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Supplemental Guarantor Consolidated Financial Statements (Tables)
12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2017
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7,442

 
$
3,716

 
$
36,996

 
$

 
$
48,154

Deposits with clearing organizations

 

 
42,222

 

 
42,222

Receivable from brokers, dealers and clearing organizations

 

 
187,115

 

 
187,115

Receivable from customers, net of allowance for credit losses of $769

 

 
848,226

 

 
848,226

Income tax receivable
45,998

 
26,025

 

 
(69,084
)
 
2,939

Securities purchased under agreements to resell

 

 
658

 

 
658

Securities owned, including amounts pledged of $655,683, at fair value

 
1,386

 
925,211

 

 
926,597

Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,705 and $7,975, respectively

 

 
40,520

 

 
40,520

Furniture, equipment and leasehold improvements, net of accumulated depreciation of $82,826

 
20,221

 
6,966

 

 
27,187

Subordinated loan receivable

 
112,558

 

 
(112,558
)
 

Intangible assets

 

 
31,700

 

 
31,700

Goodwill

 

 
137,889

 

 
137,889

Other assets
133

 
2,573

 
142,604

 

 
145,310

Deferred tax assets
3,502

 

 
18,463

 
(21,965
)
 

Investment in subsidiaries
622,824

 
507,747

 

 
(1,130,571
)
 

Intercompany receivables
52,149

 
83,437

 

 
(135,586
)
 

Total assets
$
732,048

 
$
757,663

 
$
2,418,570

 
$
(1,469,764
)
 
$
2,438,517

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Drafts payable
$

 
$

 
$
42,412

 
$

 
$
42,412

Bank call loans

 

 
118,300

 

 
118,300

Payable to brokers, dealers and clearing organizations

 

 
211,483

 

 
211,483

Payable to customers

 

 
385,907

 

 
385,907

Securities sold under agreements to repurchase

 

 
586,478

 

 
586,478

Securities sold but not yet purchased, at fair value

 

 
94,486

 

 
94,486

Accrued compensation

 

 
173,116

 

 
173,116

Accounts payable and other liabilities
7,221

 
33,994

 
51,280

 

 
92,495

Income tax payable
2,440

 
22,189

 
44,455

 
(69,084
)
 

Senior secured notes, net of debt issuance cost of $1,163
198,837

 

 

 

 
198,837

Subordinated indebtedness

 

 
112,558

 
(112,558
)
 

Deferred tax liabilities

 
17

 
33,040

 
(21,965
)
 
11,092

Intercompany payables

 
62,163

 
73,423

 
(135,586
)
 

Total liabilities
208,498

 
118,363

 
1,926,938

 
(339,193
)
 
1,914,606

Stockholders' equity
 
 
 
 
 
 
 
 
 
Stockholders' equity attributable to Oppenheimer Holdings Inc.
523,550

 
639,300

 
491,271

 
(1,130,571
)
 
523,550

Noncontrolling interest

 

 
361

 

 
361

Total stockholders' equity
523,550

 
639,300

 
491,632

 
(1,130,571
)
 
523,911

Total liabilities and stockholders' equity
$
732,048

 
$
757,663

 
$
2,418,570

 
$
(1,469,764
)
 
$
2,438,517

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

 

 
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

 
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 YEAR ENDED DECEMBER 31, 2017
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
REVENUES
 
 
 
 
 
 
 
 
 
Commissions
$

 
$

 
$
336,620

 
$

 
$
336,620

Advisory fees

 
1,752

 
323,114

 
(4,120
)
 
320,746

Investment banking

 

 
81,215

 
(3,000
)
 
78,215

Interest

 
9,589

 
48,548

 
(9,639
)
 
48,498

Principal transactions, net

 
17

 
23,256

 

 
23,273

Other
22

 
361

 
112,962

 
(359
)
 
112,986

Total revenue
22

 
11,719

 
925,715

 
(17,118
)
 
920,338

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,237

 

 
600,901

 

 
602,138

Communications and technology
160

 

 
71,818

 

 
71,978

Occupancy and equipment costs

 

 
61,523

 
(359
)
 
61,164

Clearing and exchange fees

 

 
23,545

 

 
23,545

Interest
13,740

 

 
24,253

 
(9,639
)
 
28,354

Other
4,969

 
1,382

 
114,192

 
(7,120
)
 
113,423

Total expenses
20,106

 
1,382

 
896,232

 
(17,118
)
 
900,602

Income (loss) before income taxes
(20,084
)
 
10,337

 
29,483

 

 
19,736

Income taxes
(7,110
)
 
(12,655
)
 
17,631

 

 
(2,134
)
Net income (loss) from continuing operations
(12,974
)
 
22,992

 
11,852

 

 
21,870

 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
Income from discontinued operations

 

 
2,071

 

 
2,071

Income taxes

 

 
941

 

 
941

Net income from discontinued operations

 

 
1,130

 

 
1,130

 
 
 
 
 
 
 
 
 
 
Equity in earnings of subsidiaries
35,790

 
12,798

 

 
(48,588
)
 

Net income
22,816

 
35,790

 
12,982

 
(48,588
)
 
23,000

Less net income attributable to noncontrolling interest, net of tax

 

 
184

 

 
184

Net income attributable to Oppenheimer Holdings Inc.
22,816

 
35,790

 
12,798

 
(48,588
)
 
22,816

Other comprehensive income

 

 
2,263

 

 
2,263

Total comprehensive income
$
22,816

 
$
35,790

 
$
15,061

 
$
(48,588
)
 
$
25,079

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2016
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
REVENUES
 
 
 
 
 
 
 
 
 
Commissions
$

 
$

 
$
377,317

 
$

 
$
377,317

Advisory fees

 
1,571

 
271,763

 
(4,215
)
 
269,119

Investment banking

 

 
81,011

 

 
81,011

Interest

 
10,242

 
47,804

 
(10,397
)
 
47,649

Principal transactions, net

 
16

 
20,465

 

 
20,481

Other

 
326

 
62,201

 
(325
)
 
62,202

Total revenue

 
12,155

 
860,561

 
(14,937
)
 
857,779

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,241

 

 
583,469

 

 
584,710

Communications and technology
124

 

 
70,266

 

 
70,390

Occupancy and equipment costs

 

 
61,116

 
(325
)
 
60,791

Clearing and exchange fees

 

 
25,126

 

 
25,126

Interest
13,125

 

 
16,709

 
(10,397
)
 
19,437

Other
1,887

 
1,284

 
120,261

 
(4,215
)
 
119,217

Total expenses
16,377

 
1,284

 
876,947

 
(14,937
)
 
879,671

Income (loss) before income taxes
(16,377
)
 
10,871

 
(16,386
)
 

 
(21,892
)
Income taxes
(8,296
)
 
3,325

 
(7,291
)
 

 
(12,262
)
Net income (loss) from continuing operations
(8,081
)
 
7,546

 
(9,095
)
 

 
(9,630
)
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
Income from discontinued operations

 

 
17,339

 

 
17,339

Income taxes

 

 
7,218

 

 
7,218

Net income from discontinued operations

 

 
10,121

 

 
10,121

 
 
 
 
 
 
 
 
 
 
Equity in earnings of subsidiaries
6,920

 
(626
)
 

 
(6,294
)
 

Net income (loss)
(1,161
)
 
6,920

 
1,026

 
(6,294
)
 
491

Less net income attributable to noncontrolling interest, net of tax

 

 
1,652

 

 
1,652

Net income (loss) attributable to Oppenheimer Holdings Inc.
(1,161
)
 
6,920

 
(626
)
 
(6,294
)
 
(1,161
)
Other comprehensive income

 

 
220

 

 
220

Total comprehensive income (loss)
$
(1,161
)
 
$
6,920

 
$
(406
)
 
$
(6,294
)
 
$
(941
)

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

 
49,056

 
(10,261
)
 
49,032

Principal transactions, net

 

 
15,244

 
(64
)
 
15,180

Other

 
370

 
33,173

 
(300
)
 
33,243

Total revenue

 
11,903

 
900,205

 
(14,307
)
 
897,801

EXPENSES
 
 
 
 
 
 
 
 
 
Compensation and related expenses
1,185

 

 
609,635

 

 
610,820

Communications and technology
142

 

 
66,407

 

 
66,549

Occupancy and equipment costs

 

 
63,142

 
(300
)
 
62,842

Clearing and exchange fees

 

 
26,022

 

 
26,022

Interest
13,125

 

 
13,465

 
(10,261
)
 
16,329

Other
1,663

 
892

 
118,858

 
(3,746
)
 
117,667

Total expenses
16,115

 
892

 
897,529

 
(14,307
)
 
900,229

Income (loss) before income taxes
(16,115
)
 
11,011

 
2,676

 

 
(2,428
)
Income taxes
(6,030
)
 
5,553

 
883

 

 
406

Net income (loss) from continuing operations
(10,085
)
 
5,458

 
1,793

 

 
(2,834
)
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
Income from discontinued operations

 

 
9,139

 

 
9,139

Income taxes

 

 
3,407

 

 
3,407

Net income from discontinued operations

 

 
5,732

 

 
5,732

 
 
 
 
 
 
 
 
 
 
Equity in earnings of subsidiaries
12,047

 
6,589

 

 
(18,636
)
 

Net income
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

Condensed Consolidating Statement of Cash Flows
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2017
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
(25,979
)
 
$
(6,568
)
 
$
16,411

 
$

 
$
(16,136
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of furniture, equipment and leasehold improvements

 

 
(5,611
)
 

 
(5,611
)
Proceeds from the settlement of Company-owned life insurance

 

 
1,744

 

 
1,744

Cash used in investing activities

 

 
(3,867
)
 

 
(3,867
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Cash dividends paid on Class A non-voting and Class B voting common stock
(5,836
)
 

 

 

 
(5,836
)
Cash dividends paid to noncontrolling interest

 

 
(2,448
)
 

 
(2,448
)
Issuance of Class A non-voting common stock
26

 

 

 

 
26

Repurchase of Class A non-voting common stock for cancellation
(7,464
)
 

 

 

 
(7,464
)
Payments of employee taxes withheld related to vested share-based awards
(2,237
)
 

 

 

 
(2,237
)
Issuance of senior secured notes
200,000

 

 

 

 
200,000

Redemption of senior secured notes
(150,000
)
 

 

 

 
(150,000
)
Debt issuance costs
(1,297
)
 

 

 

 
(1,297
)
Decrease in bank call loans, net

 

 
(27,500
)
 

 
(27,500
)
Cash provided by (used in) in financing activities
33,192

 

 
(29,948
)
 

 
3,244

Net increase (decrease) in cash and cash equivalents
7,213

 
(6,568
)
 
(17,404
)
 

 
(16,759
)
Cash and cash equivalents, beginning of the year
229

 
10,284

 
54,400

 

 
64,913

Cash and cash equivalents, end of the year
$
7,442

 
$
3,716

 
$
36,996

 
$

 
$
48,154

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2016
(Expressed in thousands)
Parent
 
Guarantor
subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
10,485

 
$
7,698

 
$
(85,048
)
 
$

 
$
(66,865
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 

Purchase of furniture, equipment and leasehold improvements

 

 
(5,731
)
 

 
(5,731
)
Proceeds from sale of assets

 

 
45,448

 

 
45,448

Cash provided by investing activities

 

 
39,717

 

 
39,717

Cash flows from financing activities:

 

 

 

 

Cash dividends paid on Class A non-voting and Class B voting common stock
(5,887
)
 

 

 

 
(5,887
)
Cash dividends paid to noncontrolling interest

 

 
(5,740
)
 

 
(5,740
)
Repurchase of Class A non-voting common stock for cancellation
(3,935
)
 

 

 

 
(3,935
)
Payments of employee taxes withheld related to vested share-based awards
(1,341
)
 

 

 

 
(1,341
)
Increase in bank call loans, net

 

 
45,600

 

 
45,600

Cash provided by (used in) financing activities
(11,163
)
 

 
39,860

 

 
28,697

Net increase (decrease) in cash and cash equivalents
(678
)
 
7,698

 
(5,471
)
 

 
1,549

Cash and cash equivalents, beginning of the year
907

 
2,586

 
59,871

 

 
63,364

Cash and cash equivalents, end of the year
$
229

 
$
10,284

 
$
54,400

 
$

 
$
64,913

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
$
16,409

 
$
1,029

 
$
(36,851
)
 
$

 
$
(19,413
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 

Purchase of furniture, equipment and leasehold improvements

 

 
(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
)
Payments of employee taxes withheld related to vested share-based awards
(1,683
)
 

 

 

 
(1,683
)
Redemption of senior secured notes

 

 

 

 

Decrease in bank call loans, net

 

 
40,800

 

 
40,800

Cash provided by (used in) financing activities
(15,941
)
 

 
40,800

 

 
24,859

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