Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	507	$	11,963	$	32,324	$	—		$	44,794
Deposits with clearing organizations	—		—		44,201		—			44,201
Receivable from brokers, dealers and clearing organizations	—		—		248,891		—			248,891
Receivable from customers, net of allowance for credit losses of $782	—		—		775,602		—			775,602
Income tax receivable	48,052		28,533		—		(71,524		)	5,061
Securities owned, including amounts pledged of $642,501, at fair value	—		1,268		1,036,195		—			1,037,463
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,694 and $7,519, respectively	—		—		38,241		—			38,241
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $87,861	—		20,596		5,958		—			26,554
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	140		2,472		115,393		—			118,005
Deferred tax assets	522		—		33,179		(33,701		)	—
Investment in subsidiaries	598,256		477,245		—		(1,075,501		)	—
Intercompany receivables	62,143		78,755		—		(140,898		)	—
Total assets	$	709,620	$	733,390	$	2,499,573	$	(1,434,182	)	$	2,508,401
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	26,480	$	—		$	26,480
Bank call loans	—		—		130,100		—			130,100
Payable to brokers, dealers and clearing organizations	—		—		247,479		—			247,479
Payable to customers	—		—		396,515		—			396,515
Securities sold under agreements to repurchase	—		—		398,650		—			398,650
Securities sold but not yet purchased, at fair value	—		—		366,581		—			366,581
Accrued compensation	—		—		130,109		—			130,109
Accounts payable and other liabilities	3,961		34,522		53,051		—			91,534
Income tax payable	2,440		22,189		46,895		(71,524		)	—
Senior secured notes, net of debt issuance costs of $1,199	198,801		—		—		—			198,801
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities, net of deferred tax assets of $60,919	—		29		51,049		(33,701		)	17,377
Intercompany payables	—		62,163		78,735		(140,898		)	—
Total liabilities	205,202		118,903		2,038,202		(358,681		)	2,003,626
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	504,418		614,487		461,014		(1,075,501		)	504,418
Noncontrolling interest	—		—		357		—			357
Total stockholders' equity	504,418		614,487		461,371		(1,075,501		)	504,775
Total liabilities and stockholders' equity	$	709,620	$	733,390	$	2,499,573	$	(1,434,182	)	$	2,508,401

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 SEPTEMBER 30, 2017

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	77,635		$	—		$	77,635
Advisory fees	—			—		74,655			(326		)	74,329
Investment banking	—			—		23,940			—			23,940
Interest	—			2,391		12,972			(2,411		)	12,952
Principal transactions, net	—			2		5,133			—			5,135
Other	22			89		32,207			(89		)	32,229
Total revenue	22			2,482		226,542			(2,826		)	226,220
EXPENSES
Compensation and related expenses	271			—		141,819			—			142,090
Communications and technology	33			—		17,748			—			17,781
Occupancy and equipment costs	—			—		15,377			(89		)	15,288
Clearing and exchange fees	—			—		5,622			—			5,622
Interest	3,375			—		5,536			(2,411		)	6,500
Other	412			62		26,963			(326		)	27,111
Total expenses	4,091			62		213,065			(2,826		)	214,392
Income (Loss) before income taxes	(4,069		)	2,420		13,477			—			11,828
Income taxes	(1,558		)	984		4,999			—			4,425
Net income (loss) from continuing operations	(2,511		)	1,436		8,478			—			7,403

Discontinued operations
Income from discontinued operations	—			—		769			—			769
Income taxes	—			—		308			—			308
Net income from discontinued operations	—			—		461			—			461

Equity in earnings of subsidiaries	10,300			8,864		—			(19,164		)	—
Net income	7,789			10,300		8,939			(19,164		)	7,864
Less net income attributable to noncontrolling interest, net of tax	—			—		75			—			75
Net income attributable to Oppenheimer Holdings Inc.	7,789			10,300		8,864			(19,164		)	7,789
Other comprehensive loss	—			—		(251		)	—			(251		)
Total comprehensive income	$	7,789		$	10,300	$	8,613		$	(19,164	)	$	7,538

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

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	248,204	$	—		$	248,204
Advisory fees	—			—		217,510		(989		)	216,521
Investment banking	—			—		60,347		(3,000		)	57,347
Interest	—			7,529		36,379		(7,562		)	36,346
Principal transactions, net	—			17		15,793		—			15,810
Other	22			267		81,114		(266		)	81,137
Total revenue	22			7,813		659,347		(11,817		)	655,365
EXPENSES
Compensation and related expenses	976			—		427,649		—			428,625
Communications and technology	112			—		53,774		—			53,886
Occupancy and equipment costs	—			—		45,987		(266		)	45,721
Clearing and exchange fees	—			—		17,392		—			17,392
Interest	10,365			—		15,907		(7,562		)	18,710
Other	4,661			329		86,864		(3,989		)	87,865
Total expenses	16,114			329		647,573		(11,817		)	652,199
Income (Loss) before income taxes	(16,092		)	7,484		11,774		—			3,166
Income taxes	(6,184		)	2,860		5,788		—			2,464
Net income (loss) from continuing operations	(9,908		)	4,624		5,986		—			702

Discontinued operations
Income from discontinued operations	—			—		1,834		—			1,834
Income taxes	—			—		733		—			733
Net income from discontinued operations	—			—		1,101		—			1,101

Equity in earnings of subsidiaries	11,531			6,907		—		(18,438		)	—
Net income	1,623			11,531		7,087		(18,438		)	1,803
Less net income attributable to noncontrolling interest, net of tax	—			—		180		—			180
Net income attributable to Oppenheimer Holdings Inc.	1,623			11,531		6,907		(18,438		)	1,623
Other comprehensive income	—			—		1,953		—			1,953
Total comprehensive income	$	1,623		$	11,531	$	8,860	$	(18,438	)	$	3,576

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

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	90,023		$	—		$	90,023
Advisory fees	—			—			67,889			(437		)	67,452
Investment banking	—			—			20,280			—			20,280
Interest	—			2,556			11,427			(2,692		)	11,291
Principal transactions, net	—			1			4,921			—			4,922
Other	—			81			17,836			(81		)	17,836
Total revenue	—			2,638			212,376			(3,210		)	211,804
EXPENSES
Compensation and related expenses	251			—			142,057			—			142,308
Communications and technology	30			—			17,171			—			17,201
Occupancy and equipment costs	—			—			14,990			(81		)	14,909
Clearing and exchange fees	—			—			5,886			—			5,886
Interest	3,281			—			4,098			(2,692		)	4,687
Other	310			3			28,747			(437		)	28,623
Total expenses	3,872			3			212,949			(3,210		)	213,614
Income (loss) before income taxes	(3,872		)	2,635			(573		)	—			(1,810		)
Income taxes	(2,018		)	402			865			—			(751		)
Net income (loss) from continuing operations	(1,854		)	2,233			(1,438		)	—			(1,059		)

Discontinued operations
Income from discontinued operations	—			—			888			—			888
Income taxes	—			—			475			—			475
Net income from discontinued operations	—			—			413			—			413

Equity in earnings of subsidiaries	1,142			(1,091		)	—			(51		)	—
Net income (loss)	(712		)	1,142			(1,025		)	(51		)	(646		)
Less net income attributable to noncontrolling interest, net of tax	—			—			66			—			66
Net income (loss) attributable to Oppenheimer Holdings Inc.	(712		)	1,142			(1,091		)	(51		)	(712		)
Other comprehensive income	—			—			681			—			681
Total comprehensive income (loss)	$	(712	)	$	1,142		$	(410	)	$	(51	)	$	(31	)

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

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	286,447		$	—		$	286,447
Advisory fees	—			—		200,779			(1,197		)	199,582
Investment banking	—			—		51,544			—			51,544
Interest	—			7,669		36,495			(7,824		)	36,340
Principal transactions, net	—			53		19,064			—			19,117
Other	—			240		45,803			(239		)	45,804
Total revenue	—			7,962		640,132			(9,260		)	638,834
EXPENSES
Compensation and related expenses	994			—		431,530			—			432,524
Communications and technology	92			—		52,427			—			52,519
Occupancy and equipment costs	—			—		45,035			(239		)	44,796
Clearing and exchange fees	—			—		19,006			—			19,006
Interest	9,844			—		12,506			(7,824		)	14,526
Other	1,506			8		89,542			(1,197		)	89,859
Total expenses	12,436			8		650,046			(9,260		)	653,230
Income (loss) before income taxes	(12,436		)	7,954		(9,914		)	—			(14,396		)
Income taxes	(7,004		)	2,405		(2,591		)	—			(7,190		)
Net income (loss) from continuing operations	(5,432		)	5,549		(7,323		)	—			(7,206		)

Discontinued operations
Income from discontinued operations	—			—		15,597			—			15,597
Income taxes	—			—		6,235			—			6,235
Net income from discontinued operations	—			—		9,362			—			9,362

Equity in earnings of subsidiaries	6,061			512		—			(6,573		)	—
Net income	629			6,061		2,039			(6,573		)	2,156
Less net income attributable to noncontrolling interest, net of tax	—			—		1,527			—			1,527
Net income attributable to Oppenheimer Holdings Inc.	629			6,061		512			(6,573		)	629
Other comprehensive income	—			—		900			—			900
Total comprehensive income	$	629		$	6,061	$	1,412		$	(6,573	)	$	1,529

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 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	$	(34,449	)	$	1,679	$	(1,616	)	$	—	$	(34,386	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—		(3,506		)	—		(3,506		)
Proceeds from the settlement of company-owned life insurance	—			—		1,194			—		1,194
Cash used in investing activities	—			—		(2,312		)	—		(2,312		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,394		)	—					—		(4,394		)
Cash dividends paid to noncontrolling interest	—			—		(2,448		)	—		(2,448		)
Repurchase of Class A non-voting common stock for cancellation	(7,464		)	—		—			—		(7,464		)
Payments for employee taxes withheld related to vested share-based awards	(2,232		)	—		—			—		(2,232		)
Issuance of senior secured note	200,000			—		—			—		200,000
Redemption of senior secured notes	(150,000		)	—		—			—		(150,000		)
Debt issuance costs	(1,183		)	—		—			—		(1,183		)
Increase in bank call loans, net	—			—		(15,700		)	—		(15,700		)
Cash provided by (used in) financing activities	34,727			—		(18,148		)	—		16,579
Net increase (decrease) in cash and cash equivalents	278			1,679		(22,076		)	—		(20,119		)
Cash and cash equivalents, beginning of the period	229			10,284		54,400			—		64,913
Cash and cash equivalents, end of the period	$	507		$	11,963	$	32,324		$	—	$	44,794

OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 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	$	8,985		$	27,793	$	(60,733	)	$	—	$	(23,955	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—		(4,397		)	—		(4,397		)
Proceeds from sale of assets	—			—		47,562			—		47,562
Cash provided by investing activities	—			—		43,165			—		43,165
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,417		)	—		—			—		(4,417		)
Cash dividends paid to noncontrolling interest	—			—		(5,740		)	—		(5,740		)
Repurchase of Class A non-voting common stock for cancellation	(3,832		)	—		—			—		(3,832		)
Payments for employee taxes withheld related to vested share-based awards	(1,341		)	—		—			—		(1,341		)
Increase in bank call loans, net	—			—		31,800			—		31,800
Cash provided by (used in) financing activities	(9,590		)	—		26,060			—		16,470
Net increase (decrease) in cash and cash equivalents	(605		)	27,793		8,492			—		35,680
Cash and cash equivalents, beginning of the period	907			2,586		59,871			—		63,364
Cash and cash equivalents, end of the period	$	302		$	30,379	$	68,363		$	—	$	99,044