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Condensed consolidating financial information
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed consolidating financial information
Condensed consolidating financial information
The Company's Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the "Guarantors"), unless released as described below. Each of the Guarantors is 100% owned by the Company. The indenture for the Notes contains covenants with restrictions which are discussed in Note 11. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company (referred to as "Parent" for purposes of this Note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company.
Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company's obligations under the indenture for the Notes in accordance with the terms of such indenture.
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2015
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
907

 
$
2,586

 
$
59,871

 
$

 
$
63,364

Deposits with clearing organizations

 

 
49,490

 

 
49,490

Receivable from brokers, dealers and clearing organizations

 

 
360,913

 

 
360,913

Receivable from customers, net of allowance for credit losses of $2,545

 

 
840,355

 

 
840,355

Income tax receivable
33,801

 
27,536

 

 
(50,400
)
 
10,937

Securities purchased under agreements to resell

 

 
206,499

 

 
206,499

Securities owned, including amounts pledged of $546,334 at fair value

 
1,183

 
734,210

 

 
735,393

Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,919 and $8,444, respectively

 

 
32,849

 

 
32,849

Office facilities, net of accumulated depreciation of $104,961

 
20,793

 
7,497

 

 
28,290

Loans held for sale, at fair value

 

 
60,234

 

 
60,234

Mortgage servicing rights

 

 
28,168

 

 
28,168

Subordinated loan receivable

 
112,558

 

 
(112,558
)
 

Intangible assets

 

 
31,700

 

 
31,700

Goodwill

 

 
137,889

 

 
137,889

Other assets
1,201

 
3,224

 
102,458

 

 
106,883

Deferred tax assets
317

 
330

 
29,900

 
(30,547
)
 

Investment in subsidiaries
577,320

 
532,651

 

 
(1,109,971
)
 

Intercompany receivables
60,187

 
13,185

 

 
(73,372
)
 

Total assets
$
673,733

 
$
714,046

 
$
2,682,033

 
$
(1,376,848
)
 
$
2,692,964

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Drafts payable
$

 
$

 
$
48,011

 
$

 
$
48,011

Bank call loans

 

 
100,200

 

 
100,200

Payable to brokers, dealers and clearing organizations

 

 
164,546

 

 
164,546

Payable to customers

 

 
594,833

 

 
594,833

Securities sold under agreements to repurchase

 

 
651,445

 

 
651,445

Securities sold, but not yet purchased, at fair value

 

 
126,493

 

 
126,493

Accrued compensation

 

 
150,898

 

 
150,898

Accounts payable and other liabilities
3,235

 
35,812

 
125,736

 

 
164,783

Income tax payable
2,440

 
22,189

 
25,771

 
(50,400
)
 

Senior secured notes
150,000

 

 

 

 
150,000

Subordinated indebtedness

 

 
112,558

 
(112,558
)
 

Deferred tax liabilities

 

 
47,220

 
(30,547
)
 
16,673

Intercompany payables

 
62,204

 
11,168

 
(73,372
)
 

Total liabilities
155,675

 
120,205

 
2,158,879

 
(266,877
)
 
2,167,882

Stockholders' equity
 
 
 
 
 
 
 
 
 
Stockholders' equity attributable to Oppenheimer Holdings Inc.
518,058

 
593,841

 
516,130

 
(1,109,971
)
 
518,058

Noncontrolling interest

 

 
7,024

 

 
7,024

Total stockholders' equity
518,058

 
593,841

 
523,154

 
(1,109,971
)
 
525,082

Total liabilities and stockholders' equity
$
673,733

 
$
714,046

 
$
2,682,033

 
$
(1,376,848
)
 
$
2,692,964

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


OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2015
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
REVENUES
 
 
 
 
 
 
 
 
 
Commissions
$

 
$

 
$
417,559

 
$

 
$
417,559

Advisory fees

 
1,296

 
282,633

 
(3,682
)
 
280,247

Investment banking

 

 
102,540

 

 
102,540

Interest

 
10,237

 
51,055

 
(10,261
)
 
51,031

Principal transactions, net

 

 
20,567

 
(64
)
 
20,503

Other

 
370

 
56,435

 
(300
)
 
56,505

Total revenue

 
11,903

 
930,789

 
(14,307
)
 
928,385

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,185

 

 
622,041

 

 
623,226

Communications and technology
142

 

 
66,768

 

 
66,910

Occupancy and equipment costs

 

 
63,444

 
(300
)
 
63,144

Clearing and exchange fees

 

 
26,022

 

 
26,022

Interest
13,125

 

 
14,459

 
(10,261
)
 
17,323

Other
1,663

 
892

 
126,240

 
(3,746
)
 
125,049

Total expenses
16,115

 
892

 
918,974

 
(14,307
)
 
921,674

Income (loss) before income tax provision (benefit)
(16,115
)
 
11,011

 
11,815

 

 
6,711

Income tax provision (benefit)
(6,030
)
 
5,553

 
4,290

 

 
3,813

Equity in earnings of subsidiaries
12,047

 
6,589

 

 
(18,636
)
 

Net income for the year
1,962

 
12,047

 
7,525

 
(18,636
)
 
2,898

Less net income attributable to noncontrolling interest, net of tax

 

 
936

 

 
936

Net income attributable to Oppenheimer Holdings Inc.
1,962

 
12,047

 
6,589

 
(18,636
)
 
1,962

Other comprehensive income

 

 
17

 

 
17

Total comprehensive income
$
1,962

 
$
12,047

 
$
6,606

 
$
(18,636
)
 
$
1,979

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2014
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
REVENUES
 
 
 
 
 
 
 
 
 
Commissions
$

 
$

 
$
469,829

 
$

 
$
469,829

Advisory fees

 
1,139

 
283,785

 
(3,244
)
 
281,680

Investment banking

 

 
125,598

 

 
125,598

Interest

 
10,482

 
49,193

 
(10,431
)
 
49,244

Principal transactions, net

 
164

 
29,535

 

 
29,699

Other

 
477

 
48,362

 
(425
)
 
48,414

Total revenue

 
12,262

 
1,006,302

 
(14,100
)
 
1,004,464

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,047

 

 
663,594

 

 
664,641

Communications and technology
145

 

 
67,025

 

 
67,170

Occupancy and equipment costs

 

 
63,437

 
(425
)
 
63,012

Clearing and exchange fees

 

 
24,709

 

 
24,709

Interest
14,401

 

 
13,831

 
(10,431
)
 
17,801

Other
4,626

 
733

 
139,280

 
(3,244
)
 
141,395

Total expenses
20,219

 
733

 
971,876

 
(14,100
)
 
978,728

Income (loss) before income tax provision (benefit)
(20,219
)
 
11,529

 
34,426

 

 
25,736

Income tax provision (benefit)
(7,917
)
 
3,971

 
20,121

 

 
16,175

Equity in earnings of subsidiaries
21,128

 
13,570

 

 
(34,698
)
 

Net income for the year
8,826

 
21,128

 
14,305

 
(34,698
)
 
9,561

Less net income attributable to noncontrolling interest, net of tax

 

 
735

 

 
735

Net income attributable to Oppenheimer Holdings Inc.
8,826

 
21,128

 
13,570

 
(34,698
)
 
8,826

Other comprehensive loss

 

 
(2,627
)
 

 
(2,627
)
Total comprehensive income
$
8,826

 
$
21,128

 
$
10,943

 
$
(34,698
)
 
$
6,199


OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2013
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
REVENUES
 
 
 
 
 
 
 
 
 
Commissions
$

 
$

 
$
486,767

 
$

 
$
486,767

Advisory fees

 
825

 
276,913

 
(3,560
)
 
274,178

Investment banking

 

 
97,977

 

 
97,977

Interest
5

 
11,128

 
53,401

 
(11,318
)
 
53,216

Principal transactions, net

 
79

 
43,689

 

 
43,768

Other

 
180

 
63,808

 
(180
)
 
63,808

Total revenue
5

 
12,212

 
1,022,555

 
(15,058
)
 
1,019,714

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,124

 

 
674,812

 

 
675,936

Communications and technology
119

 

 
65,698

 

 
65,817

Occupancy and equipment costs

 

 
66,938

 
(180
)
 
66,758

Clearing and exchange fees

 

 
24,481

 

 
24,481

Interest
17,500

 

 
19,960

 
(11,318
)
 
26,142

Other
1,309

 
522

 
118,400

 
(3,560
)
 
116,671

Total expenses
20,052

 
522

 
970,289

 
(15,058
)
 
975,805

Income (loss) before income tax provision (benefit)
(20,047
)
 
11,690

 
52,266

 

 
43,909

Income tax provision (benefit)
(7,110
)
 
5,638

 
19,228

 

 
17,756

Equity in earnings of subsidiaries
37,998

 
31,946

 

 
(69,944
)
 

Net income for the year
25,061

 
37,998

 
33,038

 
(69,944
)
 
26,153

Less net income attributable to noncontrolling interest, net of tax

 

 
1,092

 

 
1,092

Net income attributable to Oppenheimer Holdings Inc.
25,061

 
37,998

 
31,946

 
(69,944
)
 
25,061

Other comprehensive income (loss)
(3
)
 

 
1,505

 

 
1,502

Total comprehensive income
$
25,058

 
$
37,998

 
$
33,451

 
$
(69,944
)
 
$
26,563


    
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2015
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
15,003

 
$
1,029

 
$
(36,851
)
 
$

 
$
(20,819
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of office facilities

 

 
(5,889
)
 

 
(5,889
)
Cash used in investing activities

 

 
(5,889
)
 

 
(5,889
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Cash dividends paid on Class A non-voting and Class B voting common stock
(6,008
)
 

 

 

 
(6,008
)
Repurchase of Class A non-voting common stock for cancellation
(8,250
)
 

 

 

 
(8,250
)
Tax deficiency from share-based awards
(277
)
 

 

 

 
(277
)
Increase in bank call loans, net
 
 

 
40,800

 

 
40,800

Cash flow provided by (used in) in financing activities
(14,535
)
 

 
40,800

 

 
26,265

Net increase (decrease) in cash and cash equivalents
468

 
1,029

 
(1,940
)
 

 
(443
)
Cash and cash equivalents, beginning of the year
439

 
1,557

 
61,811

 

 
$
63,807

Cash and cash equivalents, end of the year
$
907

 
$
2,586

 
$
59,871

 
$

 
$
63,364

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2014
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
49,595

 
$
(29,344
)
 
$
58,064

 
$

 
$
78,315

Cash flows from investing activities:
 
 
 
 
 
 
 
 

Purchase of office facilities

 

 
(4,398
)
 

 
(4,398
)
Cash used in investing activities

 

 
(4,398
)
 

 
(4,398
)
Cash flows from financing activities:

 

 

 

 

Cash dividends paid on Class A non-voting and Class B voting common stock
(5,983
)
 

 

 

 
(5,983
)
Issuance of Class A non-voting common stock
185

 

 

 

 
185

Tax benefit from share-based awards
1,194

 

 

 

 
1,194

Redemption of senior secured notes
(45,000
)
 

 

 

 
(45,000
)
Decrease in bank call loans, net

 

 
(58,800
)
 

 
(58,800
)
Cash flow used in financing activities
(49,604
)
 

 
(58,800
)
 

 
(108,404
)
Net decrease in cash and cash equivalents
(9
)
 
(29,344
)
 
(5,134
)
 

 
(34,487
)
Cash and cash equivalents, beginning of the year
448

 
30,901

 
66,945

 

 
98,294

Cash and cash equivalents, end of the year
$
439

 
$
1,557

 
$
61,811

 
$

 
$
63,807

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2013
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
9,944

 
$
(9,757
)
 
$
(3,616
)
 
$

 
$
(3,429
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 

Purchase of office facilities

 

 
(14,012
)
 

 
(14,012
)
Cash used in investing activities

 

 
(14,012
)
 

 
(14,012
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Cash dividends paid on Class A non-voting and Class B voting common stock
(5,978
)
 

 

 

 
(5,978
)
Issuance of Class A non-voting common stock
150

 

 

 

 
150

Repurchase of Class A non-voting common stock for cancellation
(3,625
)
 

 

 

 
(3,625
)
Tax deficiency from share-based awards
(78
)
 

 

 

 
(78
)
Decrease in bank call loans, net

 

 
(10,100
)
 

 
(10,100
)
Cash flow used in financing activities
(9,531
)
 

 
(10,100
)
 

 
(19,631
)
Net increase (decrease) in cash and cash equivalents
413

 
(9,757
)
 
(27,728
)
 

 
(37,072
)
Cash and cash equivalents, beginning of the year
35

 
40,658

 
94,673

 

 
135,366

Cash and cash equivalents, end of the year
$
448

 
$
30,901

 
$
66,945

 
$

 
$
98,294