are classified and disclosed in one of the following categories: Level 1 — Financial instruments for which prices are quoted in active markets, which, for Legg Mason, include investments in publicly traded mutual funds with quoted market prices and equities listed in active markets and certain derivative instruments. Level 2 — Financial instruments for which: prices are quoted for similar assets and liabilities in active markets; prices are quoted for identical or similar assets in inactive markets; or prices are based on observable inputs, other than quoted prices, such as models or other valuation methodologies. For Legg Mason, this category may include fixed income securities, certain proprietary fund products and certain long-term debt. Level 3 — Financial instruments for which values are based on unobservable inputs, including those for which there is little or no market activity. This category includes investments in partnerships, limited liability companies, and private equity funds. This category may also include certain proprietary fund products with redemption restrictions and contingent consideration liabilities. The valuation of an asset or liability may involve inputs from more than one level of the hierarchy. The level in the fair value hierarchy in which a fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Certain proprietary fund products and investments held by CIVs are valued at net asset value ("NAV") determined by the applicable fund administrator. These funds are typically invested in exchange traded investments with observable market prices. Their valuations may be classified as Level 1, Level 2 or Level 3 based on whether the fund is exchange traded, the frequency of the related NAV determinations and the impact of redemption restrictions. For investments in illiquid and privately-held securities (private equity and investment partnerships) for which market prices or quotations may not be readily available, management must estimate the value of the securities using a variety of methods and resources, including the most current available financial information for the investment and the industry to which it applies in order to determine fair value. These valuation processes for illiquid and privately-held securities inherently require management's judgment and are therefore classified as Level 3. Futures contracts are valued at the last settlement price at the end of each day on the exchange upon which they are traded and are classified as Level 1. As a practical expedient, Legg Mason relies on the NAV of certain investments, classified as Level 2 or Level 3, as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date. Any transfers between categories are measured at the beginning of the period. See Note 3 for additional information regarding fair value measurements. |
Appropriated Retained Earnings [Policy Text Block] | Appropriated Retained Earnings Prior to June 30, 2014, Legg Mason elected the fair value option for certain eligible assets and liabilities, including corporate loans and debt, of the then consolidated CLO. Upon the election of the fair value option for eligible assets and liabilities of the CLO, Legg Mason recorded a cumulative effect adjustment to Appropriated retained earnings for consolidated investment vehicle on the Consolidated Balance Sheets equal to the difference between the fair values of the CLO's assets and liabilities. This difference was recorded as "Appropriated retained earnings for consolidated investment vehicle" because the investors in the CLO, not Legg Mason shareholders, would ultimately realize any benefits or losses associated with the CLO. Changes in the fair values of the CLO assets and liabilities were recorded as Net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Income (Loss) and Appropriated retained earnings for consolidated investment vehicle in the Consolidated Balance Sheet. The CLO substantially liquidated and was deconsolidated as of June 30, 2014. At March 31, 2014, the CLO was in the final stage of liquidation, and the fair value of its assets and liabilities were substantially equal, and there were no Appropriated retained earnings. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets primarily consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Capitalized software includes both purchased software and internally developed software. The cost of software used under a service contract where Legg Mason does not own or control the software is expensed over the term of the contract. Fixed assets are reported at cost, net of accumulated depreciation and amortization. Depreciation and amortization are determined by use of the straight-line method. Equipment is depreciated over the estimated useful lives of the assets, generally ranging from three to eight years. Software is amortized over the estimated useful lives of the assets, generally three years. Leasehold improvements are amortized or depreciated over the initial term of the lease unless options to extend are likely to be exercised. Maintenance and repair costs are expensed as incurred. Internally developed software is reviewed periodically to determine if there is a change in the useful life, or if an impairment in value may exist. If impairment is deemed to exist, the asset is written down to its fair value or is written off if the asset is determined to no longer have any value. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Goodwill Legg Mason's identifiable intangible assets consist principally of asset management contracts, contracts to manage proprietary mutual funds or funds-of-hedge funds, and trade names resulting from acquisitions. Intangible assets are amortized over their estimated useful lives, using the straight-line method, unless the asset is determined to have an indefinite useful life. Asset management contracts are amortizable intangible assets that are capitalized at acquisition and amortized over the expected life of the contract. The value of contracts to manage assets in proprietary mutual funds or funds-of-hedge funds and the value of trade names are classified as indefinite-life intangible assets. The assignment of indefinite lives to proprietary fund contracts is based upon the assumption that there is no foreseeable limit on the contract period to manage proprietary funds due to the likelihood of continued renewal at little or no cost. The assignment of indefinite lives to trade names is based on the assumption that they are expected to generate cash flows indefinitely. Goodwill represents the residual amount of acquisition cost in excess of identified tangible and intangible assets and assumed liabilities. Indefinite-life intangible assets and goodwill are not amortized for financial statement purposes. Given the relative significance of intangible assets and goodwill to the Company's consolidated financial statements, on a quarterly basis Legg Mason considers if triggering events have occurred that may indicate that the fair values have declined below their respective carrying amounts. Triggering events may include significant adverse changes in the Company's business or the legal or regulatory environment, loss of key personnel, significant business dispositions, or other events, including changes in economic arrangements with our affiliates that will impact future operating results. If a triggering event has occurred, the Company will perform quantitative tests, which include critical reviews of all significant factors and assumptions, to determine if any intangible assets or goodwill are impaired. Legg Mason considers factors such as projected cash flows and revenue multiples, to determine whether the value of the assets is impaired and the indefinite-life assumptions are appropriate. If an asset is impaired, the difference between the value of the asset reflected on the consolidated financial statements and its current fair value is recognized as an expense in the period in which the impairment is determined. If a triggering event has not occurred, the Company performs quantitative tests annually at December 31, for indefinite-life intangible assets and goodwill, unless the Company can qualitatively conclude that it is more likely than not that the respective fair values exceed the related carrying values. The fair values of intangible assets subject to amortization are considered for impairment at each reporting period using an undiscounted cash flow analysis. For intangible assets with indefinite lives, fair value is determined from a market participant's perspective based on projected discounted cash flows, which take into consideration estimates of future fees, profit margins, growth rates, taxes, and discount rates. Proprietary fund contracts that are managed and operated as a single unit and meet other criteria may be aggregated for impairment testing. Goodwill is evaluated at the reporting unit level, and is considered for impairment when the carrying value of the reporting unit exceeds the implied fair value of the reporting unit. In estimating the implied fair value of the reporting unit, Legg Mason uses valuation techniques principally based on discounted projected cash flows and EBITDA multiples, similar to techniques employed in analyzing the purchase price of an acquisition. Goodwill is deemed to be recoverable at the reporting unit level, which is also the operating segment level that Legg Mason defines as the Global Asset Management segment. This results from the fact that the chief operating decision maker, Legg Mason's Chief Executive Officer, regularly receives discrete financial information at the consolidated Global Asset Management business level and does not regularly receive discrete financial information, such as operating results, at any lower level, such as the asset management affiliate level. Allocations of goodwill for management restructures, acquisitions, and dispositions are based on relative fair values of the respective businesses restructured, acquired, or divested. See Note 5 for additional information regarding intangible assets and goodwill and Note 16 for additional business segment information. |
Debt, Policy [Policy Text Block] | Debt For the year ended March 31, 2016, Legg Mason elected to early adopt updated accounting guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated long-term debt liability, consistent with the presentation of a debt discount. This updated guidance was adopted on a retrospective basis and, as a result, Legg Mason reclassified unamortized debt issuance costs of $8,395 from Other non-current assets and $748 from Other current assets to Long-term debt within the Consolidated Balance Sheet for the year ended March 31, 2015. |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Contingent Consideration Liabilities In connection with business acquisitions, Legg Mason may be required to pay additional future consideration based on the achievement of certain designated financial metrics. Legg Mason estimates the fair value of these potential future obligations at the time a business combination is consummated and records a Contingent consideration liability in the Consolidated Balance Sheet. Legg Mason accretes contingent consideration liabilities to the expected payment amounts over the related earn-out terms until the obligations are ultimately paid, resulting in Interest expense in the Consolidated Statements of Income (Loss). If the expected payment amounts subsequently change, the contingent consideration liabilities are (reduced) or increased in the current period, resulting in a (gain) or loss, which is reflected within Other operating expense in the Consolidated Statements of Income (Loss). See Notes 2 and 8 for additional information regarding contingent consideration liabilities. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies Assets and liabilities of foreign subsidiaries that are denominated in non-U.S. dollar functional currencies are translated at exchange rates as of the Consolidated Balance Sheet dates. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars are included in stockholders' equity and comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in Net Income (Loss). |
Management and Investment Advisory Fees, Policy [Policy Text Block] | Investment Advisory Fees Legg Mason earns investment advisory fees on assets in separately managed accounts, investment funds, and other products managed for Legg Mason's clients. These fees are primarily based on predetermined percentages of the market value of the assets under management ("AUM"), and are recognized over the period in which services are performed and may be billed in advance of the period earned based on AUM at the beginning of the billing period in accordance with the related advisory contracts. Revenue associated with advance billings is deferred and included in Other current liabilities in the Consolidated Balance Sheets and is recognized over the period earned. Performance fees may be earned on certain investment advisory contracts for exceeding performance benchmarks on a relative or absolute basis, depending on the product, and are recognized at the end of the performance measurement period. Accordingly, neither advanced billings nor performance fees are subject to reversal. The largest portion of performance fees are earned based on 12-month performance periods that end in differing quarters during the year, with a portion also based on quarterly performance periods. Legg Mason has responsibility for the valuation of AUM, substantially all of which is based on observable market data from independent pricing services, fund accounting agents, custodians or brokers. |
Revenue Recognition, Services, Refundable Fees for Services [Policy Text Block] | Distribution and Service Fees Revenue and Expense Distribution and service fees represent fees earned from funds to reimburse the distributor for the costs of marketing and selling fund shares and servicing proprietary funds and are generally determined as a percentage of client assets. Reported amounts also include fees earned from providing client or shareholder servicing, including record keeping or administrative services to proprietary funds, and non-discretionary advisory services. Distribution fees earned on company-sponsored investment funds are reported as revenue. When Legg Mason enters into arrangements with broker-dealers or other third parties to sell or market proprietary fund shares, distribution and servicing expense is accrued for the amounts owed to third parties, including finders' fees and referral fees paid to unaffiliated broker-dealers or introducing parties. Distribution and servicing expense also includes payments to third parties for certain shareholder administrative services and sub-advisory fees paid to unaffiliated asset managers. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Sales Commissions Commissions paid to financial intermediaries in connection with sales of certain classes of company-sponsored mutual funds are capitalized as deferred sales commissions. The asset is amortized over periods not exceeding six years, which represent the periods during which commissions are generally recovered from distribution and service fee revenues and from contingent deferred sales charges ("CDSC") received from shareholders of those funds upon redemption of their shares. CDSC receipts are recorded as distribution and service fee revenue when received and a reduction of the unamortized balance of deferred sales commissions, with a corresponding expense. Management periodically tests the deferred sales commission asset for impairment by reviewing the changes in value of the related shares, the relevant market conditions and other events and circumstances that may indicate an impairment in value has occurred. If these factors indicate an impairment in value, management compares the carrying value to the estimated undiscounted cash flows expected to be generated by the asset over its remaining life. If management determines that the deferred sales commission asset is not fully recoverable, the asset will be deemed impaired and a loss will be recorded in the amount by which the recorded amount of the asset exceeds its estimated fair value. For the years ended March 31, 2016 , 2015 and 2014 , no impairment charges were recorded. Deferred sales commissions, included in Other non-current assets in the Consolidated Balance Sheets, were $6,713 and $10,422 at March 31, 2016 and 2015 , respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements. Deferred income tax assets are subject to a valuation allowance if, in management's opinion, it is more likely than not that these benefits will not be realized. Legg Mason's deferred income taxes principally relate to net operating loss and other carryforward benefits, business combinations, amortization of intangible assets and accrued compensation. Under applicable accounting guidance, a tax benefit should only be recognized if it is more likely than not that the position will be sustained based on its technical merits. A tax position that meets this threshold is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon settlement by the appropriate taxing authority having full knowledge of all relevant information. The Company's accounting policy is to classify interest related to tax matters as interest expense and related penalties, if any, as other operating expense. For the year ended March 31, 2016, Legg Mason elected to early adopt new accounting guidance relating to the balance sheet classification of deferred taxes. The updated guidance requires that all deferred tax assets, liabilities, and any related valuation allowances be classified prospectively as noncurrent in a classified balance sheet. See Note 7 for additional information regarding income taxes. |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Legg Mason accrues estimates for loss contingencies related to legal actions, investigations, and proceedings, exclusive of legal fees, when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Related insurance recoveries are recorded separately when the underwriter has confirmed coverage of a specific claim amount. See Note 8 for additional information. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Legg Mason's stock-based compensation includes stock options, an employee stock purchase plan, market-based performance shares payable in common stock, restricted stock awards and units, management equity plans for certain affiliates and deferred compensation payable in stock. Under its stock compensation plans, Legg Mason issues equity awards to directors, officers, and other key employees. In accordance with the applicable accounting guidance, compensation expense includes costs for all non-vested share-based awards classified as equity at their grant date fair value amortized over the respective vesting periods on the straight-line method. The grant-date fair value of equity-classified share-based awards with immediate vesting is also included in Compensation and benefits expense. Legg Mason determines the fair value of stock options using the Black-Scholes option-pricing model, with the exception of market-based performance grants, which are valued with a Monte Carlo option-pricing model. Legg Mason also determines the fair value of option-like affiliate management equity plan grants using the Black-Scholes option-pricing model, subject to any post-vesting illiquidity discounts. See Note 11 for additional information regarding stock-based compensation. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share attributable to Legg Mason, Inc. shareholders ("EPS") is calculated by dividing Net Income (Loss) Attributable to Legg Mason, Inc. (adjusted by earnings allocated to participating securities) by the weighted-average number of shares outstanding. Legg Mason has issued to employees restricted stock that are deemed to be participating securities prior to vesting, because the unvested restricted shares entitle their holder to nonforfeitable dividend rights. In this circumstance, accounting guidance requires a “two-class method” for EPS calculations that excludes earnings (potentially both distributed and undistributed) allocated to participating securities. Diluted EPS is similar to basic EPS, but adjusts for the effect of potential common shares unless they are antidilutive. For periods with a net loss, potential common shares other than potentially unvested restricted shares, are considered antidilutive. See Note 12 for additional discussion of EPS. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs As further discussed in Note 2, Legg Mason is restructuring The Permal Group, Ltd. ("Permal") for the combination with EnTrust Capital ("EnTrust"). The costs associated with this restructuring primarily relate to employee termination benefits, including severance and retention incentives, which are recorded as Transition-related compensation in the Consolidated Statement of Income (Loss), and charges for consolidating leased office space, which are recorded as Occupancy in the Consolidated Statement of Income (Loss). Also, as further discussed in Note 2 , in May 2014, Legg Mason acquired QS Investors Holdings, LLC ("QS Investors") and integrated its two existing affiliates, Batterymarch Financial Management, Inc. ("Batterymarch") and Legg Mason Global Asset Allocation, LLC ("LMGAA") into QS Investors to leverage the best aspects of each subsidiary. The costs related to this integration primarily related to employee termination benefits, including severance and retention incentives, which were recorded as Transition-related compensation in the Consolidated Statements of Income (Loss). |
Noncontrolling Interests Redeemable [Policy Text Block] | Noncontrolling Interests Noncontrolling interests include affiliate minority interests, third-party investor equity in consolidated sponsored investment vehicles, and vested affiliate management equity plan interests. For CIVs and other consolidated sponsored investment vehicles with third-party investors, the related noncontrolling interests are classified as redeemable noncontrolling interests if investors in these funds may request withdrawals at any time. Also included in redeemable noncontrolling interests are vested affiliate management equity plan interests for which the holder may, at some point, request settlement of their interests. Redeemable noncontrolling interests are reported in the Consolidated Balance Sheets at their estimated settlement values. When settlement is not expected to occur until a future date, changes in the expected settlement value are recognized over the settlement period as an adjustment from retained earnings. Nonredeemable noncontrolling interests include vested affiliate management equity plan interests that do not permit the holder to request settlement of their interests. Nonredeemable noncontrolling interests are reported in the Consolidated Balance Sheets at their issuance value, together with undistributed net income allocated to noncontrolling interests. Legg Mason estimates the settlement value of noncontrolling interests as their fair value. For consolidated sponsored investment vehicles, where the investor may request withdrawal at any time, fair value is based on market quotes of the underlying securities held by the investment vehicles. For affiliate minority interests and management equity plan interests, fair value reflects the related total business enterprise value, after appropriate discounts for lack of marketability and control. There may also be features of these equity interests, such as dividend subordination, that are contemplated in their valuations. The fair value of option-like management equity plan interests also relies on Black-Scholes option pricing model calculations, as noted above. Net income (loss) attributable to noncontrolling interests in the Consolidated Statements Of Income (Loss) includes that share of income (loss) of the respective subsidiary allocated to the minority interest holders. Net income (loss) attributable to noncontrolling interests in the Consolidated Statement of Income (Loss) for the year ended March 31, 2014, also includes Net loss reclassified to Appropriated retained earnings for consolidated investment vehicle. See Note 14 for additional information regarding noncontrolling interests. |
Related Parties [Policy Text Block] | Related Parties For its services to sponsored investment funds, Legg Mason earns management fees, incentive fees, distribution and service fees, and other revenue and incurs distribution and servicing and other expenses, as disclosed in the Consolidated Statements of Income. Sponsored investment funds are deemed to be affiliated entities under the related party definition in relevant accounting guidance. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments I n March 2016, the Financial Accounting Standards Board ("FASB") updated the guidance on stock-based compensation accounting. The updated guidance simplifies several aspects of accounting for stock-based compensation including the income tax consequences, classification criteria for awards as either equity or liabilities, and classification of related amounts in statements of cash flows. The guidance will be effective in fiscal 2018, with the option for early adoption in fiscal 2017. Legg Mason is evaluating the impact of its adoption. In February 2016, the FASB updated the guidance on accounting for leases. The updated guidance requires that a lessee shall recognize the assets and liabilities that arise from lease transactions. A lessee will recognize a right-of-use asset to use the underlying asset and a liability representing the lease payments. The updated guidance also requires an evaluation at the inception of a contract, to determine whether the contract is or contains a lease. The guidance will be effective in fiscal 2020. Legg Mason is evaluating the impact of its adoption. In May 2015, the FASB updated the guidance on fair value measurement. The updated guidance removes the requirement for all investments for which fair value is measured using the NAV practical expedient to be categorized within the fair value hierarchy and related sensitivity disclosures. The amount of such investments would instead be disclosed as a reconciling item between the fair value hierarchy table and the investment amounts reported on the balance sheet. This guidance will be effective for Legg Mason in fiscal 2017. Legg Mason is evaluating the impact of its adoption. In February 2015, the FASB updated the guidance for consolidation requirements. The updated guidance eliminates the presumption that a general partner should consolidate a limited partnership, and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VREs. Additionally, the updated guidance affects the conclusion such that certain fees paid to decision makers are no longer variable interests, and certain related party relationships with a sponsored investment fund may no longer require its consolidation. The update also eliminates the deferral of accounting guidance that requires separate evaluation for investment company VIEs and other VIEs. This update will be effective in fiscal 2017, and Legg Mason intends to adopt it on the modified retrospective basis. Legg Mason expects under the new guidance that certain of its sponsored investment vehicles residing in foreign mutual fund trusts will qualify as VIEs and will be subject to consolidation at a lower ownership percentage than the currently employed threshold of 50%. In May 2014, the FASB updated the guidance on revenue recognition. The updated guidance improves comparability and removes inconsistencies in revenue recognition practices across entities, industries, jurisdictions, and capital markets. In March 2016, the FASB further updated the revenue guidance on determining whether to report revenue on a gross versus net basis. The updated guidance clarifies how entities evaluate principal versus agent aspects of the revenue recognition guidance issued in May 2014. The evaluation will require entities to identify all goods or services to be provided to the customer, and determine whether they obtain control of the good or service before it is transferred to the customer, where control would suggest a principal relationship, which would be accounted for on a gross basis. These updates are effective for Legg Mason in fiscal 2019. Legg Mason is evaluating the impact of its adoption. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | RARE Infrastructure Limited (1) Martin Currie (Holdings) Limited QS Investors Holdings, LLC Fauchier Partners Management, Limited Acquisition Date October 21, 2015 October 1, 2014 May 30, 2014 March 13, 2013 Purchase price Cash $ 213,739 $ 202,577 $ 11,000 $ 63,433 Estimated contingent consideration 25,000 75,211 13,370 21,566 Total Consideration 238,739 277,788 24,370 84,999 Fair value of noncontrolling interest 62,722 — — — Total 301,461 277,788 24,370 84,999 Identifiable assets and liabilities Cash 9,667 29,389 441 8,156 Investments — — 3,281 — Receivables 6,612 — 2,699 12,174 Indefinite-life intangible fund management contracts 122,755 135,321 — 65,126 Amortizable intangible asset management contracts 67,877 15,234 7,060 2,865 Indefinite-life trade name 4,766 7,130 — — Fixed assets 673 784 599 — Other current liabilities, net (10,605 ) — — (16,667 ) Liabilities, net (3,948 ) (4,388 ) (6,620 ) — Pension liability — (32,433 ) — — Deferred tax liabilities (58,619 ) (31,537 ) — (15,638 ) Total identifiable assets and liabilities 139,178 119,500 7,460 56,016 Goodwill $ 162,283 $ 158,288 $ 16,910 $ 28,983 (1) Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. |
Restructuring and Related Costs [Table Text Block] | Compensation Other Total Balance as of December 31, 2013 $ — $ — $ — Accrued charges 2,161 111 2,272 Balance as of March 31, 2014 2,161 111 2,272 Accrued charges 22,897 9,720 (1) 32,617 Payments (24,658 ) (3,940 ) (28,598 ) Balance as of March 31, 2015 400 5,891 6,291 Payments (400 ) (2,148 ) (2,548 ) Balance as of March 31, 2016 $ — $ 3,743 $ 3,743 Non-cash charges (2) Year ended March 31, 2014 $ — $ 286 $ 286 Year ended March 31, 2015 1,659 1,570 3,229 Total $ 1,659 $ 1,856 $ 3,515 Cumulative charges incurred through March 31, 2015 $ 26,717 $ 11,687 $ 38,404 (1) Includes lease loss reserve of $6,760 for space permanently abandoned. (2) Includes stock-based compensation expense and accelerated fixed asset depreciation. Compensation Other Total Balance as of December 31, 2015 $ — $ — $ — Accrued charges 31,581 9,981 (1) 41,562 Payments (21,938 ) (2,097 ) (24,035 ) Balance as of March 31, 2016 $ 9,643 $ 7,884 $ 17,527 Non-cash charges (2) Year ended March 31, 2016 $ 591 $ 1,143 $ 1,734 Cumulative charges incurred through March 31, 2016 $ 32,172 $ 11,124 $ 43,296 (1) Includes lease loss reserve of $7,212 for space permanently abandoned. (2) Includes stock-based compensation expense and accelerated fixed asset depreciation. |
RARE Infrastructure, Ltd [Member] | |
Business Acquisition [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Projected Cash Flow Growth Discount Rate Indefinite-life intangible fund management contracts and indefinite-life trade name 0% to 10% (weighted-average - 7%) 16.5% Projected AUM Growth / (Attrition) Discount Rate Amortizable intangible asset management contracts 7% / (8)% 16.5% |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | AUM growth rates 0% to 14% (weighted-average - 7%) Performance fee growth rates 0% to 7% (weighted-average - 3%) Projected AUM and performance fee market price of risk 6.5% AUM volatility 20.0% Earn-out payment discount rate 1.9% |
Martin Currie [Member] | |
Business Acquisition [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Projected Cash Flow Growth Discount Rate Indefinite-life intangible fund management contracts and indefinite-life trade name 0% to 25% (weighted-average - 11%) 15.0% Projected AUM Growth / (Attrition) Discount Rate Amortizable intangible asset management contracts 6% / (17)% 15.0% |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | AUM growth rates 0% to 28% (weighted-average - 14%) Performance fee growth rates 0% to 30% (weighted-average - 15%) Discount rates: Projected AUM 13.0% Projected performance fees 15.0% Earn-out payments 1.3% AUM volatility 18.8% |
QS Investors [Domain] | |
Business Acquisition [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Projected Cash Flow Attrition, Net Discount Rate Amortizable intangible asset management contracts (10.0)% 15.0% Projected Revenue Growth Rates Discount Rates Contingent consideration 0% to 10% (weighted-average - 6%) 1.2% / 2.1% |
Fauchier [Member] | |
Business Acquisition [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Projected Cash Flow Growth Rates Discount Rate Indefinite-life intangible fund management contracts (35)% to 11% (weighted-average - 6% ) 16.0% Projected Revenue Growth Rates Discount Rate Contingent consideration (16)% to 3% (weighted-average - (5)%) 2.0% |
Acquisitions Pension (Martin Cu
Acquisitions Pension (Martin Currie) (Tables) - Martin Currie [Member] | 12 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2016 2015 Fair value of plan assets (at 5.2 % and 6.3%, respectively, expected weighted-average long-term return) $ 57,253 $ 59,404 Benefit obligation (at 3.6% and 3.3%, respectively, discount rate) (90,010 ) (98,110 ) Unfunded status (excess of benefit obligation over plan assets) $ (32,757 ) $ (38,706 ) |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Year ended March 31, 2016 Period from Acquisition through March 31, 2015 Beginning benefit obligation $ 98,110 $ 91,750 Interest costs 3,268 1,730 Actuarial (gain) loss (6,922 ) 14,461 Benefits paid (1,524 ) (762 ) Plan curtailments — (789 ) Exchange rate changes (2,922 ) (8,280 ) Ending benefit obligation $ 90,010 $ 98,110 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Year ended March 31, 2016 Period from Acquisition through March 31, 2015 Beginning plan assets $ 59,404 $ 59,317 Actual return on plan assets (984 ) 6,028 Employer contributions 2,262 1 Benefits paid (1,524 ) (762 ) Exchange rate changes (1,905 ) (5,180 ) Ending plan assets $ 57,253 $ 59,404 |
Schedule of Net Benefit Costs [Table Text Block] | 2016 2015 Interest costs $ 3,268 $ 1,730 Expected return on plan assets (3,176 ) (1,756 ) Curtailment gain recognized — (789 ) Net periodic benefit loss (gain) $ 92 $ (815 ) |
Schedule of Expected Benefit Payments [Table Text Block] | 2017 $ 1,195 2018 1,281 2019 1,559 2020 1,537 2021 1,884 2022 - 2026 14,789 |
Fair Values of Assets and Lia28
Fair Values of Assets and Liabilities (Tables) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of March 31, 2016 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total Assets: Cash equivalents: (1) Money market funds $ 1,057,916 $ — $ — $ 1,057,916 Time deposits and other — 35,265 — 35,265 Total cash equivalents 1,057,916 35,265 — 1,093,181 Trading investments of proprietary fund products and other trading investments: (2) Seed capital investments 205,608 120,216 112 325,936 Other (3) 65,112 2,352 — 67,464 Trading investments relating to long-term incentive compensation plans (4) 105,979 585 — 106,564 Equity method investments relating to proprietary fund products and long-term incentive compensation plans: (5) Seed capital investments 1,329 7,575 — 8,904 Investments related to long-term incentive compensation plans — 6,467 — 6,467 Total current investments (6) 378,028 137,195 112 515,335 Equity method investments in partnerships and LLCs: (5)(7) Seed capital investments — — 20,439 20,439 Investments related to long-term incentive compensation plans — — 7,501 7,501 Other — — 9,352 9,352 Investments in partnerships and LLCs (7) — — 8,013 8,013 Derivative assets (7)(8) 1,051 7,599 — 8,650 Other investments (7) — — 83 83 Total $ 1,436,995 $ 180,059 $ 45,500 $ 1,662,554 Liabilities: Contingent consideration liabilities (9) — — (84,585 ) (84,585 ) Derivative liabilities (8) (18,079 ) — — (18,079 ) Total $ (18,079 ) $ — $ (84,585 ) $ (102,664 ) As of March 31, 2015 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total Assets: Cash equivalents: (1) Money market funds $ 353,265 $ — $ — $ 353,265 Time deposits and other — 47,035 — 47,035 Total cash equivalents 353,265 47,035 — 400,300 Trading investments of proprietary fund products and other trading investments: (2) Seed capital investments 259,840 85,220 186 345,246 Other 9,807 2,981 — 12,788 Trading investments relating to long-term incentive compensation plans (4) 80,529 — — 80,529 Equity method investments relating to proprietary fund products and long-term incentive compensation plans: (5) Seed capital investments 2,148 5,296 — 7,444 Investments related to long-term incentive compensation plans — 8,728 — 8,728 Total current investments (6) 352,324 102,225 186 454,735 Equity method investments in partnerships and LLCs: (5)(7) Seed capital investments — — 23,796 23,796 Investments related to long-term incentive compensation plans — — 5,595 5,595 Other — — 18,953 18,953 Investments in partnerships and LLCs (7) — — 14,511 14,511 Derivative assets (7)(8) 580 5,462 — 6,042 Other investments (7) — — 77 77 Total $ 706,169 $ 154,722 $ 63,118 $ 924,009 Liabilities: Contingent consideration liabilities (9) — — (110,784 ) (110,784 ) Derivative liabilities (8) (8,665 ) — — (8,665 ) Total $ (8,665 ) $ — $ (110,784 ) $ (119,449 ) (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at NAV and are classified as Level 1. Cash investments in time deposits and other are measured at amortized cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization, and are classified as Level 2. (2) T rading investments of proprietary fund products and other trading investments consist of approximately 68% and 32% of equity and debt securities, respectively, as of March 31, 2016 , and approximately 63% and 37% of equity and debt securities, respectively, as of March 31, 2015 . (3) Includes $54,392 in noncontrolling interests associated with consolidated seed investment products as of March 31, 2016 . (4) Primarily mutual funds where there is minimal market risk to the Company as any change in value is primarily offset by an adjustment to compensation expense and related deferred compensation liability. (5) Legg Mason's equity method investments that are investment companies record underlying investments at fair value. Therefore, fair value is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee. (6) Excludes seed capital investments of $13,641 and $15,553 related to Legg Mason's investments in CIVs as of March 31, 2016 and 2015, respectively. (7) Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. (8) See Note 15 . (9) See Note 2 and Note 8. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Value as of March 31, 2015 Purchases Sales Redemptions/ Settlements/ Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2016 Assets: Trading investments of seed capital investments in proprietary fund products $ 186 $ 1 $ (80 ) $ — $ — $ 5 $ 112 Investments in partnerships and LLCs 14,511 — (27 ) (5,647 ) — (824 ) 8,013 Equity method investments in partnerships and LLCs: Seed capital investments 23,796 678 — (3,127 ) — (908 ) 20,439 Investments related to long-term incentive compensation plans 5,595 1,906 — — — — 7,501 Other 18,953 — (6,774 ) (2,037 ) — (790 ) 9,352 Other investments 77 — — — — 6 83 $ 63,118 $ 2,585 $ (6,881 ) $ (10,811 ) $ — $ (2,511 ) $ 45,500 Liabilities: Contingent consideration liabilities $ (110,784 ) $ (27,457 ) n/a $ 22,765 n/a $ 30,891 $ (84,585 ) n/a - not applicable Value as of March 31, 2014 Purchases Sales Redemptions/Settlements/ Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2015 Assets: Trading investments of seed capital investments in proprietary fund products $ 190 $ 2 $ (27 ) $ — $ — $ 21 $ 186 Investments in partnerships and LLCs 21,586 — (24 ) (5,108 ) — (1,943 ) 14,511 Equity method investments in partnerships and LLCs: Seed capital investments 33,611 725 (11,617 ) 1,426 — (349 ) 23,796 Investments related to long-term incentive compensation plans 4,284 1,311 — — — — 5,595 Other 25,078 12 (2,484 ) (2,547 ) — (1,106 ) 18,953 Other investments 90 — — — — (13 ) 77 $ 84,839 $ 2,050 $ (14,152 ) $ (6,229 ) $ — $ (3,390 ) $ 63,118 Liabilities: Contingent consideration liabilities $ (29,553 ) $ (88,581 ) n/a $ — n/a $ 7,350 $ (110,784 ) n/a - not applicable |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Fair Value Determined Using NAV As of March 31, 2016 Category of Investment Investment Strategy March 31, 2016 March 31, 2015 Unfunded Commitments Remaining Term Funds-of-hedge funds Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge $ 19,139 (1) $ 23,787 n/a n/a Hedge funds Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge 11,403 14,515 $ 20,000 n/a Private equity funds Long/short equity 20,471 (2) 23,563 8,254 Up to 8 years Other Various 678 1,129 n/a Various (3) Total $ 51,691 (4) $ 62,994 (4) $ 28,254 n/a - not applicable (1) Liquidation restrictions: 2% daily redemption, 11% monthly redemption and 87% quarterly redemption as of March 31, 2016 . (2) Liquidations are expected over the remaining term. (3) Of this balance, 28% has a remaining term of less than one year and 72% has a remaining term of 16 years. (4) Comprised of 1% , 36% , and 63% of Level 1, Level 2, and Level 3 assets, respectively, as of March 31, 2016 and 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 . |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of fixed assets | 2016 2015 Equipment $ 150,259 $ 152,893 Software 293,844 269,745 Leasehold improvements 199,354 203,420 Total cost 643,457 626,058 Less: accumulated depreciation and amortization (480,152 ) (446,452 ) Fixed assets, net $ 163,305 $ 179,606 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of intangible assets | March 31, 2016 March 31, 2015 Amortizable intangible asset management contracts Cost $ 259,513 $ 188,312 Accumulated amortization (171,169 ) (166,583 ) Net (1) 88,344 21,729 Indefinite–life intangible assets U.S. domestic mutual fund management contracts 2,106,351 2,106,351 Permal funds-of-hedge funds management contracts 334,104 698,104 Other fund management contracts (1) 560,499 427,816 Trade names (1) 57,187 59,334 3,058,141 3,291,605 Intangible assets, net $ 3,146,485 $ 3,313,334 (1) As of March 31, 2016, Amortizable intangible asset management contracts, net, Other fund management contracts, and Trade names include $69,610 , $130,419 , and $5,063 , respectively, related to the acquisition of RARE Infrastructure. See Note 2 for additional information. |
Estimated amortization expense | 2017 $ 8,569 2018 8,569 2019 8,569 2020 8,085 2021 8,085 Thereafter 46,467 Total $ 88,344 |
Changes in carrying value of goodwill | Gross Book Value Accumulated Impairment Net Book Value Balance as of March 31, 2014 $ 2,402,423 $ (1,161,900 ) $ 1,240,523 Impact of excess tax basis amortization (21,742 ) — (21,742 ) Business acquisitions, net of $(9,271) relating to the sale of LMIC (See Note 2) 165,927 — 165,927 Changes in foreign exchange rates and other (45,198 ) — (45,198 ) Balance as of March 31, 2015 2,501,410 (1,161,900 ) 1,339,510 Impact of excess tax basis amortization (20,920 ) — (20,920 ) Business acquisitions (See Note 2) 163,110 — 163,110 Changes in foreign exchange rates and other (2,184 ) — (2,184 ) Balance as of March 31, 2016 $ 2,641,416 $ (1,161,900 ) $ 1,479,516 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2016 March 31, 2015 Carrying Value Fair Value Hedge Adjustment Unamortized Discount (Premium) Debt Issuance Costs (1) Maturity Amount Carrying Value (1) 2.7% Senior Notes due July 2019 $ 256,055 $ (7,599 ) $ 359 $ 1,185 $ 250,000 $ 253,452 3.95% Senior Notes due July 2024 248,028 — 377 1,595 250,000 247,792 4.75% Senior Notes due March 2026 447,030 — — 2,970 450,000 — 5.625% Senior Notes due January 2044 547,781 — (3,396 ) 5,615 550,000 547,702 6.375% Junior Notes due March 2056 242,091 — — 7,909 250,000 — Total $ 1,740,985 $ (7,599 ) $ (2,660 ) $ 19,274 $ 1,750,000 $ 1,048,946 (1) As previously discussed in Note 1, for the year ended March 31, 2016, Legg Mason elected to early adopt updated accounting guidance which requires unamortized debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated long-term debt liability. This updated guidance was adopted on a retrospective basis; therefore, the carrying value of debt as of March 31, 2015, has been reduced by the amount of related unamortized debt issuance costs. |
Income Taxes Income Tax Provisi
Income Taxes Income Tax Provision (Benefit) (Tables) | 12 Months Ended | |
Mar. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 2014 Domestic $ 245,046 $ 249,380 $ 320,890 Foreign (270,264 ) 118,613 98,751 Total $ (25,218 ) $ 367,993 $ 419,641 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Federal $ 87,166 $ 95,499 $ 125,494 Foreign (71,828 ) 20,365 (1,450 ) State and local (7,646 ) 9,420 13,761 Total income tax provision $ 7,692 $ 125,284 $ 137,805 Current $ 15,419 $ 24,897 $ 19,375 Deferred (7,727 ) 100,387 118,430 Total income tax provision $ 7,692 $ 125,284 $ 137,805 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Tax provision at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit (1) 43.2 4.0 1.0 Uncertain tax benefits 41.8 1.8 0.6 Effect of foreign tax rates (1) (172.5 ) (4.8 ) (4.8 ) Changes in U.K. tax rates on deferred tax assets and liabilities 33.2 — (4.6 ) Net (income) loss attributable to noncontrolling interests (15.6 ) (0.5 ) 0.3 Change in valuation allowances (2) (33.9 ) (2.7 ) 2.2 Federal effect of permanent tax adjustments 39.1 1.7 2.2 Other, net (0.8 ) (0.5 ) 0.9 Effective income tax rate (30.5 )% 34.0 % 32.8 % (1) State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates for fiscal 2016 also includes a $66,780 tax benefit for non-cash impairment charges related to the intangible assets of the Permal business, as further discussed in Note 5. (2) See schedule below for the change in valuation allowances by jurisdiction. | [1],[2],[3] |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 DEFERRED TAX ASSETS Accrued compensation and benefits $ 185,311 $ 158,369 Accrued expenses 50,865 60,282 Operating loss carryforwards 273,133 290,765 Capital loss carryforwards 3,121 5,335 Foreign tax credit carryforward 258,486 247,027 Federal benefit of uncertain tax positions 12,290 18,461 Mutual fund launch costs 30,234 30,968 Martin Currie defined benefit pension liability 5,896 7,741 Charitable contributions carryforwards 4,552 — Net unrealized losses from investments 4,389 — Basis differences in partnerships — 4,174 Other 5,181 — Deferred tax assets 833,458 823,122 Valuation allowance (79,476 ) (96,687 ) Deferred tax assets after valuation allowance $ 753,982 $ 726,435 DEFERRED TAX LIABILITIES Basis differences, principally for intangible assets and goodwill $ 56,625 $ 82,636 Depreciation and amortization 686,421 666,057 Net unrealized gains from investments — 7,832 Basis differences in partnerships 64,525 — Other — 435 Deferred tax liabilities 807,571 756,960 Net deferred tax liabilities $ (53,589 ) $ (30,525 ) | |
Summary of Valuation Allowance [Table Text Block] | 2016 2015 Expires Beginning after Fiscal Year DEFERRED TAX ASSETS U.S. federal net operating losses $ 82,350 $ 96,774 2028 U.S. federal foreign tax credits 258,486 247,027 2017 U.S. charitable contributions 4,552 233 2016 U.S. state net operating losses (1,2) 166,772 168,069 2017 U.S. state capital losses 44 44 2017 U.S. state tax credits 308 — 2022 Foreign net operating losses 24,192 25,877 2027 Foreign capital losses 3,077 5,290 n/a Total deferred tax assets for carryforwards $ 539,781 $ 543,314 VALUATION ALLOWANCES U.S. federal net operating losses $ 2,255 $ 1,282 U.S. federal foreign tax credits 15,252 25,429 U.S. charitable contributions 3,443 — U.S. state net operating losses 26,816 26,828 U.S. state capital losses 44 44 Foreign net operating losses 20,631 23,504 Foreign capital losses 3,077 5,290 Valuation allowances for carryforwards 71,518 82,377 Foreign other deferred assets 7,958 14,310 Total valuation allowances $ 79,476 $ 96,687 (1) Substantially all of the U.S. state net operating losses carryforward through fiscal 2036. (2) Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. | |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | 2016 2015 2014 Balance, beginning of year $ 92,344 $ 77,892 $ 72,650 Additions based on tax positions related to the current year 3,514 9,919 5,659 Additions for tax positions of prior years 10,078 13,054 12,610 Reductions for tax positions of prior years (155 ) — (138 ) Decreases related to settlements with taxing authorities (25,046 ) (8,521 ) (12,889 ) Expiration of statutes of limitations (6,862 ) — — Balance, end of year $ 73,873 $ 92,344 $ 77,892 | |
[1] | Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. | |
[2] | State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates for fiscal 2016 also includes a $66,780 tax benefit for non-cash impairment charges related to the intangible assets of the Permal business, as further discussed in Note 5. | |
[3] | Substantially all of the U.S. state net operating losses carryforward through fiscal 2036. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases | 2017 $ 128,023 2018 109,368 2019 88,644 2020 79,765 2021 73,432 Thereafter 225,678 Total $ 704,910 |
Lease Liability Reserve Roll Forward [Table Text Block] | Balance as of March 31, 2014 $ 55,500 Accrued charges for vacated and subleased space (1) (2) 9,023 Payments, net (15,001 ) Adjustments and other (3,583 ) Balance as of March 31, 2015 45,939 Accrued charges for vacated and subleased space (1) (2) 14,642 Payments, net (12,689 ) Adjustments and other 4,348 Balance as of March 31, 2016 $ 52,240 (1) Included in Occupancy expense in the Consolidated Statements of Income (Loss) (2) Includes $7,212 related to the restructuring of Permal for the merger with EnTrust and $6,760 related to the integration of Batterymarch and LMGAA into QS Investors for the years ended March 31, 2016 and 2015, respectively. See Note 2 for additional information. |
Schedule of Rent Expense [Table Text Block] | 2016 2015 2014 Rental expense $ 135,850 $ 136,414 $ 130,880 Less: sublease income 21,154 19,672 16,289 Net rent expense $ 114,696 $ 116,742 $ 114,591 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | RARE Infrastructure Martin Currie PK Investments QS Investors Fauchier Total Acquisition Date October 21, 2015 October 1, 2014 December 31, 2015 May 30, 2014 March 13, 2013 Maximum Remaining Contingent Consideration (1) $ 81,320 $ 467,076 $ 2,469 $ 30,000 $ 28,743 $ 609,608 Contingent Consideration Liability Balance as of March 31, 2014 $ — $ — $ — $ — $ 29,553 $ 29,553 Initial purchase accounting accrual (2) — 75,211 — 13,370 — 88,581 Foreign exchange and accretion — (5,097 ) — 183 (2,436 ) (7,350 ) Balance as of March 31, 2015 — 70,114 — 13,553 27,117 110,784 Initial purchase accounting accrual (2) 25,000 — 2,457 — — 27,457 Payment — — — — (22,765 ) (22,765 ) Foreign exchange and accretion 2,145 (531 ) 12 196 662 2,484 Fair value adjustment — (28,361 ) — — (5,014 ) (33,375 ) Balance as of March 31, 2016 $ 27,145 $ 41,222 $ 2,469 $ 13,749 $ — $ 84,585 Balance Sheet Classification Current Contingent consideration $ 7,001 $ 12,846 $ — $ 6,549 $ — $ 26,396 Non-current Contingent consideration 20,144 28,376 2,469 7,200 — 58,189 Balance as of March 31, 2016 $ 27,145 $ 41,222 $ 2,469 $ 13,749 $ — $ 84,585 (1) Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. (2) Using the applicable exchange rate on the date of acquisition for amounts denominated in currencies other than the U.S. dollar. |
Capital Stock Changes in Common
Capital Stock Changes in Common Stock (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Years Ended March 31, 2016 2015 2014 COMMON STOCK Beginning balance 111,469 117,173 125,341 Shares issued for: Stock option exercises 338 718 781 Deferred compensation employee stock trust 12 44 50 Stock-based compensation 142 938 1,233 Shares repurchased and retired (4,537 ) (6,931 ) (9,677 ) Employee tax withholding by settlement of net share transactions (412 ) (473 ) (555 ) Ending balance 107,012 111,469 117,173 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Years Ended March 31, 2016 2015 2014 Stock options $ 9,403 $ 11,584 $ 13,530 Restricted stock and restricted stock units 52,670 45,975 48,263 Employee stock purchase plan 729 673 315 Affiliate management equity plans 26,184 5,206 2,270 Non-employee director awards 1,150 1,550 1,950 Performance share units 2,766 1,056 — Employee stock trust 25 201 160 Total stock-based compensation expense $ 92,927 $ 66,245 $ 66,488 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Exercise Option Shares Weighted-Average Weighted-Average $ 14.81 - $ 25.00 567 $ 23.68 4.10 25.01 - 35.00 1,706 31.88 3.39 35.01 - 55.18 2,233 47.28 6.27 4,506 Exercise Option Shares Weighted-Average $ 14.81 - $ 25.00 391 $ 23.67 25.01 - 35.00 1,702 31.88 35.01 - 55.18 451 40.94 2,544 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted-Average Shares unvested at March 31, 2015 2,230 $ 11.73 Granted 876 11.26 Vested (1,074 ) 11.82 Canceled/forfeited (70 ) 11.62 Shares unvested at March 31, 2016 1,962 $ 11.48 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Number of Shares Weighted-Average Exercise Price Per Share Options outstanding at March 31, 2013 5,361 $ 53.13 Granted 1,215 33.64 Exercised (804 ) 30.52 Canceled/forfeited (971 ) 97.49 Options outstanding at March 31, 2014 4,801 43.02 Granted 918 47.65 Exercised (694 ) 30.75 Canceled/forfeited (593 ) 90.31 Options outstanding at March 31, 2015 4,432 39.58 Granted 876 54.51 Exercised (349 ) 28.35 Canceled/forfeited (453 ) 88.06 Options outstanding at March 31, 2016 4,506 $ 38.48 |
Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Assumptions used to determine the weighted-average fair value of option grants | Years Ended March 31, 2016 2015 2014 Expected dividend yield 1.18 % 1.04 % 1.54 % Risk-free interest rate 1.44 % 1.51 % 0.80 % Expected volatility 24.37 % 29.53 % 45.08 % Expected life (in years) 4.97 4.94 4.93 |
Chief Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Assumptions used to determine the weighted-average fair value of option grants | Expected dividend yield 1.48 % Risk-free interest rate 0.86 % Expected volatility 44.05 % |
Key Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Assumptions used to determine the weighted-average fair value of option grants | 2016 2015 Expected dividend yield 1.46 % 1.33 % Risk-free interest rate 0.86 % 0.75 % Expected volatility 22.63 % 30.81 % |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted stock and restricted stock unit transactions | Number of Shares Weighted-Average Grant Date Value Unvested shares at March 31, 2013 3,738 $ 27.99 Granted 1,369 35.66 Vested (1,622 ) 28.66 Canceled/forfeited (151 ) 29.04 Unvested shares at March 31, 2014 3,334 30.77 Granted 1,236 48.03 Vested (1,330 ) 30.92 Canceled/forfeited (190 ) 35.95 Unvested shares at March 31, 2015 3,050 37.38 Granted 1,332 48.95 Vested (1,261 ) 34.91 Canceled/forfeited (63 ) 42.09 Unvested shares at March 31, 2016 3,058 $ 43.34 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended March 31, 2016 2015 2014 Basic weighted-average shares outstanding for EPS 107,406 112,019 121,941 Potential common shares: Dilutive employee stock options — 1,227 442 Diluted weighted-average shares outstanding for EPS 107,406 113,246 122,383 Net Income (Loss) Attributable to Legg Mason, Inc. $ (25,032 ) $ 237,080 $ 284,784 Less: Earnings (distributed and undistributed) allocated to participating securities 2,288 6,340 — Net Income (Loss) (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities) $ (27,320 ) $ 230,740 $ 284,784 Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders Basic $ (0.25 ) $ 2.06 $ 2.34 Diluted $ (0.25 ) $ 2.04 $ 2.33 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income Accumulated Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2016 2015 Foreign currency translation adjustment $ (59,672 ) $ (51,147 ) Net actuarial losses on defined benefit pension plan (6,821 ) (9,595 ) Total Accumulated other comprehensive loss $ (66,493 ) $ (60,742 ) |
Noncontrolling Interests Rollfo
Noncontrolling Interests Rollforward (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Net Income (Loss) Attributable to Noncontrolling Interests [Table Text Block] | Years Ended March 31, 2016 2015 2014 Net income (loss) attributable to redeemable noncontrolling interests $ (8,680 ) $ 5,629 $ 1,881 Net income attributable to nonredeemable noncontrolling interests 802 — — Net income reclassified to appropriated retained earnings for consolidated investment vehicle — — (4,829 ) Total $ (7,878 ) $ 5,629 $ (2,948 ) |
Redeemable Noncontrolling Interest [Table Text Block] | Redeemable noncontrolling interests Consolidated investment vehicles (1) and other Affiliate Noncontrolling Interests (2) Management equity plans Total Nonredeemable noncontrolling interests (3) Value as of March 31, 2013 $ 19,754 $ 1,255 $ — $ 21,009 $ — Net income attributable to noncontrolling interests 1,540 341 — 1,881 — Net subscriptions (redemptions) 20,678 (240 ) — 20,438 — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 1,816 1,816 — Value as of March 31, 2014 41,972 1,356 1,816 45,144 — Net income attributable to noncontrolling interests 5,061 568 — 5,629 — Net subscriptions (redemptions) (10,484 ) 25 — (10,459 ) — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 5,206 5,206 — Value as of March 31, 2015 36,549 1,949 7,022 45,520 — Net income (loss) attributable to noncontrolling interests (11,052 ) 2,372 — (8,680 ) 802 Net subscriptions (redemptions) 68,639 (1,981 ) — 66,658 — Grants/settlements of affiliate management equity plan interests — — (345 ) (345 ) 21,400 Business acquisition — 62,722 — 62,722 — Foreign exchange — 3,860 — 3,860 — Vesting/change in estimated redemption value of affiliate management equity plan interests — — 6,050 6,050 — Value as of March 31, 2016 $ 94,136 $ 68,922 $ 12,727 $ 175,785 $ 22,202 (1) Principally related to VIE and seeded investment products. (2) Principally related to RARE Infrastructure. (3) Related to Royce. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | Gross amounts not offset in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amount of derivative assets presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2016 Derivative instruments designated as hedging instruments (See Note 6) Interest rate swap $ — $ — $ — $ 7,599 $ — $ 7,599 Derivative instruments not designated as hedging instruments Currency forward contracts 1,933 (963 ) 970 — — 970 Futures contracts relating to seed capital investments — — — 81 1,840 1,921 Total derivative instruments not designated as hedging instruments 1,933 (963 ) 970 81 1,840 2,891 Total derivative instruments $ 1,933 $ (963 ) $ 970 $ 7,680 $ 1,840 $ 10,490 Gross amounts not offset in the Balance Sheet Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amount of derivative assets presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2015 Derivative instruments designated as hedging instruments (See Note 6) Interest rate swap $ — $ — $ — $ 5,462 $ — $ 5,462 Derivative instruments not designated as hedging instruments Currency forward contracts 781 (259 ) 522 — — 522 Futures and forward contracts relating to seed capital investments 75 (17 ) 58 — — 58 Total derivative instruments not designated as hedging instruments 856 (276 ) 580 — — 580 Total derivative instruments $ 856 $ (276 ) $ 580 $ 5,462 $ — $ 6,042 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Gross amounts not offset in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amount of derivative liabilities presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2015 Derivative instruments not designated as hedging instruments Currency forward contracts $ (8,623 ) $ 2,327 $ (6,296 ) $ — $ — $ (6,296 ) Futures and forward contracts relating to seed capital investments — — — (2,369 ) 8,343 5,974 Total derivative instruments not designated as hedging instruments $ (8,623 ) $ 2,327 $ (6,296 ) $ (2,369 ) $ 8,343 $ (322 ) Gross amounts not offset in the Balance Sheet Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amount of derivative liabilities presented in the Balance Sheet Financial instruments Cash collateral Net amount as of March 31, 2016 Derivative instruments not designated as hedging instruments Currency forward contracts $ (16,364 ) $ 280 $ (16,084 ) $ — $ — $ (16,084 ) Futures contracts relating to seed capital investments — — — (1,995 ) 5,920 3,925 Total derivative instruments not designated as hedging instruments $ (16,364 ) $ 280 $ (16,084 ) $ (1,995 ) $ 5,920 $ (12,159 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Years Ended March 31, 2016 2015 2014 Income Statement Classification Gains Losses Gains Losses Gains Losses Derivatives not designated as hedging instruments Currency forward contracts for: Operating activities Other expense $ 7,887 $ (19,547 ) $ 5,150 $ (16,518 ) $ 7,098 $ (2,617 ) Seed capital investments Other non-operating income (expense) 547 (1,611 ) 2,491 (259 ) 56 (1,719 ) Other non-operating activities (1) Other non-operating income (expense) — (4,493 ) — — — — Futures and forward contracts relating to seed capital investments Other non-operating income (expense) 11,270 (9,206 ) 10,801 (15,413 ) 2,471 (19,403 ) Total gain (loss) from derivatives not designated as hedging instruments 19,704 (34,857 ) 18,442 (32,190 ) 9,625 (23,739 ) Derivatives designated as hedging instruments (See Note 6) Interest rate swap Interest expense 5,710 — 5,462 — — — Reverse treasury rate lock Other non-operating income (expense) — — 638 — — — Total $ 25,414 $ (34,857 ) $ 24,542 $ (32,190 ) $ 9,625 $ (23,739 ) (1) Relates to a currency forward executed in August 2015 and closed in October 2015 in connection with the October 2015 acquisition of RARE Infrastructure. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 2015 2014 OPERATING REVENUES United States $ 1,868,076 $ 1,977,975 $ 1,874,328 United Kingdom 338,552 398,729 436,542 Other International 454,216 442,402 430,887 Total $ 2,660,844 $ 2,819,106 $ 2,741,757 INTANGIBLE ASSETS, NET AND GOODWILL United States $ 3,134,267 $ 3,135,226 $ 3,127,654 United Kingdom 820,730 1,062,332 879,946 Other International 671,004 455,286 404,696 Total $ 4,626,001 $ 4,652,844 $ 4,412,296 |
Variable Interest Entities an42
Variable Interest Entities and Consolidation of Investment Vehicles (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Line Items] | |
Condensed Balance Sheet [Table Text Block] | March 31, 2016 March 31, 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 Current Assets $ 2,288,080 $ 110,715 $ (13,667 ) $ 2,385,128 $ 1,879,941 $ 56,929 $ (15,583 ) $ 1,921,287 Non-current assets 5,135,318 — — 5,135,318 5,143,547 — — 5,143,547 Total Assets $ 7,423,398 $ 110,715 $ (13,667 ) $ 7,520,446 $ 7,023,488 $ 56,929 $ (15,583 ) $ 7,064,834 Current Liabilities $ 837,031 $ 4,548 $ (26 ) $ 841,553 $ 808,640 $ 6,436 $ (30 ) $ 815,046 Non-current liabilities 2,267,343 — — 2,267,343 1,719,367 — — 1,719,367 Total Liabilities 3,104,374 4,548 (26 ) 3,108,896 2,528,007 6,436 (30 ) 2,534,413 Redeemable Non-controlling interests 81,649 94,027 109 175,785 8,971 29,397 7,152 45,520 Total Stockholders’ Equity 4,237,375 12,140 (13,750 ) 4,235,765 4,486,510 21,096 (22,705 ) 4,484,901 Total Liabilities and Equity $ 7,423,398 $ 110,715 $ (13,667 ) $ 7,520,446 $ 7,023,488 $ 56,929 $ (15,583 ) $ 7,064,834 (1) Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Condensed Income Statement [Table Text Block] | 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 Other Non-Operating Income (Expense) (65,458 ) (12,757 ) 2,166 (76,049 ) Income (Loss) Before Income Tax Provision (Benefit) (14,166 ) (13,223 ) 2,171 (25,218 ) Income tax provision (benefit) 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 vehicles 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 Other 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 (Loss) Attributable to Legg Mason, Inc. $ 237,080 $ 4,977 $ (4,977 ) $ 237,080 Year Ended March 31, 2014 Balance Before Consolidation of CIVs CIVs Eliminations Consolidated Totals Total Operating Revenues $ 2,743,707 $ — $ (1,950 ) $ 2,741,757 Total Operating Expenses 2,310,444 2,376 (1,956 ) 2,310,864 Operating Income (Loss) 433,263 (2,376 ) 6 430,893 Total Other Non-Operating Income (Expense) (10,333 ) 2,445 (3,364 ) (11,252 ) Income Before Income Tax Provision (Benefit) 422,930 69 (3,358 ) 419,641 Income tax provision 137,805 — — 137,805 Net Income (Loss) 285,125 69 (3,358 ) 281,836 Less: Net income (loss) attributable to noncontrolling interests 341 — (3,289 ) (2,948 ) Net Income (Loss) Attributable to Legg Mason, Inc. $ 284,784 $ 69 $ (69 ) $ 284,784 |
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 March 31, 2016 Assets: Trading investments: Hedge funds $ 922 $ 7,138 $ 10,084 $ 18,144 Proprietary funds 22,327 8,244 — 30,571 Total trading investments $ 23,249 $ 15,382 $ 10,084 $ 48,715 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 March 31, 2015 Purchases Sales Settlements / Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2016 Assets: Hedge funds $ 14,093 $ 251 $ (1,455 ) $ (825 ) $ (526 ) $ (1,454 ) $ 10,084 Value as of March 31, 2014 Purchases Sales Settlements / Other Transfers Realized and unrealized gains/(losses), net Value as of March 31, 2015 Assets: Hedge funds $ 17,888 $ 2,580 $ (5,761 ) $ — $ 78 $ (692 ) $ 14,093 Private equity funds 31,810 4,727 (3,124 ) (34,042 ) — 629 — $ 49,698 $ 7,307 $ (8,885 ) $ (34,042 ) $ 78 $ (63 ) $ 14,093 Liabilities: CLO debt $ (79,179 ) $ — $ — $ 79,179 $ — $ — $ — Total realized and unrealized gains, net $ (63 ) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Fair Value Determined Using NAV As of March 31, 2016 Category of Investment Investment Strategy March 31, 2016 March 31, 2015 Unfunded Commitments Remaining Term Hedge funds Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge $ 18,144 (1) $ 19,613 n/a n/a n/a - not applicable (1) Redemption restrictions: 5% daily redemption; 13% monthly redemption; 10% quarterly redemption; and 72% 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, 2016 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 $ — $ 288 $ — $ 1,146 Real Estate Investment Trust 9,540 14,595 13,026 18,096 Other sponsored investment funds 22,551 27,852 21,983 34,463 Total $ 32,091 $ 42,735 $ 35,009 $ 53,705 (1) Includes $32,091 and $27,463 related to investments in proprietary funds products as of March 31, 2016 and 2015, respectively. (2) Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. |
Significant Accounting Polici43
Significant Accounting Policies Consolidation (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014 | |
Variable Interest Entity | |||
Variable Interest Entity, Number of Collateralized Securites Vehicles | 0 | 0 | 0 |
Investment in Proprietary Fund Products, Initial Investment | 100.00% | ||
Employee Owned Funds | 14 | 17 | 17 |
Variable Interest Entity, Primary Beneficiary, Number of Collateralized Securites Vehicles | 2 | 2 | 2 |
Number of Sponsored Investment Fund Vie | 1 | 1 | 1 |
Variable Interest Entity Controlling Financial Interest Number of Sponsored Investment Fund Vres | 0 | 0 | 1 |
Consolidated Investment Vehicles [Member] | |||
Variable Interest Entity | |||
Investments | $ 13,641 | $ 15,553 |
Significant Accounting Polici44
Significant Accounting Policies Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Fair Value | $ (1,773,852) | $ (1,166,697) |
Partnership Interest [Member] | Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 3.00% | |
Proprietary Funds [Member] | Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Proprietary Funds [Member] | Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Significant Accounting Polici45
Significant Accounting Policies Debt (Details) $ in Thousands | Mar. 31, 2015USD ($) |
Other Noncurrent Assets [Member] | |
Debt Instrument [Line Items] | |
Unamortized Debt Issuance Expense | $ 8,395 |
Other Current Assets [Member] | |
Debt Instrument [Line Items] | |
Unamortized Debt Issuance Expense | $ 748 |
Significant Accounting Polici46
Significant Accounting Policies Deferred Sales Commissions (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accounting Policies [Abstract] | ||
Deferred Sales Commission | $ 6,713 | $ 10,422 |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocations Summary (Details) £ in Thousands, AUD in Thousands, $ in Thousands | 3 Months Ended | |||||||||||||||
Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Dec. 31, 2014GBP (£) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Oct. 21, 2015USD ($) | Mar. 31, 2015USD ($) | Oct. 01, 2014USD ($) | May. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Mar. 13, 2013USD ($) | ||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 84,585 | $ 110,784 | $ 29,553 | |||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 62,722 | |||||||||||||||
RARE Infrastructure, Ltd [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | AUD 296,000 | $ 213,739 | [1] | |||||||||||||
Business Combination, Contingent Consideration, Liability | 27,145 | $ 25,000 | [1] | 0 | ||||||||||||
Business Combination, Consideration Transferred | [1] | $ 238,739 | ||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | [1] | 62,722 | ||||||||||||||
Business Combination, Total Entity Value | [1] | 301,461 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | [1] | 9,667 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [1] | 0 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [1] | 6,612 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 67,877 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | [1] | 673 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | [1] | (10,605) | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | [1] | (3,948) | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | [1] | 0 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | [1] | (58,619) | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | [1] | 139,178 | ||||||||||||||
Goodwill | [1] | 162,283 | ||||||||||||||
Martin Currie [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | £ 125,000 | $ 202,577 | ||||||||||||||
Business Combination, Contingent Consideration, Liability | 41,222 | 70,114 | $ 75,211 | 0 | ||||||||||||
Business Combination, Consideration Transferred | $ 277,788 | |||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | |||||||||||||||
Business Combination, Total Entity Value | 277,788 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 29,389 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,234 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 784 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (4,388) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (32,433) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (31,537) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 119,500 | |||||||||||||||
Goodwill | 158,288 | |||||||||||||||
QS Investors [Domain] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 11,000 | |||||||||||||||
Business Combination, Contingent Consideration, Liability | 13,749 | 13,553 | $ 13,370 | 0 | ||||||||||||
Business Combination, Consideration Transferred | $ 24,370 | |||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | |||||||||||||||
Business Combination, Total Entity Value | 24,370 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 441 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 3,281 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,699 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,060 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 599 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (6,620) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,460 | |||||||||||||||
Goodwill | 16,910 | |||||||||||||||
Fauchier [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 63,433 | |||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 27,117 | $ 29,553 | $ 21,566 | ||||||||||||
Business Combination, Consideration Transferred | $ 84,999 | |||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | |||||||||||||||
Business Combination, Total Entity Value | 84,999 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 8,156 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 12,174 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,865 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (16,667) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (15,638) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 56,016 | |||||||||||||||
Goodwill | 28,983 | |||||||||||||||
Trade Names | RARE Infrastructure, Ltd [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | [1] | 4,766 | ||||||||||||||
Trade Names | Martin Currie [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 7,130 | |||||||||||||||
Trade Names | QS Investors [Domain] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||
Trade Names | Fauchier [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||
Other Fund Management Contracts [Member] | RARE Infrastructure, Ltd [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | [1] | $ 122,755 | ||||||||||||||
Other Fund Management Contracts [Member] | Martin Currie [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 135,321 | |||||||||||||||
Other Fund Management Contracts [Member] | QS Investors [Domain] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 0 | |||||||||||||||
Other Fund Management Contracts [Member] | Fauchier [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 65,126 | |||||||||||||||
[1] | (1)Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. |
Acquisitions RARE Acquisition (
Acquisitions RARE Acquisition (Details) AUD in Thousands, $ in Thousands | 3 Months Ended | ||||||||
Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | [2] | Mar. 31, 2016AUD | Mar. 31, 2016USD ($) | Oct. 21, 2015USD ($) | Sep. 30, 2015USD ($) | |||
Business Acquisition [Line Items] | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 40,000 | $ 40,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 609,608 | |||||||
RARE Infrastructure, Ltd [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Assets Under Management | $ 6,800,000 | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||||||||
Payments to Acquire Businesses, Gross | AUD 296,000 | $ 213,739 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | AUD 106,000 | $ 81,320 | [1] | ||||||
RARE Management Team [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | ||||||||
Outside Investors | |||||||||
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | ||||||||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. | ||||||||
[2] | (1)Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. |
Acquisitions RARE Acquisition -
Acquisitions RARE Acquisition - Fair Value Assumptions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 21, 2015 | |||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability | $ 84,585 | $ 110,784 | $ 29,553 | |||||
Business Combination, Contingent Consideration, Liability, Current | 26,396 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 27,457 | 88,581 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375) | 0 | 5,000 | |||||
Revenues | 2,660,844 | 2,819,106 | $ 2,741,757 | |||||
RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability | 27,145 | 0 | $ 25,000 | [1] | ||||
Business Combination, Contingent Consideration, Liability, Current | 7,001 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | [2] | $ 25,000 | ||||||
Fund management contracts [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||||||
Fair Value, Inputs, Level 3 [Member] | Asset Management Contracts | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 16.50% | |||||||
Fair Value Inputs, Long-term AUM Growth Rate | 7.00% | |||||||
Fair Value Inputs, Attrition Rate | (8.00%) | |||||||
Fair Value, Inputs, Level 3 [Member] | Trade Names | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 10.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 7.00% | |||||||
Fair Value Inputs, Discount Rate | 16.50% | |||||||
Fair Value, Inputs, Level 3 [Member] | Fund management contracts [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 10.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 7.00% | |||||||
Fair Value Inputs, Discount Rate | 16.50% | |||||||
Performance Fees [Member] | Fair Value, Inputs, Level 3 [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 7.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 3.00% | |||||||
Earn-out Payments [Member] | Fair Value, Inputs, Level 3 [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 1.90% | |||||||
Assets Under Management [Member] | Fair Value, Inputs, Level 3 [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 14.00% | |||||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 7.00% | |||||||
Fair Value Inputs, Discount Rate | 6.50% | |||||||
Fair Value Assumptions, Weighted Average Volatility Rate | 20.00% | |||||||
Other changes in Fair Value [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,484 | $ (7,350) | ||||||
Other changes in Fair Value [Member] | RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,145 | |||||||
RARE Infrastructure, Ltd [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Revenues | $ 18,420 | |||||||
[1] | (1)Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. | |||||||
[2] | Using the applicable exchange rate on the date of acquisition for amounts denominated in currencies other than the U.S. dollar. |
Acquisitions Martin Currie Acqu
Acquisitions Martin Currie Acquisition (Details) £ in Thousands, $ in Thousands | 3 Months Ended | ||||||||
Dec. 31, 2014GBP (£) | Dec. 31, 2014USD ($) | Mar. 31, 2016GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Oct. 01, 2014USD ($) | Mar. 31, 2014USD ($) | |||
Business Acquisition [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 26,396 | ||||||||
Business Combination, Contingent Consideration, Liability | 84,585 | $ 110,784 | $ 29,553 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 609,608 | |||||||
Martin Currie [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | 12,846 | ||||||||
Business Combination, Contingent Consideration, Liability | 41,222 | $ 70,114 | $ 75,211 | $ 0 | |||||
Payments to Acquire Businesses, Gross | £ 125,000 | $ 202,577 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | £ 325,000 | $ 467,076 | [1] | ||||||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. |
Acquisitions Martin Currie Ac51
Acquisitions Martin Currie Acquisition - Fair Value Assumptions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 01, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 84,585 | $ 110,784 | $ 29,553 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 58,189 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 33,375 | 0 | (5,000) | ||
Revenues | 2,660,844 | 2,819,106 | 2,741,757 | ||
Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | 41,222 | 70,114 | $ 0 | $ 75,211 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 28,376 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (28,892) | ||||
Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Revenues | 32,293 | ||||
Fund management contracts [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
Fund management contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 25.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 11.00% | ||||
Fair Value Inputs, Discount Rate | 15.00% | ||||
Asset Management Contracts | Fair Value, Inputs, Level 3 [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Discount Rate | 15.00% | ||||
Fair Value Inputs, Long-term AUM Growth Rate | 6.00% | ||||
Fair Value Inputs, Attrition Rate | (17.00%) | ||||
Assets Under Management [Member] | Fair Value, Inputs, Level 3 [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 28.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 14.00% | ||||
Fair Value Inputs, Discount Rate | 13.00% | ||||
Fair Value Assumptions, Weighted Average Volatility Rate | 18.80% | ||||
Performance Fees [Member] | Fair Value, Inputs, Level 3 [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, High End of Range | 30.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 15.00% | ||||
Fair Value Inputs, Discount Rate | 15.00% | ||||
Earn-out Payments [Member] | Fair Value, Inputs, Level 3 [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Discount Rate | 1.30% | ||||
Change in Input Assumptions [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 33,375 | ||||
Change in Input Assumptions [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 28,361 | ||||
Other changes in Fair Value [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,484) | 7,350 | |||
Other changes in Fair Value [Member] | Martin Currie [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 531 | $ 5,097 |
Acquisitions Martin Currie (Pen
Acquisitions Martin Currie (Pension Details) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation | $ (98,110) | $ (90,010) | $ (98,110) | $ (91,750) | |
Defined Benefit Plan, Interest Cost | 1,730 | 3,268 | 1,730 | ||
Defined Benefit Plan, Actuarial Gain (Loss) | 14,461 | (6,922) | |||
Defined Benefit Plan, Benefits Paid | (762) | (1,524) | |||
Defined Benefit Plan, Curtailments | 789 | 0 | (789) | ||
Defined Benefit Plan, Other Changes | (8,280) | (2,922) | |||
Defined Benefit Plan, Fair Value of Plan Assets | 59,404 | 57,253 | 59,404 | $ 59,317 | |
Defined Benefit Plan, Actual Return on Plan Assets | 6,028 | (984) | |||
Defined Benefit Plan, Contributions by Employer | 1 | 2,262 | |||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (5,180) | (1,905) | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 92 | (815) | |||
Defined Benefit Plan, Expected Return on Plan Assets | (3,176) | (1,756) | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 1,195 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,281 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,559 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,537 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,884 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 14,789 | ||||
Martin Currie [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Funded Status of Plan | (38,706) | $ (32,757) | $ (38,706) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.20% | 6.30% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 3.30% | |||
Defined Benefit Plan, Benefit Obligation | (98,110) | $ (90,010) | $ (98,110) | ||
Defined Benefit Plan, Fair Value of Plan Assets | 59,404 | 57,253 | 59,404 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | (92) | 815 | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (9,595) | $ (6,821) | $ (9,595) | ||
Fair Value, Inputs, Level 2 [Member] | Bonds [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 40.00% | 42.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ||||
Fair Value, Inputs, Level 1 [Member] | Equity [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 58.00% | 60.00% | 58.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 55.00% | ||||
Scenario, Forecast [Member] | Martin Currie [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Pension Contributions | $ 2,156 |
Acquisitions Martin Currie - Ot
Acquisitions Martin Currie - Other Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2016 | ||
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | $ 609,608 | |
PK Investments [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 4,981 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | $ 2,469 | |
Goodwill | 827 | ||
Other Fund Management Contracts [Member] | PK Investments [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 6,619 | ||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. |
Acquisitions QS Investors Acqui
Acquisitions QS Investors Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Business Acquisition [Line Items] | |||||
Revenues | $ 2,660,844 | $ 2,819,106 | $ 2,741,757 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 609,608 | |||
QS Investors [Domain] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 11,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 30,000 | ||||
Contingent payment due on second anniversary of acquisition | QS Investors [Domain] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000 | ||||
Contingent Payment due on fourth anniversary of acquisition | QS Investors [Domain] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 20,000 | ||||
QS Investors [Domain] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 12,340 | ||||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. |
Acquisitions QS Investors Acq55
Acquisitions QS Investors Acquisition - Fair Value Assumptions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | May. 30, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 84,585 | $ 110,784 | $ 29,553 | ||
Business Combination, Contingent Consideration, Liability, Current | 26,396 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375) | 0 | 5,000 | ||
Revenues | 2,660,844 | 2,819,106 | 2,741,757 | ||
QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Revenues | 12,340 | ||||
QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | 13,749 | 13,553 | $ 0 | $ 13,370 | |
Business Combination, Contingent Consideration, Liability, Current | 6,549 | ||||
Fund management contracts [Member] | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||
Fair Value, Inputs, Level 3 [Member] | Fund management contracts [Member] | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Attrition Rate | (10.00%) | ||||
Fair Value Inputs, Discount Rate | 15.00% | ||||
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | QS Investors [Domain] | Contingent payment due on second anniversary of acquisition | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Discount Rate | 1.20% | ||||
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | QS Investors [Domain] | Contingent Payment due on fourth anniversary of acquisition | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Discount Rate | 2.10% | ||||
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | 0.00% | ||||
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | 10.00% | ||||
Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | 6.00% | ||||
Other changes in Fair Value [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,484 | (7,350) | |||
Other changes in Fair Value [Member] | QS Investors [Domain] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 196 | $ 183 |
Acquisitions QS Investors Acq56
Acquisitions QS Investors Acquisition - Restructuring (Details) - QS Investors [Domain] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 27 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2013 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | [1] | $ 286 | $ 3,229 | $ 3,515 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 38,404 | 38,404 | 38,404 | |||||
Restructuring Reserve, Accrual Adjustment | 2,272 | 32,617 | ||||||
Payments for Restructuring | (2,548) | (28,598) | ||||||
Restructuring Reserve | 2,272 | 3,743 | 6,291 | $ 2,272 | 3,743 | $ 0 | ||
Restructuring and Related Cost, Incurred Cost | 35,846 | 2,558 | ||||||
Commitments Related to Vacated Space that Remains Vacant [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Valuation Allowances and Reserves, Balance | 6,760 | |||||||
Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | [1] | 0 | 1,659 | 1,659 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 26,717 | 26,717 | ||||||
Restructuring Reserve, Accrual Adjustment | 2,161 | 22,897 | ||||||
Payments for Restructuring | (400) | (24,658) | ||||||
Restructuring Reserve | 2,161 | 0 | 400 | 2,161 | 0 | 0 | ||
Other Restructuring [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | [1] | 286 | 1,570 | 1,856 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 11,687 | 11,687 | ||||||
Restructuring Reserve, Accrual Adjustment | 111 | 9,720 | [2] | |||||
Payments for Restructuring | (2,148) | (3,940) | ||||||
Restructuring Reserve | $ 111 | $ 3,743 | $ 5,891 | $ 111 | $ 3,743 | $ 0 | ||
[1] | Includes stock-based compensation expense and accelerated fixed asset depreciation. | |||||||
[2] | Includes lease loss reserve of $6,760 for space permanently abandoned. |
Acquisitions Fauchier Acquisiti
Acquisitions Fauchier Acquisition (Details) £ in Thousands, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2013USD ($) | Mar. 31, 2016GBP (£) | Mar. 31, 2016USD ($) | May. 05, 2015GBP (£) | May. 05, 2015USD ($) | |||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | $ 22,765 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 609,608 | |||||
Fauchier [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 63,433 | ||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | £ (15,000) | $ (22,765) | |||||
Fauchier [Member] | Contingent Payment due on fourth anniversary of acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | £ 20,000 | $ 28,743 | [1] | ||||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. |
Acquisitions Fauchier Acquisi58
Acquisitions Fauchier Acquisition - Fair Value Assumptions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 13, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 33,375 | $ 0 | $ (5,000) | ||
Business Combination, Contingent Consideration, Liability | 84,585 | 110,784 | 29,553 | ||
Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (27,117) | ||||
Business Combination, Contingent Consideration, Liability | 0 | $ 27,117 | $ 29,553 | $ 21,566 | |
Asset Management Contracts | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | ||||
Asset Management Contracts | Fair Value, Inputs, Level 3 [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Long-term AUM Growth Rate | (35.00%) | ||||
Fair Value Inputs, Attrition Rate | 11.00% | ||||
Fair Value Input, Projected Cash Flow Growth Rate, Average | 6.00% | ||||
Fair Value Inputs, Discount Rate | 16.00% | ||||
Contingent Consideration Liability | Fair Value, Inputs, Level 3 [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | 2.00% | ||||
Minimum [Member] | Contingent Consideration Liability | Fair Value, Inputs, Level 3 [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | (16.00%) | ||||
Maximum [Member] | Contingent Consideration Liability | Fair Value, Inputs, Level 3 [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||||
Weighted Average [Member] | Contingent Consideration Liability | Fair Value, Inputs, Level 3 [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | (5.00%) | ||||
Change in Input Assumptions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 33,375 | ||||
Change in Input Assumptions [Member] | Fauchier [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 5,014 |
Acquisitions Precidian Acquisit
Acquisitions Precidian Acquisition (Details) - Precidian Investments [Member] | Jan. 22, 2016 |
Business Acquisition [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% |
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% |
Acquisitions Entrust Acquisitio
Acquisitions Entrust Acquisition Restructuring (Details) - EnTrustPermal [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 17,527 | $ 17,527 | $ 0 | |||
Restructuring Charges | 43,296 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 43,296 | 43,296 | ||||
Restructuring Reserve, Settled without Cash | [1] | 1,734 | ||||
Restructuring Reserve, Accrual Adjustment | 41,562 | |||||
Payments for Restructuring | (24,035) | |||||
Commitments Related to Vacated Space that Remains Vacant [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Valuation Allowances and Reserves, Balance | 7,212 | 7,212 | ||||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 9,643 | 9,643 | 0 | |||
Restructuring and Related Cost, Cost Incurred to Date | 32,172 | 32,172 | ||||
Restructuring Reserve, Settled without Cash | [1] | 591 | ||||
Restructuring Reserve, Accrual Adjustment | 31,581 | |||||
Payments for Restructuring | (21,938) | |||||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 7,884 | 7,884 | $ 0 | |||
Restructuring and Related Cost, Cost Incurred to Date | 11,124 | $ 11,124 | ||||
Restructuring Reserve, Settled without Cash | [1] | 1,143 | ||||
Restructuring Reserve, Accrual Adjustment | [2] | 9,981 | ||||
Payments for Restructuring | $ (2,097) | |||||
Scenario, Forecast [Member] | Subsequent Event [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 100,000 | |||||
Scenario, Forecast [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 40,000 | |||||
Scenario, Forecast [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 50,000 | |||||
[1] | Includes stock-based compensation expense and accelerated fixed asset depreciation. | |||||
[2] | Includes lease loss reserve of $7,212 for space permanently abandoned. |
Acquisitions Clarion Partners A
Acquisitions Clarion Partners Acquisition (Details) $ in Thousands | Apr. 30, 2016USD ($) |
Subsequent Event [Member] | Clarion Partners [Member] | |
Business Acquisition [Line Items] | |
Assets Under Management | $ 41,500,000 |
Acquisitions LMIC Disposition (
Acquisitions LMIC Disposition (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2014USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 47,000 |
Fair Values of Assets and Lia63
Fair Values of Assets and Liabilities by Level (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proprietary Fund Products Equity Securities | 68.00% | 63.00% | ||
Proprietary Fund Products Debt Securities | 32.00% | 37.00% | ||
Trading Securities | $ 54,392 | |||
Business Combination, Contingent Consideration, Liability | (84,585) | $ (110,784) | $ (29,553) | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | 1,057,916 | 353,265 | ||
Time Deposits, at Carrying Value | 35,265 | 47,035 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,093,181 | 400,300 | ||
Short-term Investments | 515,335 | 454,735 | ||
Cost Method Investments | 8,013 | 14,511 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 8,650 | 6,042 | |
Other Investments | 83 | 77 | ||
Assets, Fair Value Disclosure | 1,662,554 | 924,009 | ||
Business Combination, Contingent Consideration, Liability | (84,585) | (110,784) | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | (18,079) | (8,665) | |
Liabilities, Fair Value Disclosure, Recurring | (102,664) | (119,449) | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | 1,057,916 | 353,265 | ||
Time Deposits, at Carrying Value | 0 | 0 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,057,916 | 353,265 | ||
Short-term Investments | 378,028 | 352,324 | ||
Cost Method Investments | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 1,051 | 580 | |
Other Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 1,436,995 | 706,169 | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | (18,079) | (8,665) | |
Liabilities, Fair Value Disclosure, Recurring | (18,079) | (8,665) | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Time Deposits, at Carrying Value | 35,265 | 47,035 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 35,265 | 47,035 | ||
Short-term Investments | 137,195 | 102,225 | ||
Cost Method Investments | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 7,599 | 5,462 | |
Other Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 180,059 | 154,722 | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 0 | |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Time Deposits, at Carrying Value | 0 | 0 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Short-term Investments | 112 | 186 | ||
Cost Method Investments | 8,013 | 14,511 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 0 | |
Other Investments | 83 | 77 | ||
Assets, Fair Value Disclosure | 45,500 | 63,118 | ||
Business Combination, Contingent Consideration, Liability | (84,585) | (110,784) | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 0 | |
Liabilities, Fair Value Disclosure, Recurring | (84,585) | (110,784) | ||
Consolidated Investment Vehicles [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 48,715 | 48,000 | ||
Short-term Investments | 48,715 | 48,000 | ||
Investments | 13,641 | 15,553 | ||
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 23,249 | 29,495 | ||
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 15,382 | 4,412 | ||
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 10,084 | 14,093 | ||
Hedge Funds | Consolidated Investment Vehicles [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 18,144 | 19,613 | ||
Hedge Funds | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 922 | 1,108 | ||
Hedge Funds | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 7,138 | 4,412 | ||
Hedge Funds | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 10,084 | 14,093 | ||
Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 325,936 | 345,246 | ||
Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 205,608 | 259,840 | ||
Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 120,216 | 85,220 | ||
Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 112 | 186 | ||
Proprietary Funds [Member] | Consolidated Investment Vehicles [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 30,571 | 28,387 | ||
Proprietary Funds [Member] | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 22,327 | 28,387 | ||
Proprietary Funds [Member] | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 8,244 | 0 | ||
Proprietary Funds [Member] | Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Other Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 67,464 | 12,788 | ||
Other Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 65,112 | 9,807 | ||
Other Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 2,352 | 2,981 | ||
Other Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 106,564 | 80,529 | ||
Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 105,979 | 80,529 | ||
Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 585 | 0 | ||
Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Other Long-term Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 9,352 | 18,953 | ||
Other Long-term Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Long-term Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Long-term Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 9,352 | 18,953 | ||
Securities Investment [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | [2] | 8,904 | 7,444 | |
Securities Investment [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 1,329 | 2,148 | ||
Securities Investment [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 7,575 | 5,296 | ||
Securities Investment [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Securities Investment [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | [2] | 6,467 | 8,728 | |
Securities Investment [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | [2] | 0 | 0 | |
Securities Investment [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | [2] | 6,467 | 8,728 | |
Securities Investment [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | [2] | 0 | 0 | |
Other Noncurrent Assets [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 20,439 | 23,796 | ||
Other Noncurrent Assets [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Noncurrent Assets [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Noncurrent Assets [Member] | Proprietary Funds [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 20,439 | 23,796 | ||
Other Noncurrent Assets [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 7,501 | 5,595 | ||
Other Noncurrent Assets [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Noncurrent Assets [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Other Noncurrent Assets [Member] | Long Term Incentive Compensation Plans [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | $ 7,501 | $ 5,595 | ||
[1] | See Note 15. | |||
[2] | Legg Mason's equity method investments that are investment companies record underlying investments at fair value. Therefore, fair value is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee. |
Fair Values of Assets and Lia64
Fair Values of Assets and Liabilities Information Regarding Proprietary Fund Products (Details 2) - Proprietary Funds [Member] $ in Thousands | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Investments, Fair Value Disclosure | $ 368,920 | $ 392,039 |
Number of Proprietary Fund Products with Seed Capital Investment in Excess of One Million Dollars | 63 | 52 |
Minimum value of seed investment included in count of funds with corporate investment | $ 1,000 | |
Percentage of Investments In Proprietary Fund Products In Excess of Threshold | 90.00% |
Fair Values of Assets and Lia65
Fair Values of Assets and Liabilities Unrealized and Realized Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net Realized and Unrealized Gain (Loss) on Trading Securities | $ (27,654) | $ 10,545 | $ 22,963 |
Trading Securities, Unrealized Holding Gain | $ (35,111) | $ (10,858) | $ 26,618 |
Changes in Level 3 Assets and L
Changes in Level 3 Assets and Liabilities (Details 3) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 45,500 | $ 63,118 | $ 84,839 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,585 | 2,050 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (6,881) | (14,152) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (10,811) | (6,229) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (2,511) | (3,390) | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 24,182 | 2,439 | (5,210) |
Investment In Partnerships And Limited Liability Companies [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 8,013 | 14,511 | 21,586 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (27) | (24) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (5,647) | (5,108) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (824) | (1,943) | |
Other Investments [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 83 | 77 | 90 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 6 | (13) | |
Contingent Consideration Liability | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 84,585 | 110,784 | 29,553 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 27,457 | 88,581 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (22,765) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (30,891) | (7,350) | |
Long Term Incentive Compensation Plans [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,501 | 5,595 | 4,284 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,906 | 1,311 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 0 | 0 | |
Proprietary Funds [Member] | Trading Revenue [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 112 | 186 | 190 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1 | 2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (80) | (27) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 5 | 21 | |
Proprietary Funds [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 20,439 | 23,796 | 33,611 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 678 | 725 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (11,617) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,127) | 1,426 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (908) | (349) | |
Other Long-term Investments [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 9,352 | 18,953 | $ 25,078 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 12 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (6,774) | (2,484) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,037) | (2,547) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $ (790) | $ (1,106) |
Fair Values of Assets and Lia67
Fair Values of Assets and Liabilities Transfers Between Level 1 and Level 2 (Details) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 0 | $ 0 |
Fair Values of Assets and Lia68
Fair Values of Assets and Liabilities NAV Investments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Funds-Of-Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
PercentageDailyRedemption | 2.00% | |
Percentage of Monthly Redemption | 11.00% | |
Percentage of Quarterly Redemption | 87.00% | |
Other Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of Redemption, Investment Funds | 28.00% | |
Percentage of Investment of 20 Year Redemption | 72.00% | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investments, Fair Value Disclosure | $ 51,691 | $ 62,994 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 28,254 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Funds-Of-Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investments, Fair Value Disclosure | 19,139 | 23,787 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investments, Fair Value Disclosure | 11,403 | 14,515 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 20,000 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Private Equity Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investments, Fair Value Disclosure | 20,471 | 23,563 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 8,254 | |
Investments Remaining Term, High End of Range | 8 years | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Other Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investments, Fair Value Disclosure | $ 678 | $ 1,129 |
Investments Remaining Term, Category One | 1 year | |
Investments Remaining Term, Category Two | 16 years | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value, Percent of Total | 1.00% | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value, Percent of Total | 36.00% | 38.00% |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value, Percent of Total | 63.00% | 62.00% |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Fixed assets: | ||
Total cost | $ 643,457 | $ 626,058 |
Less: accumulated depreciation and amortization | (480,152) | (446,452) |
Fixed assets, net | 163,305 | 179,606 |
Equipment | ||
Fixed assets: | ||
Total cost | 150,259 | 152,893 |
Software | ||
Fixed assets: | ||
Total cost | 293,844 | 269,745 |
Leasehold improvements | ||
Fixed assets: | ||
Total cost | $ 199,354 | $ 203,420 |
Fixed Assets Depreciation and A
Fixed Assets Depreciation and Amortization Expense (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment | |||
Depreciation and amortization | $ 55,318 | $ 52,461 | $ 50,531 |
Accelerated Depreciation, Other | $ 4,147 | $ 1,265 | $ 2,542 |
Components Intangible Assets (D
Components Intangible Assets (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Cost | $ 259,513 | $ 188,312 | |||
Accumulated amortization | (171,169) | (166,583) | |||
Total | 88,344 | [1] | 21,729 | ||
Indefinite-life intangible assets | 3,058,141 | 3,291,605 | |||
U.S. Domestic Mutual Fund Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 2,106,351 | 2,106,351 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 48.00% | ||||
Permal/Fauchier Funds-Of-Hedge Fund Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 334,104 | 698,104 | |||
Other Fund Management Contracts [Member] | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 560,499 | [1] | 427,816 | ||
Trade Names | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 57,187 | [1] | 59,334 | ||
Consolidated Legg Mason, Inc. | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Intangible assets, net | 3,146,485 | 3,313,334 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 371,000 | 371,000 | $ 0 | $ 0 | |
Consolidated Legg Mason, Inc. | Permal/Fauchier Funds-Of-Hedge Fund Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 364,000 | ||||
Consolidated Legg Mason, Inc. | Trade Names | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 7,000 | ||||
RARE Infrastructure, Ltd [Member] | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Total | 69,610 | ||||
RARE Infrastructure, Ltd [Member] | Other Fund Management Contracts [Member] | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 130,419 | ||||
RARE Infrastructure, Ltd [Member] | Trade Names | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | $ 5,063 | ||||
[1] | As of March 31, 2016, Amortizable intangible asset management contracts, net, Other fund management contracts, and Trade names include $69,610, $130,419, and $5,063, respectively, related to the acquisition of RARE Infrastructure. See Note 2 for additional information. |
Intangible Assets and Goodwil72
Intangible Assets and Goodwill Intangible Fair Value Assumptions (Details) - Permal funds-of-hedge fund management contracts [Member] - Fair Value, Inputs, Level 3 [Member] | 9 Months Ended |
Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Discount Rate | 16.50% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 6.00% |
Weighted Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 5.00% |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | (6.00%) |
Schedule of Remaining Intangibl
Schedule of Remaining Intangible Amortization (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | |||
2,017 | $ 8,569 | ||
2,018 | 8,569 | ||
2,019 | 8,569 | ||
2,020 | 8,085 | ||
2,021 | 8,085 | ||
Thereafter | 46,467 | ||
Total | $ 88,344 | [1] | $ 21,729 |
Finite-Lived Intangible Asset, Useful Life | 10 years 329 days | ||
[1] | As of March 31, 2016, Amortizable intangible asset management contracts, net, Other fund management contracts, and Trade names include $69,610, $130,419, and $5,063, respectively, related to the acquisition of RARE Infrastructure. See Note 2 for additional information. |
Schedule of Goodwill Carrying V
Schedule of Goodwill Carrying Value Rollfoward (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill | |||
Goodwill,Written off Related to Sale of Business Unit | $ (9,271) | ||
Goodwill Gross Value [Member] | |||
Goodwill | |||
Goodwill, Gross | $ 2,641,416 | 2,501,410 | $ 2,402,423 |
Impact of excess tax basis amortization | (20,920) | (21,742) | |
Goodwill, Acquired During Period | 163,110 | 165,927 | |
Other, including changes in foreign exchange rates | (2,184) | (45,198) | |
Goodwill Accumulated Impairment [Member] | |||
Goodwill | |||
Goodwill, Impaired, Accumulated Impairment Loss | (1,161,900) | (1,161,900) | (1,161,900) |
Impact of excess tax basis amortization | 0 | 0 | |
Goodwill, Acquired During Period | 0 | 0 | |
Other, including changes in foreign exchange rates | 0 | 0 | |
Goodwill Net Value [Member] | |||
Goodwill | |||
Goodwill | 1,479,516 | 1,339,510 | $ 1,240,523 |
Impact of excess tax basis amortization | (20,920) | (21,742) | |
Goodwill, Acquired During Period | 163,110 | 165,927 | |
Other, including changes in foreign exchange rates | $ (2,184) | $ (45,198) |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt Line of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||
Dec. 31, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2020 | May. 31, 2016 | May. 23, 2016 | Apr. 29, 2016 | Sep. 30, 2015 | Jan. 31, 2014 | Jun. 27, 2012 | |
Line of Credit Facility [Line Items] | ||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 40,000 | $ 40,000 | $ 40,000 | |||||||||
Line of Credit Facility, Commitment Fee Amount | 0.175% | 0.20% | ||||||||||
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,000,000 | $ 500,000 | |||||||||
Line of Credit Facility, Additional Capacity Available | $ 500,000 | 500,000 | ||||||||||
Line of Credit Facility, Interest Rate During Period | 1.90% | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 960,000 | $ 960,000 | $ 750,000 | $ 250,000 | ||||||||
Derivative, Maturity Date | Dec. 29, 2020 | |||||||||||
Minimum [Member] | EBITDA to Interest [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Covenant Description | 4.0 to 1 | |||||||||||
Scenario, Actual [Member] | Debt to EBITDA [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Covenant Description | 1.3 to 1 | |||||||||||
Scenario, Actual [Member] | EBITDA to Interest [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Covenant Description | 13.0 to 1 | |||||||||||
Eurocurrency Rate [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Interest Rate Swap [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Derivative, Fixed Interest Rate | 2.30% | 2.30% | ||||||||||
Subsequent Event [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 500,000 | |||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | |||||||||||
Subsequent Event [Member] | Maximum [Member] | Debt to EBITDA [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Covenant Description | 3.25 to 1 | 3.5 to 1 | 3.0 to 1 | |||||||||
Subsequent Event [Member] | Interest Rate Swap [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 500,000 |
Short-Term Borrowings and Lon76
Short-Term Borrowings and Long-Term Debt Schedule of Current Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 22, 2016 | Mar. 14, 2016 | Mar. 31, 2015 | Jun. 26, 2014 | Jan. 31, 2014 |
2.7% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 553 | |||||
3.95% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | 458 | |||||
4.75% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 207 | |||||
Unamortized Debt Issuance Expense | 2,970 | |||||
5.625% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Premium | 9,779 | |||||
Debt Instrument, Unamortized Discount | $ 6,260 | |||||
6.375% Junior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Expense | $ 7,909 | |||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 1,740,985 | $ 1,048,946 | ||||
Debt Instrument, Fair Value Disclosure | (7,599) | |||||
Debt Instrument, Unamortized Discount (Premium), Net | (2,660) | |||||
Unamortized Debt Issuance Expense | 19,274 | |||||
Long-term Debt, Gross | 1,750,000 | |||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 2.7% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 256,055 | 253,452 | ||||
Debt Instrument, Fair Value Disclosure | (7,599) | (5,462) | ||||
Debt Instrument, Unamortized Discount | 359 | |||||
Unamortized Debt Issuance Expense | 1,185 | |||||
Long-term Debt, Gross | 250,000 | 250,000 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 3.95% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 248,028 | 247,792 | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||||
Debt Instrument, Unamortized Discount | 377 | |||||
Unamortized Debt Issuance Expense | 1,595 | |||||
Long-term Debt, Gross | 250,000 | 250,000 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 4.75% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 447,030 | 0 | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||||
Debt Instrument, Unamortized Premium | 0 | |||||
Unamortized Debt Issuance Expense | 2,970 | |||||
Long-term Debt, Gross | 450,000 | $ 450,000 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.625% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 547,781 | 547,702 | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||||
Debt Instrument, Unamortized Premium | (3,396) | |||||
Unamortized Debt Issuance Expense | 5,615 | |||||
Long-term Debt, Gross | 550,000 | $ 150,000 | $ 400,000 | |||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 6.375% Junior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 242,091 | $ 0 | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||||
Debt Instrument, Unamortized Premium | 0 | |||||
Unamortized Debt Issuance Expense | 7,909 | |||||
Long-term Debt, Gross | $ 250,000 | $ 250,000 |
Short-Term Borrowings and Lon77
Short-Term Borrowings and Long-Term Debt Convertible Notes Information (Details) shares in Thousands | Mar. 31, 2016$ / sharesshares |
Debt Instrument [Line Items] | |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 88 |
2.5% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 14,205 |
Short-Term Borrowings and Lon78
Short-Term Borrowings and Long-Term Debt Details of Long-Term Debt (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 22, 2016 | Mar. 14, 2016 | Jun. 26, 2014 | Jan. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Extinguishment Costs | $ 0 | $ 107,074 | $ 0 | |||||||
Proceeds from Issuance of Debt | $ 658,769 | |||||||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 638 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 250,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,500,000 | |||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 1,750,000 | |||||||||
Unamortized Debt Issuance Expense | 19,274 | |||||||||
Debt Instrument, Fair Value Disclosure | (7,599) | |||||||||
2.5% Convertible Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||||||
5.5% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Extinguishment Costs | $ 107,074 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
5.5% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 650,000 | |||||||||
2.7% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||||||
Debt Instrument, Unamortized Discount | $ 553 | |||||||||
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 250,000 | $ 250,000 | ||||||||
Debt Instrument, Unamortized Discount | 359 | |||||||||
Unamortized Debt Issuance Expense | 1,185 | |||||||||
Debt Instrument, Fair Value Disclosure | (7,599) | $ (5,462) | ||||||||
3.95% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||||||||
Debt Instrument, Unamortized Discount | $ 458 | |||||||||
3.95% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 250,000 | 250,000 | ||||||||
Debt Instrument, Unamortized Discount | 377 | |||||||||
Unamortized Debt Issuance Expense | 1,595 | |||||||||
Debt Instrument, Fair Value Disclosure | 0 | |||||||||
4.75% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||
Debt Instrument, Unamortized Discount | $ 207 | |||||||||
Unamortized Debt Issuance Expense | 2,970 | |||||||||
4.75% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 450,000 | $ 450,000 | ||||||||
Debt Instrument, Unamortized Premium | 0 | |||||||||
Unamortized Debt Issuance Expense | 2,970 | |||||||||
Debt Instrument, Fair Value Disclosure | 0 | |||||||||
5.625% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Unamortized Premium | $ 9,779 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | ||||||||
Debt Instrument, Unamortized Discount | $ 6,260 | |||||||||
5.625% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 550,000 | $ 150,000 | $ 400,000 | |||||||
Debt Instrument, Unamortized Premium | (3,396) | |||||||||
Unamortized Debt Issuance Expense | 5,615 | |||||||||
Debt Instrument, Fair Value Disclosure | 0 | |||||||||
6.375% Junior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||||||
Unamortized Debt Issuance Expense | $ 7,909 | |||||||||
6.375% Junior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 250,000 | $ 250,000 | ||||||||
Debt Instrument, Unamortized Premium | 0 | |||||||||
Unamortized Debt Issuance Expense | 7,909 | |||||||||
Debt Instrument, Fair Value Disclosure | $ 0 | |||||||||
Five-year term loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 450,000 | |||||||||
Make Whole Premium [Member] | 5.5% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Extinguishment Costs | 98,418 | |||||||||
Non-Cash Write-off [Member] | 5.5% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Extinguishment Costs | $ 8,656 | |||||||||
US Treasury Interest Rate [Member] | 2.7% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.20% | |||||||||
US Treasury Interest Rate [Member] | 3.95% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||
US Treasury Interest Rate [Member] | 4.75% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.45% | |||||||||
US Treasury Interest Rate [Member] | 5.625% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% |
Short-Term Borrowings and Lon79
Short-Term Borrowings and Long-Term Debt Interest Rate Swap (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 16, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 29, 2016 | Jun. 23, 2014 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain on Derivative | $ 25,414 | $ 24,542 | $ 9,625 | |||
Debt Instrument, Fair Value Disclosure | (7,599) | |||||
Interest Rate Swap [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | $ 250,000 | |||||
Derivative Instruments in Hedges, Assets, at Fair Value | 7,599 | 5,462 | ||||
Other Income [Member] | Interest Rate Swap [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,137 | 5,462 | ||||
Other Expense [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (2,137) | (5,462) | ||||
Interest Expense [Member] | Interest Rate Swap [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain on Derivative | 5,710 | 5,462 | $ 0 | |||
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ (7,599) | $ (5,462) | ||||
Revolving Credit Facility [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Maturity Date | Dec. 29, 2020 | |||||
Revolving Credit Facility [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Fixed Interest Rate | 2.30% | |||||
Subsequent Event [Member] | Interest Rate Swap [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain on Derivative | $ 6,500 | |||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | $ 500,000 |
Short-Term Borrowings and Lon80
Short-Term Borrowings and Long-Term Debt Reverse Treasury Rate Lock (Details) $ in Thousands | Jun. 23, 2014USD ($) |
Treasury Lock [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | $ 650,000 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - Consolidated Legg Mason, Inc. - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Income Tax Expense [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 87,166 | $ 95,499 | $ 125,494 |
Current Foreign Tax Expense (Benefit) | (71,828) | 20,365 | (1,450) |
Current State and Local Tax Expense (Benefit) | (7,646) | 9,420 | 13,761 |
Income Tax Expense (Benefit) | 7,692 | 125,284 | 137,805 |
Current Income Tax Expense (Benefit) | 15,419 | 24,897 | 19,375 |
Deferred income taxes | (7,727) | 100,387 | 118,430 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (25,218) | 367,993 | 419,641 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 245,046 | 249,380 | 320,890 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ (270,264) | $ 118,613 | $ 98,751 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reconciliation of Income Tax Rate [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | [1] | 43.20% | 4.00% | 1.00% |
Effective Income Tax Rate Reconciliation, Uncertain Tax Benefits | 41.80% | 1.80% | 0.60% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | [1] | (172.50%) | (4.80%) | (4.80%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 33.20% | 0.00% | (4.60%) | |
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | (15.60%) | (0.50%) | 0.30% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | [2] | (33.90%) | (2.70%) | 2.20% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 39.10% | 1.70% | 2.20% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.80%) | (0.50%) | 0.90% | |
Effective Income Tax Rate Reconciliation, Percent | (30.50%) | 34.00% | 32.80% | |
Tax Benefit, Impairment of Intangible Assets, Indefinite Lived (Excluding Goodwill) | $ 66,780 | |||
[1] | State income taxes include changes in valuation allowances related to change in apportionment and provision to return differences, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates for fiscal 2016 also includes a $66,780 tax benefit for non-cash impairment charges related to the intangible assets of the Permal business, as further discussed in Note 5. | |||
[2] | See schedule below for the change in valuation allowances by jurisdiction. |
Income Taxes UK Tax Rate Change
Income Taxes UK Tax Rate Changes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2018 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 33.20% | 0.00% | (4.60%) | ||
UNITED KINGDOM | |||||
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 20.00% | 21.00% | 23.00% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 8,383 | $ 19,164 | |||
Scenario, Forecast [Member] | UNITED KINGDOM | |||||
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 18.00% | 19.00% |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Charitable Contribution Carryforwards | $ 4,552 | $ 0 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 4,389 | 0 |
Deferred Tax Assets, Investment in Subsidiaries | 0 | 4,174 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 185,311 | 158,369 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 50,865 | 60,282 |
Deferred Tax Assets, Operating Loss Carryforwards | 273,133 | 290,765 |
Deferred Tax Assets, Capital Loss Carryforwards | 3,121 | 5,335 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 258,486 | 247,027 |
Deferred Tax Assets, Other | 5,181 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 5,896 | 7,741 |
Deferred Tax Assets, Gross | 833,458 | 823,122 |
Foreign Earnings | 740,000 | |
Deferred Tax Assets, Valuation Allowance | (79,476) | (96,687) |
Deferred Tax Assets, Net of Valuation Allowance | 753,982 | 726,435 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 56,625 | 82,636 |
Deferred Tax Liabilities, Property, Plant and Equipment | 686,421 | 666,057 |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | 0 | 7,832 |
Deferred Tax Liabilities, Other | 0 | 435 |
Deferred Tax Liabilities, Deferred Expense | 807,571 | 756,960 |
Deferred Tax Liabilities, Net | 53,589 | 30,525 |
Federal Benefit of Uncertain Tax Positions [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Other | 12,290 | 18,461 |
Fund Launch Costs [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Other | 30,234 | 30,968 |
Valuation Allowance, Operating Loss Carryforwards [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Income Tax Expense (Benefit) | 22,585 | |
Domestic Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Charitable Contribution Carryforwards | 4,552 | 233 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 258,486 | 247,027 |
Deferred Tax Assets, Gross | 711,535 | |
Deferred Tax Assets, Valuation Allowance | (20,950) | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 6,916 | |
Domestic Tax Authority [Member] | Contribution of Monetary Assets by an Enterprise to a Charitable Organization [Domain] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 3,443 | |
Domestic Tax Authority [Member] | Foreign Tax Credit Release [Domain] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Valuation Allowances and Reserves, Deductions | 12,677 | |
Domestic Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 2,500 | |
Foreign Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 3,077 | 5,290 |
Valuation Allowances and Reserves, Period Increase (Decrease) | 11,438 | |
Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 23,465 | |
State and Local Jurisdiction [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 44 | 44 |
Deferred Tax Assets, Gross | 175,749 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 26,816 | |
Martin Currie [Member] | Domestic Tax Authority [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 973 | |
Subsidiaries [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Liabilities, Net | (68,526) | |
Deferred Tax Liabilities, Investments | 64,525 | $ 0 |
UNITED STATES | ||
Schedule of Deferred Tax Assets [Line Items] | ||
U.S. Earnings | $ 3,200,000 |
Income Taxes Valuation Allowanc
Income Taxes Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Capital Loss Carryforwards | $ 3,121 | $ 5,335 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 258,486 | 247,027 | ||
Deferred Tax Assets, Charitable Contribution Carryforwards | 4,552 | 0 | ||
Deferred Tax Assets, Valuation Allowance | 79,476 | 96,687 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 539,781 | 543,314 | ||
Operating Loss Carryforwards, Valuation Allowance | 71,518 | 82,377 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 6,862 | 0 | $ 0 | |
Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 258,486 | 247,027 | ||
Deferred Tax Assets, Charitable Contribution Carryforwards | 4,552 | 233 | ||
Deferred Tax Assets, Valuation Allowance | 20,950 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 82,350 | 96,774 | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 6,916 | |||
State and Local Jurisdiction [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 44 | 44 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | [1],[2] | 166,772 | 168,069 | |
Deferred Tax Assets, Tax Credit Carryforwards | 308 | 0 | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 26,816 | |||
Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 3,077 | 5,290 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 24,192 | 25,877 | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 11,438 | |||
NEW YORK | ||||
Valuation Allowance [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 17,053 | |||
Valuation Allowance, Tax Credit Carryforward [Member] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 15,252 | 25,429 | ||
Contribution of Monetary Assets by an Enterprise to a Charitable Organization [Domain] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 3,443 | 0 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 2,255 | 1,282 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | State and Local Jurisdiction [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 26,816 | 26,828 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 20,631 | 23,504 | ||
Capital Loss Carryforward [Member] | State and Local Jurisdiction [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 44 | 44 | ||
Capital Loss Carryforward [Member] | Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 3,077 | 5,290 | ||
Valuation Allowance, Other Tax Carryforward [Member] | Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 7,958 | $ 14,310 | ||
Contribution of Monetary Assets by an Enterprise to a Charitable Organization [Domain] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Period Increase (Decrease) | 3,443 | |||
Foreign Tax Credit Release [Domain] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Deductions | 12,677 | |||
Valuation Allowance, Operating Loss Carryforwards [Member] | Martin Currie [Member] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Period Increase (Decrease) | 973 | |||
Foreign Tax Authority [Member] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Period Increase (Decrease) | 2,500 | |||
Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 23,465 | |||
[1] | Due to potential for change in the factors relating to apportionment of income to various states, Legg Mason's effective state tax rates are subject to fluctuation which will impact the value of the Company's deferred tax assets, including net operating losses, and could have a material impact on the future effective tax rate of the Company. | |||
[2] | Substantially all of the U.S. state net operating losses carryforward through fiscal 2036. |
Income Taxes Other Unrecognized
Income Taxes Other Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Unrecognized Tax Benefits [Line Items] | ||||
Unrecognized Tax Benefits | $ 73,873 | $ 92,344 | $ 77,892 | $ 72,650 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 49,629 | 62,775 | 51,518 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 25,046 | 8,521 | 12,889 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 9,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 4,441 | (1,492) | 580 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,900 | $ 8,570 | $ 7,300 | |
Previously Unrecognized [Member] | ||||
Unrecognized Tax Benefits [Line Items] | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 24,106 | |||
Stockholders' Equity, Total [Member] | Previously Unrecognized [Member] | ||||
Unrecognized Tax Benefits [Line Items] | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 5,145 | |||
NEW YORK | ||||
Unrecognized Tax Benefits [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ 17,053 |
Income Taxes Reconciliation o87
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 73,873 | $ 92,344 | $ 77,892 | $ 72,650 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3,514 | 9,919 | 5,659 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 10,078 | 13,054 | 12,610 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (155) | 0 | (138) | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (25,046) | (8,521) | (12,889) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ (6,862) | $ 0 | $ 0 |
Income Taxes Repatriation (Deta
Income Taxes Repatriation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2016 | May. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 31, 2014 | |
Details of Repatriation of Foreign Earnings [Line Items] | |||||
Cash and cash equivalents | $ 375,000 | ||||
Foreign Tax Authority [Member] | |||||
Details of Repatriation of Foreign Earnings [Line Items] | |||||
Cash | 170,000 | ||||
Retained Earnings (Accumulated Deficit) | 8,500 | ||||
Revolving Credit Facility [Member] | |||||
Details of Repatriation of Foreign Earnings [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 960,000 | $ 750,000 | $ 250,000 | ||
Subsequent Event [Member] | |||||
Details of Repatriation of Foreign Earnings [Line Items] | |||||
Proceeds from Lines of Credit | $ 460,000 | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||
Details of Repatriation of Foreign Earnings [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Future Minimum Rental Payments (Details 1) $ in Thousands | Mar. 31, 2016USD ($) |
Operating leases | |
2,017 | $ 128,023 |
2,018 | 109,368 |
2,019 | 88,644 |
2,020 | 79,765 |
2,021 | 73,432 |
Thereafter | 225,678 |
Total | $ 704,910 |
Commitments and Contingencies I
Commitments and Contingencies Information Regarding Rental Commitments (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 140,780 | |
Percentage of Sublease Rentals due from Counterparty | 35.00% | |
Minimum Rental Commitments in Real Estate and Equipment Lease | $ 704,910 | |
Service, Support And Maintenance Agreements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Minimum Rental Commitments in Real Estate and Equipment Lease | 71,560 | |
Commitments Related to Vacated and Subleased Space [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Valuation Allowances and Reserves, Balance | 31,745 | $ 43,726 |
Commitments Related to Vacated Space that Remains Vacant [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Minimum Rental Commitments in Real Estate and Equipment Lease | 32,395 | |
Valuation Allowances and Reserves, Balance | 20,495 | $ 2,213 |
Real Estate And Equipment [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Minimum Rental Commitments in Real Estate and Equipment Lease | $ 633,350 |
Commitments and Contingencies L
Commitments and Contingencies Lease Reserve Rollforward (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Vacated Office Space [Member] | ||||
Schedule of Lease Reserve Liability Rollforward [Line Items] | ||||
Lease Liability Related To Space Permanentely Abandonded | $ 52,240 | $ 45,939 | $ 55,500 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | [1],[2] | 14,642 | 9,023 | |
Rental Payments, Net of Sublease Income | (12,689) | (15,001) | ||
Adjustments to Lease Liability Related to Vacant Space | 4,348 | (3,583) | ||
Commitments Related to Vacated Space that Remains Vacant [Member] | EnTrustPermal [Member] | ||||
Schedule of Lease Reserve Liability Rollforward [Line Items] | ||||
Lease Liability Related To Space Permanentely Abandonded | $ 7,212 | |||
Commitments Related to Vacated Space that Remains Vacant [Member] | QS Investors [Domain] | ||||
Schedule of Lease Reserve Liability Rollforward [Line Items] | ||||
Lease Liability Related To Space Permanentely Abandonded | $ 6,760 | |||
[1] | Included in Occupancy expense in the Consolidated Statements of Income (Loss) | |||
[2] | Includes $7,212 related to the restructuring of Permal for the merger with EnTrust and $6,760 related to the integration of Batterymarch and LMGAA into QS Investors for the years ended March 31, 2016 and 2015, respectively. See Note 2 for additional information. |
Commitments and Contingencies R
Commitments and Contingencies Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 135,850 | $ 136,414 | $ 130,880 |
Operating Leases, Rent Expense, Sublease Rentals | 21,154 | 19,672 | 16,289 |
Operating Leases, Rent Expense, Net | $ 114,696 | $ 116,742 | $ 114,591 |
Commitments and Contingencies93
Commitments and Contingencies Information Regarding Other Commitments (Details 4) $ in Thousands | Mar. 31, 2016USD ($) |
Investment In Limited Partnerships [Member] | |
Other Commitments [Line Items] | |
Other Commitment | $ 28,859 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies related to Acquisitions (Details) £ in Thousands, AUD in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||||||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2016AUD | Mar. 31, 2016GBP (£) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 21, 2015USD ($) | May. 05, 2015GBP (£) | May. 05, 2015USD ($) | Oct. 01, 2014USD ($) | May. 30, 2014USD ($) | Mar. 13, 2013USD ($) | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 110,784 | $ 29,553 | $ 84,585 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 88,581 | 27,457 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 26,396 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 58,189 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | (22,765) | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (33,375) | 0 | 5,000 | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 609,608 | |||||||||||||||
RARE Infrastructure, Ltd [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | 27,145 | $ 25,000 | [2] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | [3] | $ 25,000 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 7,001 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 20,144 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | AUD 106,000 | 81,320 | [1] | ||||||||||||||
Martin Currie [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 70,114 | 0 | 41,222 | $ 75,211 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 0 | $ 75,211 | [3] | ||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 12,846 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 28,376 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 28,892 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | £ 325,000 | 467,076 | [1] | ||||||||||||||
PK Investments [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | 2,469 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | [3] | $ 2,457 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 0 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 2,469 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | [1] | 2,469 | |||||||||||||||
QS Investors [Domain] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 13,553 | 0 | 13,749 | $ 13,370 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 0 | $ 13,370 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 6,549 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 7,200 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 30,000 | ||||||||||||||||
Fauchier [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 27,117 | $ 29,553 | 0 | $ 21,566 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 0 | 0 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 0 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 0 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | £ 15,000 | $ 22,765 | |||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 27,117 | ||||||||||||||||
Other changes in Fair Value [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,484 | (7,350) | |||||||||||||||
Other changes in Fair Value [Member] | RARE Infrastructure, Ltd [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,145 | ||||||||||||||||
Other changes in Fair Value [Member] | Martin Currie [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (531) | (5,097) | |||||||||||||||
Other changes in Fair Value [Member] | PK Investments [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 12 | ||||||||||||||||
Other changes in Fair Value [Member] | QS Investors [Domain] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 196 | 183 | |||||||||||||||
Other changes in Fair Value [Member] | Fauchier [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 662 | $ (2,436) | |||||||||||||||
Change in Input Assumptions [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (33,375) | ||||||||||||||||
Change in Input Assumptions [Member] | RARE Infrastructure, Ltd [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||||||||||||
Change in Input Assumptions [Member] | Martin Currie [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (28,361) | ||||||||||||||||
Change in Input Assumptions [Member] | PK Investments [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||||||||||||
Change in Input Assumptions [Member] | QS Investors [Domain] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||||||||||||
Change in Input Assumptions [Member] | Fauchier [Member] | |||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (5,014) | ||||||||||||||||
[1] | Using the applicable exchange rate as of March 31, 2016 for amounts denominated in currencies other than the U.S. dollar. | ||||||||||||||||
[2] | (1)Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. | ||||||||||||||||
[3] | Using the applicable exchange rate on the date of acquisition for amounts denominated in currencies other than the U.S. dollar. |
Commitments and Contingencies95
Commitments and Contingencies Loss Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency Accrual | $ 400 | $ 200 | |
Loss Contingency Accrual, Provision | $ 250 | $ 200 | $ 200 |
Loss Contingency, Receivable, Receipts | $ 19,300 |
Commitments and Contingencies O
Commitments and Contingencies Other Affiliate Related Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Other Commitments [Line Items] | ||||||
Redeemable Noncontrolling Interest | $ 175,785 | $ 45,520 | $ 45,144 | $ 21,009 | ||
RARE Infrastructure, Ltd [Member] | ||||||
Other Commitments [Line Items] | ||||||
Redeemable Noncontrolling Interest | [1] | $ 67,155 | ||||
Subsequent Event [Member] | Management Equity Plan [Member] | Permal [Member] | ||||||
Other Commitments [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 7,150 | |||||
[1] | Principally related to RARE Infrastructure. |
Employee Benefits Schedule of D
Employee Benefits Schedule of Defined Cotnribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 16 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 33,152 | $ 27,888 | $ 29,355 |
Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Capital Stock Shares Outstandin
Capital Stock Shares Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 29, 2015 | May. 10, 2012 | |
Class of Stock [Line Items] | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||
Preferred Stock, Shares Authorized | 4,000,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,988,000 | 8,815,000 | |||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | $ 1,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 804,000 | $ 13,515 | |||
Stock Repurchased and Retired During Period, Shares | 4,537,000 | 6,931,000 | 9,677,000 | ||
Stock Repurchased and Retired During Period, Value | $ 209,632 | $ 356,522 | $ 359,996 | ||
2.5% Convertible Senior Notes [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,205,000 |
Capital Stock Schedule of Commo
Capital Stock Schedule of Common Stock Shares (Details) - shares shares in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Equity [Abstract] | ||||
Common Stock, Shares, Outstanding | 107,012 | 111,469 | 117,173 | 125,341 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 338 | 718 | 781 | |
Stock Issued During Period, Shares, Employee Benefit Plan | 12 | 44 | 50 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 142 | 938 | 1,233 | |
Stock Repurchased and Retired During Period, Shares | (4,537) | (6,931) | (9,677) | |
Shares Paid for Tax Withholding for Share Based Compensation | (412) | (473) | (555) |
Capital Stock Dividends (Detail
Capital Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | $ 0.64 | $ 0.52 |
Dividends Payable | $ 22,038 | $ 17,837 | $ 14,945 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense (Details 1) shares in Thousands | 12 Months Ended |
Mar. 31, 2016shares | |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation Arrangement by Share-based Payment Award Granted Price as Percentage of Fair Market Value Minimum | 100.00% |
Stock Compensation Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,476 |
Stock Based Compensation Summar
Stock Based Compensation Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | $ 92,927 | $ 66,245 | $ 66,488 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 9,403 | 11,584 | 13,530 |
Management Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 4,784 | 5,206 | 2,270 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 52,670 | 45,975 | 48,263 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 729 | 673 | 315 |
Rabbi trust [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 25 | 201 | 160 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 1,150 | 1,550 | 1,950 |
Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,766 | 1,056 | 0 |
Subsidiaries [Member] | Management Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 26,184 | $ 5,206 | $ 2,270 |
Stock-Based Compensation Outsta
Stock-Based Compensation Outstanding Stock Options (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | |||
Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,506 | 4,432 | 4,801 | 5,361 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.48 | $ 39.58 | $ 43.02 | $ 53.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 876 | 918 | 1,215 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 54.51 | $ 47.65 | $ 33.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 349 | 694 | 804 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 28.35 | $ 30.75 | $ 30.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 453 | 593 | 971 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 88.06 | $ 90.31 | $ 97.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 5,811 | $ 14,351 | $ 6,064 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 11,009 | |||
Range of exercise price, 14.81 - 25.00 [Member] | Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 567 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.68 | |||
Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,706 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.88 | |||
Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,233 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 47.28 |
Stock-Based Compensation Out104
Stock-Based Compensation Outstaning and Exercisable Stock Options by Price Range (Details 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,544 | |||
Employee Stock Option | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 329 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,506 | 4,432 | 4,801 | 5,361 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.48 | $ 39.58 | $ 43.02 | $ 53.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,544 | 2,202 | 2,531 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 32.22 | $ 41.50 | $ 54.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 9,070 | |||
Range of exercise price, 14.81 - 25.00 [Member] | Employee Stock Option | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 37 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 567 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.68 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 391 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 23.67 | |||
Range of exercise price, 25.01 - 35.00 [Member] | Employee Stock Option | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 142 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,706 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.88 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,702 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 31.88 | |||
Range of exercise price, 35.01 - 55.18 [Member] | Employee Stock Option | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 99 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,233 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 47.28 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 451 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 40.94 |
Stock-Based Compensation Unvest
Stock-Based Compensation Unvested Stock Options (Details 4) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Unvested Shares [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,962 | 2,230 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.48 | $ 11.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 876 | 918 | 1,215 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.26 | $ 12.03 | $ 12.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,074 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 11.82 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 70 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 11.62 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3,730 | $ 4,681 | $ 5,244 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13,480 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 256 days |
Stock-Based Compensation Inform
Stock-Based Compensation Information regarding exercised stock options (Details) - Employee Stock Option - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Proceeds from Stock Options Exercised | $ 9,516 | $ 22,069 | $ 23,818 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 1,962 | $ 4,856 | $ 1,815 |
Stock-Based Compensation Fair V
Stock-Based Compensation Fair Value of Options, Excluding CEO Options (Details) - Employee Stock Option - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.26 | $ 12.03 | $ 12.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.18% | 1.04% | 1.54% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.44% | 1.51% | 0.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.37% | 29.53% | 45.08% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 354 days | 4 years 343 days | 4 years 339 days |
Stock-Based Compensation Cheif
Stock-Based Compensation Cheif Executive Officer Options and Awards (Details 6) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | May. 02, 2013 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | ||||
Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 31.46 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,525 | ||||
Tranche one [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Tranche two [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Target Share Price, Option Vesting Requirement | $ 36.46 | ||||
Tranche three [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Target Share Price, Option Vesting Requirement | $ 41.46 | ||||
Tranche four [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Target Share Price, Option Vesting Requirement | $ 46.46 | ||||
All tranches [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.48% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.86% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 44.05% | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 31.46 | ||||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,506 | 4,432 | 4,801 | 5,361 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 11,009 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.26 | $ 12.03 | $ 12.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.18% | 1.04% | 1.54% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.44% | 1.51% | 0.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.37% | 29.53% | 45.08% | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 54.51 | $ 47.65 | $ 33.64 |
Stock-Based Compensation Res109
Stock-Based Compensation Restricted Stock and Restricted Stock Unit Transactions (Details 9) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $ 92,927 | $ 66,245 | $ 66,488 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | 52,670 | 45,975 | 48,263 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 20,597 | $ 18,246 | $ 18,575 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 256 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 81,271 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,058 | 3,050 | 3,334 | 3,738 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.34 | $ 37.38 | $ 30.77 | $ 27.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,332 | 1,236 | 1,369 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.95 | $ 48.03 | $ 35.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,261) | (1,330) | (1,622) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 34.91 | $ 30.92 | $ 28.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (63) | (190) | (151) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 42.09 | $ 35.95 | $ 29.04 | |
Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 107 | 78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.29 | $ 44.11 | ||
Key Employees [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 325 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 85 |
Stock-Based Compensation Manage
Stock-Based Compensation Management Equity Plans (Details 10) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Consolidated Legg Mason, Inc. | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 22,202 | $ 0 | $ 0 | ||
ClearBridge Investments [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 22,160 | ||||
Management Equity Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Profits interests equity plan participation percentage | 15.00% | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 4,784 | $ 5,206 | $ 2,270 | ||
Management Equity Plan [Member] | Royce [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Profits interests equity plan participation percentage | 16.90% | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | [1] | $ 21,400 | |||
Management Equity Plan [Member] | Permal [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Profits interests equity plan participation percentage | 15.00% | ||||
Aggregate Cost of Awards | $ 9,000 | ||||
Management Equity Plan [Member] | ClearBridge Investments [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Profits interests equity plan participation percentage | 15.00% | ||||
Aggregate Cost of Awards | $ 16,000 | ||||
Subsequent Event [Member] | Management Equity Plan [Member] | Permal [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 3,481 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 7,150 | ||||
[1] | Related to Royce. |
Stock-Based Compensation Employ
Stock-Based Compensation Employee Stock Purchase Plan (Details 7) - Employee Stock Purchase Plan [Member] - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 10.00% | 15.00% | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 134 | 107 | 85 | 134 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 4,500 | 4,500 | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 729 | $ 673 | $ 315 |
Stock-Based Compensation Non-em
Stock-Based Compensation Non-employee Directors Equity Plan (Details 11) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | ||
Allocated Share-based Compensation Expense | $ 92,927 | $ 66,245 | $ 66,488 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 625 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 384 | 359 | |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 16 | 23 | 47 |
Allocated Share-based Compensation Expense | $ 1,150 | $ 1,550 | $ 1,950 |
Current Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 32 | 26 | |
Previous Equity Plan for Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 54 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | $ 52,670 | $ 45,975 | $ 48,263 |
Restricted Stock [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 27 | 39 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 53 | 45 | 64 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 9 | 8 | 12 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Shares Granted to Key Employees (Details) - Key Employees [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 107 | 78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 4,312 | $ 3,457 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 2,766 | $ 1,056 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.29 | $ 44.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.46% | 1.33% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.86% | 0.75% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 22.63% | 30.81% |
Stock-Based Compensation Other
Stock-Based Compensation Other Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $ 92,927 | $ 66,245 | $ 66,488 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | |||
Long Term Incentive Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,850 | |||
Allocated Share-based Compensation Expense | 1,000 | |||
Rabbi trust [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $ 25 | $ 201 | $ 160 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 10.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 271 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 12 | 44 | 51 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 41.82 | $ 45.83 | $ 31.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 583 | 660 | 672 |
Earnings Per Share Information
Earnings Per Share Information about Share Repurchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 29, 2015 | May. 10, 2012 | |
Earnings Per Share [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | $ 1,000,000 | |||
Stock Repurchased and Retired During Period, Shares | 4,537 | 6,931 | 9,677 | ||
Stock Repurchased and Retired During Period, Value | $ 209,632 | $ 356,522 | $ 359,996 | ||
Repurchased And Retired Shares Excluded From Weighted Average Shares Outstanding | 2,564 | 3,528 | 4,908 |
Earnings Per Share Schedule of
Earnings Per Share Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Consolidated Legg Mason, Inc. | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 107,406 | 112,019 | 121,941 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,227 | 442 | |
Weighted Average Number of Shares Outstanding, Diluted | 107,406 | 113,246 | 122,383 | |
Net Income Attributable to Legg Mason, Inc. | $ (25,032) | $ 237,080 | $ 284,784 | |
Basic (in dollars per share) | $ (0.25) | $ 2.06 | $ 2.34 | |
Earnings Per Share, Diluted | $ (0.25) | $ 2.04 | $ 2.33 | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income Attributable to Legg Mason, Inc. | $ (25,032) | [1] | $ 237,080 | $ 284,784 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 2,288 | 6,340 | 0 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (27,320) | $ 230,740 | $ 284,784 | |
Restricted Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 2,831 | 3,065 | ||
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Earnings Per Share Informati117
Earnings Per Share Information about Dilutive and Anti-Dilute Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 814 | ||
Antidilutive shares due to proceeds from exercising exceeded price of shares [Domain] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,319 | 2,620 | |
2.5% Convertible Senior Notes [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,205 |
Accumulated Other Comprehens118
Accumulated Other Comprehensive Income AOCI Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Foreign currency translation adjustment | $ (59,672) | $ (51,147) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | (6,821) | (9,595) |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ (66,493) | (60,742) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 405 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 233 |
Noncontrolling Interests Income
Noncontrolling Interests Income Attributable to NCI Reconciliation Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Noncontrolling Interest [Line Items] | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ (8,680) | $ 5,629 | $ 1,881 | |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 802 | [1] | 0 | 0 |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
Consolidated Investment Vehicles [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | [2] | 0 | 0 |
Consolidated Investment Vehicles [Member] | Retained Earnings, Appropriated [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) reclassified to Appropriated retained earnings for consolidated investment vehicles | $ 0 | $ 0 | $ (4,829) | |
[1] | Related to Royce. | |||
[2] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Noncontrolling Interests Rol120
Noncontrolling Interests Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 21, 2015 | Mar. 31, 2013 | |||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | $ 175,785 | $ 45,520 | $ 45,144 | $ 21,009 | |||
Nonredeemable Noncontrolling Interest | [1] | 22,202 | 0 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (8,680) | 5,629 | 1,881 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 802 | [1] | 0 | 0 | |||
Proceeds from (Payments to) Noncontrolling Interests | (68,294) | 10,459 | (20,438) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [2] | (1,981) | |||||
RE Reclassified for MEP Amortization | 6,050 | 5,206 | 1,816 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 62,722 | ||||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 3,860 | ||||||
Noncontrolling Interest [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | [3] | 68,922 | 1,949 | 1,356 | 1,255 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | [3] | 2,372 | 568 | 341 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [3] | (1,981) | 25 | (240) | |||
RE Reclassified for MEP Amortization | [3] | 0 | 0 | 0 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | [3] | $ 62,722 | |||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | [3] | 3,860 | |||||
CIVs and Other | |||||||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | [2] | 94,136 | 36,549 | 41,972 | 19,754 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | [2] | (11,052) | 5,061 | 1,540 | |||
Proceeds from (Payments to) Noncontrolling Interests | [2] | (68,639) | 10,484 | (20,678) | |||
RE Reclassified for MEP Amortization | [2] | 0 | 0 | 0 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | [2] | 0 | |||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | [2] | 0 | |||||
Management Equity Plan [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | 12,727 | 7,022 | 1,816 | $ 0 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | 0 | 0 | ||||
Proceeds from (Payments to) Noncontrolling Interests | 345 | 0 | 0 | ||||
RE Reclassified for MEP Amortization | 6,050 | 5,206 | 1,816 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | ||||||
Noncontrolling Interest, Period Increase (Decrease), Foreign Exchange | 0 | ||||||
CIVs and Other | |||||||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | 94,027 | [4] | 29,397 | ||||
Proceeds from (Payments to) Noncontrolling Interests | (68,639) | 10,459 | (20,438) | ||||
RARE Infrastructure, Ltd [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Redeemable Noncontrolling Interest | [3] | 67,155 | |||||
RARE Infrastructure, Ltd [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | [5] | $ 62,722 | |||||
Management Equity Plan [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 4,784 | $ 5,206 | $ 2,270 | ||||
Management Equity Plan [Member] | Royce [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | [1] | $ 21,400 | |||||
[1] | Related to Royce. | ||||||
[2] | Principally related to VIE and seeded investment products. | ||||||
[3] | Principally related to RARE Infrastructure. | ||||||
[4] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. | ||||||
[5] | (1)Subject to prospective adjustments, including for amounts ultimately realized and adjustments provided for in the share purchase agreement. |
Derivatives and Hedging Derivat
Derivatives and Hedging Derivative Instruments and Hedging Activities Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative | ||
Derivative, Average Remaining Maturity | 3 months | |
Other Assets [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | $ 8,650 | $ 6,042 |
Other Liabilities [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | 18,079 | $ 8,665 |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative, Notional Amount | 334,640 | |
Future [Member] | ||
Derivative | ||
Derivative, Notional Amount | $ 127,736 |
Derivatives and Hedging Fair Va
Derivatives and Hedging Fair Value of Derivative Assets (Details 1) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | $ 1,933 | $ 856 |
Derivative Asset, Fair Value, Gross Liability | (963) | (276) |
Derivative Asset | 970 | 580 |
Derivative Asset, Not Subject to Master Netting Arrangement | 7,680 | 5,462 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 1,840 | 0 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 10,490 | 6,042 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement | 7,599 | 5,462 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 7,599 | 5,462 |
Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 1,933 | 856 |
Derivative Asset, Fair Value, Gross Liability | (963) | (276) |
Derivative Asset | 970 | 580 |
Derivative Asset, Not Subject to Master Netting Arrangement | 81 | 0 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 1,840 | 0 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,891 | 580 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 1,933 | 781 |
Derivative Asset, Fair Value, Gross Liability | (963) | (259) |
Derivative Asset | 970 | 522 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 970 | 522 |
Not Designated as Hedging Instrument [Member] | Future [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset | 0 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 81 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 1,840 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 1,921 | |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivative | ||
Derivative Asset, Fair Value, Gross Asset | 75 | |
Derivative Asset, Fair Value, Gross Liability | (17) | |
Derivative Asset | 58 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 58 |
Derivatives and Hedging Fair123
Derivatives and Hedging Fair Value of Derivative Liabilities (Details) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | $ (16,364) | $ (8,623) |
Derivative Liability, Fair Value, Gross Asset | 280 | 2,327 |
Derivative Liability | (16,084) | (6,296) |
Derivative Liability, Not Subject to Master Netting Arrangement | (1,995) | (2,369) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 5,920 | 8,343 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (12,159) | (322) |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | (16,364) | (8,623) |
Derivative Liability, Fair Value, Gross Asset | 280 | 2,327 |
Derivative Liability | (16,084) | (6,296) |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (16,084) | (6,296) |
Future [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Derivative Liability | 0 | |
Derivative Liability, Not Subject to Master Netting Arrangement | (1,995) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 5,920 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 3,925 | |
Forward Contracts [Member] | ||
Derivative | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Derivative Liability | 0 | |
Derivative Liability, Not Subject to Master Netting Arrangement | (2,369) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8,343 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 5,974 |
Derivatives and Hedging Gains a
Derivatives and Hedging Gains and (Losses) of Derivative Instruments (Details) - Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 19,704 | $ 18,442 | $ 9,625 | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (34,857) | (32,190) | (23,739) | |
Derivative, Gain on Derivative | 25,414 | 24,542 | 9,625 | |
Derivative, Loss on Derivative | (34,857) | (32,190) | (23,739) | |
Forward Contracts [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 7,887 | 5,150 | 7,098 | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (19,547) | (16,518) | (2,617) | |
Forward Contracts [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 547 | 2,491 | 56 | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (1,611) | (259) | (1,719) | |
Future [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 11,270 | 10,801 | 2,471 | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | (9,206) | (15,413) | (19,403) | |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | 5,710 | 5,462 | 0 | |
Derivative, Loss on Derivative | 0 | 0 | 0 | |
Treasury Lock [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | 0 | 638 | 0 | |
Derivative, Loss on Derivative | 0 | 0 | 0 | |
RARE Infrastructure, Ltd [Member] | Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | [1] | 0 | 0 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | [1] | $ (4,493) | $ 0 | $ 0 |
[1] | Relates to a currency forward executed in August 2015 and closed in October 2015 in connection with the October 2015 acquisition of RARE Infrastructure. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,660,844 | $ 2,819,106 | $ 2,741,757 |
Intangible Assets, Net (Including Goodwill) | 4,626,001 | 4,652,844 | 4,412,296 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,868,076 | 1,977,975 | 1,874,328 |
Intangible Assets, Net (Including Goodwill) | 3,134,267 | 3,135,226 | 3,127,654 |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Revenues | 338,552 | 398,729 | 436,542 |
Intangible Assets, Net (Including Goodwill) | 820,730 | 1,062,332 | 879,946 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 454,216 | 442,402 | 430,887 |
Intangible Assets, Net (Including Goodwill) | $ 671,004 | $ 455,286 | $ 404,696 |
Variable Interest Entities a126
Variable Interest Entities and Consolidation of Investment Vehicles Information about Investments in CIV's (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014 | |
Variable Interest Entity | |||
Employee Owned Funds | 14 | 17 | 17 |
Variable Interest Entity, Number of Collateralized Securites Vehicles | 0 | 0 | 0 |
Variable Interest Entity, Primary Beneficiary, Number of Collateralized Securites Vehicles | 2 | 2 | 2 |
Number of Sponsored Investment Fund Vie | 1 | 1 | 1 |
Variable Interest Entity Controlling Financial Interest Number of Sponsored Investment Fund Vres | 0 | 0 | 1 |
Consolidated Investment Vehicles [Member] | |||
Variable Interest Entity | |||
Investments | $ 13,641 | $ 15,553 |
VIE Consolidated Balance Sheet
VIE Consolidated Balance Sheet Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Variable Interest Entity | |||||
REDEEMABLE NONCONTROLLING INTERESTS | $ 175,785 | $ 45,520 | $ 45,144 | $ 21,009 | |
Balance Before Consolidation of CIVs | |||||
Variable Interest Entity | |||||
Current Assets | 2,288,080 | [1] | 1,879,941 | ||
Non-current Assets | 5,135,318 | [1] | 5,143,547 | ||
TOTAL ASSETS | 7,423,398 | [1] | 7,023,488 | ||
Current Liabilities | 837,031 | [1] | 808,640 | ||
Non-current Liabilities | 2,267,343 | [1] | 1,719,367 | ||
TOTAL LIABILITIES | 3,104,374 | [1] | 2,528,007 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 81,649 | [1] | 8,971 | ||
Total Stockholders' Equity | 4,237,375 | [1] | 4,486,510 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,423,398 | [1] | 7,023,488 | ||
CIVs | |||||
Variable Interest Entity | |||||
Current Assets | 110,715 | [1] | 56,929 | ||
Non-current Assets | 0 | [1] | 0 | ||
TOTAL ASSETS | 110,715 | [1] | 56,929 | ||
Current Liabilities | 4,548 | [1] | 6,436 | ||
Non-current Liabilities | 0 | [1] | 0 | ||
TOTAL LIABILITIES | 4,548 | [1] | 6,436 | ||
REDEEMABLE NONCONTROLLING INTERESTS | 94,027 | [1] | 29,397 | ||
Total Stockholders' Equity | 12,140 | [1] | 21,096 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 110,715 | [1] | 56,929 | ||
Eliminations | |||||
Variable Interest Entity | |||||
Current Assets | (13,667) | (15,583) | |||
Non-current Assets | 0 | 0 | |||
TOTAL ASSETS | (13,667) | (15,583) | |||
Current Liabilities | (26) | (30) | |||
Non-current Liabilities | 0 | 0 | |||
TOTAL LIABILITIES | (26) | (30) | |||
REDEEMABLE NONCONTROLLING INTERESTS | 109 | 7,152 | |||
Total Stockholders' Equity | (13,750) | (22,705) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | (13,667) | (15,583) | |||
Consolidated Legg Mason, Inc. | |||||
Variable Interest Entity | |||||
Current Assets | 2,385,128 | 1,921,287 | |||
Non-current Assets | 5,135,318 | 5,143,547 | |||
TOTAL ASSETS | 7,520,446 | 7,064,834 | |||
Current Liabilities | 841,553 | 815,046 | |||
Non-current Liabilities | 2,267,343 | 1,719,367 | |||
TOTAL LIABILITIES | 3,108,896 | 2,534,413 | |||
REDEEMABLE NONCONTROLLING INTERESTS | 175,785 | 45,520 | |||
Total Stockholders' Equity | 4,235,765 | 4,484,901 | $ 4,724,724 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 7,520,446 | $ 7,064,834 | |||
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
VIE Consolidated Income Stateme
VIE Consolidated Income Statements Details (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 2,660,844 | $ 2,819,106 | $ 2,741,757 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
Balance Before Consolidation of CIVs | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 2,661,162 | [1] | 2,819,827 | 2,743,707 |
Total Operating Expenses | 2,609,870 | [1] | 2,320,709 | 2,310,444 |
OPERATING INCOME | 51,292 | [1] | 499,118 | 433,263 |
Total Other Non-Operating Income (Expense) | (65,458) | [1] | (136,186) | (10,333) |
INCOME BEFORE INCOME TAX PROVISION | (14,166) | [1] | 362,932 | 422,930 |
Income tax provision | 7,692 | [1] | 125,284 | 137,805 |
NET INCOME | (21,858) | [1] | 237,648 | 285,125 |
Net Income (Loss) Attributable to Noncontrolling Interest | 3,174 | [1] | 568 | 341 |
Net Income Attributable to Legg Mason, Inc. | (25,032) | [1] | 237,080 | 284,784 |
CIVs | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | [1] | 0 | 0 |
Total Operating Expenses | 466 | [1] | 906 | 2,376 |
OPERATING INCOME | (466) | [1] | (906) | (2,376) |
Total Other Non-Operating Income (Expense) | (12,757) | [1] | 5,883 | 2,445 |
INCOME BEFORE INCOME TAX PROVISION | (13,223) | [1] | 4,977 | 69 |
Income tax provision | 0 | [1] | 0 | 0 |
NET INCOME | (13,223) | [1] | 4,977 | 69 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | [1] | 0 | 0 |
Net Income Attributable to Legg Mason, Inc. | (13,223) | [1] | 4,977 | 69 |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | (318) | (721) | (1,950) | |
Total Operating Expenses | (323) | (728) | (1,956) | |
OPERATING INCOME | 5 | 7 | 6 | |
Total Other Non-Operating Income (Expense) | 2,166 | 77 | (3,364) | |
INCOME BEFORE INCOME TAX PROVISION | 2,171 | 84 | (3,358) | |
Income tax provision | 0 | 0 | 0 | |
NET INCOME | 2,171 | 84 | (3,358) | |
Net Income (Loss) Attributable to Noncontrolling Interest | (11,052) | 5,061 | (3,289) | |
Net Income Attributable to Legg Mason, Inc. | 13,223 | (4,977) | (69) | |
Consolidated Legg Mason, Inc. | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 2,660,844 | 2,819,106 | 2,741,757 | |
Total Operating Expenses | 2,610,013 | 2,320,887 | 2,310,864 | |
OPERATING INCOME | 50,831 | 498,219 | 430,893 | |
Total Other Non-Operating Income (Expense) | (76,049) | (130,226) | (11,252) | |
INCOME BEFORE INCOME TAX PROVISION | (25,218) | 367,993 | 419,641 | |
Income tax provision | 7,692 | 125,284 | 137,805 | |
NET INCOME | (32,910) | 242,709 | 281,836 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,878) | 5,629 | (2,948) | |
Net Income Attributable to Legg Mason, Inc. | $ (25,032) | $ 237,080 | $ 284,784 | |
[1] | Other represents consolidated sponsored investment vehicles that are not designated as CIVs. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities of CIVs by Level (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | $ 54,392 | |
Consolidated Investment Vehicles [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 48,715 | $ 48,000 |
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 23,249 | 29,495 |
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 15,382 | 4,412 |
Consolidated Investment Vehicles [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 10,084 | 14,093 |
Consolidated Investment Vehicles [Member] | Hedge Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 18,144 | 19,613 |
Consolidated Investment Vehicles [Member] | Hedge Funds | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 922 | 1,108 |
Consolidated Investment Vehicles [Member] | Hedge Funds | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 7,138 | 4,412 |
Consolidated Investment Vehicles [Member] | Hedge Funds | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 10,084 | 14,093 |
Consolidated Investment Vehicles [Member] | Proprietary Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 30,571 | 28,387 |
Consolidated Investment Vehicles [Member] | Proprietary Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 22,327 | 28,387 |
Consolidated Investment Vehicles [Member] | Proprietary Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | 8,244 | 0 |
Consolidated Investment Vehicles [Member] | Proprietary Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities | $ 0 | $ 0 |
Changes in Level 3 Assets an130
Changes in Level 3 Assets and Liabilities of CIVs (Details 5) - CIVs - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | $ 14,093 | $ 49,698 |
Purchases | 7,307 | |
Sales | (8,885) | |
Redemptions/Settlements/Other | (34,042) | |
Transfers, Net | (78) | |
Realized and unrealized gains/(losses), net | (63) | |
Assets measured at fair value using significant unobservable inputs, value at end of period | 14,093 | |
Fair Value Disclosures [Abstract] | ||
Total realized and unrealized gains (losses), net | (63) | |
Unrealized gains (losses) on Level 3 assets and liabilities still held at the reporting date | (2,580) | (79) |
Hedge Funds | ||
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 14,093 | 17,888 |
Purchases | 251 | 2,580 |
Sales | (1,455) | (5,761) |
Redemptions/Settlements/Other | (825) | 0 |
Transfers, Net | (526) | 78 |
Realized and unrealized gains/(losses), net | (1,454) | (692) |
Assets measured at fair value using significant unobservable inputs, value at end of period | 10,084 | 14,093 |
Private Equity Funds | ||
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 0 | 31,810 |
Purchases | 4,727 | |
Sales | (3,124) | |
Redemptions/Settlements/Other | (34,042) | |
Transfers, Net | 0 | |
Realized and unrealized gains/(losses), net | 629 | |
Assets measured at fair value using significant unobservable inputs, value at end of period | 0 | |
Collateralized Debt Obligations [Member] | ||
LIABILITIES: | ||
Liabilities measured at fair value using significant unobservable inputs, value at beginning of period | $ 0 | (79,179) |
Purchases | 0 | |
Sales | 0 | |
Redemptions/Settlements/Other | 79,179 | |
Transfers, Net | 0 | |
Realized and unrealized gains/(losses), net | 0 | |
Liabilities measured at fair value using significant unobservable inputs, value at end of period | $ 0 |
Variable Interest Entities a131
Variable Interest Entities and Consolidation of Investment Vehicles Transfers Between Levels 1 and 2 (Details) - Consolidated Investment Vehicles [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Variable Interest Entity | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 |
CIV's with Fair Value Determine
CIV's with Fair Value Determined using NAV (Details 6) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | ||
Minimum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investment Lock up Period | 3 | ||
Maximum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investment Lock up Period | 5 | ||
CIVs | Hedge Funds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investments, Fair Value Disclosure | $ 18,144 | [1] | $ 19,613 |
PercentageDailyRedemption | 5.00% | ||
Percentage of Monthly Redemption | 13.00% | ||
Percentage of Quarterly Redemption | 10.00% | ||
Percentage Subject to Lock in Period | 72.00% | ||
[1] | Redemption restrictions: 5% daily redemption; 13% monthly redemption; 10% quarterly redemption; and 72% are subject to three to five year lock-up or side pocket provisions. |
Information Regarding Derivativ
Information Regarding Derivatives of CIVs (Details 8) - Other Nonoperating income (expense) [Member] - CIVs $ in Thousands | 12 Months Ended |
Mar. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 5,914 |
Gain on Derivative Assets and Liabilities Recorded in Other Non-Operating Income of Consolidated Investment Vehicles | 1,311 |
Loss on Derivative Assets and Liabilities Recorded in Other Non-Operating Income of Consolidated Investment Vehicles | $ 1,537 |
Unconsolidated VIE's (Details 9
Unconsolidated VIE's (Details 9) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | [1] | $ 32,091 | $ 35,009 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 42,735 | 53,705 |
Assets Under Management | 17,170,697 | 19,527,670 | |
CDO and CLO [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | [1] | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 288 | 1,146 |
Real Estate Investment Trusts [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | [1] | 9,540 | 13,026 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 14,595 | 18,096 |
Other sponsored investments fund [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | [1] | 22,551 | 21,983 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 27,852 | 34,463 |
Proprietary Funds [Member] | |||
Variable Interest Entity | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 32,091 | $ 27,463 | |
[1] | Includes $32,091 and $27,463 related to investments in proprietary funds products as of March 31, 2016 and 2015, respectively. | ||
[2] | Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event - Clarion Partners Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2016 | Apr. 13, 2016 | |
Subsequent Event [Member] | Clarion Management Team [Member] | ||||
Subsequent Event [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 18.00% | |||
Clarion Partners [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 2,807 | |||
Clarion Partners [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets Under Management | $ 41,500,000 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 82.00% | |||
Payments to Acquire Businesses, Gross | $ 577,458 | |||
Co-Investments | $ 16,000 | |||
Management Equity Plan [Member] | ||||
Subsequent Event [Line Items] | ||||
Profits interests equity plan participation percentage | 15.00% | |||
Management Equity Plan [Member] | Subsequent Event [Member] | Clarion Partners [Member] | ||||
Subsequent Event [Line Items] | ||||
Profits interests equity plan participation percentage | 15.00% |
Subsequent Event Subsequent 136
Subsequent Event Subsequent Event - EnTrust Capital Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | May. 02, 2016 | |
EnTrust Capital [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets Under Management | $ 10,000,000 | |||
Assets Under Advisement, Carrying Amount | 2,000,000 | |||
Business Combination, Acquisition Related Costs | 3,492 | |||
EnTrust Capital [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 65.00% | |||
Payments to Acquire Businesses, Gross | $ 400,000 | |||
EnTrustPermal [Member] | ||||
Subsequent Event [Line Items] | ||||
Restructuring Charges | $ 43,296 | |||
Gregg S. Hymowitz [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | |||
Scenario, Forecast [Member] | EnTrustPermal [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Restructuring Charges | $ 100,000 |