Cover_Page_Statement
Cover Page Statement (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 19-May-15 | Sep. 30, 2014 | |
Document Information [Abstract] | |||
Entity Registrant Name | LEGG MASON, INC. | ||
Entity Central Index Key | 704051 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 110,852,676 | ||
Document Fiscal Year Focus | 2015 | ||
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 | $5,188,306,293 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Common Stock, Par or Stated Value Per Share | $0.10 | $0.10 |
Current Assets | ||
Cash and cash equivalents | $400,000 | |
Receivables: | ||
Fixed assets, net | 179,606 | 189,241 |
STOCKHOLDERS' EQUITY | ||
Accumulated other comprehensive income, net | -60,742 | 37,949 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 111,469,142 | 117,173,639 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Current Assets | ||
Cash and cash equivalents | 669,552 | 858,022 |
Receivables: | ||
Investment securities | 454,735 | 467,726 |
Other current assets | 51,750 | 47,677 |
Other non-current assets | 157,514 | 183,706 |
Current Liabilities | ||
Current portion of long-term debt | 0 | 438 |
Business Combination, Contingent Consideration, Liability, Current | 22,276 | 0 |
Other current liabilities | 177,879 | 91,586 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 88,508 | 29,553 |
Other non-current liabilities | 167,998 | 136,656 |
Long-term Debt | 1,058,089 | 1,038,826 |
Consolidated Investment Vehicles [Member] | ||
Current Assets | ||
Cash and cash equivalents | 2,808 | 56,372 |
Receivables: | ||
Investment securities | 48,000 | 50,463 |
Other current assets | 6,121 | 31,910 |
Investments of consolidated investment vehicles | 0 | 31,810 |
Current Liabilities | ||
Other current liabilities | 6,436 | 88,936 |
REDEEMABLE NONCONTROLLING INTERESTS | 38,498 | 43,328 |
Consolidated Legg Mason, Inc. | ||
Current Assets | ||
Restricted cash | 32,114 | 13,455 |
Receivables: | ||
Investment advisory and related fees | 368,399 | 348,633 |
Other receivables | 118,850 | 68,186 |
Deferred income taxes | 169,706 | 186,147 |
Total Current Assets | 1,922,035 | 2,128,591 |
Fixed assets, net | 179,606 | 189,241 |
Intangible assets, net | 3,313,334 | 3,171,773 |
Goodwill | 1,339,510 | 1,240,523 |
Deferred income taxes | 161,978 | 165,705 |
TOTAL ASSETS | 7,073,977 | 7,111,349 |
Current Liabilities | ||
Accrued compensation | 400,245 | 425,466 |
Accounts Payable and Accrued Liabilities, Current | 208,210 | 214,819 |
Total Current Liabilities | 815,046 | 821,245 |
Deferred compensation | 51,706 | 49,618 |
Deferred income taxes | 362,209 | 265,583 |
TOTAL LIABILITIES | 2,543,556 | 2,341,481 |
REDEEMABLE NONCONTROLLING INTERESTS | 45,520 | 45,144 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10; authorized 500,000,000 shares; issued 111,469,142 shares in March 2015 and 117,173,639 shares in March 2014 | 11,147 | 11,717 |
Additional paid-in capital | 2,844,441 | 3,148,396 |
Employee stock trust | -29,570 | -29,922 |
Deferred compensation employee stock trust | 29,570 | 29,922 |
Retained earnings | 1,690,055 | 1,526,662 |
Accumulated other comprehensive income, net | -60,742 | 37,949 |
TOTAL STOCKHOLDERS' EQUITY | 4,484,901 | 4,724,724 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,073,977 | 7,111,349 |
Management Equity Plan [Member] | Consolidated Legg Mason, Inc. | ||
Current Liabilities | ||
REDEEMABLE NONCONTROLLING INTERESTS | $7,022 | $1,816 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Investment advisory fees | |||
Total Operating Revenues | $2,819,106 | $2,741,757 | $2,612,650 |
OPERATING EXPENSES | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 734,000 |
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Less: Net income attributable to noncontrolling interests | -2,948 | -6,421 | |
Consolidated Legg Mason, Inc. | |||
Investment advisory fees | |||
Separate accounts | 824,211 | 777,420 | 730,326 |
Funds | 1,544,494 | 1,501,278 | 1,446,066 |
Performance fees | 83,519 | 107,087 | 98,568 |
Distribution and service fees | 361,188 | 347,598 | 330,480 |
Other | 5,694 | 8,374 | 7,210 |
Total Operating Revenues | 2,819,106 | 2,741,757 | 2,612,650 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,232,770 | 1,210,387 | 1,188,470 |
Distribution and servicing | 594,788 | 619,070 | 600,644 |
Communications and technology | 182,438 | 157,872 | 149,645 |
Occupancy | 109,708 | 115,234 | 171,941 |
Amortization of intangible assets | 2,625 | 12,314 | 14,019 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 734,000 |
Other | 198,558 | 195,987 | 188,430 |
Total Operating Expenses | 2,320,887 | 2,310,864 | 3,047,149 |
OPERATING INCOME | 498,219 | 430,893 | -434,499 |
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Interest income | 7,440 | 6,367 | 7,590 |
Interest expense | -58,274 | -52,911 | -62,919 |
Total Other Non-Operating Income (Expense) | -130,226 | -11,252 | -76,108 |
INCOME BEFORE INCOME TAX PROVISION | 367,993 | 419,641 | -510,607 |
Income tax provision | 125,284 | 137,805 | -150,859 |
NET INCOME | 242,709 | 281,836 | -359,748 |
Less: Net income attributable to noncontrolling interests | 5,629 | -2,948 | -6,421 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | 237,080 | 284,784 | -353,327 |
NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. COMMON SHAREHOLDERS | |||
Basic (in dollars per share) | $2.06 | $2.34 | ($2.65) |
Diluted (in dollars per share) | $2.04 | $2.33 | ($2.65) |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Other income (expense), net, including debt extinguishment losses of $107,074 in July 2014 and $68,675 in May 2012 | -85,280 | 32,818 | -17,958 |
NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | 237,080 | 284,784 | -353,327 |
Consolidated Investment Vehicles [Member] | |||
OTHER NON-OPERATING INCOME (EXPENSE) | |||
Other income (expense), net, including debt extinguishment losses of $107,074 in July 2014 and $68,675 in May 2012 | 5,888 | 2,474 | -2,821 |
5.5% senior notes | Consolidated Legg Mason, Inc. | |||
Payments of Debt Extinguishment Costs | $107,074 | $0 | $68,975 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | ($51,147) | $37,835 | |
Unrealized gains (losses) on investment securities: | |||
Unrealized holding losses, net of tax benefit of $3, $123 and $1, respectively | 0 | 114 | |
Tax benefit on unrealized holding losses on securities | 0 | 76 | |
Unrealized gains on reverse treasury rate lock, net of tax provision of $233 | 405 | ||
Tax provision for unrealized gain on reverse treasury rate lock | 233 | ||
Less: Net income attributable to noncontrolling interests | -2,948 | -6,421 | |
Consolidated Legg Mason, Inc. | |||
NET INCOME | 242,709 | 281,836 | -359,748 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | -88,982 | -9,424 | -23,945 |
Unrealized gains (losses) on investment securities: | |||
Unrealized holding losses, net of tax benefit of $3, $123 and $1, respectively | -5 | -184 | -1 |
Tax benefit on unrealized holding losses on securities | -3 | -123 | -1 |
Reclassification adjustment for losses included in net income | 5 | 18 | 13 |
Net unrealized losses on investment securities | 0 | -166 | 12 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -9,595 | ||
Unrealized gains on reverse treasury rate lock, net of tax provision of $233 | 405 | 0 | 0 |
Reclassification for realized gain on termination of reverse treasury rate lock, net of tax provision of $233 | -405 | 0 | 0 |
Tax provision for unrealized gain on reverse treasury rate lock | 233 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | -233 | 0 | 0 |
Reclassification for assets held for sale | -114 | 0 | 0 |
Total other comprehensive income (loss) | -98,691 | -9,590 | -23,933 |
COMPREHENSIVE INCOME | 144,018 | 272,246 | -383,681 |
Less: Net income attributable to noncontrolling interests | 5,629 | -2,948 | -6,421 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 5,629 | 1,881 | 971 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Unrealized gains (losses) on investment securities: | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC. | $138,389 | $275,194 | ($377,260) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Legg Mason, Inc. | Consolidated Investment Vehicles [Member] |
In Thousands | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | EMPLOYEE STOCK TRUST | DEFERRED COMPENSATION EMPLOYEE STOCK TRUST | RETAINED EARNINGS, UNAPPROPRIATED | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET | RETAINED EARNINGS, APPROPRIATED | ||
Beginning Balance at Mar. 31, 2012 | $13,987 | $3,864,216 | ($32,419) | $32,419 | $1,715,395 | $71,472 | $12,221 | ||
Stock options and other stock-based compensation | 8 | 5,198 | |||||||
Deferred compensation employee stock trust | 8 | 1,803 | |||||||
Deferred compensation, net | 192 | 44,246 | |||||||
Employee tax withholdings by settlement of net share transactions | -41 | -11,303 | |||||||
Shares repurchased and retired | -425,475 | -1,620 | -423,855 | ||||||
Shares Issued to plans | -1,811 | 1,811 | |||||||
Distributions and forfeitures | 1,607 | -1,607 | |||||||
Net Income Attributable to Legg Mason, Inc. | -353,327 | -353,327 | |||||||
Dividends declared | -57,809 | ||||||||
Net income reclassified to appropriated retained earnings | -7,392 | -7,392 | |||||||
Net unrealized losses on investment securities | 12 | 12 | |||||||
Reclassification for assets held for sale | 0 | 0 | |||||||
Foreign currency translation adjustment | -23,945 | -23,945 | |||||||
APIC reclassified for MEP vesting | 0 | ||||||||
Allocation from Convertible Senior Notes Net of Tax | -31,115 | ||||||||
Ending Balance at Mar. 31, 2013 | 4,818,351 | 12,534 | 3,449,190 | -32,623 | 32,623 | 1,304,259 | 47,539 | 4,829 | |
Stock options and other stock-based compensation | 83 | 29,537 | |||||||
Deferred compensation employee stock trust | 5 | 1,779 | |||||||
Deferred compensation, net | 118 | 48,143 | |||||||
Employee tax withholdings by settlement of net share transactions | -55 | -19,409 | |||||||
Shares repurchased and retired | -359,996 | -968 | -359,028 | ||||||
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 | |||||||
Dividends declared | -62,381 | ||||||||
Net income reclassified to appropriated retained earnings | -4,829 | -4,829 | |||||||
Net unrealized losses on investment securities | -166 | -166 | |||||||
Reclassification for assets held for sale | 0 | 0 | |||||||
Foreign currency translation adjustment | 37,835 | -9,424 | -9,424 | ||||||
APIC reclassified for MEP vesting | -1,816 | ||||||||
Allocation from Convertible Senior Notes Net of Tax | 0 | ||||||||
Ending Balance at Mar. 31, 2014 | 4,724,724 | 11,717 | 3,148,396 | -29,922 | 29,922 | 1,526,662 | 37,949 | 0 | |
Stock options and other stock-based compensation | 74 | 31,910 | |||||||
Deferred compensation employee stock trust | 5 | 2,218 | |||||||
Deferred compensation, net | 91 | 45,019 | |||||||
Employee tax withholdings by settlement of net share transactions | -47 | -22,067 | |||||||
Shares repurchased and retired | -356,522 | -693 | -355,829 | ||||||
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 | |||||||
Dividends declared | -73,687 | ||||||||
Net income reclassified to appropriated retained earnings | 0 | 0 | |||||||
Net unrealized losses on investment securities | 0 | 0 | |||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | -9,595 | ||||||||
Reclassification for assets held for sale | -114 | -114 | |||||||
Foreign currency translation adjustment | -51,147 | -88,982 | -88,982 | ||||||
APIC reclassified for MEP vesting | -5,206 | ||||||||
Allocation from Convertible Senior Notes Net of Tax | 0 | ||||||||
Ending Balance at Mar. 31, 2015 | $4,484,901 | $11,147 | $2,844,441 | ($29,570) | $29,570 | $1,690,055 | ($60,742) | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | $0 | $734,000 |
Imputed Interest for Convertible Senior Notes | 0 | 0 | 5,839 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 400,000 | ||
Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 242,709 | 281,836 | -359,748 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 734,000 |
Depreciation and amortization | 55,086 | 62,845 | 87,848 |
Accretion and amortization of securities discounts and premiums, net | 4,275 | 3,037 | 3,295 |
Stock-based compensation | 66,245 | 66,488 | 58,983 |
Deferred income taxes | 100,387 | 118,430 | -157,355 |
Other | -12,939 | 3,276 | 1,725 |
Decrease (increase) in assets: | |||
Investment advisory and related fees receivable | -28,668 | -2,061 | -11,045 |
Net (purchases) sales of trading and other current investments | 47,357 | -44,293 | 189,347 |
Other receivables | 19,547 | 14,105 | -9,712 |
Increase (decrease) in liabilities: | |||
Accrued compensation | -17,727 | 76,968 | -54,964 |
Deferred compensation | 10,314 | -7,191 | -530 |
Accounts payable and accrued expenses | -14,763 | 319 | 8,690 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for fixed assets | -45,773 | -40,452 | -38,351 |
Business acquisitions, net of cash acquired of $29,830 | -183,747 | 0 | -55,277 |
Proceeds from Sales of Assets, Investing Activities | 47,001 | 1,351 | 0 |
Change in restricted cash | -25,571 | -5,801 | -7,245 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 658,769 | 393,740 | 1,143,246 |
Debt issuance costs | -5,250 | -3,940 | -10,289 |
Issuance of common stock for stock-based compensation | 24,288 | 25,603 | 1,986 |
Employee Tax Withholdings by settlement of net share transaction | -22,114 | -19,464 | -11,302 |
Repurchase of common stock | -356,522 | -359,996 | -425,516 |
Dividends paid | -70,815 | -61,966 | -55,250 |
Net (redemptions/distributions paid to)/subscriptions received from noncontrolling interest holders | -10,459 | 20,438 | -3,993 |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Income Taxes Paid, Net | 19,578 | 10,140 | 32,318 |
Interest Paid | 59,039 | 44,295 | 40,262 |
Adjustments to reconcile Net Income to net cash used in operations: | |||
Net (gains) losses on investments | -13,912 | -26,805 | -43,684 |
Decrease (increase) in assets: | |||
Other assets | -9,936 | -24,042 | -1,605 |
Increase (decrease) in liabilities: | |||
Other liabilities | 1,182 | -18,310 | 3,112 |
CASH USED IN OPERATING ACTIVITIES | 568,118 | 437,324 | 303,332 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of investment securities | -2,641 | -4,335 | -5,787 |
Proceeds from sales and maturities of investment securities | 2,688 | 4,306 | 5,272 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -208,043 | 137,627 | -11,023 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of long-term debt | -645,780 | -500,439 | -1,299,218 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -507,062 | -639,071 | -735,897 |
EFFECT OF EXCHANGE RATES ON CASH | -41,483 | -10,894 | -5,639 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -188,470 | -75,014 | -449,227 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 858,022 | 933,036 | 1,382,263 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 669,552 | 858,022 | 933,036 |
Consolidated Investment Vehicles [Member] | |||
Adjustments to reconcile Net Income to net cash used in operations: | |||
Net (gains) losses on investments | -1,308 | -643 | 5,358 |
Decrease (increase) in assets: | |||
Other assets | 114,934 | -62,916 | -14,378 |
Increase (decrease) in liabilities: | |||
Other liabilities | -3,321 | -3,719 | 5,219 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of investment securities | 0 | -17,328 | -98,374 |
Proceeds from sales and maturities of investment securities | 0 | 199,886 | 188,739 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of long-term debt | -79,179 | -133,047 | -75,561 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 56,372 | ||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,808 | 56,372 | |
5.5% senior notes | Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Payments of Debt Extinguishment Costs | 107,074 | 0 | 68,975 |
Make Whole Premium [Member] | 5.5% senior notes | Consolidated Legg Mason, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Payments of Debt Extinguishment Costs | ($98,418) | $0 | ($216,038) |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 16 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 contingent consideration liabilities and redeemable noncontrolling interests for affiliate management equity plans. | |||||||||||||
All references to fiscal 2015, 2014 or 2013, 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 ("U.S.") 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 as consolidated investment vehicles (“CIVs”). The consolidation of investment vehicles 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 these CIVs, which is recorded in Other Non-Operating Income (Expense), is reflected in Net Income (Loss), net of amounts allocated 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. 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 as of March 31, 2014, and 2013. During fiscal 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 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 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 a 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, 2015, 2014, and 2013, despite significant third party investments in this product. As of March 31, 2015, and 2014, Legg Mason also concluded it was the primary beneficiary of 17 employee-owned funds it sponsors, which were consolidated and reported as CIVs. | |||||||||||||
Other VIEs | |||||||||||||
For other sponsored investment funds that do not meet the investment company criteria, Legg Mason determines on a fund by fund basis if 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, 2015, Legg Mason had a variable interest in three 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 estimated to pay to Legg Mason is insignificant. As of March 31, 2014 and 2013, Legg Mason had a variable interest in two of these CLOs, which also were not consolidated in either of those periods. | |||||||||||||
As of March 31, 2014 and 2013, 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 and had a significant variable interest because of the level of its expected subordinated fees. As of March 31, 2014 and 2013, 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, 2015 and 2014 was $15,553 and $39,434, 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 Note 16 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 long-term escrow deposits, cash collateral required for market hedge arrangements, 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 16 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. Substantially all of Legg Mason's equity method investees are investment companies which 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 agreements 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 available-for-sale, held-to-maturity or trading. Debt and marketable equity securities classified as available-for-sale are reported at fair value and resulting unrealized gains and losses are reflected in stockholders' equity, noncontrolling interests, and comprehensive income (loss), net of applicable income taxes. Debt securities for which there is positive intent and ability to hold to maturity are classified as held-to-maturity and are recorded at amortized cost. Amortization of discount or premium is recorded under the interest method and is included in interest income. Certain investment securities, including those held by CIVs, are 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 or available-for-sale 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, 2015, 2014 and 2013, 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 and CLO loans, bonds and debt, 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 values of Long-term debt at March 31, 2015 and 2014, aggregated $1,166,697 and $1,135,103, respectively. Except for long-term debt designated for a hedging transaction, these fair values were estimated using publicly quoted market prices or discounted cash flow analyses, as appropriate, and were classified as Level 2 in the fair value hierarchy, as described below. 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 a reverse treasury rate lock contract and an interest rate swap, 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). See Note 14 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 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, private equity funds and prior to June 2014, CLO debt of a CIV. This category may also include certain proprietary fund products with redemption restrictions. | |||||||||||||
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, including certain investments held by CIVs prior to June 2014, 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 in Level 3. | |||||||||||||
The fair value of CLO debt, which existed only through June 2014, was valued using a discounted cash flow methodology. Inputs used to determine the expected cash flows included assumptions about forecasted default and recovery rates that a market participant would use in determining the fair value of the CLO's underlying collateral assets. Given the significance of the unobservable inputs to the fair value measurement, the CLO debt valuation was 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. | |||||||||||||
Fair Value Option | |||||||||||||
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 (see "Consolidation" above and Note 16). Management believed that the use of the fair value option mitigated the impact of certain timing differences and better matched the changes in fair value of assets and liabilities related to the CLO. Unrealized gains and losses on assets and liabilities for which the fair value option was elected have been reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis, must be applied to an entire instrument, and is irrevocable once elected. Liabilities measured at fair value pursuant to the fair value option were included in Debt and other current liabilities of consolidated investment vehicles in the Consolidated Balance Sheet as of March 31, 2014. The CLO substantially liquidated and was deconsolidated as of June 2014. Subsequently, Legg Mason has not elected the fair value option for any other financial assets or liabilities. | |||||||||||||
Appropriated Retained Earnings | |||||||||||||
Upon the election of the fair value option for eligible assets and liabilities of the CLO described above, 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 Sheets. 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. As of June 30, 2014, the CLO was deconsolidated. | |||||||||||||
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 15 for additional business segment information. | |||||||||||||
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 Sheets. | |||||||||||||
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-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. | |||||||||||||
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, 2015, 2014 and 2013, no impairment charges were recorded. Deferred sales commissions, included in Other non-current assets in the Consolidated Balance Sheets, were $10,422 and $8,031 at March 31, 2015 and 2014, respectively. | |||||||||||||
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. | |||||||||||||
See Note 7 for additional information regarding income taxes. | |||||||||||||
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. | |||||||||||||
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. Legg Mason determines the fair value of stock options and affiliate management equity plan grants 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. See "Other Developments" below and Note 11 for additional information regarding stock-based compensation. | |||||||||||||
In conjunction with the December 2012 modification of employment and other arrangements with certain employees of its subsidiary, The Permal Group, Ltd ("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, over which the related grant-date fair values will be recognized as Compensation expense in the Consolidated Statements of Income. 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. See Note 11 for additional information on affiliate management equity plans. | |||||||||||||
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 allocated (both distributed and undistributed) 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. | |||||||||||||
Restructuring Costs | |||||||||||||
As further discussed in Note 2, in March 2014, Legg Mason entered into a definitive agreement to acquire QS Investors Holdings, LLC ("QS Investors"). Legg Mason is integrating its two existing affiliates, Batterymarch Financial Management, Inc. ("Batterymarch") and Legg Mason Global Asset Allocation, LLC ("LMGAA") into QS Investors over time to leverage the best aspects of each subsidiary. The costs anticipated with this integration primarily relate to employee termination benefits, including severance and retention incentives, which are recorded as Compensation and benefits in the Consolidated Statements of Income (Loss). See Note 2 for additional information. | |||||||||||||
Noncontrolling Interests | |||||||||||||
For CIVs 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. There were no nonredeemable noncontrolling interests as of March 31, 2015 or 2014. Net income attributable to noncontrolling interests in the Consolidated Statement of Income (Loss) for the year ended March 31, 2013 also includes Net income reclassified to Appropriated retained earnings for consolidated investment vehicle in the Consolidated Balance Sheet. | |||||||||||||
Net income attributable to noncontrolling interests for the years ended March 31, included the following amounts: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income attributable to redeemable noncontrolling interests | $ | 5,629 | $ | 1,881 | $ | 971 | |||||||
Net income reclassified to appropriated retained earnings for consolidated investment vehicle | — | (4,829 | ) | (7,392 | ) | ||||||||
Total | $ | 5,629 | $ | (2,948 | ) | $ | (6,421 | ) | |||||
Total Redeemable noncontrolling interests as of and for the years ended March 31, included the following amounts: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance, beginning of period | $ | 45,144 | $ | 21,009 | $ | 24,031 | |||||||
Net income attributable to redeemable noncontrolling interests | 5,629 | 1,881 | 971 | ||||||||||
Net (redemptions/distributions paid to)/subscriptions received from noncontrolling interests | (10,459 | ) | 20,438 | (3,993 | ) | ||||||||
Affiliate management equity plan interests | 5,206 | 1,816 | — | ||||||||||
Balance, end of period | $ | 45,520 | $ | 45,144 | $ | 21,009 | |||||||
Recent Accounting Developments | |||||||||||||
In May 2015, the Financial Accounting Standards Board (“FASB”) updated the guidance on fair value measurement. The updated guidance removes the requirement to categorize within the fair value hierarchy and related sensitivity disclosures, all investments for which fair value is measured using the NAV practical expedient. 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, unless adopted earlier. 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 for Legg Mason in fiscal 2017, unless adopted earlier. Legg Mason is evaluating the timing and impact of its adoption. | |||||||||||||
In August 2014, the FASB updated the guidance on measuring the financial assets and financial liabilities of consolidated collateralized financing entities. The update requires that an entity electing to apply the guidance should measure both the financial assets and financial liabilities using the fair value of the consolidated collateralized financing entity’s financial assets or financial liabilities, whichever is more observable. This update also requires certain disclosures by entities that | |||||||||||||
apply its provisions and will be effective for Legg Mason in fiscal 2017, unless adopted earlier. Legg Mason is evaluating the impact of its adoption. | |||||||||||||
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. This update will be tentatively effective for Legg Mason in fiscal 2018 and Legg Mason is evaluating the impact of its adoption. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. ACQUISITIONS AND DISPOSITION | ||||||||||||
Acquisitions | |||||||||||||
Martin Currie | |||||||||||||
On October 1, 2014, Legg Mason acquired all outstanding equity interests of Martin Currie (Holdings) Limited ("Martin Currie"), pursuant to a share purchase agreement dated July 24, 2014. Martin Currie is an international equity specialist based in the United Kingdom with approximately $9,500,000 in AUM on the date of acquisition. 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 first, second and third anniversaries of closing, aggregating up to approximately $483,000 (using the foreign exchange rate as of March 31, 2015 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, as specified in the share purchase agreement, at March 31, 2016, 2017, and 2018. 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, 2015, the fair value of the Contingent consideration liability was $70,114, a decrease of $5,097 from October 1, 2014, all of which is attributable to changes in the exchange rate, net of accretion, which is included in Accumulated other comprehensive income as Foreign currency translation adjustment. The Contingent consideration liability is included in non-current Contingent consideration in the Consolidated Balance Sheet at March 31, 2015. 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. | |||||||||||||
A summary of the acquisition-date fair values of the assets acquired and liabilities assumed, after certain measurement period adjustments, are as follows: | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 202,577 | |||||||||||
Contingent consideration | 75,211 | ||||||||||||
Total Consideration | 277,788 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 29,389 | ||||||||||||
Indefinite-life intangible fund management contracts | 135,321 | ||||||||||||
Amortizable intangible asset management contracts | 15,234 | ||||||||||||
Indefinite-life trade name | 7,130 | ||||||||||||
Fixed assets | 784 | ||||||||||||
Liabilities, net | (4,388 | ) | |||||||||||
Pension liability | (32,433 | ) | |||||||||||
Deferred tax liabilities | (31,537 | ) | |||||||||||
Total identifiable assets and liabilities | 119,500 | ||||||||||||
Goodwill | $ | 158,288 | |||||||||||
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 and 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%) | 15.00% | |||||||||||
Projected AUM Growth / (Attrition) | Discount Rate | ||||||||||||
Amortizable intangible asset management contracts | 6% / (17)% | 15.00% | |||||||||||
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 fees growth rates | 0% to 30% (weighted-average - 15%) | ||||||||||||
Discount rates: | |||||||||||||
Projected AUM | 13.00% | ||||||||||||
Projected performance fees | 15.00% | ||||||||||||
Earn-out payments | 1.30% | ||||||||||||
AUM volatility | 18.80% | ||||||||||||
Significant increases (decreases) in projected AUM or performance fees would result in a significantly higher (lower) Contingent consideration liability fair value. | |||||||||||||
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 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, comprised of 58% equities (Level 1) and 42% bonds (Level 2), are measured at fair value. Assumptions used to determine the expected return on plan assets targets a 55% / 45% equity/bond allocation with reference to the 15-year FTSE UK Gilt yield for equities and UK 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 UK market and currency. As of March 31, 2015, there were no significant concentrations of risk in plan assets. The most recent actuarial valuation was performed as of May 31, 2013, which was updated through the acquisition and 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, 2015 Consolidated Balance Sheet as Other non-current liabilities: | |||||||||||||
Fair value of plan assets (at 6.3% expected weighted-average long-term return) | $ | 59,404 | |||||||||||
Benefit obligation (at 3.3% discount rate) | (98,110 | ) | |||||||||||
Unfunded status (excess of benefit obligation over plan assets) | $ | (38,706 | ) | ||||||||||
The change in the benefit obligation for the period from acquisition through March 31, 2015 is summarized below: | |||||||||||||
Period From | |||||||||||||
Acquisition | |||||||||||||
Beginning benefit obligation | $ | 91,750 | |||||||||||
Interest costs | 1,730 | ||||||||||||
Actuarial loss | 14,461 | ||||||||||||
Benefits paid | (762 | ) | |||||||||||
Plan curtailments | (789 | ) | |||||||||||
Exchange rate changes | (8,280 | ) | |||||||||||
Ending benefit obligation | $ | 98,110 | |||||||||||
The change in plan assets for the period from acquisition through March 31, 2015 is summarized below: | |||||||||||||
Period From | |||||||||||||
Acquisition | |||||||||||||
Beginning plan assets | $ | 59,317 | |||||||||||
Actual return on plan assets | 6,028 | ||||||||||||
Employer contributions | 1 | ||||||||||||
Benefits paid | (762 | ) | |||||||||||
Exchange rate changes | (5,180 | ) | |||||||||||
Ending plan assets | $ | 59,404 | |||||||||||
For the year ended March 31, 2015, a net periodic benefit gain of $815 was included in Compensation and benefits expense in the Consolidated Statement of Income. | |||||||||||||
The components of the net periodic benefit gain for the period from acquisition through March 31, 2015 are as follows: | |||||||||||||
Period From | |||||||||||||
Acquisition | |||||||||||||
Interest costs | $ | 1,730 | |||||||||||
Expected return on plan assets | (1,756 | ) | |||||||||||
Curtailment gain recognized | (789 | ) | |||||||||||
Net periodic benefit gain | $ | (815 | ) | ||||||||||
Net actuarial losses of $9,595, were included in Accumulated other comprehensive income in the Consolidated Balance Sheet at March 31, 2015. | |||||||||||||
As of March 31, 2015, the plan expects to make benefit payments over the next 10 fiscal years as follows: | |||||||||||||
2016 | $ | 1,184 | |||||||||||
2017 | 1,235 | ||||||||||||
2018 | 1,324 | ||||||||||||
2019 | 1,611 | ||||||||||||
2020 | 1,588 | ||||||||||||
2021 - 2025 | 13,788 | ||||||||||||
The contingent consideration payments are expected to provide some, if not all, funding of the net plan benefit obligation, through a provision 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 to accelerate funding, Martin Currie expects to contribute $2,228 to the plan during the year ending March 31, 2016. | |||||||||||||
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. | |||||||||||||
QS Investors, 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. At the time of acquisition, QS Investors had approximately $5,000,000 in AUM and nearly $100,000,000 in assets under advisement. | |||||||||||||
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 Contingent consideration liability established at closing had an acquisition date fair value of $13,370, which represented the present value of the contingent consideration expected to be paid. The Contingent consideration liability is included in non-current Contingent consideration in the Consolidated Balance Sheet at March 31, 2015 and has accreted to $13,553. | |||||||||||||
A summary of the acquisition-date fair values of the assets acquired and liabilities assumed, after certain measurement period adjustments, are as follows: | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 11,000 | |||||||||||
Contingent consideration | 13,370 | ||||||||||||
Total Consideration | 24,370 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 441 | ||||||||||||
Investments | 3,281 | ||||||||||||
Receivables | 2,699 | ||||||||||||
Amortizable intangible asset management contracts | 7,060 | ||||||||||||
Fixed assets | 599 | ||||||||||||
Liabilities, net | (6,620 | ) | |||||||||||
Total identifiable assets and liabilities | 7,460 | ||||||||||||
Goodwill | $ | 16,910 | |||||||||||
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% | 15.00% | |||||||||||
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 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 Attributable to Legg Mason, Inc. | |||||||||||||
Over time, Legg Mason is integrating 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 have been recognized through 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 are 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, 2015 and cumulative charges incurred to date: | |||||||||||||
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 | |||||||
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 as of 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 acquired all of the outstanding share capital of Fauchier Partners Management, Limited ("Fauchier"), a European based manager of funds-of-hedge funds, from BNP Paribas Investment Partners, S.A. At the time of acquisition, Fauchier managed assets of approximately $5,400,000. | |||||||||||||
The initial purchase price was a cash payment of $63,433, which was funded from existing cash resources. As of March 31, 2015, $22,276 (using the exchange rate as of March 31, 2015 for the maximum £15,000 payment amount) was due under the agreements governing the acquisition for the second anniversary contingent consideration payment, and was paid in May 2015. In addition, contingent consideration of up to approximately $30,000 (using the exchange rate as of March 31, 2015 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. As of March 31, 2015, the fair value of the related Contingent consideration liability was $27,117, $22,276 of which 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. The decrease of $2,436 from March 31, 2014, was attributable to changes in the exchange rate, net of accretion. Legg Mason has executed currency forwards 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 are denominated. See Note 14 for additional information regarding derivatives and hedging. | |||||||||||||
A summary of the acquisition-date fair values of the assets acquired and liabilities assumed are as follows: | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 63,433 | |||||||||||
Contingent consideration | 21,566 | ||||||||||||
Total Consideration | 84,999 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 8,156 | ||||||||||||
Receivables | 12,174 | ||||||||||||
Amortizable intangible asset management contracts | 2,865 | ||||||||||||
Indefinite-life intangible fund management contracts | 65,126 | ||||||||||||
Other current liabilities, net | (16,667 | ) | |||||||||||
Deferred tax liability | (15,638 | ) | |||||||||||
Total identifiable assets and liabilities | 56,016 | ||||||||||||
Goodwill | $ | 28,983 | |||||||||||
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 included 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% ) | 16.00% | |||||||||||
Projected Revenue Growth Rates | |||||||||||||
Contingent consideration | (16)% to 3% (weighted-average - (5)%) | 2.00% | |||||||||||
The contingent consideration estimate was revised as of March 31, 2014, to consider the higher level of Fauchier performance fees through March 31, 2014 and included various scenarios with net revenue growth rates ranging from 0% to 8% (weighted-average 2%) and a discount rate of 2.7%. | |||||||||||||
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 Fauchier included in Legg Mason's consolidated financial results for the year ended March 31, 2014, included revenues of $72,088, and did not have a material impact on Net Income Attributable to Legg Mason, Inc. | |||||||||||||
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_Liab
Fair Values of Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||
Fair Values of Assets and Liabilities | 3. INVESTMENTS AND FAIR VALUE 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 16 Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the assets and liabilities of CIVs that are measured at fair value. | |||||||||||||||||||||||||||||
Legg Mason has investments in debt and equity securities that are generally classified as trading as described in Note 1. Investments as of March 31, 2015 and 2014, are as follows: | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Current investments | $ | 454,735 | $ | 467,726 | |||||||||||||||||||||||||
Available-for-sale | — | 12,072 | |||||||||||||||||||||||||||
Other(1) | 77 | 90 | |||||||||||||||||||||||||||
Total | $ | 454,812 | $ | 479,888 | |||||||||||||||||||||||||
-1 | Includes investments in private equity securities that do not have readily determinable fair values. | ||||||||||||||||||||||||||||
The net unrealized and realized gain (loss) for investment securities classified as trading was $10,545, $22,963 and $18,260 for fiscal 2015, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
All available-for-sale investments were held by Legg Mason's subsidiary LMIC. In connection with the previously discussed sale of LMIC, all of its related assets and liabilities were reclassified to assets held for sale effective in the first quarter of fiscal 2015, therefore, as of March 31, 2015, Legg Mason no longer held any available-for-sale investments. At March 31, 2014, available-for-sale investments consisted of mortgage backed securities, U.S. government and agency securities and equity securities. Gross unrealized gains and (losses) for investments classified as available-for-sale were $203 and $(451), respectively, as of March 31, 2014. | |||||||||||||||||||||||||||||
For available-for-sale investments, Legg Mason used the specific identification method to determine the cost of a security sold and the amount reclassified from accumulated other comprehensive income into earnings. The proceeds and gross realized gains and losses from sales and maturities of available-for-sale investments were as follows: | |||||||||||||||||||||||||||||
Years Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Proceeds | $ | 4,306 | $ | 5,272 | |||||||||||||||||||||||||
Gross realized gains | — | 22 | |||||||||||||||||||||||||||
Gross realized losses | (29 | ) | (43 | ) | |||||||||||||||||||||||||
Legg Mason had no investments classified as held-to-maturity as of March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
The fair values of financial assets and (liabilities) of the Company were determined using the following categories of inputs: | |||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable | Significant unobservable inputs | Total | ||||||||||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Current investments: | |||||||||||||||||||||||||||||
Trading investments relating to long-term incentive compensation plans(2) | 80,529 | — | — | 80,529 | |||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments(3) | 269,647 | 88,201 | 186 | 358,034 | |||||||||||||||||||||||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments(4)(5) | 2,148 | 14,024 | — | 16,172 | |||||||||||||||||||||||||
Total current investments | 352,324 | 102,225 | 186 | 454,735 | |||||||||||||||||||||||||
Investments in partnerships, LLCs and other(6) | — | — | 14,511 | 14,511 | |||||||||||||||||||||||||
Equity method investments in partnerships | ` | — | — | 48,344 | 48,344 | ||||||||||||||||||||||||
and LLCs(4)(6) | |||||||||||||||||||||||||||||
Derivative assets(7) | 580 | 5,462 | — | 6,042 | |||||||||||||||||||||||||
Other investments(6) | — | — | 77 | 77 | |||||||||||||||||||||||||
Total | $ | 706,169 | $ | 154,722 | $ | 63,118 | $ | 924,009 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt(8) | $ | — | $ | (255,462 | ) | $ | — | $ | (255,462 | ) | |||||||||||||||||||
Contingent consideration liabilities(9) | — | — | (110,784 | ) | (110,784 | ) | |||||||||||||||||||||||
Derivative liabilities(7) | (8,665 | ) | — | — | (8,665 | ) | |||||||||||||||||||||||
Total | $ | (8,665 | ) | $ | (255,462 | ) | $ | (110,784 | ) | $ | (374,911 | ) | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable | Significant unobservable inputs | Total | ||||||||||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents(1): | |||||||||||||||||||||||||||||
Money market funds | $ | 456,631 | $ | — | $ | — | $ | 456,631 | |||||||||||||||||||||
Time deposits and other | — | 106,226 | — | 106,226 | |||||||||||||||||||||||||
Total cash equivalents | 456,631 | 106,226 | — | 562,857 | |||||||||||||||||||||||||
Current investments: | |||||||||||||||||||||||||||||
Trading investments relating to long-term incentive compensation plans(2) | 109,648 | — | — | 109,648 | |||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments(3) | 260,251 | 75,015 | 190 | 335,456 | |||||||||||||||||||||||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments(4)(5) | 8,497 | 14,125 | — | 22,622 | |||||||||||||||||||||||||
Total current investments | 378,396 | 89,140 | 190 | 467,726 | |||||||||||||||||||||||||
Available-for-sale investment securities(6) | 2,048 | 10,024 | — | 12,072 | |||||||||||||||||||||||||
Investments in partnerships, LLCs and other(6) | — | 2,878 | 21,586 | 24,464 | |||||||||||||||||||||||||
Equity method investments in partnerships and LLCs(4)(6) | — | — | 62,973 | 62,973 | |||||||||||||||||||||||||
Derivative assets(7) | 3,584 | — | — | 3,584 | |||||||||||||||||||||||||
Other investments(6) | — | — | 90 | 90 | |||||||||||||||||||||||||
Total | $ | 840,659 | $ | 208,268 | $ | 84,839 | $ | 1,133,766 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Contingent consideration liability(9) | $ | — | $ | — | $ | (29,553 | ) | $ | (29,553 | ) | |||||||||||||||||||
Derivative liabilities(7) | (2,335 | ) | — | — | (2,335 | ) | |||||||||||||||||||||||
Total | $ | (2,335 | ) | $ | — | $ | (29,553 | ) | $ | (31,888 | ) | ||||||||||||||||||
-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 the purchase of the instrument and its expected realization, and are classified as Level 2. | ||||||||||||||||||||||||||||
-2 | 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. | ||||||||||||||||||||||||||||
-3 | Trading investments of proprietary fund products and other trading investments consist of approximately 63% and 37% in equity and debt securities, respectively, as of March 31, 2015, and approximately 53% and 47% in equity and debt securities, respectively, as of March 31, 2014. | ||||||||||||||||||||||||||||
-4 | Substantially all of Legg Mason's equity method investments are investment companies which record their underlying investments at fair value. 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. | ||||||||||||||||||||||||||||
-5 | Includes investments under the equity method (which approximate fair value) relating to long-term incentive compensation plans of $8,728 and $14,125 as of March 31, 2015 and March 31, 2014, respectively, and proprietary fund products and other investments of $7,444 and $8,497 as of March 31, 2015 and March 31, 2014, respectively, which are classified as Investment securities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
-6 | Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. | ||||||||||||||||||||||||||||
-7 | See Note 14. | ||||||||||||||||||||||||||||
-8 | Long-term debt amount is the sum of the amortized cost of long-term debt and the fair value of an interest rate swap contract designated as a fair value hedge. See Note 6. | ||||||||||||||||||||||||||||
-9 | See Note 2. | ||||||||||||||||||||||||||||
Proprietary fund products include seed capital investments made by Legg Mason to fund new investment strategies and products. Legg Mason had investments in proprietary fund products, which totaled $392,039 and $405,918, as of March 31, 2015 and 2014, respectively, which are substantially comprised of investments in 52 funds and 46 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 in each period. | |||||||||||||||||||||||||||||
See Notes 1 and 16 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 changes in financial assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the years ended March 31, 2015 and 2014, are presented in the tables below: | |||||||||||||||||||||||||||||
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 proprietary fund products and other trading investments | $ | 190 | $ | 2 | $ | (27 | ) | $ | — | $ | — | $ | 21 | $ | 186 | ||||||||||||||
Investments in partnerships, LLCs and other | 21,586 | — | (24 | ) | (5,108 | ) | — | (1,943 | ) | 14,511 | |||||||||||||||||||
Equity method investments in partnerships and LLCs | 62,973 | 2,048 | (14,101 | ) | (1,121 | ) | — | (1,455 | ) | 48,344 | |||||||||||||||||||
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 | ) | $ | — | $ | — | $ | — | $ | 7,350 | $ | (110,784 | ) | ||||||||||||
Value as of March 31, 2013 | Purchases | Sales | Redemptions/Settlements/ Other | Transfers | Realized and unrealized gains/(losses), net | Value as of March 31, 2014 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments | $ | 246 | $ | 1 | $ | — | $ | (77 | ) | $ | — | $ | 20 | $ | 190 | ||||||||||||||
Investments in partnerships, LLCs and other | 27,762 | — | (731 | ) | (4,869 | ) | — | (576 | ) | 21,586 | |||||||||||||||||||
Equity method investments in partnerships and LLCs | 66,338 | 5,154 | (750 | ) | (9,258 | ) | — | 1,489 | 62,973 | ||||||||||||||||||||
Other investments | 111 | — | (12 | ) | — | — | (9 | ) | 90 | ||||||||||||||||||||
$ | 94,457 | $ | 5,155 | $ | (1,493 | ) | $ | (14,204 | ) | $ | — | $ | 924 | $ | 84,839 | ||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Contingent consideration liability | $ | (21,900 | ) | $ | — | $ | — | $ | — | $ | — | $ | (7,653 | ) | $ | (29,553 | ) | ||||||||||||
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 $2,439 and $(5,210) for the years ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 during the years ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
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, 2015 and March 31, 2014, 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, 2015 | ||||||||||||||||||||||||||||
Category of Investment | Investment Strategy | 31-Mar-15 | 31-Mar-14 | Unfunded Commitments | Remaining Term | ||||||||||||||||||||||||
Funds-of-hedge funds | Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge | $ | 23,787 | -1 | $ | 34,771 | -1 | n/a | n/a | ||||||||||||||||||||
Hedge funds | Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge | 14,515 | 19,461 | $ | 20,000 | n/a | |||||||||||||||||||||||
Private equity funds | Long/short equity | 23,563 | -2 | 22,759 | -2 | 9,654 | Up to 9 years | ||||||||||||||||||||||
Other | Various | 1,129 | 2,434 | n/a | Various (3) | ||||||||||||||||||||||||
Total | $ | 62,994 | -4 | $ | 79,425 | -4 | $ | 29,654 | |||||||||||||||||||||
n/a-not applicable | |||||||||||||||||||||||||||||
-1 | Liquidation restrictions: 9% monthly redemption and 91% quarterly redemption as of March 31, 2015. 40% monthly redemption and 60% quarterly redemption as of March 31, 2014. | ||||||||||||||||||||||||||||
-2 | Liquidations are expected over the remaining term. | ||||||||||||||||||||||||||||
-3 | Of this balance, 21% has a remaining term of less than one year and 79% has a remaining term of 18 years. | ||||||||||||||||||||||||||||
-4 | Comprised of 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 and 31% and 69% of Level 2 and Level 3 assets, respectively, as of March 31, 2014. | ||||||||||||||||||||||||||||
There are no current plans to sell any of these investments held as of March 31, 2015. |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Fixed Assets | 4. FIXED ASSETS | ||||||||
The following table reflects the components of fixed assets as of: | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Equipment | $ | 152,893 | $ | 147,663 | |||||
Software | 269,745 | 249,368 | |||||||
Leasehold improvements | 203,420 | 209,747 | |||||||
Total cost | 626,058 | 606,778 | |||||||
Less: accumulated depreciation and amortization | (446,452 | ) | (417,537 | ) | |||||
Fixed assets, net | $ | 179,606 | $ | 189,241 | |||||
Depreciation and amortization expense related to fixed assets was $52,461, $50,531, and $73,829 for the years ended March 31, 2015, 2014, and 2013, respectively. This includes accelerated depreciation and amortization of $1,265 in fiscal 2015 primarily arising from the integration over time of Batterymarch into QS Investors, $2,542 in 2014, primarily arising from various corporate initiatives, and $21,020 in fiscal 2013, arising from an initiative to reduce space requirements. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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: | |||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||
Amortizable intangible asset management contracts | |||||||||||||
Cost | $ | 188,312 | $ | 207,224 | |||||||||
Accumulated amortization | (166,583 | ) | (197,255 | ) | |||||||||
Net | 21,729 | 9,969 | |||||||||||
Indefinite–life intangible assets | |||||||||||||
U.S. domestic mutual fund management contracts | 2,106,351 | 2,106,351 | |||||||||||
Permal/Fauchier funds-of-hedge fund management contracts | 698,104 | 698,104 | |||||||||||
Other fund management contracts(1) | 427,816 | 304,549 | |||||||||||
Trade names(1) | 59,334 | 52,800 | |||||||||||
3,291,605 | 3,161,804 | ||||||||||||
Intangible assets, net | $ | 3,313,334 | $ | 3,171,773 | |||||||||
-1 | As of March 31, 2015, Other fund management contracts and Trade names include $124,002 and $6,524, respectively, related to the acquisition of Martin Currie. | ||||||||||||
In connection with the previously discussed sale of LMIC, amortizable intangible asset management contracts with a cost of $36,864 and accumulated amortization of $30,205 were sold on November 7, 2014. Also, the acquisitions of Martin Currie and QS Investors included amortizable intangible asset management contracts of $15,234 and $7,060, respectively. The acquisition of Martin Currie also included an indefinite-life trade name with a value of $7,130. See Note 2 for additional information on the acquisitions and disposition. | |||||||||||||
Legg Mason completed its annual impairment testing process of goodwill and indefinite-life intangible assets and determined that there was no impairment in the value of these assets as of December 31, 2014. As a result of uncertainty regarding future market conditions and economic results, assessing the fair value of the reporting unit and intangible assets requires management to exercise significant judgment. The current assessed fair value of the indefinite-life funds-of-hedge funds contracts asset related to the Permal and Fauchier acquisitions exceeds the combined carrying values by 13%. Should market performance, flows, or related AUM levels decrease in the near term, or other factors change, such that cash flow projections deviate from current projections, it is reasonably possible that the assets could be deemed to be impaired by a material amount. The current 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 41%. Legg Mason also determined that no triggering events occurred as of March 31, 2015 that would require further impairment testing. | |||||||||||||
As of March 31, 2015, amortizable intangible asset management contracts are being amortized over a weighted-average remaining life of 9.3 years. | |||||||||||||
Estimated amortization expense for each of the next five fiscal years is as follows: | |||||||||||||
2016 | $ | 2,710 | |||||||||||
2017 | 2,710 | ||||||||||||
2018 | 2,710 | ||||||||||||
2019 | 2,710 | ||||||||||||
2020 | 2,227 | ||||||||||||
Thereafter | 8,662 | ||||||||||||
Total | $ | 21,729 | |||||||||||
The change in the carrying value of goodwill is summarized below: | |||||||||||||
Gross Book Value | Accumulated Impairment | Net Book Value | |||||||||||
Balance as of March 31, 2013 | $ | 2,431,065 | $ | (1,161,900 | ) | $ | 1,269,165 | ||||||
Impact of excess tax basis amortization | (21,675 | ) | — | (21,675 | ) | ||||||||
Changes in foreign exchange rates and other | (6,967 | ) | — | (6,967 | ) | ||||||||
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 | ||||||
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. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Long-Term Debt | 6. SHORT-TERM BORROWINGS AND LONG-TERM DEBT | ||||||||||||||||||||
The disclosures below include details of Legg Mason’s debt, excluding the debt of CIVs. See Note 16, Variable Interest Entities and Consolidation of Investment Vehicles, for information related to the debt of CIVs. | |||||||||||||||||||||
As of March 31, 2015 and 2014, Legg Mason had $750,000 of revolving credit facility capacity. Pursuant to a capital plan, in June 2012, Legg Mason entered into an unsecured credit agreement which provided for a $500,000 revolving credit facility and a $500,000 term loan, which was repaid in fiscal 2014, as further discussed below. The proceeds of the term loan were used to repay the $500,000 of outstanding borrowings under the previous revolving credit facility, which was then terminated. In January 2014, Legg Mason entered into a $250,000 incremental borrowing credit facility, which was contemplated in, and is in addition to the $500,000 revolving credit facility. Both revolving credit facilities expire in June 2017. The revolving credit facilities have interest rates of LIBOR plus 150 basis points and annual commitment fees of 20 basis points. The interest rates may change in the future based on changes in Legg Mason's credit ratings. These revolving credit facilities are available for capital needs and for general corporate purposes. There were no borrowings outstanding under either of these facilities as of March 31, 2015 and 2014. | |||||||||||||||||||||
The revolving credit facilities have standard financial covenants, including a maximum net debt to EBITDA ratio (as defined in the documents) of 2.5 to 1 and minimum EBITDA to interest ratio (as defined in the documents) of 4.0 to 1. As of March 31, 2015, Legg Mason's net debt to EBITDA ratio was 1.3 to 1 and EBITDA to interest expense ratio was 13.5 to 1, and therefore, Legg Mason has maintained compliance with the applicable covenants. | |||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Carrying Value | Fair Value Hedge Adjustment | Unamortized Discount (Premium) | Maturity Amount | Carrying Value | |||||||||||||||||
5.5% Senior Notes | $ | — | $ | — | $ | — | $ | — | $ | 645,042 | |||||||||||
2.7% Senior Notes due July 2019 | 254,993 | (5,462 | ) | 469 | 250,000 | — | |||||||||||||||
3.95% Senior Notes due July 2024 | 249,577 | — | 423 | 250,000 | — | ||||||||||||||||
5.625% Senior Notes due January 2044 | 553,519 | — | (3,519 | ) | 550,000 | 393,784 | |||||||||||||||
Other term loans | — | — | — | — | 438 | ||||||||||||||||
Subtotal | 1,058,089 | (5,462 | ) | (2,627 | ) | 1,050,000 | 1,039,264 | ||||||||||||||
Less: current portion | — | — | — | — | 438 | ||||||||||||||||
Total | $ | 1,058,089 | $ | (5,462 | ) | $ | (2,627 | ) | $ | 1,050,000 | $ | 1,038,826 | |||||||||
In May 2012, Legg Mason announced a capital plan that included refinancing the Company's then outstanding 2.5% convertible notes (the "Convertible Notes"). The refinancing was effected through the issuance of $650,000 of 5.5% Senior Notes due 2019 (the "5.5% Senior Notes"), the net proceeds of which, together with cash on hand and $250,000 of remaining borrowing capacity under a then existing revolving credit facility, were used to repurchase all $1,250,000 of the Convertible Notes. The terms of the repurchase included the repayment of the Convertible Notes at par plus accrued interest, a prepayment fee of $6,250, and 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 cash payment of $1,256,250 to repurchase the Convertible Notes was allocated between their liability and equity components based on a liability fair value of $1,193,971, determined using a then current market interest rate of 4.1%, resulting in a loss on debt extinguishment of $68,975, including $7,851 of accelerated deferred issue costs. The remaining balance of the cash payment was allocated to the equity component of the Convertible Notes for a $62,279 reduction of additional paid-in capital, offset by related tax benefits of $31,446. The $1,193,971 amount of cash repurchase payment allocated to the liability component of the Convertible Notes upon their extinguishment exceeded the initial allocated value at issuance of $977,933, requiring the Consolidated Statements of Cash Flows for the year ended March 31, 2013 to include an allocation of the $216,038 excess to operating activities. | |||||||||||||||||||||
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 connection with the extinguishment of the Convertible Notes, hedge transactions (purchased call options and warrants) executed in connection with the initial issuance of the Convertible Notes were also terminated. | |||||||||||||||||||||
The $650,000 of 5.5% Senior Notes, were sold at a discount of $6,754, which was being amortized to interest expense over the seven-year term, prior to the redemption of the 5.5% Senior Notes in July 2014, as further discussed below. The 5.5% Senior Notes could 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 0.5%, together with any related accrued and unpaid interest. | |||||||||||||||||||||
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 outstanding borrowings under the five-year term loan entered into in conjunction with the unsecured credit agreement noted above. 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 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 is 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 swap has a five-year term, and matures on July 15, 2019. The fair value of the contract at March 31, 2015, was a derivative asset of $5,462, which is classified as Other assets with a corresponding fair value adjustment recorded as Other income (gain on hedging activity) in the Consolidated Statement of Income for the year ended March 31, 2015. The carrying value of the debt in the Consolidated Balance Sheet is likewise increased by $5,462 with a corresponding fair value adjustment recorded as Other expense (loss on hedging activity) in the Consolidated Statement of Income for the year ended March 31, 2015. The related hedging gains and losses offset one another for no net income or loss impact. 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 Statement of Income. Since the original terms and conditions of the hedged instruments are unchanged, the swap continues to be an effective fair value hedge. | |||||||||||||||||||||
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. | |||||||||||||||||||||
5.625% Senior Notes due January 2044 | |||||||||||||||||||||
As previously discussed, in January 2014, Legg Mason issued $400,000 of 5.625% Senior Notes. 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. | |||||||||||||||||||||
As of March 31, 2015, $250,000 of long-term debt matures in fiscal 2020, and $800,000 matures thereafter. | |||||||||||||||||||||
At March 31, 2015, the estimated fair value of long-term debt was approximately $1,166,697, including $255,462 for the 2019 Notes which are carried at an amount that approximates fair value in the Consolidated Balance Sheets. The debt fair value was estimated using publicly quoted market prices and was classified as Level 2 in the fair value hierarchy. |
Income_Taxes_Income_Taxes_Note
Income Taxes Income Taxes (Notes) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 7. INCOME TAXES | ||||||||||||
The components of income (loss) before income tax provision (benefit) are as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 249,380 | $ | 320,890 | $ | (264,342 | ) | ||||||
Foreign | 118,613 | 98,751 | (246,265 | ) | |||||||||
Total | $ | 367,993 | $ | 419,641 | $ | (510,607 | ) | ||||||
The components of income tax expense (benefit) are as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal | $ | 95,499 | $ | 125,494 | $ | (74,185 | ) | ||||||
Foreign | 20,365 | (1,450 | ) | (85,677 | ) | ||||||||
State and local | 9,420 | 13,761 | 9,003 | ||||||||||
Total income tax provision (benefit) | $ | 125,284 | $ | 137,805 | $ | (150,859 | ) | ||||||
Current | $ | 24,897 | $ | 19,375 | $ | 6,496 | |||||||
Deferred | 100,387 | 118,430 | (157,355 | ) | |||||||||
Total income tax provision (benefit) | $ | 125,284 | $ | 137,805 | $ | (150,859 | ) | ||||||
A reconciliation of the difference between the effective income tax (benefit) rate and the statutory federal income tax (benefit) rate is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Tax provision (benefit) at statutory U.S. federal income tax rate | 35 | % | 35 | % | (35.0 | )% | |||||||
State income taxes, net of federal income tax benefit(1) | 1.5 | 2 | 1.5 | ||||||||||
Effect of foreign tax rates(1) | (4.9 | ) | (4.2 | ) | 3.8 | ||||||||
Changes in U.K. tax rates on deferred tax assets and liabilities | — | (4.6 | ) | (3.5 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests | (0.5 | ) | 0.3 | 0.5 | |||||||||
Other, net(1) | 2.9 | 4.3 | 3.2 | ||||||||||
Effective income tax (benefit) rate | 34 | % | 32.8 | % | (29.5 | )% | |||||||
-1 | State income taxes include changes in related valuation allowances, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates also includes changes in related valuation allowances. Other includes changes in federal valuation allowances and permanent tax adjustments. See schedule below for the change in valuation allowances by jurisdiction. | ||||||||||||
In July 2012, The U.K. Finance Act 2012 was enacted, which reduced the main U.K. corporate tax rate from 25% to 24% effective April 1, 2012 and 23% effective April 1, 2013. In July 2013, the Finance Bill 2013 was enacted, further reducing the main U.K. corporate tax rate to 21% effective April 1, 2014 and 20% effective April 1, 2015. The reductions in the U.K. corporate tax rate resulted in tax benefits of $19,164 and $18,075, recognized in fiscal 2014 and 2013, 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: | |||||||||||||
2015 | 2014 | ||||||||||||
DEFERRED TAX ASSETS | |||||||||||||
Accrued compensation and benefits | $ | 158,369 | $ | 154,074 | |||||||||
Accrued expenses | 60,282 | 61,575 | |||||||||||
Operating loss carryforwards | 290,765 | 267,940 | |||||||||||
Capital loss carryforwards | 5,335 | 10,015 | |||||||||||
Foreign tax credit carryforward | 247,027 | 235,661 | |||||||||||
Federal benefit of uncertain tax positions | 18,461 | 16,914 | |||||||||||
Mutual fund launch costs | 30,968 | 31,774 | |||||||||||
Martin Currie defined benefit pension liability | 7,741 | — | |||||||||||
Other | 3,817 | 303 | |||||||||||
Deferred tax assets | 822,765 | 778,256 | |||||||||||
Valuation allowance | (96,687 | ) | (90,832 | ) | |||||||||
Deferred tax assets after valuation allowance | $ | 726,078 | $ | 687,424 | |||||||||
DEFERRED TAX LIABILITIES | |||||||||||||
Basis differences, principally for intangible assets and goodwill | $ | 82,636 | $ | 72,596 | |||||||||
Depreciation and amortization | 666,057 | 523,595 | |||||||||||
Net unrealized gains from investments | 7,832 | 4,743 | |||||||||||
Other | 78 | 221 | |||||||||||
Deferred tax liabilities | 756,603 | 601,155 | |||||||||||
Net deferred tax assets (liabilities) | $ | (30,525 | ) | $ | 86,269 | ||||||||
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 2015, 2014 or 2013, due to the net operating loss position of the Company. As of March 31, 2015, an aggregate $15,444 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. | |||||||||||||
Substantially all of Legg Mason's deferred tax assets relate to U.S. federal, state and U.K. taxing jurisdictions. As of March 31, 2015, U.S. federal deferred tax assets aggregated $702,233, realization of which is expected to require approximately $3,500,000 of future U.S. 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 are 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 $40,000 of foreign taxes as credits will not be realized and a valuation allowance was established in a prior period. Except as it relates to Martin Currie's deferred tax assets discussed below, no additional federal valuation allowance was established in fiscal 2015. In addition, a valuation allowance was established in prior years for a substantial portion of our deferred tax assets relating to U.K. and other foreign taxing jurisdictions. 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, 2015, U.S. state deferred tax assets aggregated approximately $186,944. Due to limitations on utilization of net operating loss carryforwards and taking into consideration certain state tax planning strategies, a valuation allowance of $34,600 was established in prior years for state net operating loss benefits generated in certain jurisdictions in cases where it is not more likely than not that these benefits will ultimately be realized. A valuation allowance of $9,359 was released in fiscal 2015 due to updated forecasts, state law changes, and planned implementation of various tax planning strategies. Due to the uncertainty of future state apportionment factors and future effective state tax rates, the value of state net operating loss benefits ultimately realized may vary. | |||||||||||||
As of March 31, 2015, the Company has a valuation allowance of $18,441 for the deferred tax assets related to Martin Currie entities. Of this amount, approximately $17,000 was established as a purchase accounting adjustment recorded upon acquisition based on historical and current net operating losses of Martin Currie. | |||||||||||||
The following deferred tax assets and valuation allowances relating to carryforwards have been recorded at March 31, 2015 and 2014, respectively. | |||||||||||||
2015 | 2014 | Expires Beginning | |||||||||||
after Fiscal Year | |||||||||||||
DEFERRED TAX ASSETS | |||||||||||||
U.S. federal net operating losses | $ | 96,774 | $ | 80,515 | 2031 | ||||||||
U.S. federal capital losses | — | 3,545 | n/a | ||||||||||
U.S. federal foreign tax credits | 247,027 | 235,661 | 2015 | ||||||||||
U.S. charitable contributions | 233 | — | 2020 | ||||||||||
U.S. state net operating losses (1,2) | 168,069 | 168,173 | 2016 | ||||||||||
U.S. state capital losses | 44 | 532 | 2016 | ||||||||||
Foreign net operating losses | 25,877 | 19,252 | 2027 | ||||||||||
Foreign capital losses | 5,290 | 5,938 | n/a | ||||||||||
Total deferred tax assets for carryforwards | $ | 543,314 | $ | 513,616 | |||||||||
VALUATION ALLOWANCES | |||||||||||||
U.S. federal net operating losses | $ | 1,282 | $ | — | |||||||||
U.S. federal capital losses | — | 74 | |||||||||||
U.S. federal foreign tax credits | 25,429 | 25,947 | |||||||||||
U.S. state net operating losses | 26,828 | 34,590 | |||||||||||
U.S. state capital losses | 44 | 129 | |||||||||||
Foreign net operating losses | 23,504 | 15,738 | |||||||||||
Foreign capital losses | 5,290 | 5,938 | |||||||||||
Valuation allowances for carryforwards | 82,377 | 82,416 | |||||||||||
Foreign other deferred assets | 14,310 | 8,416 | |||||||||||
Total valuation allowances | $ | 96,687 | $ | 90,832 | |||||||||
(1) Substantially all of the U.S. state net operating losses carryforward through fiscal 2029. | |||||||||||||
(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 $92,344, $77,892 and $72,650 as of March 31, 2015, 2014 and 2013, respectively. Of these totals, approximately $62,775, $51,518 and $46,340, 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 2015, as a result of the net impact of effective settlement of tax examinations, previously unrecognized benefits of $6,719 were realized. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized gross tax benefits for the years ended March 31, 2015, 2014 and 2013, is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance, beginning of year | $ | 77,892 | $ | 72,650 | $ | 90,831 | |||||||
Additions based on tax positions related to the current year | 9,919 | 5,659 | 11,726 | ||||||||||
Additions for tax positions of prior years | 13,054 | 12,610 | 8,439 | ||||||||||
Reductions for tax positions of prior years | — | (138 | ) | (13,083 | ) | ||||||||
Decreases related to settlements with taxing authorities | (8,521 | ) | (12,889 | ) | (25,205 | ) | |||||||
Expiration of statutes of limitations | — | — | (58 | ) | |||||||||
Balance, end of year | $ | 92,344 | $ | 77,892 | $ | 72,650 | |||||||
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 $17,000 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. Legg Mason currently estimates that the revaluation of deferred tax assets and liabilities under the new rules will result in the recognition of a one-time income tax benefit of approximately $10,000 to $20,000 in the first quarter of fiscal 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, 2015, 2014 and 2013, the Company recognized approximately $1,492, $(580), and $5,500, respectively, which was substantially all interest. At March 31, 2015, 2014 and 2013, Legg Mason had approximately $8,570, $7,300, and $14,000, 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 2009 for U.S. federal; after fiscal 2013 for the U.K.; after calendar year 2006 for Brazil; after fiscal 2009 for the state of California; after fiscal 2008 for the state of New York; and after fiscal 2010 for the states of Connecticut, Maryland and Massachusetts. 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 $257,000 of foreign cash over the next several years, of which only $16,000 is accumulated foreign earnings. Due to certain tax planning strategies, Legg Mason anticipates that it will generate a tax benefit of approximately $12,000 with respect to this repatriation and adjusted the tax reserve accordingly in fiscal 2014. 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. As of March 31, 2015, Legg Mason had available domestically cash and cash equivalents of approximately $400,000 and a $750,000 undrawn credit facility to meet domestic liquidity needs 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, 2015 | |||||||||||||
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, 2015, the minimum annual aggregate rentals under operating leases and service agreements are as follows: | |||||||||||||
2016 | $ | 134,034 | |||||||||||
2017 | 112,593 | ||||||||||||
2018 | 97,711 | ||||||||||||
2019 | 81,557 | ||||||||||||
2020 | 75,188 | ||||||||||||
Thereafter | 291,070 | ||||||||||||
Total | $ | 792,153 | |||||||||||
The minimum rental commitments shown above have not been reduced by $162,826 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, 2015 and March 31, 2014 was $43,726 and $36,170, 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 $703,481 in real estate and equipment leases and $88,672 in service and maintenance agreements. | |||||||||||||
The minimum rental commitments shown above include $5,176 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 $2,213 and $19,330 as of March 31, 2015 and March 31, 2014, 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. | |||||||||||||
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, 2012 | $ | 44,763 | |||||||||||
Accrued charges for vacated and subleased space (1) | 39,080 | ||||||||||||
Payments, net | (15,341 | ) | |||||||||||
Adjustments and other | (1,590 | ) | |||||||||||
Balance as of March 31, 2013 | $ | 66,912 | |||||||||||
Accrued charges for vacated and subleased space (1) | 7,371 | ||||||||||||
Payments, net | (17,117 | ) | |||||||||||
Adjustments and other | (1,666 | ) | |||||||||||
Balance as of March 31, 2014 | 55,500 | ||||||||||||
Accrued charges for vacated and subleased space (1) | 9,023 | ||||||||||||
Payments, net | (15,001 | ) | |||||||||||
Adjustments and other | (3,583 | ) | |||||||||||
Balance as of March 31, 2015 | $ | 45,939 | |||||||||||
(1) Included in Occupancy expense in the Consolidated Statements of Income (Loss) | |||||||||||||
The following table reflects rental expense under all operating leases and servicing agreements: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Rental expense | $ | 136,414 | $ | 130,880 | $ | 138,488 | |||||||
Less: sublease income | 19,672 | 16,289 | 14,750 | ||||||||||
Net rent expense | $ | 116,742 | $ | 114,591 | $ | 123,738 | |||||||
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, 2015, Legg Mason had commitments to invest approximately $34,261 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 2021. | |||||||||||||
As of March 31, 2015, Legg Mason had various commitments to pay contingent consideration relating to business acquisitions, the fair value of which aggregates $110,784, of which $22,276 is a current liability. These commitments are further described below. | |||||||||||||
In connection with the acquisition of Martin Currie in October 2014, as further discussed in Note 2, contingent consideration payments may be due March 31 following the first, second and third anniversaries of closing, aggregating up to approximately $483,000 (using the foreign exchange rate as of March 31, 2015 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, as specified in the share purchase agreement, at March 31, 2016, 2017, and 2018. 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 will also include amounts for certain potential pension and other obligations that are accounted for separately. As of March 31, 2015, the fair value of the Contingent consideration liability was $70,114, a decrease of $5,097 from October 1, 2014, substantially all of which is attributable to changes in the exchange rate, net of accretion. | |||||||||||||
In connection with the acquisition of QS Investors in May 2014, as further discussed in Note 2, contingent consideration of up to approximately $10,000 and approximately $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 Contingent consideration liability established at closing had an acquisition date fair value of $13,370, which represented the present value of the contingent consideration expected to be paid, and has accreted to $13,553 as of March 31, 2015. | |||||||||||||
In connection with the acquisition of Fauchier in March 2013, as further discussed in Note 2, contingent consideration of $22,276 (using the foreign exchange rate as of March 31, 2015, for the maximum £15,000 payment amount) was due as of March 31, 2015, for the second anniversary contingent consideration payment, and was paid in May 2015. In addition, up to approximately $30,000 (using the foreign exchange rate as of March 31, 2015 for the £20,000 maximum contractual amount), may be due on or about the fourth anniversary of closing, which is dependent upon the achievement of certain levels of revenue, net of distribution costs. The fair value of the Contingent consideration liability was $27,117 as of March 31, 2015, $22,276 of which relates to the second anniversary payment. The decrease of $2,436 from March 31, 2014, was attributable to changes in the exchange rate, net of accretion. Legg Mason has executed currency forwards 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 are denominated. See Note 14 for additional information regarding derivatives and hedging. | |||||||||||||
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 securities brokerage, asset management 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, 2015, 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, 2015 and 2014, Legg Mason's liability for losses and contingencies was $200 and $500, respectively. During fiscal 2015, 2014 and 2013, Legg Mason had charges relating to litigation and other proceedings of approximately $200, $200, and $5,200, respectively (net of recoveries of $19,300 and $15,200 in fiscal 2014 and 2013, respectively). |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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. Effective July 26, 2011, the number of shares authorized to be issued under Legg Mason's active equity incentive stock plan was 41,500. Remaining shares available for issuance under the active equity incentive stock plan as of March 31, 2015, were 8,267. 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 our total stock-based compensation expense for the years ended March 31, 2015, 2014, and 2013 were as follows: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Stock options | $ | 11,584 | $ | 13,530 | $ | 10,979 | |||||||
Restricted stock and restricted stock units | 45,975 | 48,263 | 46,351 | ||||||||||
Employee stock purchase plan | 673 | 315 | 238 | ||||||||||
Affiliate management equity plans | 5,206 | 2,270 | — | ||||||||||
Non-employee directors | 1,550 | 1,950 | 1,250 | ||||||||||
Performance share units | 1,056 | — | — | ||||||||||
Employee stock trust | 201 | 160 | 165 | ||||||||||
Total stock-based compensation expense | $ | 66,245 | $ | 66,488 | $ | 58,983 | |||||||
Stock Options | |||||||||||||
Compensation expense relating to stock options for the years ended March 31, 2015, 2014, and 2013 was $11,584, $13,530, and $10,979 respectively. The related income tax benefit for the years ended March 31, 2015, 2014, and 2013 was $4,681, $5,244, and $4,293, respectively. | |||||||||||||
Stock option transactions under Legg Mason's equity incentive plans during the years ended March 31, 2015, 2014, and 2013 are summarized below: | |||||||||||||
Number of Shares | Weighted-Average Exercise Price Per Share | ||||||||||||
Options outstanding at March 31, 2012 | 5,624 | $ | 57.78 | ||||||||||
Granted | 966 | 23.72 | |||||||||||
Exercised | (25 | ) | 21.8 | ||||||||||
Canceled/forfeited | (1,204 | ) | 51.87 | ||||||||||
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 | ||||||||||
The total intrinsic value of options exercised during the years ended March 31, 2015, 2014, and 2013, was $14,351, $6,064, and $168, respectively. At March 31, 2015, the aggregate intrinsic value of options outstanding was $85,351. | |||||||||||||
The following information summarizes Legg Mason's stock options outstanding at March 31, 2015: | |||||||||||||
Exercise | Option Shares | Weighted-Average | Weighted-Average | ||||||||||
Price Range | Outstanding | Exercise Price | Remaining Life | ||||||||||
Per Share | (in years) | ||||||||||||
$ 14.81 - $ 25.00 | 710 | $ | 22.8 | 4.73 | |||||||||
25.01 - 35.00 | 1,873 | 31.91 | 4.26 | ||||||||||
35.01 - 94.00 | 1,495 | 42.67 | 6.73 | ||||||||||
94.01 - 122.93 | 354 | 100.77 | 0.31 | ||||||||||
4,432 | |||||||||||||
At March 31, 2015, 2014, and 2013, options were exercisable for 2,202, 2,531, and 3,254 shares, respectively, and the weighted-average exercise prices were $41.50, $54.04, and $69.07, respectively. Stock options exercisable at March 31, 2015, have a weighted-average remaining contractual life of 3.3 years. At March 31, 2015, the aggregate intrinsic value of exercisable shares was $46,303. | |||||||||||||
The following summarizes Legg Mason's stock options exercisable at March 31, 2015: | |||||||||||||
Exercise | Option Shares | Weighted-Average | |||||||||||
Price Range | Exercisable | Exercise Price | |||||||||||
Per Share | |||||||||||||
$ 14.81 - $ 25.00 | 332 | $ | 21.76 | ||||||||||
25.01 - 35.00 | 1,398 | 31.7 | |||||||||||
35.01 - 94.00 | 118 | 35.16 | |||||||||||
94.01 - 122.93 | 354 | 100.77 | |||||||||||
2,202 | |||||||||||||
The following information summarizes unvested stock options under Legg Mason's equity incentive plans for the year ended March 31, 2015: | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Shares unvested at March 31, 2014 | 2,270 | $ | 11.58 | ||||||||||
Granted | 918 | 12.03 | |||||||||||
Vested | (888 | ) | 11.62 | ||||||||||
Canceled/forfeited | (70 | ) | 11.86 | ||||||||||
Shares unvested at March 31, 2015 | 2,230 | $ | 11.73 | ||||||||||
Unamortized compensation cost related to unvested options at March 31, 2015, was $15,371 and 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 $22,069, $23,818, and $660 for the years ended March 31, 2015, 2014, and 2013, respectively. The tax benefit expected to be realized for the tax deductions from these option exercises totaled $4,856, $1,815, and $45 for the years ended March 31, 2015, 2014, and 2013, respectively. | |||||||||||||
The weighted-average fair value of service-based stock option grants during the years ended March 31, 2015, 2014, and 2013, excluding those granted to our Chief Executive Officer in May 2013 discussed below, using the Black-Scholes option pricing model, was $12.03, $12.13, and $9.47 per share, respectively. | |||||||||||||
The following weighted-average assumptions were used in the model for grants in fiscal 2015, 2014 and 2013: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Expected dividend yield | 1.04 | % | 1.54 | % | 1.44 | % | |||||||
Risk-free interest rate | 1.51 | % | 0.8 | % | 0.81 | % | |||||||
Expected volatility | 29.53 | % | 45.08 | % | 51.8 | % | |||||||
Expected life (in years) | 4.94 | 4.93 | 5.02 | ||||||||||
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 is subject to vesting requirements, 25% of which vests over a two-year service period; 25% of which vests over a two-year service period and is subject to Legg Mason's common stock price equaling or exceeding $36.46 for 20 consecutive trading days; 25% of which was subject to Legg Mason's common stock price equaling or exceeding $41.46 for 20 consecutive trading days; and 25% of which was subject to Legg Mason's common stock price equaling or exceeding $46.46 for 20 consecutive trading days; as well as 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. 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, 2015, 2014, and 2013, are summarized below: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Value | ||||||||||||
Unvested shares at March 31, 2012 | 2,873 | $ | 33.83 | ||||||||||
Granted | 2,185 | 24.04 | |||||||||||
Vested | (1,177 | ) | 31.22 | ||||||||||
Canceled/forfeited | (143 | ) | 58.3 | ||||||||||
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 | ||||||||||
The restricted stock and restricted stock units were non-cash transactions. For the years ended March 31, 2015, 2014, and 2013, Legg Mason recognized $45,975, $48,263, and $46,351, respectively, in compensation expense and related tax benefits of $18,246, $18,575, and $17,697, respectively, for restricted stock and restricted stock unit awards. Unamortized compensation cost related to unvested restricted stock and restricted stock unit awards for 3,050 shares not yet recognized at March 31, 2015, was $70,478 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, with an aggregate value of $8,400. In March 2013, 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. Compensation expense for the year ended March 31, 2013, includes approximately $6,400 of accelerated stock-based net compensation costs associated with the departure of Legg Mason executive officers during fiscal 2013, of which $1,400 relates to the accelerated vesting of shares in March 2013. | |||||||||||||
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, 2015, 2014 and 2013, approximately 107, 85, and 107 shares, respectively, have been purchased in the open market on behalf of participating employees. In fiscal 2015, 2014 and 2013, Legg Mason recognized $673, $315, and $238, respectively, in compensation expense related to the stock purchase plan. | |||||||||||||
On June 28, 2013, Legg Mason implemented a management equity plan and granted units to key employees of Permal that entitle them to participate in 15% of the future growth of the Permal enterprise value (subject to appropriate discounts), if any, subsequent to the grant date. On March 31, 2014, a similar management equity plan was implemented by Legg Mason with a grant to certain key employees of ClearBridge. 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 over the related vesting periods, through December 2017 and March 2019, respectively. Both arrangements provide that one-half of the respective cost will be absorbed by the affiliates' incentive pool. Total compensation expense related to affiliate management equity plans was $5,206 and $2,270 for the years ended March 31, 2015 and 2014, respectively. As of March 31, 2015, the redemption amount of vested units under both plans, as if they were currently redeemable, aggregated approximately $10,000. | |||||||||||||
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. Options granted under the old plan are 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. In fiscal 2015, 2014, and 2013, Legg Mason recognized expense of $1,550, $1,950, and $1,250, respectively, for awards under this plan. Shares, options, and restricted stock units issuable under this equity plan are limited to 625 in aggregate, of which 359 shares were issued as of March 31, 2015. As of March 31, 2015, non-employee directors held no stock options, and as of March 31, 2014 and 2013, non-employee directors held 32 and 112 stock options, respectively, which are included in the outstanding options table. During the years ended March 31, 2015, 2014, and 2013, non-employee directors did not exercise any stock options. 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, and during the year ended March 31, 2013, there were no stock options canceled or forfeited from the current equity plan. For the years ended March 31, 2014 and 2013, there were 54 and 72 stock options canceled or forfeited, respectively, related to an equity plan for non-employee directors which was discontinued in July 2005. As of March 31, 2015, 2014, and 2013, non-employee directors held 45, 64, and 91 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, 2015, 2014 and 2013, non-employee directors were granted 8, 12, and 17 restricted stock units, respectively, and 23, 47, and 35 shares of common stock, respectively. During the years ended March 31, 2015, and 2014, there were 27 and 39 restricted stock units distributed, respectively, and during the year ended March 31, 2013, there were no restricted stock units distributed. | |||||||||||||
In May 2014, Legg Mason granted certain executive officers a total of 78 performance share units as part of their fiscal 2014 incentive award with an aggregate value of $3,457. The vesting of performance share units 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 April 30, 2017. Compensation expense relating to the performance units for the year ended March 31, 2015 was $1,056. The grant date fair value per unit for these awards of $44.11 was estimated as of the grant date using a Monte Carlo pricing model with the following assumptions: | |||||||||||||
Expected dividend yield | 1.33 | % | |||||||||||
Risk-free interest rate | 0.75 | % | |||||||||||
Expected volatility | 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 the respective performance periods. Under the LTIP, executive officers were granted cash value performance units in the quarter ended June 2011 and the quarter ended September 2012 for target amounts up to 1,850 in each period. Awards granted under the LTIP that vest may be settled in cash and/or shares of Legg Mason common stock, at the discretion of Legg Mason. The September 2012 grant performance period ended on March 31, 2015, and resulted in a payment amount of 1,000 to be settled in cash by June 15, 2015. The June 2011 grant performance period ended March 31, 2014, and no cash and/or shares were due. | |||||||||||||
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 283 shares reserved for future dividend distributions. In fiscal 2015, 2014 and 2013, Legg Mason recognized $201, $160, and $165, respectively, in compensation expense related to this plan. During fiscal 2015, 2014 and 2013, Legg Mason issued 44, 51, and 71 shares, respectively, under the plan with a weighted-average fair value per share at the grant date of $45.83, $31.90, and $23.07, 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, 2015, 2014 and 2013, were 660, 672 and 726, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 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 (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. | |||||||||||||
In May 2012, Legg Mason's Board of Directors authorized $1,000,000 for additional purchases of Legg Mason common stock, $13,515 of which remained as of March 31, 2015. In January 2015, Legg Mason's Board of Directors authorized $1,000,000 for additional purchases of Legg Mason common stock, which is in addition to the $13,515 remaining under the prior authorization. There is no expiration date attached to either share repurchase authorization. | |||||||||||||
During the years ended March 31, 2015, 2014, and 2013, Legg Mason repurchased and retired 6,931, 9,677, and 16,199 shares of its common stock, respectively, for $356,522, $359,996, and $425,475, respectively, through open market purchases. 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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted-average shares for EPS | 112,019 | 121,941 | 133,226 | ||||||||||
Potential common shares: | |||||||||||||
Dilutive employee stock options | 1,227 | 442 | — | ||||||||||
Diluted weighted-average shares outstanding for EPS | 113,246 | 122,383 | 133,226 | ||||||||||
Net Income (Loss) Attributable to Legg Mason, Inc. | $ | 237,080 | $ | 284,784 | $ | (353,327 | ) | ||||||
Less: Earnings (distributed and undistributed) allocated to participating securities | 6,340 | — | — | ||||||||||
Net income (loss) (distributed and undistributed) allocated to shareholders (excluding participating securities) | $ | 230,740 | $ | 284,784 | $ | (353,327 | ) | ||||||
Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders | |||||||||||||
Basic | $ | 2.06 | $ | 2.34 | $ | (2.65 | ) | ||||||
Diluted | $ | 2.04 | $ | 2.33 | $ | (2.65 | ) | ||||||
The weighted-average shares for the year ended March 31, 2015, excludes 3,065 of weighted-average unvested restricted shares deemed to be participating securities. The exclusion of weighted-average unvested restricted shares deemed to be participating securities and any allocation of earnings to participating securities would not materially impact the calculation of basic or diluted earnings per share in either fiscal 2014 or 2013. | |||||||||||||
The diluted EPS calculations for the years ended March 31, 2015, 2014, and 2013, 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. | |||||||||||||
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. The diluted EPS calculation for the year ended March 31, 2013, excludes 5,730 potential common shares that are antidilutive due to the net loss for the fiscal year. Unvested restricted shares for the years ended March 31, 2015, 2014 and 2013, were antidilutive and therefore do not further impact diluted EPS. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Temporary Equity Disclosure [Abstract] | |||||||||
Comprehensive Income (Loss) Note [Text Block] | 13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Accumulated other comprehensive income includes cumulative foreign currency translation adjustments and net of tax, gains and losses on investment securities. The change in the accumulated translation adjustments for fiscal 2015 and 2014, primarily resulted from the impact of changes in the British pound, Brazilian real, the Australian dollar, and the Japanese yen, in relation to the U.S. dollar on the net assets of Legg Mason's subsidiaries in the U.K., Brazil, Australia, and Japan, for which the pound, the real, the Australian dollar, and the yen, are the functional currencies, respectively. | |||||||||
A summary of Legg Mason's accumulated other comprehensive income (loss) as of March 31, 2015 and 2014, is as follows: | |||||||||
2015 | 2014 | ||||||||
Foreign currency translation adjustment | $ | (51,147 | ) | $ | 37,835 | ||||
Unrealized gains on investment securities, net of tax provision of $76 in fiscal 2014 | — | 114 | |||||||
Net actuarial losses on defined benefit pension plan | (9,595 | ) | — | ||||||
Total | $ | (60,742 | ) | $ | 37,949 | ||||
There were no significant amounts reclassified from Accumulated other comprehensive income (loss) to the Consolidated Statements of Income (Loss) for the years ended March 31, 2015, 2014 or 2013, 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. |
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||
Derivatives and Hedging | 14. DERIVATIVES AND HEDGING | ||||||||||||||||||||||||||
The disclosures below detail Legg Mason’s derivatives and hedging activities excluding the derivatives and hedging activities of CIVs. See Note 16, Variable Interest Entities and Consolidation of 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, British pound, Japanese yen, Australian dollar, euro, Chinese yuan, Indian rupee, Indonesian rupiah, Malaysian ringgit, Philippine peso, Chilean peso, and South Korean won. 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, we have one ISDA Master Agreement with each of the significant counterparties, which cover our transactions with that counterparty. Each of the respective ISDA agreements provide for settlement netting and close-out netting between Legg Mason and that counterparty, which are legally enforceable rights to setoff. Other assets and Other liabilities recorded on the Consolidated Balance Sheet as of March 31, 2015, were $6,042 and $8,665, respectively. Net Other assets from these activities recorded on the Consolidated Balance Sheet as March 31, 2014 was $1,249. | |||||||||||||||||||||||||||
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. Open futures contracts required cash collateral of $8,343 and $12,985 as of March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||
With the exception of the reverse treasury rate lock contract and interest rate swap contract discussed in Note 6, Legg Mason has not designated any derivatives as hedging instruments for accounting purposes during the periods ended March 31, 2015 and 2014. As of March 31, 2015, Legg Mason had open currency forward contracts and open futures and forwards contracts relating to seed capital investments with aggregate notional values totaling $165,291 and $162,965, respectively. As of March 31, 2015, the weighted-average remaining contract terms for currency forward contracts and futures and forward contracts relating to seed capital investments were four months and three months, respectively. | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
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 the fair values as of March 31, 2014, of derivative instruments, classified as Other assets and Other liabilities in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivative instruments not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts | $ | 3,271 | $ | (825 | ) | ||||||||||||||||||||||
Futures and forward contracts relating to seed capital investments | 313 | (1,510 | ) | ||||||||||||||||||||||||
Total derivative instruments not designated as hedging instruments | $ | 3,584 | $ | (2,335 | ) | ||||||||||||||||||||||
The following tables present 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. | |||||||||||||||||||||||||||
Years Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Income Statement Classification | Gains | Losses | Gains | Losses | Gains | Losses | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts for: | |||||||||||||||||||||||||||
Operating activities | Other expense | $ | 5,150 | $ | (16,518 | ) | $ | 7,098 | $ | (2,617 | ) | $ | 3,650 | $ | (1,858 | ) | |||||||||||
Seed capital investments | Other non-operating income (expense) | 2,491 | (259 | ) | 56 | (1,719 | ) | 1,090 | (380 | ) | |||||||||||||||||
Futures and forward contracts relating to seed capital investments | Other non-operating income (expense) | 10,801 | (15,413 | ) | 2,471 | (19,403 | ) | 1,914 | (5,597 | ) | |||||||||||||||||
Total gain (loss) from derivatives not designated as hedging instruments | 18,442 | (32,190 | ) | 9,625 | (23,739 | ) | 6,654 | (7,835 | ) | ||||||||||||||||||
Derivatives designated as hedging instruments (See Note 6) | |||||||||||||||||||||||||||
Interest rate swap | Interest expense | 5,462 | — | — | — | — | — | ||||||||||||||||||||
Reverse treasury rate lock | Other non-operating income (expense) | 638 | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 24,542 | $ | (32,190 | ) | $ | 9,625 | $ | (23,739 | ) | $ | 6,654 | $ | (7,835 | ) | ||||||||||||
Segment_Information_Segment_In
Segment Information Segment Information (Notes) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 15. 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: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
OPERATING REVENUES | |||||||||||||
United States | $ | 1,977,975 | $ | 1,874,328 | $ | 1,800,539 | |||||||
United Kingdom | 398,729 | 436,542 | 387,966 | ||||||||||
Other International | 442,402 | 430,887 | 424,145 | ||||||||||
Total | $ | 2,819,106 | $ | 2,741,757 | $ | 2,612,650 | |||||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||||||||||
United States | $ | 3,135,226 | $ | 3,127,654 | $ | 3,139,050 | |||||||
United Kingdom | 1,062,332 | 879,946 | 895,767 | ||||||||||
Other International | 455,286 | 404,696 | 411,910 | ||||||||||
Total | $ | 4,652,844 | $ | 4,412,296 | $ | 4,446,727 | |||||||
Variable_Interest_Entities_and
Variable Interest Entities and Consolidation of Investment Vehicles | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Variable Interest Entities and Consolidation of Investment Vehicles [Abstract] | |||||||||||||||||||||||||||||||||
Consolidated Investment Vehicles and Other Variable Interest Entities Disclosure [Text Block] | 16. 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, 2015, 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, 2015, 2014, and 2013, despite significant third party investments in this product. As of March 31, 2015 and 2014, Legg Mason also concluded it was the primary beneficiary of 17 employee-owned funds it sponsors, which were consolidated and reported as CIVs. | |||||||||||||||||||||||||||||||||
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 as of March 31, 2014, and 2013. In January 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 March 31, 2015. | |||||||||||||||||||||||||||||||||
In addition, as of March 31, 2014 and 2013, Legg Mason concluded it was the primary beneficiary of one of three CLOs in which it had a variable interest. As of March 31, 2014 and 2013, 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 it was not consolidated by Legg Mason as of, or subsequent to, June 30, 2014. | |||||||||||||||||||||||||||||||||
Legg Mason's investment in CIVs, as of March 31, 2015 and 2014, was $15,553 and $39,434, respectively, including VREs of $19,659 as of March 31, 2014, 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, 2015 and 2014, respectively, and the Consolidated Statements of Income (Loss) for the years ended March 31, 2015, 2014, and, 2013, respectively: | |||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||
Before | Before | ||||||||||||||||||||||||||||||||
Consolidation of CIVs | Consolidation of CIVs | ||||||||||||||||||||||||||||||||
Current Assets | $ | 1,880,689 | $ | 56,929 | $ | (15,583 | ) | $ | 1,922,035 | $ | 2,032,827 | $ | 138,745 | $ | (42,981 | ) | $ | 2,128,591 | |||||||||||||||
Non-current assets | 5,151,942 | — | — | 5,151,942 | 4,950,948 | 31,810 | — | 4,982,758 | |||||||||||||||||||||||||
Total Assets | $ | 7,032,631 | $ | 56,929 | $ | (15,583 | ) | $ | 7,073,977 | $ | 6,983,775 | $ | 170,555 | $ | (42,981 | ) | $ | 7,111,349 | |||||||||||||||
Current Liabilities | $ | 808,640 | $ | 6,436 | $ | (30 | ) | $ | 815,046 | $ | 735,737 | $ | 89,055 | $ | (3,547 | ) | $ | 821,245 | |||||||||||||||
Non-current liabilities | 1,728,510 | — | — | 1,728,510 | 1,520,236 | — | — | 1,520,236 | |||||||||||||||||||||||||
Total Liabilities | 2,537,150 | 6,436 | (30 | ) | 2,543,556 | 2,255,973 | 89,055 | (3,547 | ) | 2,341,481 | |||||||||||||||||||||||
Redeemable Non-controlling interests | 10,787 | 27,581 | 7,152 | 45,520 | 3,172 | 26,325 | 15,647 | 45,144 | |||||||||||||||||||||||||
Total Stockholders’ Equity | 4,484,694 | 22,912 | (22,705 | ) | 4,484,901 | 4,724,630 | 55,175 | (55,081 | ) | 4,724,724 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 7,032,631 | $ | 56,929 | $ | (15,583 | ) | $ | 7,073,977 | $ | 6,983,775 | $ | 170,555 | $ | (42,981 | ) | $ | 7,111,349 | |||||||||||||||
Consolidating Statements of Income (Loss) | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | 2,615,047 | $ | — | $ | (2,397 | ) | $ | 2,612,650 | ||||||||||||||||||||||||
Total Operating Expenses | 3,046,587 | 2,965 | (2,403 | ) | 3,047,149 | ||||||||||||||||||||||||||||
Operating Income (Loss) | (431,540 | ) | (2,965 | ) | 6 | (434,499 | ) | ||||||||||||||||||||||||||
Total Other Non-Operating Expense | (72,177 | ) | (2,864 | ) | (1,067 | ) | (76,108 | ) | |||||||||||||||||||||||||
Income Before Income Tax Benefit | (503,717 | ) | (5,829 | ) | (1,061 | ) | (510,607 | ) | |||||||||||||||||||||||||
Income tax provision benefit | (150,859 | ) | — | — | (150,859 | ) | |||||||||||||||||||||||||||
Net Loss | (352,858 | ) | (5,829 | ) | (1,061 | ) | (359,748 | ) | |||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 469 | — | (6,890 | ) | (6,421 | ) | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Legg Mason, Inc. | $ | (353,327 | ) | $ | (5,829 | ) | $ | 5,829 | $ | (353,327 | ) | ||||||||||||||||||||||
Other non-operating income (expense) includes interest income, interest expense and net gains (losses) on investments and long-term debt of CIVs determined on an accrual basis. | |||||||||||||||||||||||||||||||||
The consolidation of CIVs has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. | |||||||||||||||||||||||||||||||||
The fair value of the financial assets and (liabilities) of CIVs were determined using the following categories of inputs as of March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Value as of March 31, 2015 | ||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Value as of March 31, 2014 | ||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||||||||||||
Hedge funds | $ | 1,110 | $ | 3,941 | $ | 17,888 | $ | 22,939 | |||||||||||||||||||||||||
Proprietary funds | 27,524 | — | — | 27,524 | |||||||||||||||||||||||||||||
Total trading investments | 28,634 | 3,941 | 17,888 | 50,463 | |||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||
Private equity funds | — | — | 31,810 | 31,810 | |||||||||||||||||||||||||||||
$ | 28,634 | $ | 3,941 | $ | 49,698 | $ | 82,273 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
CLO debt | $ | — | $ | — | $ | (79,179 | ) | $ | (79,179 | ) | |||||||||||||||||||||||
Derivative liabilities | — | (1,888 | ) | — | (1,888 | ) | |||||||||||||||||||||||||||
$ | — | $ | (1,888 | ) | $ | (79,179 | ) | $ | (81,067 | ) | |||||||||||||||||||||||
Except for the CLO debt, 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. As of March 31, 2014, the carrying value of the CLO debt approximated the amount to be paid to investors, and there was no appreciable measurement uncertainty. | |||||||||||||||||||||||||||||||||
The changes in assets and (liabilities) of CIVs measured at fair value using significant unobservable inputs (Level 3) for the years ended March 31, 2015 and 2014, are presented in the tables below: | |||||||||||||||||||||||||||||||||
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 (losses), net | $ | (63 | ) | ||||||||||||||||||||||||||||||
Value as of March 31, 2013 | Purchases | Sales | Settlements / Other | Transfers | Realized and unrealized gains/(losses), net | Value as of March 31, 2014 | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Hedge funds | $ | 19,448 | $ | 3,516 | $ | (8,037 | ) | $ | — | $ | — | $ | 2,961 | $ | 17,888 | ||||||||||||||||||
Private equity funds | 26,982 | 1,811 | — | — | — | 3,017 | 31,810 | ||||||||||||||||||||||||||
$ | 46,430 | $ | 5,327 | $ | (8,037 | ) | $ | — | $ | — | $ | 5,978 | $ | 49,698 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
CLO debt | $ | (207,835 | ) | $ | — | $ | — | $ | 133,047 | $ | — | $ | (4,391 | ) | $ | (79,179 | ) | ||||||||||||||||
Total realized and unrealized gains (losses), net | $ | 1,587 | |||||||||||||||||||||||||||||||
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). Total unrealized losses for Level 3 investments and liabilities of CIVs relating only to those assets and liabilities still held at the reporting date were $79 and $2,284 for the years ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 during either of the years ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||
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, 2015 and 2014, the nature of these investments and any related liquidation restrictions or other factors, which may impact the ultimate value realized: | |||||||||||||||||||||||||||||||||
Fair Value Determined | As of March 31, 2015 | ||||||||||||||||||||||||||||||||
Using NAV | |||||||||||||||||||||||||||||||||
Category of Investment | Investment Strategy | 31-Mar-15 | 31-Mar-14 | Unfunded Commitments | Remaining Term | ||||||||||||||||||||||||||||
Hedge funds | Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge | $ | 19,613 | (1) | $ | 22,939 | (2) | n/a | n/a | ||||||||||||||||||||||||
Private equity funds | Long/short equity | — | (3) | 31,810 | n/a | n/a | |||||||||||||||||||||||||||
Total | $ | 19,613 | $ | 54,749 | |||||||||||||||||||||||||||||
n/a – not applicable | |||||||||||||||||||||||||||||||||
-1 | Redemption restrictions: 8% daily redemption; 5% monthly redemption; 3% quarterly redemption; and 84% are subject to three to five year lock-up or side pocket provisions. | ||||||||||||||||||||||||||||||||
-2 | Redemption restrictions: 10% daily redemption; 6% monthly redemption; 2% quarterly redemption; and 82% are subject to three to five year lock-up or side pocket provisions. | ||||||||||||||||||||||||||||||||
-3 | Fund was no longer consolidated as of March 31, 2015. | ||||||||||||||||||||||||||||||||
There are no current plans to sell any of these investments held as of March 31, 2015. | |||||||||||||||||||||||||||||||||
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. Management believed that the use of the fair value option mitigated the impact of certain timing differences and better matched the changes in fair value of assets and liabilities related to the CLO. Legg Mason did not elect the fair value option for any assets or liabilities as of March 31, 2015, as the CLO was no longer consolidated. | |||||||||||||||||||||||||||||||||
The following table presents the fair value and unpaid principal balance of CLO debt carried at fair value under the fair value option as of March 31, 2014: | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Principal amounts outstanding | $ | 92,114 | |||||||||||||||||||||||||||||||
Excess unpaid principal over fair value | (12,935 | ) | |||||||||||||||||||||||||||||||
Fair value | $ | 79,179 | |||||||||||||||||||||||||||||||
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, 2015, there were no derivative liabilities of CIVs. Total derivative liabilities of CIVs of $1,888 as of March 31, 2014, are recorded in Other 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, 2015 and 2014, 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, 2015 | As of March 31, 2014 | ||||||||||||||||||||||||||||||||
Equity Interests | Maximum | Equity Interests | Maximum | ||||||||||||||||||||||||||||||
on the | Risk of Loss (2) | on the | Risk of Loss (2) | ||||||||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||||||
Balance Sheet (1) | Balance Sheet (1) | ||||||||||||||||||||||||||||||||
CLOs | $ | — | $ | 1,146 | $ | — | $ | 911 | |||||||||||||||||||||||||
Real Estate Investment Trust | 13,026 | 18,096 | 1,442 | 3,715 | |||||||||||||||||||||||||||||
Other sponsored investment funds | 21,983 | 34,463 | 34,126 | 78,521 | |||||||||||||||||||||||||||||
Total | $ | 35,009 | $ | 53,705 | $ | 35,568 | $ | 83,147 | |||||||||||||||||||||||||
-1 | Includes $27,463 and $23,404 related to investments in proprietary funds products as of March 31, 2015 and 2014, 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 $19,527,670 and $16,032,764 as of March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||||||
The assets of these VIEs are primarily comprised of cash and cash equivalents and investment securities, and the liabilities are primarily comprised of 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. |
Significant_Accounting_Policie1
Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 16 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 contingent consideration liabilities and redeemable noncontrolling interests for affiliate management equity plans. | |||||||||||||
All references to fiscal 2015, 2014 or 2013, 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 ("U.S.") 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 | 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 as consolidated investment vehicles (“CIVs”). The consolidation of investment vehicles 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 these CIVs, which is recorded in Other Non-Operating Income (Expense), is reflected in Net Income (Loss), net of amounts allocated 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. 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 as of March 31, 2014, and 2013. During fiscal 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 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 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 a 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, 2015, 2014, and 2013, despite significant third party investments in this product. As of March 31, 2015, and 2014, Legg Mason also concluded it was the primary beneficiary of 17 employee-owned funds it sponsors, which were consolidated and reported as CIVs. | |||||||||||||
Other VIEs | |||||||||||||
For other sponsored investment funds that do not meet the investment company criteria, Legg Mason determines on a fund by fund basis if 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, 2015, Legg Mason had a variable interest in three 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 estimated to pay to Legg Mason is insignificant. As of March 31, 2014 and 2013, Legg Mason had a variable interest in two of these CLOs, which also were not consolidated in either of those periods. | |||||||||||||
As of March 31, 2014 and 2013, 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 and had a significant variable interest because of the level of its expected subordinated fees. As of March 31, 2014 and 2013, 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, 2015 and 2014 was $15,553 and $39,434, 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 Note 16 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 long-term escrow deposits, cash collateral required for market hedge arrangements, 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 16 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. Substantially all of Legg Mason's equity method investees are investment companies which 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 agreements 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 available-for-sale, held-to-maturity or trading. Debt and marketable equity securities classified as available-for-sale are reported at fair value and resulting unrealized gains and losses are reflected in stockholders' equity, noncontrolling interests, and comprehensive income (loss), net of applicable income taxes. Debt securities for which there is positive intent and ability to hold to maturity are classified as held-to-maturity and are recorded at amortized cost. Amortization of discount or premium is recorded under the interest method and is included in interest income. Certain investment securities, including those held by CIVs, are 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 or available-for-sale 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, 2015, 2014 and 2013, 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 and CLO loans, bonds and debt, 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 values of Long-term debt at March 31, 2015 and 2014, aggregated $1,166,697 and $1,135,103, respectively. Except for long-term debt designated for a hedging transaction, these fair values were estimated using publicly quoted market prices or discounted cash flow analyses, as appropriate, and were classified as Level 2 in the fair value hierarchy, as described below. 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 a reverse treasury rate lock contract and an interest rate swap, 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). See Note 14 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 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, private equity funds and prior to June 2014, CLO debt of a CIV. This category may also include certain proprietary fund products with redemption restrictions. | |||||||||||||
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, including certain investments held by CIVs prior to June 2014, 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 in Level 3. | |||||||||||||
The fair value of CLO debt, which existed only through June 2014, was valued using a discounted cash flow methodology. Inputs used to determine the expected cash flows included assumptions about forecasted default and recovery rates that a market participant would use in determining the fair value of the CLO's underlying collateral assets. Given the significance of the unobservable inputs to the fair value measurement, the CLO debt valuation was 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. | |||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Option | ||||||||||||
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 (see "Consolidation" above and Note 16). Management believed that the use of the fair value option mitigated the impact of certain timing differences and better matched the changes in fair value of assets and liabilities related to the CLO. Unrealized gains and losses on assets and liabilities for which the fair value option was elected have been reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis, must be applied to an entire instrument, and is irrevocable once elected. Liabilities measured at fair value pursuant to the fair value option were included in Debt and other current liabilities of consolidated investment vehicles in the Consolidated Balance Sheet as of March 31, 2014. The CLO substantially liquidated and was deconsolidated as of June 2014. Subsequently, Legg Mason has not elected the fair value option for any other financial assets or liabilities. | |||||||||||||
Appropriated Retained Earnings [Policy Text Block] | Appropriated Retained Earnings | ||||||||||||
Upon the election of the fair value option for eligible assets and liabilities of the CLO described above, 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 Sheets. 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. As of June 30, 2014, the CLO was deconsolidated. | |||||||||||||
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 15 for additional business segment information. | |||||||||||||
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 Sheets. | |||||||||||||
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, 2015, 2014 and 2013, no impairment charges were recorded. Deferred sales commissions, included in Other non-current assets in the Consolidated Balance Sheets, were $10,422 and $8,031 at March 31, 2015 and 2014, 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. | |||||||||||||
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. Legg Mason determines the fair value of stock options and affiliate management equity plan grants 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. See "Other Developments" below and Note 11 for additional information regarding stock-based compensation. | |||||||||||||
In conjunction with the December 2012 modification of employment and other arrangements with certain employees of its subsidiary, The Permal Group, Ltd ("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, over which the related grant-date fair values will be recognized as Compensation expense in the Consolidated Statements of Income. 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. See Note 11 for additional information on affiliate management equity plans. | |||||||||||||
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 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 allocated (both distributed and undistributed) 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 | Restructuring Costs | ||||||||||||
As further discussed in Note 2, in March 2014, Legg Mason entered into a definitive agreement to acquire QS Investors Holdings, LLC ("QS Investors"). Legg Mason is integrating its two existing affiliates, Batterymarch Financial Management, Inc. ("Batterymarch") and Legg Mason Global Asset Allocation, LLC ("LMGAA") into QS Investors over time to leverage the best aspects of each subsidiary. The costs anticipated with this integration primarily relate to employee termination benefits, including severance and retention incentives, which are recorded as Compensation and benefits in the Consolidated Statements of Income (Loss). See Note 2 for additional information | |||||||||||||
Noncontrolling Interests Redeemable | Noncontrolling Interests | ||||||||||||
For CIVs 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. There were no nonredeemable noncontrolling interests as of March 31, 2015 or 2014. Net income attributable to noncontrolling interests in the Consolidated Statement of Income (Loss) for the year ended March 31, 2013 also includes Net income reclassified to Appropriated retained earnings for consolidated investment vehicle in the Consolidated Balance Sheet. | |||||||||||||
Net income attributable to noncontrolling interests for the years ended March 31, included the following amounts: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income attributable to redeemable noncontrolling interests | $ | 5,629 | $ | 1,881 | $ | 971 | |||||||
Net income reclassified to appropriated retained earnings for consolidated investment vehicle | — | (4,829 | ) | (7,392 | ) | ||||||||
Total | $ | 5,629 | $ | (2,948 | ) | $ | (6,421 | ) | |||||
Total Redeemable noncontrolling interests as of and for the years ended March 31, included the following amounts: | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance, beginning of period | $ | 45,144 | $ | 21,009 | $ | 24,031 | |||||||
Net income attributable to redeemable noncontrolling interests | 5,629 | 1,881 | 971 | ||||||||||
Net (redemptions/distributions paid to)/subscriptions received from noncontrolling interests | (10,459 | ) | 20,438 | (3,993 | ) | ||||||||
Affiliate management equity plan interests | 5,206 | 1,816 | — | ||||||||||
Balance, end of period | $ | 45,520 | $ | 45,144 | $ | 21,009 | |||||||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Developments | ||||||||||||
In May 2015, the Financial Accounting Standards Board (“FASB”) updated the guidance on fair value measurement. The updated guidance removes the requirement to categorize within the fair value hierarchy and related sensitivity disclosures, all investments for which fair value is measured using the NAV practical expedient. 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, unless adopted earlier. 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 for Legg Mason in fiscal 2017, unless adopted earlier. Legg Mason is evaluating the timing and impact of its adoption. | |||||||||||||
In August 2014, the FASB updated the guidance on measuring the financial assets and financial liabilities of consolidated collateralized financing entities. The update requires that an entity electing to apply the guidance should measure both the financial assets and financial liabilities using the fair value of the consolidated collateralized financing entity’s financial assets or financial liabilities, whichever is more observable. This update also requires certain disclosures by entities that | |||||||||||||
apply its provisions and will be effective for Legg Mason in fiscal 2017, unless adopted earlier. Legg Mason is evaluating the impact of its adoption. | |||||||||||||
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. This update will be tentatively effective for Legg Mason in fiscal 2018 and Legg Mason is evaluating the impact of its adoption. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests [Table Text Block] | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income attributable to redeemable noncontrolling interests | $ | 5,629 | $ | 1,881 | $ | 971 | |||||||
Net income reclassified to appropriated retained earnings for consolidated investment vehicle | — | (4,829 | ) | (7,392 | ) | ||||||||
Total | $ | 5,629 | $ | (2,948 | ) | $ | (6,421 | ) | |||||
Changes in redeemable noncontrolling interests | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance, beginning of period | $ | 45,144 | $ | 21,009 | $ | 24,031 | |||||||
Net income attributable to redeemable noncontrolling interests | 5,629 | 1,881 | 971 | ||||||||||
Net (redemptions/distributions paid to)/subscriptions received from noncontrolling interests | (10,459 | ) | 20,438 | (3,993 | ) | ||||||||
Affiliate management equity plan interests | 5,206 | 1,816 | — | ||||||||||
Balance, end of period | $ | 45,520 | $ | 45,144 | $ | 21,009 | |||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
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 | |||||||
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 as of March 31, 2015 | $ | 26,717 | $ | 11,687 | $ | 38,404 | |||||||
Martin Currie [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 202,577 | |||||||||||
Contingent consideration | 75,211 | ||||||||||||
Total Consideration | 277,788 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 29,389 | ||||||||||||
Indefinite-life intangible fund management contracts | 135,321 | ||||||||||||
Amortizable intangible asset management contracts | 15,234 | ||||||||||||
Indefinite-life trade name | 7,130 | ||||||||||||
Fixed assets | 784 | ||||||||||||
Liabilities, net | (4,388 | ) | |||||||||||
Pension liability | (32,433 | ) | |||||||||||
Deferred tax liabilities | (31,537 | ) | |||||||||||
Total identifiable assets and liabilities | 119,500 | ||||||||||||
Goodwill | $ | 158,288 | |||||||||||
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%) | 15.00% | |||||||||||
Projected AUM Growth / (Attrition) | Discount Rate | ||||||||||||
Amortizable intangible asset management contracts | 6% / (17)% | 15.00% | |||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | |||||||||||||
AUM growth rates | 0% to 28% (weighted-average - 14%) | ||||||||||||
Performance fees growth rates | 0% to 30% (weighted-average - 15%) | ||||||||||||
Discount rates: | |||||||||||||
Projected AUM | 13.00% | ||||||||||||
Projected performance fees | 15.00% | ||||||||||||
Earn-out payments | 1.30% | ||||||||||||
AUM volatility | 18.80% | ||||||||||||
QS Investors [Domain] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 11,000 | |||||||||||
Contingent consideration | 13,370 | ||||||||||||
Total Consideration | 24,370 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 441 | ||||||||||||
Investments | 3,281 | ||||||||||||
Receivables | 2,699 | ||||||||||||
Amortizable intangible asset management contracts | 7,060 | ||||||||||||
Fixed assets | 599 | ||||||||||||
Liabilities, net | (6,620 | ) | |||||||||||
Total identifiable assets and liabilities | 7,460 | ||||||||||||
Goodwill | $ | 16,910 | |||||||||||
Fair Value Inputs Assets Liabilities Quantitative Information [Table Text Block] | |||||||||||||
Projected Cash Flow Attrition, Net | Discount Rate | ||||||||||||
Amortizable intangible asset management contracts | -10% | 15.00% | |||||||||||
Projected Revenue Growth Rates | Discount Rates | ||||||||||||
Contingent consideration | 0% to 10% (weighted-average - 6%) | 1.2% / 2.1% | |||||||||||
Fauchier [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | |||||||||||||
Purchase price | |||||||||||||
Cash | $ | 63,433 | |||||||||||
Contingent consideration | 21,566 | ||||||||||||
Total Consideration | 84,999 | ||||||||||||
Identifiable assets and liabilities | |||||||||||||
Cash | 8,156 | ||||||||||||
Receivables | 12,174 | ||||||||||||
Amortizable intangible asset management contracts | 2,865 | ||||||||||||
Indefinite-life intangible fund management contracts | 65,126 | ||||||||||||
Other current liabilities, net | (16,667 | ) | |||||||||||
Deferred tax liability | (15,638 | ) | |||||||||||
Total identifiable assets and liabilities | 56,016 | ||||||||||||
Goodwill | $ | 28,983 | |||||||||||
Fair Value Inputs Assets Liabilities Quantitative Information [Table Text Block] | |||||||||||||
Projected Cash Flow Growth Rates | Discount Rate | ||||||||||||
Indefinite-life intangible fund management contracts | (35)% to 11% (weighted-average - 6% ) | 16.00% | |||||||||||
Projected Revenue Growth Rates | |||||||||||||
Contingent consideration | (16)% to 3% (weighted-average - (5)%) | 2.00% |
Acquisitions_Pension_Martin_Cu
Acquisitions Pension (Martin Currie) (Tables) (Martin Currie [Member]) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Martin Currie [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | |||||
Fair value of plan assets (at 6.3% expected weighted-average long-term return) | $ | 59,404 | |||
Benefit obligation (at 3.3% discount rate) | (98,110 | ) | |||
Unfunded status (excess of benefit obligation over plan assets) | $ | (38,706 | ) | ||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | |||||
Period From | |||||
Acquisition | |||||
Beginning benefit obligation | $ | 91,750 | |||
Interest costs | 1,730 | ||||
Actuarial loss | 14,461 | ||||
Benefits paid | (762 | ) | |||
Plan curtailments | (789 | ) | |||
Exchange rate changes | (8,280 | ) | |||
Ending benefit obligation | $ | 98,110 | |||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | |||||
Period From | |||||
Acquisition | |||||
Beginning plan assets | $ | 59,317 | |||
Actual return on plan assets | 6,028 | ||||
Employer contributions | 1 | ||||
Benefits paid | (762 | ) | |||
Exchange rate changes | (5,180 | ) | |||
Ending plan assets | $ | 59,404 | |||
Schedule of Net Benefit Costs [Table Text Block] | |||||
Period From | |||||
Acquisition | |||||
Interest costs | $ | 1,730 | |||
Expected return on plan assets | (1,756 | ) | |||
Curtailment gain recognized | (789 | ) | |||
Net periodic benefit gain | $ | (815 | ) | ||
Schedule of Expected Benefit Payments [Table Text Block] | |||||
2016 | $ | 1,184 | |||
2017 | 1,235 | ||||
2018 | 1,324 | ||||
2019 | 1,611 | ||||
2020 | 1,588 | ||||
2021 - 2025 | 13,788 | ||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member]) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||||||||||||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||||||||||||||||||||||
Marketable Securities [Table Text Block] | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Current investments | $ | 454,735 | $ | 467,726 | |||||||||||||||||||||||||
Available-for-sale | — | 12,072 | |||||||||||||||||||||||||||
Other(1) | 77 | 90 | |||||||||||||||||||||||||||
Total | $ | 454,812 | $ | 479,888 | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | |||||||||||||||||||||||||||||
Years Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Proceeds | $ | 4,306 | $ | 5,272 | |||||||||||||||||||||||||
Gross realized gains | — | 22 | |||||||||||||||||||||||||||
Gross realized losses | (29 | ) | (43 | ) | |||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | |||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable | Significant unobservable inputs | Total | ||||||||||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Current investments: | |||||||||||||||||||||||||||||
Trading investments relating to long-term incentive compensation plans(2) | 80,529 | — | — | 80,529 | |||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments(3) | 269,647 | 88,201 | 186 | 358,034 | |||||||||||||||||||||||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments(4)(5) | 2,148 | 14,024 | — | 16,172 | |||||||||||||||||||||||||
Total current investments | 352,324 | 102,225 | 186 | 454,735 | |||||||||||||||||||||||||
Investments in partnerships, LLCs and other(6) | — | — | 14,511 | 14,511 | |||||||||||||||||||||||||
Equity method investments in partnerships | ` | — | — | 48,344 | 48,344 | ||||||||||||||||||||||||
and LLCs(4)(6) | |||||||||||||||||||||||||||||
Derivative assets(7) | 580 | 5,462 | — | 6,042 | |||||||||||||||||||||||||
Other investments(6) | — | — | 77 | 77 | |||||||||||||||||||||||||
Total | $ | 706,169 | $ | 154,722 | $ | 63,118 | $ | 924,009 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt(8) | $ | — | $ | (255,462 | ) | $ | — | $ | (255,462 | ) | |||||||||||||||||||
Contingent consideration liabilities(9) | — | — | (110,784 | ) | (110,784 | ) | |||||||||||||||||||||||
Derivative liabilities(7) | (8,665 | ) | — | — | (8,665 | ) | |||||||||||||||||||||||
Total | $ | (8,665 | ) | $ | (255,462 | ) | $ | (110,784 | ) | $ | (374,911 | ) | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable | Significant unobservable inputs | Total | ||||||||||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents(1): | |||||||||||||||||||||||||||||
Money market funds | $ | 456,631 | $ | — | $ | — | $ | 456,631 | |||||||||||||||||||||
Time deposits and other | — | 106,226 | — | 106,226 | |||||||||||||||||||||||||
Total cash equivalents | 456,631 | 106,226 | — | 562,857 | |||||||||||||||||||||||||
Current investments: | |||||||||||||||||||||||||||||
Trading investments relating to long-term incentive compensation plans(2) | 109,648 | — | — | 109,648 | |||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments(3) | 260,251 | 75,015 | 190 | 335,456 | |||||||||||||||||||||||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments(4)(5) | 8,497 | 14,125 | — | 22,622 | |||||||||||||||||||||||||
Total current investments | 378,396 | 89,140 | 190 | 467,726 | |||||||||||||||||||||||||
Available-for-sale investment securities(6) | 2,048 | 10,024 | — | 12,072 | |||||||||||||||||||||||||
Investments in partnerships, LLCs and other(6) | — | 2,878 | 21,586 | 24,464 | |||||||||||||||||||||||||
Equity method investments in partnerships and LLCs(4)(6) | — | — | 62,973 | 62,973 | |||||||||||||||||||||||||
Derivative assets(7) | 3,584 | — | — | 3,584 | |||||||||||||||||||||||||
Other investments(6) | — | — | 90 | 90 | |||||||||||||||||||||||||
Total | $ | 840,659 | $ | 208,268 | $ | 84,839 | $ | 1,133,766 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Contingent consideration liability(9) | $ | — | $ | — | $ | (29,553 | ) | $ | (29,553 | ) | |||||||||||||||||||
Derivative liabilities(7) | (2,335 | ) | — | — | (2,335 | ) | |||||||||||||||||||||||
Total | $ | (2,335 | ) | $ | — | $ | (29,553 | ) | $ | (31,888 | ) | ||||||||||||||||||
-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 the purchase of the instrument and its expected realization, and are classified as Level 2. | ||||||||||||||||||||||||||||
-2 | 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. | ||||||||||||||||||||||||||||
-3 | Trading investments of proprietary fund products and other trading investments consist of approximately 63% and 37% in equity and debt securities, respectively, as of March 31, 2015, and approximately 53% and 47% in equity and debt securities, respectively, as of March 31, 2014. | ||||||||||||||||||||||||||||
-4 | Substantially all of Legg Mason's equity method investments are investment companies which record their underlying investments at fair value. 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. | ||||||||||||||||||||||||||||
-5 | Includes investments under the equity method (which approximate fair value) relating to long-term incentive compensation plans of $8,728 and $14,125 as of March 31, 2015 and March 31, 2014, respectively, and proprietary fund products and other investments of $7,444 and $8,497 as of March 31, 2015 and March 31, 2014, respectively, which are classified as Investment securities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
-6 | Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. | ||||||||||||||||||||||||||||
-7 | See Note 14. | ||||||||||||||||||||||||||||
-8 | Long-term debt amount is the sum of the amortized cost of long-term debt and the fair value of an interest rate swap contract designated as a fair value hedge. See Note 6. | ||||||||||||||||||||||||||||
-9 | See Note 2. | ||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | |||||||||||||||||||||||||||||
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 proprietary fund products and other trading investments | $ | 190 | $ | 2 | $ | (27 | ) | $ | — | $ | — | $ | 21 | $ | 186 | ||||||||||||||
Investments in partnerships, LLCs and other | 21,586 | — | (24 | ) | (5,108 | ) | — | (1,943 | ) | 14,511 | |||||||||||||||||||
Equity method investments in partnerships and LLCs | 62,973 | 2,048 | (14,101 | ) | (1,121 | ) | — | (1,455 | ) | 48,344 | |||||||||||||||||||
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 | ) | $ | — | $ | — | $ | — | $ | 7,350 | $ | (110,784 | ) | ||||||||||||
Value as of March 31, 2013 | Purchases | Sales | Redemptions/Settlements/ Other | Transfers | Realized and unrealized gains/(losses), net | Value as of March 31, 2014 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Trading investments of proprietary fund products and other trading investments | $ | 246 | $ | 1 | $ | — | $ | (77 | ) | $ | — | $ | 20 | $ | 190 | ||||||||||||||
Investments in partnerships, LLCs and other | 27,762 | — | (731 | ) | (4,869 | ) | — | (576 | ) | 21,586 | |||||||||||||||||||
Equity method investments in partnerships and LLCs | 66,338 | 5,154 | (750 | ) | (9,258 | ) | — | 1,489 | 62,973 | ||||||||||||||||||||
Other investments | 111 | — | (12 | ) | — | — | (9 | ) | 90 | ||||||||||||||||||||
$ | 94,457 | $ | 5,155 | $ | (1,493 | ) | $ | (14,204 | ) | $ | — | $ | 924 | $ | 84,839 | ||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Contingent consideration liability | $ | (21,900 | ) | $ | — | $ | — | $ | — | $ | — | $ | (7,653 | ) | $ | (29,553 | ) | ||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | |||||||||||||||||||||||||||||
Fair Value Determined Using NAV | As of March 31, 2015 | ||||||||||||||||||||||||||||
Category of Investment | Investment Strategy | 31-Mar-15 | 31-Mar-14 | Unfunded Commitments | Remaining Term | ||||||||||||||||||||||||
Funds-of-hedge funds | Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge | $ | 23,787 | -1 | $ | 34,771 | -1 | n/a | n/a | ||||||||||||||||||||
Hedge funds | Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge | 14,515 | 19,461 | $ | 20,000 | n/a | |||||||||||||||||||||||
Private equity funds | Long/short equity | 23,563 | -2 | 22,759 | -2 | 9,654 | Up to 9 years | ||||||||||||||||||||||
Other | Various | 1,129 | 2,434 | n/a | Various (3) | ||||||||||||||||||||||||
Total | $ | 62,994 | -4 | $ | 79,425 | -4 | $ | 29,654 | |||||||||||||||||||||
n/a-not applicable | |||||||||||||||||||||||||||||
-1 | Liquidation restrictions: 9% monthly redemption and 91% quarterly redemption as of March 31, 2015. 40% monthly redemption and 60% quarterly redemption as of March 31, 2014. | ||||||||||||||||||||||||||||
-2 | Liquidations are expected over the remaining term. | ||||||||||||||||||||||||||||
-3 | Of this balance, 21% has a remaining term of less than one year and 79% has a remaining term of 18 years. | ||||||||||||||||||||||||||||
-4 | Comprised of 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 and 31% and 69% of Level 2 and Level 3 assets, respectively, as of March 31, 2014. |
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of fixed assets | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Equipment | $ | 152,893 | $ | 147,663 | |||||
Software | 269,745 | 249,368 | |||||||
Leasehold improvements | 203,420 | 209,747 | |||||||
Total cost | 626,058 | 606,778 | |||||||
Less: accumulated depreciation and amortization | (446,452 | ) | (417,537 | ) | |||||
Fixed assets, net | $ | 179,606 | $ | 189,241 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Components of intangible assets | |||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||
Amortizable intangible asset management contracts | |||||||||||||
Cost | $ | 188,312 | $ | 207,224 | |||||||||
Accumulated amortization | (166,583 | ) | (197,255 | ) | |||||||||
Net | 21,729 | 9,969 | |||||||||||
Indefinite–life intangible assets | |||||||||||||
U.S. domestic mutual fund management contracts | 2,106,351 | 2,106,351 | |||||||||||
Permal/Fauchier funds-of-hedge fund management contracts | 698,104 | 698,104 | |||||||||||
Other fund management contracts(1) | 427,816 | 304,549 | |||||||||||
Trade names(1) | 59,334 | 52,800 | |||||||||||
3,291,605 | 3,161,804 | ||||||||||||
Intangible assets, net | $ | 3,313,334 | $ | 3,171,773 | |||||||||
Estimated amortization expense | |||||||||||||
2016 | $ | 2,710 | |||||||||||
2017 | 2,710 | ||||||||||||
2018 | 2,710 | ||||||||||||
2019 | 2,710 | ||||||||||||
2020 | 2,227 | ||||||||||||
Thereafter | 8,662 | ||||||||||||
Total | $ | 21,729 | |||||||||||
Changes in carrying value of goodwill | |||||||||||||
Gross Book Value | Accumulated Impairment | Net Book Value | |||||||||||
Balance as of March 31, 2013 | $ | 2,431,065 | $ | (1,161,900 | ) | $ | 1,269,165 | ||||||
Impact of excess tax basis amortization | (21,675 | ) | — | (21,675 | ) | ||||||||
Changes in foreign exchange rates and other | (6,967 | ) | — | (6,967 | ) | ||||||||
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 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | |||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Carrying Value | Fair Value Hedge Adjustment | Unamortized Discount (Premium) | Maturity Amount | Carrying Value | |||||||||||||||||
5.5% Senior Notes | $ | — | $ | — | $ | — | $ | — | $ | 645,042 | |||||||||||
2.7% Senior Notes due July 2019 | 254,993 | (5,462 | ) | 469 | 250,000 | — | |||||||||||||||
3.95% Senior Notes due July 2024 | 249,577 | — | 423 | 250,000 | — | ||||||||||||||||
5.625% Senior Notes due January 2044 | 553,519 | — | (3,519 | ) | 550,000 | 393,784 | |||||||||||||||
Other term loans | — | — | — | — | 438 | ||||||||||||||||
Subtotal | 1,058,089 | (5,462 | ) | (2,627 | ) | 1,050,000 | 1,039,264 | ||||||||||||||
Less: current portion | — | — | — | — | 438 | ||||||||||||||||
Total | $ | 1,058,089 | $ | (5,462 | ) | $ | (2,627 | ) | $ | 1,050,000 | $ | 1,038,826 | |||||||||
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision (Benefit) (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 249,380 | $ | 320,890 | $ | (264,342 | ) | ||||||
Foreign | 118,613 | 98,751 | (246,265 | ) | |||||||||
Total | $ | 367,993 | $ | 419,641 | $ | (510,607 | ) | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal | $ | 95,499 | $ | 125,494 | $ | (74,185 | ) | ||||||
Foreign | 20,365 | (1,450 | ) | (85,677 | ) | ||||||||
State and local | 9,420 | 13,761 | 9,003 | ||||||||||
Total income tax provision (benefit) | $ | 125,284 | $ | 137,805 | $ | (150,859 | ) | ||||||
Current | $ | 24,897 | $ | 19,375 | $ | 6,496 | |||||||
Deferred | 100,387 | 118,430 | (157,355 | ) | |||||||||
Total income tax provision (benefit) | $ | 125,284 | $ | 137,805 | $ | (150,859 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Tax provision (benefit) at statutory U.S. federal income tax rate | 35 | % | 35 | % | (35.0 | )% | |||||||
State income taxes, net of federal income tax benefit(1) | 1.5 | 2 | 1.5 | ||||||||||
Effect of foreign tax rates(1) | (4.9 | ) | (4.2 | ) | 3.8 | ||||||||
Changes in U.K. tax rates on deferred tax assets and liabilities | — | (4.6 | ) | (3.5 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests | (0.5 | ) | 0.3 | 0.5 | |||||||||
Other, net(1) | 2.9 | 4.3 | 3.2 | ||||||||||
Effective income tax (benefit) rate | 34 | % | 32.8 | % | (29.5 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | |||||||||||||
2015 | 2014 | ||||||||||||
DEFERRED TAX ASSETS | |||||||||||||
Accrued compensation and benefits | $ | 158,369 | $ | 154,074 | |||||||||
Accrued expenses | 60,282 | 61,575 | |||||||||||
Operating loss carryforwards | 290,765 | 267,940 | |||||||||||
Capital loss carryforwards | 5,335 | 10,015 | |||||||||||
Foreign tax credit carryforward | 247,027 | 235,661 | |||||||||||
Federal benefit of uncertain tax positions | 18,461 | 16,914 | |||||||||||
Mutual fund launch costs | 30,968 | 31,774 | |||||||||||
Martin Currie defined benefit pension liability | 7,741 | — | |||||||||||
Other | 3,817 | 303 | |||||||||||
Deferred tax assets | 822,765 | 778,256 | |||||||||||
Valuation allowance | (96,687 | ) | (90,832 | ) | |||||||||
Deferred tax assets after valuation allowance | $ | 726,078 | $ | 687,424 | |||||||||
DEFERRED TAX LIABILITIES | |||||||||||||
Basis differences, principally for intangible assets and goodwill | $ | 82,636 | $ | 72,596 | |||||||||
Depreciation and amortization | 666,057 | 523,595 | |||||||||||
Net unrealized gains from investments | 7,832 | 4,743 | |||||||||||
Other | 78 | 221 | |||||||||||
Deferred tax liabilities | 756,603 | 601,155 | |||||||||||
Net deferred tax assets (liabilities) | $ | (30,525 | ) | $ | 86,269 | ||||||||
Summary of Valuation Allowance [Table Text Block] | |||||||||||||
2015 | 2014 | Expires Beginning | |||||||||||
after Fiscal Year | |||||||||||||
DEFERRED TAX ASSETS | |||||||||||||
U.S. federal net operating losses | $ | 96,774 | $ | 80,515 | 2031 | ||||||||
U.S. federal capital losses | — | 3,545 | n/a | ||||||||||
U.S. federal foreign tax credits | 247,027 | 235,661 | 2015 | ||||||||||
U.S. charitable contributions | 233 | — | 2020 | ||||||||||
U.S. state net operating losses (1,2) | 168,069 | 168,173 | 2016 | ||||||||||
U.S. state capital losses | 44 | 532 | 2016 | ||||||||||
Foreign net operating losses | 25,877 | 19,252 | 2027 | ||||||||||
Foreign capital losses | 5,290 | 5,938 | n/a | ||||||||||
Total deferred tax assets for carryforwards | $ | 543,314 | $ | 513,616 | |||||||||
VALUATION ALLOWANCES | |||||||||||||
U.S. federal net operating losses | $ | 1,282 | $ | — | |||||||||
U.S. federal capital losses | — | 74 | |||||||||||
U.S. federal foreign tax credits | 25,429 | 25,947 | |||||||||||
U.S. state net operating losses | 26,828 | 34,590 | |||||||||||
U.S. state capital losses | 44 | 129 | |||||||||||
Foreign net operating losses | 23,504 | 15,738 | |||||||||||
Foreign capital losses | 5,290 | 5,938 | |||||||||||
Valuation allowances for carryforwards | 82,377 | 82,416 | |||||||||||
Foreign other deferred assets | 14,310 | 8,416 | |||||||||||
Total valuation allowances | $ | 96,687 | $ | 90,832 | |||||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance, beginning of year | $ | 77,892 | $ | 72,650 | $ | 90,831 | |||||||
Additions based on tax positions related to the current year | 9,919 | 5,659 | 11,726 | ||||||||||
Additions for tax positions of prior years | 13,054 | 12,610 | 8,439 | ||||||||||
Reductions for tax positions of prior years | — | (138 | ) | (13,083 | ) | ||||||||
Decreases related to settlements with taxing authorities | (8,521 | ) | (12,889 | ) | (25,205 | ) | |||||||
Expiration of statutes of limitations | — | — | (58 | ) | |||||||||
Balance, end of year | $ | 92,344 | $ | 77,892 | $ | 72,650 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule Of Future Minimum Rental Payments For Operating Leases | |||||||||||||
2016 | $ | 134,034 | |||||||||||
2017 | 112,593 | ||||||||||||
2018 | 97,711 | ||||||||||||
2019 | 81,557 | ||||||||||||
2020 | 75,188 | ||||||||||||
Thereafter | 291,070 | ||||||||||||
Total | $ | 792,153 | |||||||||||
Lease Liability Reserve Roll Forward [Table Text Block] | |||||||||||||
Balance as of March 31, 2012 | $ | 44,763 | |||||||||||
Accrued charges for vacated and subleased space (1) | 39,080 | ||||||||||||
Payments, net | (15,341 | ) | |||||||||||
Adjustments and other | (1,590 | ) | |||||||||||
Balance as of March 31, 2013 | $ | 66,912 | |||||||||||
Accrued charges for vacated and subleased space (1) | 7,371 | ||||||||||||
Payments, net | (17,117 | ) | |||||||||||
Adjustments and other | (1,666 | ) | |||||||||||
Balance as of March 31, 2014 | 55,500 | ||||||||||||
Accrued charges for vacated and subleased space (1) | 9,023 | ||||||||||||
Payments, net | (15,001 | ) | |||||||||||
Adjustments and other | (3,583 | ) | |||||||||||
Balance as of March 31, 2015 | $ | 45,939 | |||||||||||
Schedule of Rent Expense [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Rental expense | $ | 136,414 | $ | 130,880 | $ | 138,488 | |||||||
Less: sublease income | 19,672 | 16,289 | 14,750 | ||||||||||
Net rent expense | $ | 116,742 | $ | 114,591 | $ | 123,738 | |||||||
Capital_Stock_Changes_in_Commo
Capital Stock Changes in Common Stock (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Equity [Abstract] | ||||||||||
Schedule of Stock by Class [Table Text Block] | ||||||||||
Years Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
COMMON STOCK | ||||||||||
Beginning balance | 117,173 | 125,341 | 139,874 | |||||||
Shares issued for: | ||||||||||
Stock option exercises and other stock-based compensation | 749 | 839 | 80 | |||||||
Deferred compensation employee stock trust | 44 | 50 | 71 | |||||||
Deferred compensation, net | 907 | 1,175 | 1,925 | |||||||
Shares repurchased and retired | (6,931 | ) | (9,677 | ) | (16,199 | ) | ||||
Employee tax withholding by settlement of net share transactions | (473 | ) | (555 | ) | (410 | ) | ||||
Ending balance | 111,469 | 117,173 | 125,341 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | |||||||||||||
Number | Weighted-Average | ||||||||||||
of Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Shares unvested at March 31, 2014 | 2,270 | $ | 11.58 | ||||||||||
Granted | 918 | 12.03 | |||||||||||
Vested | (888 | ) | 11.62 | ||||||||||
Canceled/forfeited | (70 | ) | 11.86 | ||||||||||
Shares unvested at March 31, 2015 | 2,230 | $ | 11.73 | ||||||||||
Number of Shares | Weighted-Average Exercise Price Per Share | ||||||||||||
Options outstanding at March 31, 2012 | 5,624 | $ | 57.78 | ||||||||||
Granted | 966 | 23.72 | |||||||||||
Exercised | (25 | ) | 21.8 | ||||||||||
Canceled/forfeited | (1,204 | ) | 51.87 | ||||||||||
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 | ||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Stock options | $ | 11,584 | $ | 13,530 | $ | 10,979 | |||||||
Restricted stock and restricted stock units | 45,975 | 48,263 | 46,351 | ||||||||||
Employee stock purchase plan | 673 | 315 | 238 | ||||||||||
Affiliate management equity plans | 5,206 | 2,270 | — | ||||||||||
Non-employee directors | 1,550 | 1,950 | 1,250 | ||||||||||
Performance share units | 1,056 | — | — | ||||||||||
Employee stock trust | 201 | 160 | 165 | ||||||||||
Total stock-based compensation expense | $ | 66,245 | $ | 66,488 | $ | 58,983 | |||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | |||||||||||||
Exercise | Option Shares | Weighted-Average | |||||||||||
Price Range | Exercisable | Exercise Price | |||||||||||
Per Share | |||||||||||||
$ 14.81 - $ 25.00 | 332 | $ | 21.76 | ||||||||||
25.01 - 35.00 | 1,398 | 31.7 | |||||||||||
35.01 - 94.00 | 118 | 35.16 | |||||||||||
94.01 - 122.93 | 354 | 100.77 | |||||||||||
2,202 | |||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | |||||||||||||
Exercise | Option Shares | Weighted-Average | Weighted-Average | ||||||||||
Price Range | Outstanding | Exercise Price | Remaining Life | ||||||||||
Per Share | (in years) | ||||||||||||
$ 14.81 - $ 25.00 | 710 | $ | 22.8 | 4.73 | |||||||||
25.01 - 35.00 | 1,873 | 31.91 | 4.26 | ||||||||||
35.01 - 94.00 | 1,495 | 42.67 | 6.73 | ||||||||||
94.01 - 122.93 | 354 | 100.77 | 0.31 | ||||||||||
4,432 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Expected dividend yield | 1.04 | % | 1.54 | % | 1.44 | % | |||||||
Risk-free interest rate | 1.51 | % | 0.8 | % | 0.81 | % | |||||||
Expected volatility | 29.53 | % | 45.08 | % | 51.8 | % | |||||||
Expected life (in years) | 4.94 | 4.93 | 5.02 | ||||||||||
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 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||||
Assumptions used to determine the weighted-average fair value of option grants | |||||||||||||
Expected dividend yield | 1.33 | % | |||||||||||
Risk-free interest rate | 0.75 | % | |||||||||||
Expected volatility | 30.81 | % |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, 2012 | 2,873 | $ | 33.83 | |||||
Granted | 2,185 | 24.04 | ||||||
Vested | (1,177 | ) | 31.22 | |||||
Canceled/forfeited | (143 | ) | 58.3 | |||||
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 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computations of basic and diluted EPS | |||||||||||||
Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted-average shares for EPS | 112,019 | 121,941 | 133,226 | ||||||||||
Potential common shares: | |||||||||||||
Dilutive employee stock options | 1,227 | 442 | — | ||||||||||
Diluted weighted-average shares outstanding for EPS | 113,246 | 122,383 | 133,226 | ||||||||||
Net Income (Loss) Attributable to Legg Mason, Inc. | $ | 237,080 | $ | 284,784 | $ | (353,327 | ) | ||||||
Less: Earnings (distributed and undistributed) allocated to participating securities | 6,340 | — | — | ||||||||||
Net income (loss) (distributed and undistributed) allocated to shareholders (excluding participating securities) | $ | 230,740 | $ | 284,784 | $ | (353,327 | ) | ||||||
Net Income (Loss) per share Attributable to Legg Mason, Inc. Shareholders | |||||||||||||
Basic | $ | 2.06 | $ | 2.34 | $ | (2.65 | ) | ||||||
Diluted | $ | 2.04 | $ | 2.33 | $ | (2.65 | ) | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Accumulated Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Temporary Equity Disclosure [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | |||||||||
2015 | 2014 | ||||||||
Foreign currency translation adjustment | $ | (51,147 | ) | $ | 37,835 | ||||
Unrealized gains on investment securities, net of tax provision of $76 in fiscal 2014 | — | 114 | |||||||
Net actuarial losses on defined benefit pension plan | (9,595 | ) | — | ||||||
Total | $ | (60,742 | ) | $ | 37,949 | ||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
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 | ) | |||||||||||
Schedule of Derivative Assets and Liabilities at Fair Value | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivative instruments not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts | $ | 3,271 | $ | (825 | ) | ||||||||||||||||||||||
Futures and forward contracts relating to seed capital investments | 313 | (1,510 | ) | ||||||||||||||||||||||||
Total derivative instruments not designated as hedging instruments | $ | 3,584 | $ | (2,335 | ) | ||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | |||||||||||||||||||||||||||
Years Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Income Statement Classification | Gains | Losses | Gains | Losses | Gains | Losses | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts for: | |||||||||||||||||||||||||||
Operating activities | Other expense | $ | 5,150 | $ | (16,518 | ) | $ | 7,098 | $ | (2,617 | ) | $ | 3,650 | $ | (1,858 | ) | |||||||||||
Seed capital investments | Other non-operating income (expense) | 2,491 | (259 | ) | 56 | (1,719 | ) | 1,090 | (380 | ) | |||||||||||||||||
Futures and forward contracts relating to seed capital investments | Other non-operating income (expense) | 10,801 | (15,413 | ) | 2,471 | (19,403 | ) | 1,914 | (5,597 | ) | |||||||||||||||||
Total gain (loss) from derivatives not designated as hedging instruments | 18,442 | (32,190 | ) | 9,625 | (23,739 | ) | 6,654 | (7,835 | ) | ||||||||||||||||||
Derivatives designated as hedging instruments (See Note 6) | |||||||||||||||||||||||||||
Interest rate swap | Interest expense | 5,462 | — | — | — | — | — | ||||||||||||||||||||
Reverse treasury rate lock | Other non-operating income (expense) | 638 | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 24,542 | $ | (32,190 | ) | $ | 9,625 | $ | (23,739 | ) | $ | 6,654 | $ | (7,835 | ) | ||||||||||||
Segment_Information_Segment_In1
Segment Information Segment Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
OPERATING REVENUES | |||||||||||||
United States | $ | 1,977,975 | $ | 1,874,328 | $ | 1,800,539 | |||||||
United Kingdom | 398,729 | 436,542 | 387,966 | ||||||||||
Other International | 442,402 | 430,887 | 424,145 | ||||||||||
Total | $ | 2,819,106 | $ | 2,741,757 | $ | 2,612,650 | |||||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||||||||||
United States | $ | 3,135,226 | $ | 3,127,654 | $ | 3,139,050 | |||||||
United Kingdom | 1,062,332 | 879,946 | 895,767 | ||||||||||
Other International | 455,286 | 404,696 | 411,910 | ||||||||||
Total | $ | 4,652,844 | $ | 4,412,296 | $ | 4,446,727 | |||||||
Variable_Interest_Entities_and1
Variable Interest Entities and Consolidation of Investment Vehicles (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||
Before | Before | ||||||||||||||||||||||||||||||||
Consolidation of CIVs | Consolidation of CIVs | ||||||||||||||||||||||||||||||||
Current Assets | $ | 1,880,689 | $ | 56,929 | $ | (15,583 | ) | $ | 1,922,035 | $ | 2,032,827 | $ | 138,745 | $ | (42,981 | ) | $ | 2,128,591 | |||||||||||||||
Non-current assets | 5,151,942 | — | — | 5,151,942 | 4,950,948 | 31,810 | — | 4,982,758 | |||||||||||||||||||||||||
Total Assets | $ | 7,032,631 | $ | 56,929 | $ | (15,583 | ) | $ | 7,073,977 | $ | 6,983,775 | $ | 170,555 | $ | (42,981 | ) | $ | 7,111,349 | |||||||||||||||
Current Liabilities | $ | 808,640 | $ | 6,436 | $ | (30 | ) | $ | 815,046 | $ | 735,737 | $ | 89,055 | $ | (3,547 | ) | $ | 821,245 | |||||||||||||||
Non-current liabilities | 1,728,510 | — | — | 1,728,510 | 1,520,236 | — | — | 1,520,236 | |||||||||||||||||||||||||
Total Liabilities | 2,537,150 | 6,436 | (30 | ) | 2,543,556 | 2,255,973 | 89,055 | (3,547 | ) | 2,341,481 | |||||||||||||||||||||||
Redeemable Non-controlling interests | 10,787 | 27,581 | 7,152 | 45,520 | 3,172 | 26,325 | 15,647 | 45,144 | |||||||||||||||||||||||||
Total Stockholders’ Equity | 4,484,694 | 22,912 | (22,705 | ) | 4,484,901 | 4,724,630 | 55,175 | (55,081 | ) | 4,724,724 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 7,032,631 | $ | 56,929 | $ | (15,583 | ) | $ | 7,073,977 | $ | 6,983,775 | $ | 170,555 | $ | (42,981 | ) | $ | 7,111,349 | |||||||||||||||
Condensed Income Statement [Table Text Block] | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Balance | CIVs | Eliminations | Consolidated Totals | ||||||||||||||||||||||||||||||
Before | |||||||||||||||||||||||||||||||||
Consolidation of CIVs | |||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | 2,615,047 | $ | — | $ | (2,397 | ) | $ | 2,612,650 | ||||||||||||||||||||||||
Total Operating Expenses | 3,046,587 | 2,965 | (2,403 | ) | 3,047,149 | ||||||||||||||||||||||||||||
Operating Income (Loss) | (431,540 | ) | (2,965 | ) | 6 | (434,499 | ) | ||||||||||||||||||||||||||
Total Other Non-Operating Expense | (72,177 | ) | (2,864 | ) | (1,067 | ) | (76,108 | ) | |||||||||||||||||||||||||
Income Before Income Tax Benefit | (503,717 | ) | (5,829 | ) | (1,061 | ) | (510,607 | ) | |||||||||||||||||||||||||
Income tax provision benefit | (150,859 | ) | — | — | (150,859 | ) | |||||||||||||||||||||||||||
Net Loss | (352,858 | ) | (5,829 | ) | (1,061 | ) | (359,748 | ) | |||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 469 | — | (6,890 | ) | (6,421 | ) | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Legg Mason, Inc. | $ | (353,327 | ) | $ | (5,829 | ) | $ | 5,829 | $ | (353,327 | ) | ||||||||||||||||||||||
Consolidated Investment Vehicles [Member] | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | |||||||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Value as of March 31, 2015 | ||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Value as of March 31, 2014 | ||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||||||||||||
Hedge funds | $ | 1,110 | $ | 3,941 | $ | 17,888 | $ | 22,939 | |||||||||||||||||||||||||
Proprietary funds | 27,524 | — | — | 27,524 | |||||||||||||||||||||||||||||
Total trading investments | 28,634 | 3,941 | 17,888 | 50,463 | |||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||
Private equity funds | — | — | 31,810 | 31,810 | |||||||||||||||||||||||||||||
$ | 28,634 | $ | 3,941 | $ | 49,698 | $ | 82,273 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
CLO debt | $ | — | $ | — | $ | (79,179 | ) | $ | (79,179 | ) | |||||||||||||||||||||||
Derivative liabilities | — | (1,888 | ) | — | (1,888 | ) | |||||||||||||||||||||||||||
$ | — | $ | (1,888 | ) | $ | (79,179 | ) | $ | (81,067 | ) | |||||||||||||||||||||||
Fair Value Assets and Liabilities Measured on Recurring Basis, Unobservable Input, Reconciliation [Table Text Block] [Table Text Block] | March 31, 2015 and 2014, are presented in the tables below: | ||||||||||||||||||||||||||||||||
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 (losses), net | $ | (63 | ) | ||||||||||||||||||||||||||||||
Value as of March 31, 2013 | Purchases | Sales | Settlements / Other | Transfers | Realized and unrealized gains/(losses), net | Value as of March 31, 2014 | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Hedge funds | $ | 19,448 | $ | 3,516 | $ | (8,037 | ) | $ | — | $ | — | $ | 2,961 | $ | 17,888 | ||||||||||||||||||
Private equity funds | 26,982 | 1,811 | — | — | — | 3,017 | 31,810 | ||||||||||||||||||||||||||
$ | 46,430 | $ | 5,327 | $ | (8,037 | ) | $ | — | $ | — | $ | 5,978 | $ | 49,698 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
CLO debt | $ | (207,835 | ) | $ | — | $ | — | $ | 133,047 | $ | — | $ | (4,391 | ) | $ | (79,179 | ) | ||||||||||||||||
Total realized and unrealized gains (losses), net | $ | 1,587 | |||||||||||||||||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | |||||||||||||||||||||||||||||||||
Fair Value Determined | As of March 31, 2015 | ||||||||||||||||||||||||||||||||
Using NAV | |||||||||||||||||||||||||||||||||
Category of Investment | Investment Strategy | 31-Mar-15 | 31-Mar-14 | Unfunded Commitments | Remaining Term | ||||||||||||||||||||||||||||
Hedge funds | Global macro, fixed income, long/short equity, systematic, emerging market, U.S. and European hedge | $ | 19,613 | (1) | $ | 22,939 | (2) | n/a | n/a | ||||||||||||||||||||||||
Private equity funds | Long/short equity | — | (3) | 31,810 | n/a | n/a | |||||||||||||||||||||||||||
Total | $ | 19,613 | $ | 54,749 | |||||||||||||||||||||||||||||
n/a – not applicable | |||||||||||||||||||||||||||||||||
-1 | Redemption restrictions: 8% daily redemption; 5% monthly redemption; 3% quarterly redemption; and 84% are subject to three to five year lock-up or side pocket provisions. | ||||||||||||||||||||||||||||||||
-2 | Redemption restrictions: 10% daily redemption; 6% monthly redemption; 2% quarterly redemption; and 82% are subject to three to five year lock-up or side pocket provisions. | ||||||||||||||||||||||||||||||||
-3 | Fund was no longer consolidated as of March 31, 2015. | ||||||||||||||||||||||||||||||||
Fair Value, Option, Quantitative Disclosures | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Principal amounts outstanding | $ | 92,114 | |||||||||||||||||||||||||||||||
Excess unpaid principal over fair value | (12,935 | ) | |||||||||||||||||||||||||||||||
Fair value | $ | 79,179 | |||||||||||||||||||||||||||||||
Legg Mason, Inc | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of March 31, 2014 | ||||||||||||||||||||||||||||||||
Equity Interests | Maximum | Equity Interests | Maximum | ||||||||||||||||||||||||||||||
on the | Risk of Loss (2) | on the | Risk of Loss (2) | ||||||||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||||||
Balance Sheet (1) | Balance Sheet (1) | ||||||||||||||||||||||||||||||||
CLOs | $ | — | $ | 1,146 | $ | — | $ | 911 | |||||||||||||||||||||||||
Real Estate Investment Trust | 13,026 | 18,096 | 1,442 | 3,715 | |||||||||||||||||||||||||||||
Other sponsored investment funds | 21,983 | 34,463 | 34,126 | 78,521 | |||||||||||||||||||||||||||||
Total | $ | 35,009 | $ | 53,705 | $ | 35,568 | $ | 83,147 | |||||||||||||||||||||||||
-1 | Includes $27,463 and $23,404 related to investments in proprietary funds products as of March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. |
Significant_Accounting_Policie3
Significant Accounting Policies Consolidation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entity | ||
Variable Interest Entity, Number of Collateralized Securites Vehicles | 0 | 1 |
Variable Interest Entity, Primary Beneficiary, Number of Collateralized Securites Vehicles | 2 | 2 |
Number of Sponsored Investment Fund Vie | 1 | 1 |
Variable Interest Entity Controlling Financial Interest Number of Sponsored Investment Fund Vres | 1 | 1 |
Investment in Proprietary Fund Products, Initial Investment | 100.00% | |
Employee Owned Funds | 17 | 16 |
Consolidated Investment Vehicles [Member] | ||
Variable Interest Entity | ||
Investments | 15,553 | 39,434 |
Significant_Accounting_Policie4
Significant Accounting Policies Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Line Items] | ||
Equity Method Investment, Ownership Percentage | 3.00% | |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Maximum | ||
Significant Accounting Policies [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
Significant Accounting Policies [Line Items] | ||
Long-term Debt, Fair Value | ($1,166,697) | ($1,135,103) |
Significant_Accounting_Policie5
Significant Accounting Policies Deferred Sales Commissions (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Deferred Sales Commission | $10,422 | $8,031 |
Significant_Accounting_Policie6
Significant Accounting Policies Non-Controlling Interests (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Noncontrolling Interest [Line Items] | |||
Total | ($2,948) | ($6,421) | |
Consolidated Legg Mason, Inc. | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to redeemable noncontrolling interest | 5,629 | 1,881 | 971 |
Net income reclassified to appropriated retained earnings | 0 | -4,829 | -7,392 |
Total | $5,629 | ($2,948) | ($6,421) |
Significant_Accounting_Policie7
Significant Accounting Policies Redeemable Non-Controlling Interests (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Redeemable Noncontrolling Interest [Line Items] | ||||
Less: Net income attributable to noncontrolling interests | ($2,948) | ($6,421) | ||
Consolidated Legg Mason, Inc. | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Redeemable Noncontrolling Interest | 45,520 | 45,144 | 21,009 | 24,031 |
Less: Net income attributable to noncontrolling interests | 5,629 | -2,948 | -6,421 | |
Net income attributable to redeemable noncontrolling interest | 5,629 | 1,881 | 971 | |
Proceeds from (Payments to) Noncontrolling Interests | -10,459 | 20,438 | -3,993 | |
Additional Paid-in Capital [Member] | Consolidated Legg Mason, Inc. | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
APIC reclassified for MEP vesting | $5,206 | $1,816 | $0 |
Acquisitions_Martin_Currie_Acq
Acquisitions Martin Currie Acquisition (Details) (Martin Currie [Member]) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Oct. 01, 2014 |
USD ($) | GBP (£) | USD ($) | |
Business Acquisition [Line Items] | |||
Assets Under Management | $9,500,000 | ||
Payments to Acquire Businesses, Gross | 202,577 | 125,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 483,000 | 325,000 | |
Business Combination, Contingent Consideration, Liability | 70,114 | 75,211 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ($5,097) |
Acquisitions_Martin_Currie_Acq1
Acquisitions Martin Currie Acquisition - Purchase Price Allocation (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Oct. 01, 2014 |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $29,830 | |
Martin Currie [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | 202,577 | |
Business Combination, Contingent Consideration, Liability | 70,114 | 75,211 |
Business Combination, Consideration Transferred | 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, 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 | -4,388 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -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 | |
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 | |
Trade Names | Martin Currie [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $7,130 |
Acquisitions_Martin_Currie_Acq2
Acquisitions Martin Currie Acquisition - Fair Value Assumptions (Details) (USD $) | 12 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Revenues | $2,819,106 | $2,741,757 | $2,612,650 | |
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 0 days | |||
Fund management contracts [Member] | Martin Currie [Member] | Fair Value, Inputs, Level 3 [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 | Martin Currie [Member] | Fair Value, Inputs, Level 3 [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] | Martin Currie [Member] | Fair Value, Inputs, Level 3 [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] | Martin Currie [Member] | Fair Value, Inputs, Level 3 [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] | Martin Currie [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 1.30% | |||
Martin Currie [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.30% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.30% | |||
Revenues | $32,293 |
Acquisitions_Martin_Currie_Pen
Acquisitions Martin Currie (Pension Details) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Sep. 30, 2014 |
Martin Currie [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $1,184 | 1,184 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 59,404 | 59,404 | 59,317 | |
Defined Benefit Plan, Actual Return on Plan Assets | 6,028 | |||
Defined Benefit Plan, Contributions by Employer | 1 | |||
Defined Benefit Plan, Benefit Obligation | 98,110 | 98,110 | 91,750 | |
Defined Benefit Plan, Interest Cost | 1,730 | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 14,461 | |||
Defined Benefit Plan, Benefits Paid | -762 | |||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -5,180 | |||
Defined Benefit Plan, Curtailments | -789 | |||
Payments to Acquire Businesses, Gross | -8,280 | |||
Defined Benefit Plan, Funded Status of Plan | -38,706 | -38,706 | ||
Defined Benefit Plan, Expected Return on Plan Assets | -1,756 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 815 | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | -9,595 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,235 | 1,235 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,324 | 1,324 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,611 | 1,611 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,588 | 1,588 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 13,788 | 13,788 | ||
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% | 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% | 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] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $2,228 |
Acquisitions_QS_Investors_Acqu
Acquisitions QS Investors Acquisition (Details) (QS Investors [Domain], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | 30-May-14 |
Business Acquisition [Line Items] | ||
Assets Under Management | $5,000,000 | |
Assets Under Advisement, Carrying Amount | 100,000,000 | |
Payments to Acquire Businesses, Gross | 11,000 | |
Business Combination, Contingent Consideration, Liability | 13,553 | 13,370 |
Contingent payment due on second anniversary of acquisition | ||
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000 | |
Contingent Payment due on fourth anniversary of acquisition | ||
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $20,000 |
Acquisitions_QS_Investors_Acqu1
Acquisitions QS Investors Acquisition - Purchase Price Allocation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Oct. 01, 2014 | 30-May-14 |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $29,830 | ||
QS Investors [Domain] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | 11,000 | ||
Business Combination, Contingent Consideration, Liability | 13,553 | 13,370 | |
Business Combination, Consideration Transferred | 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, Noncurrent Liabilities, Other | -6,620 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,460 | ||
Goodwill | $16,910 |
Acquisitions_QS_Investors_Acqu2
Acquisitions QS Investors Acquisition - Fair Value Assumptions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Revenues | $2,819,106 | $2,741,757 | $2,612,650 |
QS Investors [Domain] | Fund management contracts [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 0 days | ||
QS Investors [Domain] | Fair Value, Inputs, Level 3 [Member] | Fund management contracts [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Attrition Rate | -10.00% | ||
Fair Value Inputs, Discount Rate | 15.00% | ||
QS Investors [Domain] | Contingent payment due on second anniversary of acquisition | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.20% | ||
QS Investors [Domain] | Contingent Payment due on fourth anniversary of acquisition | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 2.10% | ||
Minimum | QS Investors [Domain] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | ||
Maximum | QS Investors [Domain] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 10.00% | ||
Weighted Average | QS Investors [Domain] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Input, Projected Cash Flow Growth Rate, Low End of Range | 6.00% | ||
QS Investors [Domain] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Revenues | $12,340 |
Acquisitions_QS_Investors_Acqu3
Acquisitions QS Investors Acquisition - Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2013 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $2,272 | $6,291 | $2,272 | $6,291 | $0 | |||
Restructuring Reserve, Accrual Adjustment | 2,272 | 32,617 | ||||||
Payments for Restructuring | -28,598 | |||||||
Restructuring Reserve, Settled without Cash | 286 | [1] | 3,229 | [1] | 3,515 | [1] | ||
Restructuring and Related Cost, Cost Incurred to Date | 38,404 | 38,404 | ||||||
Restructuring and Related Cost, Incurred Cost | 35,846 | 2,558 | ||||||
Other Restructuring [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 111 | 5,891 | 111 | 5,891 | 0 | |||
Restructuring Reserve, Accrual Adjustment | 111 | 9,720 | [2] | |||||
Payments for Restructuring | -3,940 | |||||||
Restructuring Reserve, Settled without Cash | 286 | [1] | 1,570 | [1] | 1,856 | [1] | ||
Restructuring and Related Cost, Cost Incurred to Date | 11,687 | 11,687 | ||||||
Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 2,161 | 400 | 2,161 | 400 | 0 | |||
Restructuring Reserve, Accrual Adjustment | 2,161 | 22,897 | ||||||
Payments for Restructuring | -24,658 | |||||||
Restructuring Reserve, Settled without Cash | 0 | [1] | 1,659 | [1] | 1,659 | [1] | ||
Restructuring and Related Cost, Cost Incurred to Date | 26,717 | 26,717 | ||||||
Commitments Related to Vacated Space that Remains Vacant [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Valuation Allowances and Reserves, Balance | 19,330 | 2,213 | 19,330 | 2,213 | ||||
Commitments Related to Vacated Space that Remains Vacant [Member] | Other Restructuring [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Valuation Allowances and Reserves, Balance | $6,760 | $6,760 | ||||||
[1] | Includes stock-based compensation expense and accelerated fixed asset depreciation. | |||||||
[2] | Includes lease loss reserve of $6,760 for space permanently abandoned. |
Acquisitions_Fauchier_Acquisit
Acquisitions Fauchier Acquisition (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 01, 2014 | Mar. 31, 2015 | Mar. 13, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 13, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Fauchier [Member] | Fauchier [Member] | Contingent Payment due on fourth anniversary of acquisition | Contingent Payment due on fourth anniversary of acquisition | Contingent payment due on second anniversary of acquisition | Other Fund Management Contracts [Member] | Fauchier [Member] | Asset Management Contracts | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | ||
USD ($) | USD ($) | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | USD ($) | Fauchier [Member] | Contingent Consideration Liability | Contingent Consideration Liability | Asset Management Contracts | Fauchier [Member] | Fauchier [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
USD ($) | GBP (£) | GBP (£) | USD ($) | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | USD ($) | GBP (£) | Contingent Consideration Liability | Contingent Consideration Liability | Contingent Consideration Liability | Contingent Consideration Liability | Contingent Consideration Liability | Contingent Consideration Liability | ||||||||||
Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | |||||||||||||||||||
Business Acquisition [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 Input, Projected Cash Flow Growth Rate, Low End of Range | 0.00% | -16.00% | 8.00% | 3.00% | 2.00% | -5.00% | ||||||||||||||||||
Assets Under Management | $5,400,000 | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 63,433 | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 27,117 | 21,566 | ||||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -2,436 | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 22,276 | [1] | 15,000 | |||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 30,000 | 20,000 | 15,000 | |||||||||||||||||||||
Business Combination, Consideration Transferred | 84,999 | |||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 29,830 | 8,156 | ||||||||||||||||||||||
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, Indefinite-Lived Intangible Assets | 65,126 | |||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -16,667 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Revenues | $2,819,106 | $2,741,757 | $2,612,650 | $72,088 | ||||||||||||||||||||
Fair Value Inputs, Discount Rate | 2.70% | 2.00% | 16.00% | |||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 0 days | |||||||||||||||||||||||
[1] | See Note 2. |
Acquisitions_LMIC_Disposition_
Acquisitions LMIC Disposition (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Long Lived Assets Held-for-sale [Line Items] | |
Proceeds from Sales of Business, Affiliate and Productive Assets | $47,000 |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities Investment Securities (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities | $12,072 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | 10,545 | 22,963 | 18,260 | ||
Short-term Investments | 454,735 | 467,726 | |||
Available-for-sale Securities | 0 | 12,072 | [1] | ||
Other Investments | 77 | [1] | 90 | [1] | |
Trading Securities | $454,812 | $479,888 | |||
[1] | Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities Available for Sale Securities (Details) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from Sale of Available-for-sale Securities | $4,306 | $5,272 |
Available-for-sale Securities, Gross Realized Gains | 0 | 22 |
Available-for-sale Securities, Gross Realized Losses | -29 | -43 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Gain on Securities | 203 | |
Unrealized Loss on Securities | ($451) |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities by Level (Details 1) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Current Investments | ||||
Available-for-sale Securities | $12,072 | |||
Liabilities | ||||
Proprietary Fund Products Equity Securities | 63.00% | 53.00% | ||
Proprietary Fund Products Debt Securities | 37.00% | 47.00% | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6,042 | [1] | 3,584 | [1] |
Assets | ||||
Money market funds | 353,265 | [2] | 456,631 | [2] |
Time deposits and other | 47,035 | [2] | 106,226 | [2] |
Total cash equivalents | 400,300 | [2] | 562,857 | [2] |
Current Investments | ||||
Short-term Investments | 454,735 | 467,726 | ||
Available-for-sale Securities | 0 | 12,072 | [3] | |
Investments in partnerships, LLCs and other | 14,511 | [3] | 24,464 | [3] |
Other Investments | 77 | [3] | 90 | [3] |
Assets, Fair Value Disclosure | 924,009 | 1,133,766 | ||
Liabilities | ||||
Long-term Debt, Fair Value | -1,166,697 | -1,135,103 | ||
Contingent Consideration | -110,784 | [4] | -29,553 | [4] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -8,665 | [1] | -2,335 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -374,911 | -31,888 | ||
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] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 580 | [1] | 3,584 | [1] |
Assets | ||||
Money market funds | 353,265 | [2] | 456,631 | [2] |
Time deposits and other | 0 | [2] | 0 | [2] |
Total cash equivalents | 353,265 | [2] | 456,631 | [2] |
Current Investments | ||||
Short-term Investments | 352,324 | 378,396 | ||
Available-for-sale Securities | 2,048 | [3] | ||
Investments in partnerships, LLCs and other | 0 | [3] | 0 | [3] |
Other Investments | 0 | [3] | 0 | [3] |
Assets, Fair Value Disclosure | 706,169 | 840,659 | ||
Liabilities | ||||
Contingent Consideration | 0 | [4] | 0 | [4] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -8,665 | [1] | -2,335 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -8,665 | -2,335 | ||
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] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,462 | [1] | 0 | [1] |
Assets | ||||
Money market funds | 0 | [2] | 0 | [2] |
Time deposits and other | 47,035 | [2] | 106,226 | [2] |
Total cash equivalents | 47,035 | [2] | 106,226 | [2] |
Current Investments | ||||
Short-term Investments | 102,225 | 89,140 | ||
Available-for-sale Securities | 10,024 | [3] | ||
Investments in partnerships, LLCs and other | 0 | [3] | 2,878 | [3] |
Other Investments | 0 | [3] | 0 | [3] |
Assets, Fair Value Disclosure | 154,722 | 208,268 | ||
Liabilities | ||||
Contingent Consideration | 0 | [4] | 0 | [4] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | [1] | 0 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -255,462 | 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] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | [1] | 0 | [1] |
Assets | ||||
Money market funds | 0 | [2] | 0 | [2] |
Time deposits and other | 0 | [2] | 0 | [2] |
Total cash equivalents | 0 | [2] | 0 | [2] |
Current Investments | ||||
Short-term Investments | 186 | 190 | ||
Available-for-sale Securities | 0 | [3] | ||
Investments in partnerships, LLCs and other | 14,511 | [3] | 21,586 | [3] |
Other Investments | 77 | [3] | 90 | [3] |
Assets, Fair Value Disclosure | 63,118 | 84,839 | ||
Liabilities | ||||
Contingent Consideration | -110,784 | [4] | -29,553 | [4] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | [1] | 0 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -110,784 | -29,553 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Long Term Incentive Compensation Plans [Member] | ||||
Current Investments | ||||
Trading Securities | 80,529 | [5] | 109,648 | [5] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Long Term Incentive Compensation Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Current Investments | ||||
Trading Securities | 80,529 | [5] | 109,648 | [5] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Long Term Incentive Compensation Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Current Investments | ||||
Trading Securities | 0 | [5] | 0 | [5] |
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 8,728 | 14,125 | ||
Equity method investments in partnerships and LLCs | 8,728 | 14,125 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Long Term Incentive Compensation Plans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Current Investments | ||||
Trading Securities | 0 | [5] | 0 | [5] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Proprietary Fund Product And Other Investments [Member] | ||||
Current Investments | ||||
Trading Securities | 358,034 | [6] | 335,456 | [6] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Proprietary Fund Product And Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Current Investments | ||||
Trading Securities | 269,647 | [6] | 260,251 | [6] |
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 7,444 | 8,497 | ||
Equity method investments in partnerships and LLCs | 7,444 | 8,497 | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Proprietary Fund Product And Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Current Investments | ||||
Trading Securities | 88,201 | [6] | 75,015 | [6] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Proprietary Fund Product And Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Current Investments | ||||
Trading Securities | 186 | [6] | 190 | [6] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments Related To Long Term Incentive Compensation Plans Proprietary Fund Products And Other Investments [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 16,172 | [7],[8] | 22,622 | [7],[8] |
Equity method investments in partnerships and LLCs | 16,172 | [7],[8] | 22,622 | [7],[8] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments Related To Long Term Incentive Compensation Plans Proprietary Fund Products And Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 2,148 | [7],[8] | 8,497 | [7],[8] |
Equity method investments in partnerships and LLCs | 2,148 | [7],[8] | 8,497 | [7],[8] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments Related To Long Term Incentive Compensation Plans Proprietary Fund Products And Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 14,024 | [7],[8] | 14,125 | [7],[8] |
Equity method investments in partnerships and LLCs | 14,024 | [7],[8] | 14,125 | [7],[8] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments Related To Long Term Incentive Compensation Plans Proprietary Fund Products And Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 0 | [7],[8] | 0 | [7],[8] |
Equity method investments in partnerships and LLCs | 0 | [7],[8] | 0 | [7],[8] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments In Partnerships And LLCs [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 48,344 | [3],[7] | 62,973 | [3],[7] |
Equity method investments in partnerships and LLCs | 48,344 | [3],[7] | 62,973 | [3],[7] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 0 | [3],[7] | 0 | [3],[7] |
Equity method investments in partnerships and LLCs | 0 | [3],[7] | 0 | [3],[7] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 0 | [3],[7] | 0 | [3],[7] |
Equity method investments in partnerships and LLCs | 0 | [3],[7] | 0 | [3],[7] |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Equity Method Investments In Partnerships And LLCs [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Current Investments | ||||
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments | 48,344 | [3],[7] | 62,973 | [3],[7] |
Equity method investments in partnerships and LLCs | 48,344 | [3],[7] | 62,973 | [3],[7] |
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Liabilities | ||||
Long-term Debt, Fair Value | -255,462 | [9] | ||
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Liabilities | ||||
Long-term Debt, Fair Value | 0 | [9] | ||
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities | ||||
Long-term Debt, Fair Value | -255,462 | [9] | ||
2.7% Senior Notes [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities | ||||
Long-term Debt, Fair Value | 0 | [9] | ||
[1] | See Note 14. | |||
[2] | 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 the purchase of the instrument and its expected realization, and are classified as Level 2. | |||
[3] | Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented. | |||
[4] | See Note 2. | |||
[5] | 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. | |||
[6] | Trading investments of proprietary fund products and other trading investments consist of approximately 63% and 37% in equity and debt securities, respectively, as of March 31, 2015, and approximately 53% and 47% in equity and debt securities, respectively, as of March 31, 2014. | |||
[7] | Substantially all of Legg Mason's equity method investments are investment companies which record their underlying investments at fair value. 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. | |||
[8] | Includes investments under the equity method (which approximate fair value) relating to long-term incentive compensation plans of $8,728 and $14,125 as of March 31, 2015 and March 31, 2014, respectively, and proprietary fund products and other investments of $7,444 and $8,497 as of March 31, 2015 and March 31, 2014, respectively, which are classified as Investment securities in the Consolidated Balance Sheets. | |||
[9] | Long-term debt amount is the sum of the amortized cost of long-term debt and the fair value of an interest rate swap contract designated as a fair value hedge. See Note 6. |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities Information Regarding Proprietary Fund Products (Details 2) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Number of Proprietary Fund Products with Seed Capital Investment in Excess of One Million Dollars | 52 | 46 |
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% | |
Proprietary Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Investment in Proprietary Fund Products | $392,039 | 405,918 |
Changes_in_Level_3_Assets_and_
Changes in Level 3 Assets and Liabilities (Details 3) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | $84,839 | $94,457 |
Purchases | 2,050 | 5,155 |
Sales | -14,152 | -1,493 |
Redemptions/Settlements/Other | -6,229 | -14,204 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | -3,390 | 924 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 63,118 | 84,839 |
Unrealized Gains (Losses) Relating to Fair Value Measurements Using Unobservable Inputs Assets and Liabilities Still Held at Reporting Date | 2,439 | -5,210 |
Proprietary Fund Product And Other Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 190 | 246 |
Purchases | 2 | 1 |
Sales | -27 | 0 |
Redemptions/Settlements/Other | 0 | -77 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | 21 | 20 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 186 | 190 |
Investment In Partnerships And Limited Liability Companies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 21,586 | 27,762 |
Purchases | 0 | 0 |
Sales | -24 | -731 |
Redemptions/Settlements/Other | -5,108 | -4,869 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | -1,943 | -576 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 14,511 | 21,586 |
Equity Method Investments In Partnerships And LLCs [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 62,973 | 66,338 |
Purchases | 2,048 | 5,154 |
Sales | -14,101 | -750 |
Redemptions/Settlements/Other | -1,121 | -9,258 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | -1,455 | 1,489 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 48,344 | 62,973 |
Other Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 90 | 111 |
Purchases | 0 | 0 |
Sales | 0 | -12 |
Redemptions/Settlements/Other | 0 | 0 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | -13 | -9 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 77 | 90 |
Contingent Consideration Liability | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities measured at fair value using significant unobservable inputs, value at beginning of period | -29,553 | -21,900 |
Purchases | -88,581 | 0 |
Sales | 0 | 0 |
Redemptions/Settlements/Other | 0 | 0 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | 7,350 | -7,653 |
Liabilities measured at fair value using significant unobservable inputs, value at end of period | ($110,784) | ($29,553) |
Fair_Values_of_Assets_and_Liab6
Fair Values of Assets and Liabilities Transfers Between Level 1 and Level 2 (Details) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||
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 |
Fair_Values_of_Assets_and_Liab7
Fair Values of Assets and Liabilities (Details 4) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Assets valued using net asset value as practical expedient - Level 2 | 38.00% | 31.00% | ||
Assets at fair value using net asset as practical expedient - Level 3 | 62.00% | 69.00% | ||
Funds-Of-Hedge Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Percentage of Monthly Redemption | 9.00% | 40.00% | ||
Percentage of Quarterly Redemption | 91.00% | 60.00% | ||
Other Investments [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Percentage of Redemption, Investment Funds, With Less Than One Year | 21.00% | |||
Percentage of Investment of 19 Year Redemption | 79.00% | |||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Held-to-maturity Securities, Fair Value | $0 | $0 | ||
Alternative Investments Fair Value Disclosure | 62,994,000 | [1] | 79,425,000 | [1] |
Unfunded Commitments | 29,654,000 | |||
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 | 23,787,000 | [2] | 34,771,000 | [2] |
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 | 14,515,000 | 19,461,000 | ||
Unfunded Commitments | 20,000,000 | |||
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 | 23,563,000 | [3] | 22,759,000 | [3] |
Unfunded Commitments | 9,654,000 | |||
Investments Remaining Term, High End of Range | 9.0 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 | $1,129,000 | [4] | $2,434,000 | [4] |
Investments Remaining Term, Category One | 1 year 0 months | |||
Investments Remaining Term, Category Two | 18 years 0 months | |||
[1] | Comprised of 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 and 31% and 69% of Level 2 and Level 3 assets, respectively, as of March 31, 2014. | |||
[2] | 9% monthly redemption and 91% quarterly redemption as of March 31, 2015. 40% monthly redemption and 60% quarterly redemption as of March 31, 2014. | |||
[3] | Liquidations are expected over the remaining term. | |||
[4] | Of this balance, 21% has a remaining term of less than one year and 79% has a remaining term of 18 years. |
Schedule_of_Fixed_Assets_Detai
Schedule of Fixed Assets (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fixed assets: | ||
Total cost | $626,058 | $606,778 |
Less: accumulated depreciation and amortization | -446,452 | -417,537 |
Fixed assets, net | 179,606 | 189,241 |
Equipment | ||
Fixed assets: | ||
Total cost | 152,893 | 147,663 |
Software | ||
Fixed assets: | ||
Total cost | 269,745 | 249,368 |
Leasehold improvements | ||
Fixed assets: | ||
Total cost | $203,420 | $209,747 |
Fixed_Assets_Depreciation_and_
Fixed Assets Depreciation and Amortization Expense (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment | |||
Accelerated Depreciation, Other | $1,265 | $2,542 | $21,020 |
Depreciation and amortization | $52,461 | $50,531 | $73,829 |
Componenants_Intangible_Assets
Componenants Intangible Assets (Details 1) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 01, 2014 | 30-May-14 | |
In Thousands, unless otherwise specified | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | $3,291,605 | $3,161,804 | |||
U.S. Domestic Mutual Fund Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 2,106,351 | 2,106,351 | |||
Permal/Fauchier Funds-Of-Hedge Fund Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 698,104 | 698,104 | |||
Other Fund Management Contracts [Member] | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 427,816 | [1] | 304,549 | ||
Trade Names | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 59,334 | [1] | 52,800 | ||
Asset Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Cost | 188,312 | 207,224 | |||
Accumulated amortization | -166,583 | -197,255 | |||
Total | 21,729 | 9,969 | |||
Martin Currie [Member] | Other Fund Management Contracts [Member] | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 124,002 | ||||
Martin Currie [Member] | Trade Names | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Indefinite-life intangible assets | 6,524 | 7,130 | |||
Consolidated Legg Mason, Inc. | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Intangible assets, net | 3,313,334 | 3,171,773 | |||
LMIC [Member] | Asset Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Cost | 36,864 | ||||
Accumulated amortization | -30,205 | ||||
Martin Currie [Member] | Asset Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Cost | 15,234 | ||||
QS Investors [Domain] | Asset Management Contracts | |||||
Finite-Lived and Indefinite-lived Intangible Assets | |||||
Cost | $7,060 | ||||
[1] | (1)As of March 31, 2015, Other fund management contracts and Trade names include $124,002 and $6,524, respectively, related to the acquisition of Martin Currie. |
Schedule_of_Remaining_Intangib
Schedule of Remaining Intangible Amortization (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years 110 days | |
Asset Management Contracts | ||
Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | ||
2015 | 2,710 | |
2016 | 2,710 | |
2017 | 2,710 | |
2018 | 2,710 | |
2019 | 2,227 | |
Thereafter | 8,662 | |
Total | 21,729 | $9,969 |
Schedule_of_Goodwill_Carrying_
Schedule of Goodwill Carrying Value Rollfoward (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill Gross Value [Member] | |||
Goodwill | |||
Goodwill, Gross | $2,501,410 | $2,402,423 | $2,431,065 |
Impact of excess tax basis amortization | -21,742 | -21,675 | |
Business acquisition, net of $8,104 reclassification relating to LMIC (See Note 3) | 165,927 | ||
Other, including changes in foreign exchange rates | -45,198 | -6,967 | |
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 | |
Business acquisition, net of $8,104 reclassification relating to LMIC (See Note 3) | 0 | ||
Other, including changes in foreign exchange rates | 0 | 0 | |
Goodwill Net Value [Member] | |||
Goodwill | |||
Goodwill | 1,339,510 | 1,240,523 | 1,269,165 |
Impact of excess tax basis amortization | -21,742 | -21,675 | |
Business acquisition, net of $8,104 reclassification relating to LMIC (See Note 3) | 165,927 | ||
Other, including changes in foreign exchange rates | ($45,198) | ($6,967) |
LongTerm_Debt_Line_of_Credit_I
Long-Term Debt Line of Credit Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jan. 31, 2014 | Jun. 27, 2012 |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $750,000 | $250,000 | $500,000 |
Debt Instrument, Face Amount | 500,000 | ||
Line of Credit Facility, Repayment of Borrowings | $500,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Maximum Net Debt to Earnings before Interest Taxes Depreciation and Amortization, Ratio | 2.5 | ||
Minimum Earnings before Interest Taxes Depreciation and Amortization to Interest, Ratio | 4 | ||
Debt to Earnings before Interest Taxes Depreciation and Amortization, Ratio | 1.3 | ||
Earnings before Interest Taxes Depreciation and Amortization to Interest Expense, Ratio | 13.5 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
LongTerm_Debt_Schedule_of_Curr
Long-Term Debt Schedule of Current Value of Long-term Debt (Details) (USD $) | Jun. 26, 2014 | 21-May-12 | Jan. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||||
3.95% Senior Notes [Member] | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | $458 | ||||
Long-term Debt, Gross | 250,000 | ||||
5.5% senior notes | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 6,754 | ||||
Long-term Debt, Gross | 650,000 | 650,000 | |||
2.7% Senior Notes [Member] | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 553 | ||||
Long-term Debt, Gross | 250,000 | ||||
5.625% senior notes | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 6,260 | ||||
Long-term Debt, Gross | 150,000 | 400,000 | |||
Debt Instrument, Unamortized Premium | 9,779 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||
Debt Instrument | |||||
Long-term Debt, Gross | 1,050,000 | ||||
Long-term Debt | 1,058,089 | 1,039,264 | |||
Long-Term Debt, Adjustment for Hedging | -5,462 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | -2,627 | ||||
Current portion of long-term debt | 0 | 438 | |||
Long-term Debt | 1,058,089 | 1,038,826 | |||
Long-Term Debt, Adjustment for Hedging, Current Maturities | 0 | ||||
Long-Term Debt, Unamortized Discount, Current Maturities | 0 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 3.95% Senior Notes [Member] | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 423 | ||||
Long-term Debt, Gross | 250,000 | ||||
Long-term Debt | 249,577 | 0 | |||
Long-Term Debt, Adjustment for Hedging | 0 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.5% senior notes | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 0 | ||||
Long-term Debt, Gross | 0 | ||||
Long-term Debt | 0 | 645,042 | |||
Long-Term Debt, Adjustment for Hedging | 0 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 2.7% Senior Notes [Member] | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 469 | ||||
Long-term Debt, Gross | 250,000 | ||||
Long-term Debt | 254,993 | 0 | |||
Long-Term Debt, Adjustment for Hedging | -5,462 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.625% senior notes | |||||
Debt Instrument | |||||
Long-term Debt, Gross | 550,000 | ||||
Long-term Debt | 553,519 | 393,784 | |||
Long-Term Debt, Adjustment for Hedging | 0 | ||||
Debt Instrument, Unamortized Premium | -3,519 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Other term loans | |||||
Debt Instrument | |||||
Debt Instrument, Unamortized Discount | 0 | ||||
Long-term Debt, Gross | 0 | ||||
Long-term Debt | 0 | 438 | |||
Long-Term Debt, Adjustment for Hedging | 0 | ||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Long-term Debt [Member] | |||||
Debt Instrument | |||||
Long-Term Debt, Adjustment for Hedging | -5,462 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | -2,627 | ||||
Long-term Debt, Gross, Excluding Current Maturities | 1,050,000 | ||||
Long-term Debt | $1,058,089 | $1,038,826 |
LongTerm_Debt_Convertible_Note
Long-Term Debt Convertible Notes Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2013 | Jun. 26, 2014 |
Debt Instrument | |||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
2.5% Convertible Senior Notes | |||
Debt Instrument | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Long-term Debt, Gross | $1,250,000 | ||
Prepayment fee on repurchase of notes | 6,250 | ||
Repayments of Debt | 1,256,250 | ||
Long-term Debt, Fair Value | 1,193,971 | ||
Debt instrument, current market interest rate | 4.10% | ||
Gains (Losses) on Extinguishment of Debt | -68,975 | ||
Write off of Deferred Debt Issuance Cost | 7,851 | ||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | 62,279 | ||
Extinguishment of Debt, Gain (Loss), Income Tax | 31,446 | ||
Fair value of convertible debt allocated to liability component at issuance | 977,933 | ||
Excess of allocation to liability component of convertible debt at extinguishment over initial allocation recorded as an operating cash flow | $216,038 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,205 | 14,205 | |
Debt Instrument, Convertible, Conversion Price | $88 |
LongTerm_Debt_Details_of_LongT
Long-Term Debt Details of Long-Term Debt (Details 1) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 18, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 26, 2014 | Jan. 31, 2014 | 21-May-12 | Jun. 23, 2014 | |
Debt Instrument | |||||||||
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 | 800,000 | ||||||||
2.7% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 250,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||
Debt Instrument, Unamortized Discount | 553 | ||||||||
3.95% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 250,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||||||||
Debt Instrument, Unamortized Discount | 458 | ||||||||
5.625% senior notes | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 150,000 | 400,000 | |||||||
Debt Instrument, Unamortized Premium | 9,779 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | 5.63% | |||||||
Debt Instrument, Unamortized Discount | 6,260 | ||||||||
Five-year term loan [Member] | |||||||||
Debt Instrument | |||||||||
Repayments of Debt | 450,000 | ||||||||
5.5% senior notes | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 650,000 | 650,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||||||
Debt Instrument, Unamortized Discount | 6,754 | ||||||||
Payments of Debt Extinguishment Costs | 107,074 | ||||||||
Make Whole Premium [Member] | 5.5% senior notes | |||||||||
Debt Instrument | |||||||||
Payments of Debt Extinguishment Costs | 98,418 | ||||||||
Non-Cash Write-off [Member] | 5.5% senior notes | |||||||||
Debt Instrument | |||||||||
Payments of Debt Extinguishment Costs | 8,656 | ||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 1,050,000 | ||||||||
Long-term Debt, Fair Value | -1,135,103 | -1,166,697 | |||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 2.7% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 250,000 | ||||||||
Debt Instrument, Unamortized Discount | 469 | ||||||||
Long-term Debt, Fair Value | -255,462 | [1] | |||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 3.95% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 250,000 | ||||||||
Debt Instrument, Unamortized Discount | 423 | ||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.625% senior notes | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 550,000 | ||||||||
Debt Instrument, Unamortized Premium | -3,519 | ||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 5.5% senior notes | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Gross | 0 | ||||||||
Debt Instrument, Unamortized Discount | 0 | ||||||||
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Interest Rate Swap [Member] | |||||||||
Debt Instrument | |||||||||
Derivative, Notional Amount | 250,000 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | 2.7% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Long-term Debt, Fair Value | -255,462 | [1] | |||||||
US Treasury Interest Rate [Member] | |||||||||
Debt Instrument | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.20% | ||||||||
US Treasury Interest Rate [Member] | 3.95% Senior Notes [Member] | |||||||||
Debt Instrument | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||||
US Treasury Interest Rate [Member] | 5.625% senior notes | |||||||||
Debt Instrument | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||||||||
US Treasury Interest Rate [Member] | 5.5% senior notes | |||||||||
Debt Instrument | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Other Assets [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Interest Rate Swap [Member] | |||||||||
Debt Instrument | |||||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 5,462 | ||||||||
[1] | Long-term debt amount is the sum of the amortized cost of long-term debt and the fair value of an interest rate swap contract designated as a fair value hedge. See Note 6. |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Benefit) (Details) (Consolidated Legg Mason, Inc., USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Income Tax Expense [Line Items] | |||
INCOME BEFORE INCOME TAX PROVISION | $367,993 | $419,641 | ($510,607) |
Income Tax Expense (Benefit) | 125,284 | 137,805 | -150,859 |
Current Income Tax Expense (Benefit) | 24,897 | 19,375 | 6,496 |
Deferred Income Tax Expense (Benefit) | 100,387 | 118,430 | -157,355 |
Foreign Tax Authority [Member] | |||
Schedule of Income Tax Expense [Line Items] | |||
INCOME BEFORE INCOME TAX PROVISION | 118,613 | 98,751 | -246,265 |
Income Tax Expense (Benefit) | 20,365 | -1,450 | -85,677 |
State and Local Jurisdiction [Member] | |||
Schedule of Income Tax Expense [Line Items] | |||
Income Tax Expense (Benefit) | 9,420 | 13,761 | 9,003 |
Domestic Tax Authority [Member] | |||
Schedule of Income Tax Expense [Line Items] | |||
INCOME BEFORE INCOME TAX PROVISION | 249,380 | 320,890 | -264,342 |
Income Tax Expense (Benefit) | $95,499 | $125,494 | ($74,185) |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Income Tax Disclosure [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 | 1.50% | [1] | 2.00% | [1] | 1.50% | [1] |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | -4.90% | [1] | -4.20% | [1] | 3.80% | [1] |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | -4.60% | -3.50% | |||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | -0.50% | 0.30% | 0.50% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 2.90% | [1] | 4.30% | [1] | 3.20% | [1] |
Effective Income Tax Rate Reconciliation, Percent | 34.00% | 32.80% | -29.50% | |||
[1] | State income taxes include changes in related valuation allowances, net of the impact on deferred tax assets of changes in state apportionment factors and planning strategies. The effect of foreign tax rates also includes changes in related valuation allowances. Other includes changes in federal valuation allowances and permanent tax adjustments. See schedule below for the change in valuation allowances by jurisdiction. |
Income_Taxes_UK_Tax_Rate_Chang
Income Taxes UK Tax Rate Changes (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2016 |
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 34.00% | 32.80% | -29.50% | ||
UNITED KINGDOM | |||||
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 21.00% | 23.00% | 24.00% | 25.00% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 19,164 | 18,075 | |||
Scenario, Forecast [Member] | UNITED KINGDOM | |||||
Reconciliation of Tax Rate [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 20.00% |
Income_Taxes_Schedule_of_Defer
Income Taxes Schedule of Deferred Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $158,369 | $154,074 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 60,282 | 61,575 |
Deferred Tax Assets, Operating Loss Carryforwards | 290,765 | 267,940 |
Deferred Tax Assets, Capital Loss Carryforwards | 5,335 | 10,015 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 247,027 | 235,661 |
Deferred Tax Assets, Other | 3,817 | 303 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 7,741 | 0 |
Deferred Tax Assets, Gross | 822,765 | 778,256 |
U.S. Earnings | 3,500,000 | |
Deferred Tax Assets, Valuation Allowance | -96,687 | -90,832 |
Deferred Tax Assets, Net of Valuation Allowance | 726,078 | 687,424 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 82,636 | 72,596 |
Deferred Tax Liabilities, Property, Plant and Equipment | 666,057 | 523,595 |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | 7,832 | 4,743 |
Deferred Tax Liabilities, Other | 78 | 221 |
Deferred Tax Liabilities, Deferred Expense | 756,603 | 601,155 |
Deferred Tax Assets, Net | -30,525 | 86,269 |
Federal Benefit of Uncertain Tax Positions [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Other | 18,461 | 16,914 |
Fund Launch Costs [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Other | 30,968 | 31,774 |
Domestic Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 3,545 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 235,661 | |
Deferred Tax Assets, Gross | 702,233 | |
State and Local Jurisdiction [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 44 | 532 |
Deferred Tax Assets, Gross | 186,944 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 34,600 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9,359 | |
Foreign Tax Authority [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 5,290 | 5,938 |
Valuation Allowances and Reserves, Period Increase (Decrease) | 40,000 | |
Martin Currie [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | -17,000 | |
Martin Currie [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | -18,441 | |
Valuation Allowance, Operating Loss Carryforwards [Member] | ||
Schedule of Deferred Tax Assets [Line Items] | ||
Income Tax Expense (Benefit) | $15,444 |
Income_Taxes_Valuation_Allowan
Income Taxes Valuation Allowances (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Valuation Allowance [Line Items] | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $8,521 | $12,889 | $25,205 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 5,335 | 10,015 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 247,027 | 235,661 | |||
Tax Credit Carryforward, Deferred Tax Asset | 543,314 | 513,616 | |||
Deferred Tax Assets, Valuation Allowance | 96,687 | 90,832 | |||
Operating Loss Carryforwards, Valuation Allowance | 82,377 | 82,416 | |||
Previously Unrecognized [Member] | |||||
Valuation Allowance [Line Items] | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 6,719 | ||||
Domestic Tax Authority [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 96,774 | 80,515 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 3,545 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 235,661 | ||||
Deferred Tax Assets, Charitable Contribution Carryforwards | 233 | 0 | |||
Domestic Tax Authority [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 1,282 | 0 | |||
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 0 | 74 | |||
Domestic Tax Authority [Member] | Valuation Allowance, Tax Credit Carryforward [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 25,429 | 25,947 | |||
State and Local Jurisdiction [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Capital Loss Carryforwards | 44 | 532 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 168,069 | [1],[2] | 168,173 | [1],[2] | |
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 26,828 | 34,590 | |||
State and Local Jurisdiction [Member] | Capital Loss Carryforward [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 44 | 129 | |||
Foreign Tax Authority [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Capital Loss Carryforwards | 5,290 | 5,938 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 25,877 | 19,252 | |||
Foreign Tax Authority [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 23,504 | 15,738 | |||
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 5,290 | 5,938 | |||
Foreign Tax Authority [Member] | Valuation Allowance, Other Tax Carryforward [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | $14,310 | $8,416 | |||
[1] | Substantially all of the U.S. state net operating losses carryforward through fiscal 2029. | ||||
[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. |
Income_Taxes_Reconciliation_of1
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $92,344 | $77,892 | $72,650 | $90,831 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 9,919 | 5,659 | 11,726 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 13,054 | 12,610 | 8,439 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | -138 | -13,083 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | -8,521 | -12,889 | -25,205 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | -58 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1,492 | -580 | 5,500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $8,570 | $7,300 | $14,000 |
Income_Taxes_Other_Tax_Informa
Income Taxes Other Tax Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $92,344 | $77,892 | $72,650 | $90,831 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 62,775 | 51,518 | 46,340 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 8,521 | 12,889 | 25,205 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $17,000 |
Income_Taxes_Repatriation_Deta
Income Taxes Repatriation (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2014 | Jun. 27, 2012 |
Details of Repatriation of Foreign Earnings [Line Items] | ||||
Cash and cash equivalents | $400,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000 | 250,000 | 500,000 | |
Foreign Tax Authority [Member] | ||||
Details of Repatriation of Foreign Earnings [Line Items] | ||||
Cash | 257,000 | |||
Retained Earnings (Accumulated Deficit) | 16,000 | |||
Incremental Tax Expense Associated With Future Repatriation Of Earnings From Foreign Subsidiaries | 12,000 | |||
Scenario, Forecast [Member] | Minimum | NEW YORK | ||||
Details of Repatriation of Foreign Earnings [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 10,000 | |||
Scenario, Forecast [Member] | Maximum | NEW YORK | ||||
Details of Repatriation of Foreign Earnings [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $20,000 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Payments (Details 1) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating leases | |
2015 | $134,034 |
2016 | 112,593 |
2017 | 97,711 |
2018 | 81,557 |
2019 | 75,188 |
Thereafter | 291,070 |
Total | $792,153 |
Commitments_and_Contingencies_1
Commitments and Contingencies Information Regarding Rental Commitments (Details 2) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Minimum Rental Commitments in Real Estate and Equipment Lease | $792,153 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 162,826 | |
Percentage of Sublease Rentals due from Counterparty | 35.00% | |
Real Estate And Equipment [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Minimum Rental Commitments in Real Estate and Equipment Lease | 703,481 | |
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 | 88,672 | |
Commitments Related to Vacated and Subleased Space [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Valuation Allowances and Reserves, Balance | 43,726 | 36,170 |
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 | 5,176 | |
Valuation Allowances and Reserves, Balance | $2,213 | $19,330 |
Commitments_and_Contingencies_2
Commitments and Contingencies Lease Reserve Rollforward (Details 3) (Vacated Office Space [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Vacated Office Space [Member] | ||||
Schedule of Lease Reserve Liability Rollforward [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $9,023 | $7,371 | $39,080 | |
Lease Liability Related To Space Permanentely Abandonded | 45,939 | 55,500 | 66,912 | 44,763 |
Rental Payments, Net of Sublease Income | -15,001 | -17,117 | -15,341 | |
Adjustments to Lease Liability Related to Vacant Space | ($3,583) | ($1,666) | ($1,590) |
Commitments_and_Contingencies_3
Commitments and Contingencies Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $136,414 | $130,880 | $138,488 |
Operating Leases, Rent Expense, Sublease Rentals | 19,672 | 16,289 | 14,750 |
Operating Leases, Rent Expense, Net | $116,742 | $114,591 | $123,738 |
Commitments_and_Contingencies_4
Commitments and Contingencies Information Regarding Other Commitments (Details 4) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 13, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | 30-May-14 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Oct. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | |||
In Thousands, unless otherwise specified | Investment In Limited Partnerships [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | Fauchier [Member] | QS Investors [Domain] | QS Investors [Domain] | QS Investors [Domain] | QS Investors [Domain] | Martin Currie [Member] | Martin Currie [Member] | Martin Currie [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | |||
USD ($) | USD ($) | USD ($) | Contingent payment due on second anniversary of acquisition | Contingent Payment due on fourth anniversary of acquisition | Contingent Payment due on fourth anniversary of acquisition | USD ($) | USD ($) | Contingent payment due on second anniversary of acquisition | Contingent Payment due on fourth anniversary of acquisition | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | Fauchier [Member] | Fauchier [Member] | ||||
GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||
Commitments in Limited Partnerships | $34,261 | |||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 15,000 | 30,000 | 20,000 | 10,000 | 20,000 | 483,000 | 325,000 | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -2,436 | -5,097 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 27,117 | 21,566 | 13,553 | 13,370 | 70,114 | 75,211 | 110,784 | [1] | 29,553 | [1] | ||||||||||
Business Combination, Contingent Consideration, Liability, Current | $22,276 | $0 | $22,276 | [1] | £ 15,000 | |||||||||||||||
[1] | See Note 2. |
Commitments_and_Contingencies_5
Commitments and Contingencies Loss Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency Accrual | $200 | $500 | |
Loss Contingency Accrual, Provision | 200 | 200 | 5,200 |
Loss Contingency, Receivable, Receipts | $19,300 | $15,200 |
Employee_Benefits_Schedule_of_
Employee Benefits Schedule of Defined Cotnribution Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
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 | $27,888 | $29,355 | $25,868 |
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% |
Capital_Stock_Shares_Outstandi
Capital Stock Shares Outstanding (details) (USD $) | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 29, 2015 | 10-May-12 | Jun. 26, 2014 | |
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 | 8,815,000 | 10,333,000 | ||||
Stock Repurchase Program, Authorized Amount | $1,000,000,000 | $1,000,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 13,515,000 | |||||
Stock Repurchased and Retired During Period, Shares | 6,931,000 | 9,677,000 | 16,199,000 | |||
Stock Repurchased and Retired During Period, Value | $356,522,000 | $359,996,000 | $425,475,000 | |||
2.5% Convertible Senior Notes | ||||||
Class of Stock [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,205,000 | 14,205,000 |
Capital_Stock_Schedule_of_Comm
Capital Stock Schedule of Common Stock Shares (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | |||
Common Stock, Shares, Outstanding, Beginning Balance | 117,173 | 125,341 | 139,874 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 749 | 839 | 80 |
Stock Issued During Period, Shares, Employee Benefit Plan | 44 | 50 | 71 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 907 | 1,175 | 1,925 |
Stock Repurchased and Retired During Period, Shares | -6,931 | -9,677 | -16,199 |
Shares Paid for Tax Withholding for Share Based Compensation | -473 | -555 | -410 |
Common Stock, Shares, Outstanding, Ending Balance | 111,469 | 117,173 | 125,341 |
Capital_Stock_Dividends_Detail
Capital Stock Dividends (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $0.64 | $0.52 | $0.44 |
Dividends Payable | $17,837 | $14,945 | $14,185 |
Compensation_Expense_Details_1
Compensation Expense (Details 1) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jul. 26, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 41,500 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years 0 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 0 days | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years 0 days | |
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 | 8,267 |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Based Compensation Summary (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 11,584 | 13,530 | 10,979 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 85,351 | ||
Management Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 5,206 | 2,270 | 0 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 45,975 | 48,263 | 46,351 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 673 | 315 | 238 |
Rabbi trust [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 201 | 160 | 165 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | 1,550 | 1,950 | 1,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,550 | 1,950 | 1,250 |
Key Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,056 | 0 | 0 |
Key Employees | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated Share-based Compensation Expense | $6,400 |
StockBased_Compensation_Outsta
Stock-Based Compensation Outstanding Stock Options (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stock based compensation disclosure | ||||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 | |
Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 14,351 | 6,064 | 168 | |
Allocated Share-based Compensation Expense | 11,584 | 13,530 | 10,979 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 4,681 | 5,244 | 4,293 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,432 | 4,801 | 5,361 | 5,624 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $39.58 | $43.02 | $53.13 | $57.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 918 | 1,215 | 966 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $47.65 | $33.64 | $23.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -694 | -804 | -25 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $30.75 | $30.52 | $21.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -593 | -971 | -1,204 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $90.31 | $97.49 | $51.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $85,351 | |||
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, Weighted Average Remaining Contractual Term | 4 years 266 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 710 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $22.80 | |||
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, Weighted Average Remaining Contractual Term | 4 years 95 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,873 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $31.91 | |||
Range of exercise price, 35.01 - 94.00 [Member] | Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 266 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,495 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $42.67 | |||
Range of exercise price, 94.01 - 122.93 [Member] | Employee Stock Option | ||||
Stock based compensation disclosure | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years 113 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 354 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $100.77 |
StockBased_Compensation_Exerci
Stock-Based Compensation Exercisable Stock Options (Details 3) (Employee Stock Option, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 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, Exercisable, Number | 2,202 | 2,531 | 3,254 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $41.50 | $54.04 | $69.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 110 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $46,303 | ||
Range of exercise price, 14.81 - 25.00 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 332 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $21.76 | ||
Range of exercise price, 25.01 - 35.00 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,398 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $31.70 | ||
Range of exercise price, 35.01 - 94.00 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 118 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $35.16 | ||
Range of exercise price, 94.01 - 122.93 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 354 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $100.77 |
StockBased_Compensation_Unvest
Stock-Based Compensation Unvested Stock Options (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Unvested Shares [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $11.73 | $11.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $11.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $11.86 | ||
Employee Stock Option | |||
Schedule of Unvested Shares [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $15,371 | ||
Proceeds from Stock Options Exercised | 22,069 | 23,818 | 660 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 4,856 | 1,815 | 45 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 2,230 | 2,270 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 256 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 918 | 1,215 | 966 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.03 | $12.13 | $9.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | -888 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | -70 | ||
Restricted Stock [Member] | |||
Schedule of Unvested Shares [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $70,478 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 256 days |
StockBased_Compensation_Fair_V
Stock-Based Compensation Fair Value of Options, Excluding CEO Options (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.03 | ||
Employee Stock Option | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.03 | $12.13 | $9.47 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.04% | 1.54% | 1.44% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.51% | 0.80% | 0.81% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.53% | 45.08% | 51.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 343 days | 4 years 339 days | 5 years 7 days |
StockBased_Compensation_Cheif_
Stock-Based Compensation Cheif Executive Officer Options and Awards (Details 6) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 2-May-13 | Mar. 31, 2012 |
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 | $12.03 | |||||
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 | 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 | 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 | 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 | 4,432 | 4,432 | 4,801 | 5,361 | 5,624 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $85,351 | 85,351 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $12.03 | $12.13 | $9.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.04% | 1.54% | 1.44% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.51% | 0.80% | 0.81% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.53% | 45.08% | 51.80% | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $47.65 | $33.64 | $23.72 |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted Stock and Restricted Stock Unit Transactions (Details 9) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 | |
Key Employees | ||||
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 | 78 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $44.11 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | 45,975 | 48,263 | 46,351 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 18,246 | 18,575 | 17,697 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,050 | 3,334 | 3,738 | 2,873 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $37.38 | $30.77 | $27.99 | $33.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,236 | 1,369 | 2,185 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $48.03 | $35.66 | $24.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -1,330 | -1,622 | -1,177 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $30.92 | $28.66 | $31.22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -190 | -151 | -143 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $35.95 | $29.04 | $58.30 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 70,478 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 256 days | |||
Restricted Stock [Member] | Key Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 8,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 85 | |||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 1,400 | |||
Allocated Share-based Compensation Expense | $6,400 |
StockBased_Compensation_Employ
Stock-Based Compensation Employee Stock Purchase Plan (Details 7) (USD $) | 12 Months Ended | 15 Months Ended | 21 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2013 | Jul. 26, 2011 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 41,500 | |||||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 | |||
Employee Stock Purchase Plan [Member] | ||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 4,500 | 4,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | 10.00% | ||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 107 | 85 | 107 | 107 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $673 | $315 | $238 |
StockBased_Compensation_Manage
Stock-Based Compensation Management Equity Plans (Details 10) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2012 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Aggregate Cost of Awards | $1,850 | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | 10,000 | |||
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 | 5,206 | 2,270 | 0 | |
Management Equity Plan [Member] | Permal [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
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] | ||||
Aggregate Cost of Awards | $16,000 |
StockBased_Compensation_Nonemp
Stock-Based Compensation Non-employee Directors Equity Plan (Details 11) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 26, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 41,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 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 | 23 | 47 | 35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,550 | 1,950 | 1,250 | |
Allocated Share-based Compensation Expense | 1,550 | 1,950 | 1,250 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32 | 112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 625 | |||
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 | 72 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Allocated Share-based Compensation Expense | $45,975 | $48,263 | $46,351 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,236 | 1,369 | 2,185 | |
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, Granted | 8 | 12 | 17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 27 | 39 | ||
Restricted Stock Units Outstanding to Non-Employee Director Number of Shares | 45 | 64 | 91 |
StockBased_Compensation_Perfor
Stock-Based Compensation Performance Shares Granted to Key Employees (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Key Employees | |||
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 | 78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $3,457 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $1,056 | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $44.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.33% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.75% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 30.81% | ||
Restricted Stock [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 | 1,236 | 1,369 | 2,185 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $48.03 | $35.66 | $24.04 |
Restricted Stock [Member] | Key Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 325 |
StockBased_Compensation_Other_
Stock-Based Compensation Other Information (Details) (USD $) | 12 Months Ended | 15 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Allocated Share-based Compensation Expense | $66,245 | $66,488 | $58,983 | ||
Aggregate Cost of Awards | 1,850 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 1,000 | ||||
Rabbi trust [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
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 | 283 | 283 | |||
Allocated Share-based Compensation Expense | $201 | $160 | $165 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 44 | 51 | 71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $45.83 | $31.90 | $23.07 | $45.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 660 | 672 | 726 | 660 |
Earnings_Per_Share_Shares_Purc
Earnings Per Share Shares Purchased and Retired (Details 2) (USD $) | 12 Months Ended | ||||
Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 29, 2015 | 10-May-12 |
Earnings Per Share [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $1,000,000,000 | $1,000,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 13,515,000 | ||||
Stock Repurchased and Retired During Period, Shares | 6,931 | 9,677 | 16,199 | ||
Stock Repurchased and Retired During Period, Value | $356,522,000 | $359,996,000 | $425,475,000 |
Earnings_Per_Share_Schedule_of
Earnings Per Share Schedule of Basic and Diluted Earnings Per Share (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Legg Mason, Inc. | |||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | |||
Weighted Average Number of Shares Outstanding, Basic | 112,019 | 121,941 | 133,226 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,227 | 442 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 113,246 | 122,383 | 133,226 |
Net Income Attributable to Legg Mason, Inc. | $237,080 | $284,784 | ($353,327) |
Earnings Per Share, Basic | $2.06 | $2.34 | ($2.65) |
Earnings Per Share, Diluted | $2.04 | $2.33 | ($2.65) |
Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member] | |||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | |||
Net Income Attributable to Legg Mason, Inc. | 237,080 | 284,784 | -353,327 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 6,340 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $230,740 | $284,784 | ($353,327) |
Earnings_Per_Share_Dilutive_an
Earnings Per Share Dilutive and Anti-dilutive Share Information (Details 4) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 26, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,730 | |||
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 | ||||
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 | 14,205 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,065 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income AOCI Table (details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment | ($51,147) | $37,835 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | 114 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -9,595 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -60,742 | 37,949 |
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 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $0 | $76 |
Derivatives_and_Hedging_Deriva
Derivatives and Hedging Derivative Instruments and Hedging Activities Disclosure (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative | ||
Collateral Already Posted, Aggregate Fair Value | $8,343 | $12,985 |
Other Assets [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | 6,042 | 1,249 |
Other Liabilities [Member] | ||
Derivative | ||
Amount Net for Fair Value of Derivative Assets and (Liabilities) | 8,665 | |
Foreign Exchange Forward [Member] | ||
Derivative | ||
Derivative, Notional Amount | 165,291 | |
Forward Contracts [Member] | ||
Derivative | ||
Derivative, Notional Amount | $162,965 |
Fair_Value_of_Derivative_Asset
Fair Value of Derivative Assets (Details 1) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivative | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $6,042 | [1] | $3,584 | [1] |
Derivative Asset, Fair Value, Gross Asset | 856 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | 5,462 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | -276 | |||
Derivative Asset | 580 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,462 | |||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | 5,462 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | |||
Derivative Asset | 0 | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 580 | |||
Derivative Asset, Fair Value, Gross Asset | 856 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | -276 | |||
Derivative Asset | 580 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivative | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 522 | |||
Derivative Asset, Fair Value, Gross Asset | 781 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | -259 | |||
Derivative Asset | 522 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||
Derivative | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 58 | |||
Derivative Asset, Fair Value, Gross Asset | 75 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | -17 | |||
Derivative Asset | $58 | |||
[1] | See Note 14. |
Derivatives_and_Hedging_Fair_V
Derivatives and Hedging Fair Value of Derivative Liabilities (Details) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivative | ||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | ($8,665) | [1] | ($2,335) | [1] |
Not Designated as Hedging Instrument [Member] | ||||
Derivative | ||||
Derivative Liability, Fair Value, Gross Liability | -8,623 | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8,343 | |||
Derivative Liability, Fair Value, Gross Asset | 2,327 | |||
Derivative Liability | -6,296 | |||
Derivative Liability, Not Subject to Master Netting Arrangement | -2,369 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -322 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivative | ||||
Derivative Liability, Fair Value, Gross Liability | -8,623 | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 2,327 | |||
Derivative Liability | -6,296 | |||
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -6,296 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||
Derivative | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8,343 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability | 0 | |||
Derivative Liability, Not Subject to Master Netting Arrangement | -2,369 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $5,974 | |||
[1] | See Note 14. |
Derivatives_and_Hedging_Fair_V1
Derivatives and Hedging Fair Value of Derivative Assets and Liabilities (Details) (Not Designated as Hedging Instrument [Member], Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $3,584 |
Other Assets [Member] | Forward Contracts [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 3,271 |
Other Assets [Member] | Future [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 313 |
Other Liabilities [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | -2,335 |
Other Liabilities [Member] | Forward Contracts [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | -825 |
Other Liabilities [Member] | Future [Member] | |
Derivative | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | ($1,510) |
Derivatives_and_Hedging_Gains_
Derivatives and Hedging Gains and (Losses) of Derivative Instruments (Details) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $18,442 | $9,625 | $6,654 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -32,190 | -23,739 | -7,835 |
Derivative, Gain on Derivative | 24,542 | 9,625 | 6,654 |
Derivative, Loss on Derivative | -32,190 | -23,739 | -7,835 |
Forward Contracts [Member] | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 5,150 | 7,098 | 3,650 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -16,518 | -2,617 | -1,858 |
Forward Contracts [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 2,491 | 56 | 1,090 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -259 | -1,719 | -380 |
Future [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 10,801 | 2,471 | 1,914 |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -15,413 | -19,403 | -5,597 |
Treasury Lock [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain on Derivative | 638 | 0 | 0 |
Derivative, Loss on Derivative | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain on Derivative | 5,462 | 0 | 0 |
Derivative, Loss on Derivative | $0 | $0 | $0 |
Segment_Information_Business_S
Segment Information Business Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Revenues | $2,819,106 | $2,741,757 | $2,612,650 |
Intangible Assets, Net (Including Goodwill) | 4,652,844 | 4,412,296 | 4,446,727 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,977,975 | 1,874,328 | 1,800,539 |
Intangible Assets, Net (Including Goodwill) | 3,135,226 | 3,127,654 | 3,139,050 |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Revenues | 398,729 | 436,542 | 387,966 |
Intangible Assets, Net (Including Goodwill) | 1,062,332 | 879,946 | 895,767 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 442,402 | 430,887 | 424,145 |
Intangible Assets, Net (Including Goodwill) | $455,286 | $404,696 | $411,910 |
Variable_Interest_Entities_and2
Variable Interest Entities and Consolidation of Investment Vehicles Information about Investments in CIV's (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entity | ||
Variable Interest Entity, Primary Beneficiary, Number of Collateralized Securites Vehicles | 2 | 2 |
Number of Sponsored Investment Fund Vie | 1 | 1 |
Variable Interest Entity Controlling Financial Interest Number of Sponsored Investment Fund Vres | 1 | 1 |
Employee Owned Funds | 17 | 16 |
Variable Interest Entity, Number of Collateralized Securites Vehicles | 0 | 1 |
Consolidated Investment Vehicles [Member] | ||
Variable Interest Entity | ||
Investments | 15,553 | 39,434 |
Voting Rights Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity | ||
Long-term Investments | 19,659 | |
Consolidated Investment Vehicles [Member] | ||
Variable Interest Entity | ||
Long-term Investments | 0 | 31,810 |
VIE_Consolidated_Balance_Sheet
VIE Consolidated Balance Sheet Detail (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
CIVs | ||||
Variable Interest Entity | ||||
Redeemable Noncontrolling Interest | $38,498 | $43,328 | ||
Eliminations | ||||
Variable Interest Entity | ||||
Current Assets | -15,583 | -42,981 | ||
Non-current Assets | 0 | 0 | ||
Total Assets | -15,583 | -42,981 | ||
Current Liabilities | -30 | -3,547 | ||
Non-current Liabilities | 0 | 0 | ||
Total Liabilities | -30 | -3,547 | ||
Redeemable Noncontrolling Interest | 7,152 | 15,647 | ||
Total Stockholders' Equity | -22,705 | -55,081 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | -15,583 | -42,981 | ||
Consolidated Legg Mason, Inc. | ||||
Variable Interest Entity | ||||
Current Assets | 1,922,035 | 2,128,591 | ||
Non-current Assets | 5,151,942 | 4,982,758 | ||
Total Assets | 7,073,977 | 7,111,349 | ||
Current Liabilities | 815,046 | 821,245 | ||
Non-current Liabilities | 1,728,510 | 1,520,236 | ||
Total Liabilities | 2,543,556 | 2,341,481 | ||
Redeemable Noncontrolling Interest | 45,520 | 45,144 | 21,009 | 24,031 |
Total Stockholders' Equity | 4,484,901 | 4,724,724 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,073,977 | 7,111,349 | ||
Reportable Legal Entities [Member] | Balance Before Consolidation of CIVs | ||||
Variable Interest Entity | ||||
Current Assets | 1,880,689 | 2,032,827 | ||
Non-current Assets | 5,151,942 | 4,950,948 | ||
Total Assets | 7,032,631 | 6,983,775 | ||
Current Liabilities | 808,640 | 735,737 | ||
Non-current Liabilities | 1,728,510 | 1,520,236 | ||
Total Liabilities | 2,537,150 | 2,255,973 | ||
Redeemable Noncontrolling Interest | 10,787 | 3,172 | ||
Total Stockholders' Equity | 4,484,694 | 4,724,630 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,032,631 | 6,983,775 | ||
Reportable Legal Entities [Member] | CIVs | ||||
Variable Interest Entity | ||||
Current Assets | 56,929 | 138,745 | ||
Non-current Assets | 0 | 31,810 | ||
Total Assets | 56,929 | 170,555 | ||
Current Liabilities | 6,436 | 89,055 | ||
Non-current Liabilities | 0 | 0 | ||
Total Liabilities | 6,436 | 89,055 | ||
Redeemable Noncontrolling Interest | 27,581 | 26,325 | ||
Total Stockholders' Equity | 22,912 | 55,175 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $56,929 | $170,555 |
VIE_Consolidated_Income_Statem
VIE Consolidated Income Statements Details (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | $2,819,106 | $2,741,757 | $2,612,650 |
Less: Net income attributable to noncontrolling interests | -2,948 | -6,421 | |
Balance Before Consolidation of CIVs | |||
Condensed Income Statements, Captions [Line Items] | |||
Net Income Attributable to Legg Mason, Inc. | 237,080 | 284,784 | -353,327 |
Eliminations | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | -721 | -1,950 | -2,397 |
Total Operating Expenses | -728 | -1,956 | -2,403 |
OPERATING INCOME | 7 | 6 | 6 |
Total Other Non-Operating Income (Expense) | 77 | -3,364 | -1,067 |
INCOME BEFORE INCOME TAX PROVISION | 84 | -3,358 | -1,061 |
Income tax provision | 0 | 0 | 0 |
NET INCOME | 84 | -3,358 | -1,061 |
Less: Net income attributable to noncontrolling interests | 5,061 | -3,289 | -6,890 |
Net Income Attributable to Legg Mason, Inc. | -4,977 | -69 | 5,829 |
Consolidated Legg Mason, Inc. | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 2,819,106 | 2,741,757 | 2,612,650 |
Total Operating Expenses | 2,320,887 | 2,310,864 | 3,047,149 |
OPERATING INCOME | 498,219 | 430,893 | -434,499 |
Total Other Non-Operating Income (Expense) | -130,226 | -11,252 | -76,108 |
INCOME BEFORE INCOME TAX PROVISION | 367,993 | 419,641 | -510,607 |
Income tax provision | 125,284 | 137,805 | -150,859 |
NET INCOME | 242,709 | 281,836 | -359,748 |
Less: Net income attributable to noncontrolling interests | 5,629 | -2,948 | -6,421 |
Net Income Attributable to Legg Mason, Inc. | 237,080 | 284,784 | -353,327 |
Reportable Legal Entities [Member] | Balance Before Consolidation of CIVs | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 2,819,827 | 2,743,707 | 2,615,047 |
Total Operating Expenses | 2,320,709 | 2,310,444 | 3,046,587 |
OPERATING INCOME | 499,118 | 433,263 | -431,540 |
Total Other Non-Operating Income (Expense) | -136,186 | -10,333 | -72,177 |
INCOME BEFORE INCOME TAX PROVISION | 362,932 | 422,930 | -503,717 |
Income tax provision | 125,284 | 137,805 | -150,859 |
NET INCOME | 237,648 | 285,125 | -352,858 |
Less: Net income attributable to noncontrolling interests | 568 | 341 | 469 |
Net Income Attributable to Legg Mason, Inc. | 237,080 | 284,784 | -353,327 |
Reportable Legal Entities [Member] | CIVs | |||
Condensed Income Statements, Captions [Line Items] | |||
Total Operating Revenues | 0 | 0 | 0 |
Total Operating Expenses | 906 | 2,376 | 2,965 |
OPERATING INCOME | -906 | -2,376 | -2,965 |
Total Other Non-Operating Income (Expense) | 5,883 | 2,445 | -2,864 |
INCOME BEFORE INCOME TAX PROVISION | 4,977 | 69 | -5,829 |
Income tax provision | 0 | 0 | 0 |
NET INCOME | 4,977 | 69 | -5,829 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net Income Attributable to Legg Mason, Inc. | $4,977 | $69 | ($5,829) |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities of CIVs by Level (Details 3) (Consolidated Investment Vehicles [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | $48,000 | $50,463 |
Long-term Investments | 0 | 31,810 |
Assets, Fair Value Disclosure | 82,273 | |
Liabilities, Fair Value Disclosure, Recurring | -81,067 | |
Other Credit Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | -1,888 | |
Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | -79,179 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 29,495 | 28,634 |
Assets, Fair Value Disclosure | 28,634 | |
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Credit Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 4,412 | 3,941 |
Assets, Fair Value Disclosure | 3,941 | |
Liabilities, Fair Value Disclosure, Recurring | -1,888 | |
Fair Value, Inputs, Level 2 [Member] | Other Credit Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | -1,888 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 14,093 | 17,888 |
Assets, Fair Value Disclosure | 49,698 | |
Liabilities, Fair Value Disclosure, Recurring | -79,179 | |
Fair Value, Inputs, Level 3 [Member] | Other Credit Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | -79,179 | |
Hedge Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 19,613 | 22,939 |
Hedge Funds | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 1,108 | 1,110 |
Hedge Funds | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 4,412 | 3,941 |
Hedge Funds | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 14,093 | 17,888 |
Proprietary Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 28,387 | 27,524 |
Proprietary Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 28,387 | 27,524 |
Proprietary Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 0 | 0 |
Proprietary Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term Investments | 0 | 0 |
Private Equity Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investments | 31,810 | |
Private Equity Funds | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investments | 0 | |
Private Equity Funds | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investments | 0 | |
Private Equity Funds | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investments | $31,810 |
Changes_in_Level_3_Assets_and_1
Changes in Level 3 Assets and Liabilities of CIVs (Details 5) (CIVs, Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | $49,698 | $46,430 |
Purchases | 7,307 | 5,327 |
Sales | -8,885 | -8,037 |
Redemptions/Settlements/Other | -34,042 | 0 |
Transfers, Net | 78 | 0 |
Realized and unrealized gains/(losses), net | -63 | 5,978 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 14,093 | 49,698 |
Fair Value Disclosures [Abstract] | ||
Total realized and unrealized gains (losses), net | -63 | 1,587 |
Unrealized gains (losses) on Level 3 assets and liabilities still held at the reporting date | -79 | -2,284 |
Hedge Funds | ||
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 17,888 | 19,448 |
Purchases | 2,580 | 3,516 |
Sales | -5,761 | -8,037 |
Redemptions/Settlements/Other | 0 | 0 |
Transfers, Net | 78 | 0 |
Realized and unrealized gains/(losses), net | -692 | 2,961 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 14,093 | 17,888 |
Private Equity Funds | ||
ASSETS: | ||
Assets measured at fair value using significant unobservable inputs, value at beginning of period | 31,810 | 26,982 |
Purchases | 4,727 | 1,811 |
Sales | -3,124 | 0 |
Redemptions/Settlements/Other | -34,042 | 0 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | 629 | 3,017 |
Assets measured at fair value using significant unobservable inputs, value at end of period | 0 | 31,810 |
Collateralized Debt Obligations [Member] | ||
LIABILITIES: | ||
Liabilities measured at fair value using significant unobservable inputs, value at beginning of period | -79,179 | -207,835 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Redemptions/Settlements/Other | 79,179 | 133,047 |
Transfers, Net | 0 | 0 |
Realized and unrealized gains/(losses), net | 0 | -4,391 |
Liabilities measured at fair value using significant unobservable inputs, value at end of period | $0 | ($79,179) |
Variable_Interest_Entities_and3
Variable Interest Entities and Consolidation of Investment Vehicles Transfers Between Levels 1 and 2 (Details) (Consolidated Investment Vehicles [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Consolidated Investment Vehicles [Member] | ||
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 |
CIVs_with_Fair_Value_Determine
CIV's with Fair Value Determined using NAV (Details 6) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Employee Owned Funds | 17 | 16 | ||
Minimum | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Investment Lock up Period | 3 | 3 | ||
Maximum | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Investment Lock up Period | 5 | 5 | ||
CIVs | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments Fair Value Disclosure | 19,613 | 54,749 | ||
CIVs | Private Equity Funds | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments Fair Value Disclosure | 0 | [1] | 31,810 | [1] |
CIVs | Hedge Funds | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments Fair Value Disclosure | 19,613 | [2] | 22,939 | [3] |
PercentageDailyRedemption | 8.00% | 10.00% | ||
Percentage of Monthly Redemption | 5.00% | 6.00% | ||
Percentage of Quarterly Redemption | 3.00% | 2.00% | ||
Percentage Subject to Lock in Period | 84.00% | 82.00% | ||
[1] | Fund was no longer consolidated as of March 31, 2015. | |||
[2] | Redemption restrictions: 8% daily redemption; 5% monthly redemption; 3% quarterly redemption; and 84% are subject to three to five year lock-up or side pocket provisions. | |||
[3] | Redemption restrictions: 10% daily redemption; 6% monthly redemption; 2% quarterly redemption; and 82% are subject to three to five year lock-up or side pocket provisions. |
Information_Regarding_the_Cons
Information Regarding the Consolidated CLO (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 27, 2012 |
CLO debt | ||
Principal amounts outstanding of CLO Debt | $500,000 | |
Collateralized Debt Obligations [Member] | CIVs | ||
CLO debt | ||
Principal amounts outstanding of CLO Debt | 92,114 | |
Excess unpaid principal over fair value | -12,935 | |
Fair value | 79,179 | |
Other Nonoperating Income (Expense) [Member] | CIVs | ||
CLO debt | ||
Fair Value Option, Gain (Loss) recognized in other non-operating income of CIVs | ($5,914) |
Information_Regarding_Derivati
Information Regarding Derivatives of CIVs (Details 8) (CIVs, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other Liabilities [Member] | |
Debt Instrument | |
Derivative liabilities | ($1,888) |
Other Nonoperating income (expense) [Member] | |
Debt Instrument | |
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_VIEs_Details_9
Unconsolidated VIE's (Details 9) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $35,009 | [1] | $35,568 | [1] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 53,705 | [2] | 83,147 | [2] |
Assets Under Management | 19,527,670 | 16,032,764 | ||
CDO and CLO [Member] | ||||
Variable Interest Entity | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [1] | 0 | [1] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,146 | [2] | 911 | [2] |
Real Estate Investment Trusts [Member] | ||||
Variable Interest Entity | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 13,026 | [1] | 1,442 | [1] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 18,096 | [2] | 3,715 | [2] |
Other sponsored investments fund [Member] | ||||
Variable Interest Entity | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 21,983 | [1] | 34,126 | [1] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 34,463 | [2] | 78,521 | [2] |
Proprietary Funds [Member] | ||||
Variable Interest Entity | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $27,463 | $23,404 | ||
[1] | Includes $27,463 and $23,404 related to investments in proprietary funds products as of March 31, 2015 and 2014, respectively. | |||
[2] | Includes equity investments the Company has made or is required to make and any earned but uncollected management fees. |