Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2017

(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	73,653	$	3,232	$	39,697	$	—		$	116,582
Deposits with clearing organizations	—		—		40,685		—			40,685
Receivable from brokers, dealers and clearing organizations	—		—		224,706		—			224,706
Receivable from customers, net of allowance for credit losses of $790	—		—		873,815		—			873,815
Income tax receivable	46,208		28,430		—		(64,533		)	10,105
Securities purchased under agreements to resell, $3,617 at fair value	—		—		4,852		—			4,852
Securities owned, including amounts pledged of $644,359, at fair value	—		1,275		985,157		—			986,432
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $23,735 and $7,445, respectively	—		—		36,240		—			36,240
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $86,502	—		20,834		5,691		—			26,525
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	108		1,638		116,242		—			117,988
Deferred tax assets	808		—		34,722		(35,530		)	—
Investment in subsidiaries	588,206		477,259		—		(1,065,465		)	—
Intercompany receivables	—		78,365		—		(78,365		)	—
Total assets	$	708,983	$	723,591	$	2,531,396	$	(1,356,451	)	$	2,607,519
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	29,767	$	—		$	29,767
Bank call loans	—		—		230,400		—			230,400
Payable to brokers, dealers and clearing organizations	—		—		239,578		—			239,578
Payable to customers	—		—		498,562		—			498,562
Securities sold under agreements to repurchase	—		—		457,809		—			457,809
Securities sold but not yet purchased, at fair value	—		—		234,778		—			234,778
Accrued compensation	—		—		113,088		—			113,088
Accounts payable and other liabilities	1,226		34,163		53,676		—			89,065
Income tax payable	2,440		22,189		39,904		(64,533		)	—
Senior secured notes, net of debt issuance costs of $1,104	198,896		—		—		—			198,896
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities, net of deferred tax assets of $61,296	—		25		49,967		(35,530		)	14,462
Intercompany payables	7,221		62,163		8,981		(78,365		)	—
Total liabilities	209,783		118,540		2,069,068		(290,986		)	2,106,405
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	499,200		605,051		460,414		(1,065,465		)	499,200
Noncontrolling interest	—		—		1,914		—			1,914
Total stockholders' equity	499,200		605,051		462,328		(1,065,465		)	501,114
Total liabilities and stockholders' equity	$	708,983	$	723,591	$	2,531,396	$	(1,356,451	)	$	2,607,519

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2016

(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	229	$	10,284	$	54,400	$	—		$	64,913
Deposits with clearing organizations	—		—		38,185		—			38,185
Receivable from brokers, dealers and clearing organizations	—		—		214,934		—			214,934
Receivable from customers, net of allowance for credit losses of $794	—		—		847,386		—			847,386
Income tax receivable	41,996		28,289		—		(64,469		)	5,816
Securities purchased under agreements to resell, at fair value	—		—		24,006		—			24,006
Securities owned, including amounts pledged of $438,385 at fair value	—		23,227		683,881		—			707,108
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,826 and $6,784, respectively	—		—		30,099		—			30,099
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $84,073	—		21,963		5,270		—			27,233
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	71		2,598		104,992		—			107,661
Deferred tax assets	394		309		37,961		(38,664		)	—
Investment in subsidiaries	584,767		483,623		—		(1,068,390		)	—
Intercompany receivables	37,906		37,914		—		(75,820		)	—
Total assets	$	665,363	$	720,765	$	2,210,703	$	(1,359,901	)	$	2,236,930
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	39,228	$	—		$	39,228
Bank call loans	—		—		145,800		—			145,800
Payable to brokers, dealers and clearing organizations	—		—		221,389		—			221,389
Payable to customers	—		—		449,946		—			449,946
Securities sold under agreements to repurchase	—		—		378,084		—			378,084
Securities sold but not yet purchased, at fair value	—		—		85,050		—			85,050
Accrued compensation	—		—		145,053		—			145,053
Accounts payable and other liabilities	2,868		34,920		58,769		—			96,557
Income tax payable	2,440		22,189		39,840		(64,469		)	—
Senior secured notes, net of debt issuance costs of $648	149,352		—		—		—			149,352
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities, net of deferred assets of $59,062	—		7		51,794		(38,664		)	13,137
Intercompany payables	—		62,205		13,615		(75,820		)	—
Total liabilities	154,660		119,321		1,741,126		(291,511		)	1,723,596
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	510,703		601,444		466,946		(1,068,390		)	510,703
Noncontrolling interest	—		—		2,631		—			2,631
Total stockholders' equity	510,703		601,444		469,577		(1,068,390		)	513,334
Total liabilities and stockholders' equity	$	665,363	$	720,765	$	2,210,703	$	(1,359,901	)	$	2,236,930

Condensed Consolidating Statement of Operations

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2017

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	83,852	$	—		$	83,852
Advisory fees	—			—		73,126		(343		)	72,783
Investment banking	—			—		18,386		(3,000		)	15,386
Interest	—			2,559		12,845		(2,575		)	12,829
Principal transactions, net	—			9		5,293		—			5,302
Other	—			90		25,731		(89		)	25,732
Total revenue	—			2,658		219,233		(6,007		)	215,884
EXPENSES
Compensation and related expenses	367			—		142,290		—			142,657
Communications and technology	49			—		18,350		—			18,399
Occupancy and equipment costs	—			—		15,250		(89		)	15,161
Clearing and exchange fees	—			—		5,916		—			5,916
Interest	3,709			—		5,720		(2,575		)	6,854
Other	3,922			195		27,760		(3,343		)	28,534
Total expenses	8,047			195		215,286		(6,007		)	217,521
Income (loss) before income taxes	(8,047		)	2,463		3,947		—			(1,637		)
Income taxes	(3,098		)	956		1,868		—			(274		)
Net income (loss) from continuing operations	(4,949		)	1,507		2,079		—			(1,363		)

Discontinued operations
Income from discontinued operations	—			—		89		—			89
Income taxes	—			—		36		—			36
Net income from discontinued operations	—			—		53		—			53

Equity in earnings of subsidiaries	3,630			2,123		—		(5,753		)	—
Net income (loss)	(1,319		)	3,630		2,132		(5,753		)	(1,310		)
Less net income attributable to noncontrolling interest, net of tax	—			—		9		—			9
Net income (loss) attributable to Oppenheimer Holdings Inc.	(1,319		)	3,630		2,123		(5,753		)	(1,319		)
Other comprehensive income	—			—		780		—			780
Total comprehensive income (loss)	$	(1,319	)	$	3,630	$	2,903	$	(5,753	)	$	(539	)

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	170,569		$	—		$	170,569
Advisory fees	—			—			142,855			(663		)	142,192
Investment banking	—			—			36,407			(3,000		)	33,407
Interest	—			5,138			23,407			(5,151		)	23,394
Principal transactions, net	—			15			10,660			—			10,675
Other	—			178			48,907			(177		)	48,908
Total revenue	—			5,331			432,805			(8,991		)	429,145
EXPENSES
Compensation and related expenses	705			—			285,830			—			286,535
Communications and technology	79			—			36,026			—			36,105
Occupancy and equipment costs	—			—			30,610			(177		)	30,433
Clearing and exchange fees	—			—			11,770			—			11,770
Interest	6,990			—			10,371			(5,151		)	12,210
Other	4,249			267			59,901			(3,663		)	60,754
Total expenses	12,023			267			434,508			(8,991		)	437,807
Income (loss) before income taxes	(12,023		)	5,064			(1,703		)	—			(8,662		)
Income taxes	(4,626		)	1,876			789			—			(1,961		)
Net income (loss) from continuing operations	(7,397		)	3,188			(2,492		)	—			(6,701		)

Discontinued operations
Income from discontinued operations	—			—			1,065			—			1,065
Income taxes	—			—			425			—			425
Net income from discontinued operations	—			—			640			—			640

Equity in earnings of subsidiaries	1,231			(1,957		)	—			726			—
Net income (loss)	(6,166		)	1,231			(1,852		)	726			(6,061		)
Less net income attributable to noncontrolling interest, net of tax	—			—			105			—			105
Net income (loss) attributable to Oppenheimer Holdings Inc.	(6,166		)	1,231			(1,957		)	726			(6,166		)
Other comprehensive income	—			—			2,204			—			2,204
Total comprehensive income (loss)	$	(6,166	)	$	1,231		$	247		$	726		$	(3,962	)

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	92,591		$	—		$	92,591
Advisory fees	—			—		66,511			(407		)	66,104
Investment banking	—			—		18,881			—			18,881
Interest	—			2,556		12,016			(2,565		)	12,007
Principal transactions, net	—			22		7,555			—			7,577
Other	—			81		14,913			(80		)	14,914
Total revenue	—			2,659		212,467			(3,052		)	212,074
EXPENSES
Compensation and related expenses	356			—		141,365			—			141,721
Communications and technology	34			—		17,604			—			17,638
Occupancy and equipment costs	—			—		15,064			(80		)	14,984
Clearing and exchange fees	—			—		6,199			—			6,199
Interest	3,282			—		4,255			(2,565		)	4,972
Other	523			2		31,688			(407		)	31,806
Total expenses	4,195			2		216,175			(3,052		)	217,320
Income (loss) before income taxes	(4,195		)	2,657		(3,708		)	—			(5,246		)
Income taxes	(3,272		)	999		(118		)	—			(2,391		)
Net income (loss) from continuing operations	(923		)	1,658		(3,590		)	—			(2,855		)

Discontinued operations
Income from discontinued operations	—			—		15,366			—			15,366
Income taxes	—			—		5,800			—			5,800
Net income from discontinued operations	—			—		9,566			—			9,566

Equity in earnings of subsidiaries	6,111			4,453		—			(10,564		)	—
Net income	5,188			6,111		5,976			(10,564		)	6,711
Less net income attributable to noncontrolling interest, net of tax	—			—		1,523			—			1,523
Net income attributable to Oppenheimer Holdings Inc.	5,188			6,111		4,453			(10,564		)	5,188
Other comprehensive loss	—			—		(654		)	—			(654		)
Total comprehensive income	$	5,188		$	6,111	$	3,799		$	(10,564	)	$	4,534

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	196,424		$	—		$	196,424
Advisory fees	—			—		132,890			(760		)	132,130
Investment banking	—			—		31,264			—			31,264
Interest	—			5,113		25,068			(5,132		)	25,049
Principal transactions, net	—			52		14,143			—			14,195
Other	—			159		27,967			(158		)	27,968
Total revenue	—			5,324		427,756			(6,050		)	427,030
EXPENSES
Compensation and related expenses	743			—		289,473			—			290,216
Communications and technology	62			—		35,256			—			35,318
Occupancy and equipment costs	—			—		30,045			(158		)	29,887
Clearing and exchange fees	—			—		13,120			—			13,120
Interest	6,563			—		8,408			(5,132		)	9,839
Other	1,196			5		60,795			(760		)	61,236
Total expenses	8,564			5		437,097			(6,050		)	439,616
Income (loss) before income taxes	(8,564		)	5,319		(9,341		)	—			(12,586		)
Income taxes	(4,986		)	2,003		(3,456		)	—			(6,439		)
Net income (loss) from continuing operations	(3,578		)	3,316		(5,885		)	—			(6,147		)

Discontinued operations
Income from discontinued operations	—			—		14,709			—			14,709
Income taxes	—			—		5,760			—			5,760
Net income from discontinued operations	—			—		8,949			—			8,949

Equity in earnings of subsidiaries	4,919			1,603		—			(6,522		)	—
Net income	1,341			4,919		3,064			(6,522		)	2,802
Less net income attributable to noncontrolling interest, net of tax	—			—		1,461			—			1,461
Net income attributable to Oppenheimer Holdings Inc.	1,341			4,919		1,603			(6,522		)	1,341
Other comprehensive income	—			—		219			—			219
Total comprehensive income	$	1,341		$	4,919	$	1,822		$	(6,522	)	$	1,560

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	34,273		$	(7,052	)	$	(97,606	)	$	—	$	(70,385	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(2,075		)	—		(2,075		)
Proceeds from the settlement of company-owned life insurance	—			—			1,194			—		1,194
Cash used in investing activities	—			—			(881		)	—		(881		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,940		)	—						—		(2,940		)
Cash dividends paid to noncontrolling interest	—			—			(816		)	—		(816		)
Repurchase of Class A non-voting common stock for cancellation	(5,159		)	—			—			—		(5,159		)
Payments for employee taxes withheld related to vested share-based awards	(2,203		)	—			—			—		(2,203		)
Issuance of senior secured note	200,000			—			—			—		200,000
Redemption of senior secured notes	(150,000		)	—			—			—		(150,000		)
Debt issuance costs	(547		)	—			—			—		(547		)
Increase in bank call loans, net	—			—			84,600			—		84,600
Cash provided by financing activities	39,151			—			83,784			—		122,935
Net increase (decrease) in cash and cash equivalents	73,424			(7,052		)	(14,703		)	—		51,669
Cash and cash equivalents, beginning of the period	229			10,284			54,400			—		64,913
Cash and cash equivalents, end of the period	$	73,653		$	3,232		$	39,697		$	—	$	116,582

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	7,785		$	(2,061	)	$	(45,845	)	$	—	$	(40,121	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(2,572		)	—		(2,572		)
Proceeds from sale of assets	—			—			43,252			—		43,252
Cash provided by investing activities	—			—			40,680			—		40,680
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,947		)	—			—			—		(2,947		)
Repurchase of Class A non-voting common stock for cancellation	(3,798		)	—			—			—		(3,798		)
Payments for employee taxes withheld related to vested share-based awards	(1,341		)	—			—			—		(1,341		)
Increase in bank call loans, net	—			—			51,700			—		51,700
Cash provided by (used in) financing activities	(8,086		)	—			51,700			—		43,614
Net increase (decrease) in cash and cash equivalents	(301		)	(2,061		)	46,535			—		44,173
Cash and cash equivalents, beginning of the period	907			2,586			59,871			—		63,364
Cash and cash equivalents, end of the period	$	606		$	525		$	106,406		$	—	$	107,537