Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015
(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	603	$	1,377	$	45,331	$	—		$	47,311
Cash and securities segregated for regulatory and other purposes	—		—		855		—			855
Deposits with clearing organizations	—		—		61,370		—			61,370
Receivable from brokers, dealers and clearing organizations	—		—		398,808		—			398,808
Receivable from customers, net of allowance for credit losses of $2,504	—		—		896,060		—			896,060
Income tax receivable	32,331		27,280		—		(53,506		)	6,105
Securities owned, including amounts pledged of $752,758, at fair value	—		4,941		1,035,690		—			1,040,631
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $53,241 and $8,555, respectively	—		—		33,624		—			33,624
Office facilities, net of accumulated depreciation of $102,640	—		19,704		8,027		—			27,731
Loans held for sale, at fair value	—		—		34,050		—			34,050
Mortgage servicing rights	—		—		29,594		—			29,594
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,378		3,224		103,922		—			108,524
Deferred tax assets	101		324		29,900		(30,325		)	—
Investment in subsidiaries	577,400		535,950		—		(1,113,350		)	—
Intercompany receivables	69,524		8,635		—		(78,159		)	—
Total assets	$	681,337	$	713,993	$	2,846,820	$	(1,387,898	)	$	2,854,252
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	24,002	$	—		$	24,002
Bank call loans	—		—		147,700		—			147,700
Payable to brokers, dealers and clearing organizations	—		—		250,513		—			250,513
Payable to customers	—		—		692,416		—			692,416
Securities sold under agreements to repurchase	—		—		463,074		—			463,074
Securities sold, but not yet purchased, at fair value	—		—		311,664		—			311,664
Accrued compensation	—		—		125,129		—			125,129
Accounts payable and other liabilities	6,091		35,724		103,962		—			145,777
Income tax payable	2,440		22,189		28,877		(53,506		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		—		44,525		(30,325		)	14,200
Intercompany payables	—		62,203		15,956		(78,159		)	—
Total liabilities	158,531		120,116		2,320,376		(274,548		)	2,324,475
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	522,806		593,877		519,473		(1,113,350		)	522,806
Noncontrolling interest	—		—		6,971		—			6,971
Total stockholders’ equity	522,806		593,877		526,444		(1,113,350		)	529,777
Total liabilities and stockholders’ equity	$	681,337	$	713,993	$	2,846,820	$	(1,387,898	)	$	2,854,252

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014
(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	439	$	1,557	$	61,811	$	—		$	63,807
Cash and securities segregated for regulatory and other purposes	—		—		18,594		—			18,594
Deposits with clearing organizations	—		—		36,510		—			36,510
Receivable from brokers, dealers and clearing organizations	—		—		314,475		—			314,475
Receivable from customers, net of allowance for credit losses of $2,427	—		—		864,189		—			864,189
Income tax receivable	28,070		27,304		—		(51,134		)	4,240
Securities purchased under agreements to resell	—		—		251,606		—			251,606
Securities owned, including amounts pledged of $518,123, at fair value	—		5,806		837,349		—			843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $42,211 and $8,606, respectively	—		—		34,932		—			34,932
Office facilities, net of accumulated depreciation of $103,547	—		20,181		9,408		—			29,589
Loans held for sale, at fair value	—		—		19,243		—			19,243
Mortgage servicing rights	—		—		30,140		—			30,140
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,686		3,803		101,897		—			107,386
Deferred tax assets	18		309		27,973		(28,300		)	—
Investment in subsidiaries	565,257		544,576		—		(1,109,833		)	—
Intercompany receivables	87,442		—		—		(87,442		)	—
Total assets	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	35,373	$	—		$	35,373
Bank call loans	—		—		59,400		—			59,400
Payable to brokers, dealers and clearing organizations	—		—		257,161		—			257,161
Payable to customers	—		—		652,256		—			652,256
Securities sold under agreements to repurchase	—		—		687,440		—			687,440
Securities sold, but not yet purchased, at fair value	—		—		92,510		—			92,510
Accrued compensation	—		—		165,134		—			165,134
Accounts payable and other liabilities	2,828		35,800		102,724		—			141,352
Income tax payable	2,440		22,189		26,505		(51,134		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		88		41,309		(28,300		)	13,097
Intercompany payables	—		76,492		10,950		(87,442		)	—
Total liabilities	155,268		134,569		2,243,320		(279,434		)	2,253,723
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	527,644		581,525		528,308		(1,109,833		)	527,644
Noncontrolling interest	—		—		6,088		—			6,088
Total stockholders’ equity	527,644		581,525		534,396		(1,109,833		)	533,732
Total liabilities and stockholders’ equity	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455

Condensed Consolidating Statement of Operations

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	101,243		$	—		$	101,243
Advisory fees	—			—		69,938			(381		)	69,557
Investment banking	—			—		16,548			—			16,548
Interest	—			2,557		14,392			(2,565		)	14,384
Principal transactions, net	—			—		(3,100		)	(239		)	(3,339		)
Other	—			96		15,121			(74		)	15,143
Total revenue	—			2,653		214,142			(3,259		)	213,536
EXPENSES
Compensation and related expenses	254			—		142,492			—			142,746
Communications and technology	27			—		16,448			—			16,475
Occupancy and equipment costs	—			—		16,232			(74		)	16,158
Clearing and exchange fees	—			—		6,909			—			6,909
Interest	3,282			—		3,824			(2,565		)	4,541
Other	234			252		28,368			(620		)	28,234
Total expenses	3,797			252		214,273			(3,259		)	215,063
Income (loss) before income tax provision (benefit)	(3,797		)	2,401		(131		)	—			(1,527		)
Income tax provision (benefit)	(1,343		)	1,360		(767		)	—			(750		)
Equity in earnings of subsidiaries	1,546			505		—			(2,051		)	—
Net income (loss) for the period	(908		)	1,546		636			(2,051		)	(777		)
Less net income attributable to non-controlling interest, net of tax	—			—		131			—			131
Net income (loss) attributable to Oppenheimer Holdings Inc.	(908		)	1,546		505			(2,051		)	(908		)
Other comprehensive loss	—			—		(916		)	—			(916		)
Total comprehensive income (loss)	$	(908	)	$	1,546	$	(411	)	$	(2,051	)	$	(1,824	)

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	314,494		$	—		$	314,494
Advisory fees	—			—		214,012			(1,246		)	212,766
Investment banking	—			—		72,873			—			72,873
Interest	—			7,680		37,463			(7,694		)	37,449
Principal transactions, net	—			—		17,249			(323		)	16,926
Other	—			287		43,455			(225		)	43,517
Total revenue	—			7,967		699,546			(9,488		)	698,025
EXPENSES
Compensation and related expenses	829			—		463,222			—			464,051
Communications and technology	94			—		49,956			—			50,050
Occupancy and equipment costs	—			—		48,145			(225		)	47,920
Clearing and exchange fees	—			—		19,542			—			19,542
Interest	9,844			—		10,806			(7,694		)	12,956
Other	780			365		92,976			(1,569		)	92,552
Total expenses	11,547			365		684,647			(9,488		)	687,071
Income (loss) before income tax provision (benefit)	(11,547		)	7,602		14,899			—			10,954
Income tax provision (benefit)	(4,344		)	3,130		6,179			—			4,965
Equity in earnings of subsidiaries	12,309			7,837		—			(20,146		)	—
Net income for the period	5,106			12,309		8,720			(20,146		)	5,989
Less net income attributable to noncontrolling interest, net of tax	—			—		883			—			883
Net income attributable to Oppenheimer Holdings Inc.	5,106			12,309		7,837			(20,146		)	5,106
Other comprehensive loss	—			—		(166		)	—			(166		)
Total comprehensive income	$	5,106		$	12,309	$	7,671		$	(20,146	)	$	4,940

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	110,862		$	—		$	110,862
Advisory fees	—			—		71,278			(321		)	70,957
Investment banking	—			—		33,841			—			33,841
Interest	—			2,580		12,434			(2,565		)	12,449
Principal transactions, net	—			—		4,433			(161		)	4,272
Other	—			85		12,279			(66		)	12,298
Total revenue	—			2,665		245,127			(3,113		)	244,679
EXPENSES
Compensation and related expenses	207			—		161,127			—			161,334
Communications and technology	37			—		15,954			—			15,991
Occupancy and equipment costs	—			—		15,867			(66		)	15,801
Clearing and exchange fees	—			—		5,969			—			5,969
Interest	3,281			8		3,403			(2,565		)	4,127
Other	235			178		30,630			(482		)	30,561
Total expenses	3,760			186		232,950			(3,113		)	233,783
Income (loss) before income tax provision (benefit)	(3,760		)	2,479		12,177			—			10,896
Income tax provision (benefit)	(1,816		)	1,326		6,761			—			6,271
Equity in earnings of subsidiaries (1)	6,414			5,261		—			(11,675		)	—
Net income (loss) for the period	4,470			6,414		5,416			(11,675		)	4,625
Less net income attributable to non-controlling interest, net of tax	—			—		155			—			155
Net income (loss) attributable to Oppenheimer Holdings Inc.	4,470			6,414		5,261			(11,675		)	4,470
Other comprehensive income	—			—		(1,608		)	—			(1,608		)
Total comprehensive income (loss)	$	4,470		$	6,414	$	3,653		$	(11,675	)	$	2,862

(1) The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column.

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	349,062		$	—		$	349,062
Advisory fees	—			—		210,594			(1,002		)	209,592
Investment banking	—			—		94,164			—			94,164
Interest	—			7,901		37,347			(7,861		)	37,387
Principal transactions, net	—			10		24,873			—			24,883
Other	—			375		34,419			(346		)	34,448
Total revenue	—			8,286		750,459			(9,209		)	749,536
EXPENSES
Compensation and related expenses	822			—		492,313			—			493,135
Communications and technology	111			—		50,150			—			50,261
Occupancy and equipment costs	—			—		47,451			(346		)	47,105
Clearing and exchange fees	—			—		17,885			—			17,885
Interest	11,120			8		10,436			(7,861		)	13,703
Other	4,396			30		107,882			(1,002		)	111,306
Total expenses	16,449			38		726,117			(9,209		)	733,395
Income (loss) before income tax provision (benefit)	(16,449		)	8,248		24,342			—			16,141
Income tax provision (benefit)	(6,450		)	2,457		13,342			—			9,349
Equity in earnings of subsidiaries (1)	16,139			10,348		—			(26,487		)	—
Net income for the period	6,140			16,139		11,000			(26,487		)	6,792
Less net income attributable to noncontrolling interest, net of tax	—			—		652			—			652
Net income attributable to Oppenheimer Holdings Inc.	6,140			16,139		10,348			(26,487		)	6,140
Other comprehensive income	—			—		(1,356		)	—			(1,356		)
Total comprehensive income	$	6,140		$	16,139	$	8,992		$	(26,487	)	$	4,784

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	11,548		$	(180	)	$	(101,167	)	$	—	$	(89,799	)
Cash flows from investing activities:
Purchase of office facilities	—			—			(3,613		)	—		(3,613		)
Cash used in investing activities	—			—			(3,613		)	—		(3,613		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,531		)	—			—			—		(4,531		)
Repurchase of Class A non-voting common stock for cancellation	(6,618		)	—			—			—		(6,618		)
Tax deficiency from share-based awards	(235		)	—			—			—		(235		)
Increase in bank call loans, net	—			—			88,300			—		88,300
Cash flow provided by (used in) financing activities	(11,384		)	—			88,300			—		76,916
Net increase (decrease) in cash and cash equivalents	164			(180		)	(16,480		)	—		(16,496		)
Cash and cash equivalents, beginning of the period	439			1,557			61,811			—		63,807
Cash and cash equivalents, end of the period	$	603		$	1,377		$	45,331		$	—	$	47,311

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	48,737		$	(25,778	)	$	(9,222	)	$	—	$	13,737
Cash flows from investing activities:
Purchase of office facilities	—			—			(3,366		)	—		(3,366		)
Cash used in investing activities	—			—			(3,366		)	—		(3,366		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,483		)	—			—			—		(4,483		)
Issuance of Class A non-voting common stock	185			—			—			—		185
Tax benefit from share-based awards	1,275			—			—			—		1,275
Redemption of senior secured notes	(45,000		)	—			—			—		(45,000		)
Increase in bank call loans, net	—			—			17,300			—		17,300
Cash flow provided by (used in) financing activities	(48,023		)	—			17,300			—		(30,723		)
Net increase (decrease) in cash and cash equivalents	714			(25,778		)	4,712			—		(20,352		)
Cash and cash equivalents, beginning of the period	448			30,901			66,945			—		98,294
Cash and cash equivalents, end of the period	$	1,162		$	5,123		$	71,657		$	—	$	77,942