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Segment Analysis (Notes) | 9 Months Ended
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Jun. 30, 2016
Segment Analysis [Abstract] |
Segment Reporting Disclosure [Text Block] | Segment Analysis The Company reports its operating segments based on services provided to customers. The Company’s business activities are managed as operating segments and organized into reportable segments as follows:
• | Commercial Hedging (includes components Financial Agricultural (Ag’s) & Energy and LME metals)
• | Global Payments
• | Securities (includes components Equity Market-Making, Debt Trading, Investment Banking, and Asset Management)
• | Physical Commodities (includes components Precious metals and Physical Ag’s & Energy)
• | Clearing and Execution Services (includes components Clearing and Execution Services and FX Prime Brokerage)
The total revenues reported combine gross revenues for the physical commodities business for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to ‘operating revenues’, which is shown on the face of the condensed consolidated income statements and which is calculated by deducting physical commodities cost of sales from total revenues. Segment data includes the profitability measure of net contribution by segment. Net contribution is one of the key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources. Net contribution is calculated as revenue less direct cost of sales, transaction-based clearing expenses, variable compensation, introducing broker commissions, and interest expense. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of an amount equal to revenues generated, and in some cases, revenues produced less transaction-based clearing charges, base salaries and an overhead allocation. Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses. Inter-segment revenues, charges, receivables and payables are eliminated upon consolidation, except revenues and costs related to foreign currency transactions undertaken on an arm’s length basis by the foreign exchange trading business for the securities business. On a recurring basis, the Company sweeps excess cash from certain operating segments to a centralized corporate treasury function in exchange for an intercompany receivable asset. The intercompany receivable asset is eliminated during consolidation, and therefore this practice may impact reported total assets between segments. Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2016 |  | 2015 |  | 2016 |  | 2015
Total revenues: |  |  |  |  |  |  |
Commercial Hedging | $ | 71.9 |  |  | $ | 62.2 |  |  | $ | 182.0 |  |  | $ | 195.3 |
Global Payments | 18.4 |  |  | 18.2 |  |  | 54.1 |  |  | 51.8 |
Securities | 41.6 |  |  | 36.5 |  |  | 136.0 |  |  | 89.8 |
Physical Commodities | 4,701.2 |  |  | 3,847.6 |  |  | 11,506.4 |  |  | 31,636.2 |
Clearing and Execution Services | 33.3 |  |  | 29.5 |  |  | 96.4 |  |  | 92.2 |
Corporate unallocated | 2.1 |  |  | 1.1 |  |  | 2.4 |  |  | (0.5 | )
Total | $ | 4,868.5 |  |  | $ | 3,995.1 |  |  | $ | 11,977.3 |  |  | $ | 32,064.8 |
Operating revenues (loss): |  |  |  |  |  |  |
Commercial Hedging | $ | 71.9 |  |  | $ | 62.2 |  |  | $ | 182.0 |  |  | $ | 195.3 |
Global Payments | 18.4 |  |  | 18.2 |  |  | 54.1 |  |  | 51.8 |
Securities | 41.6 |  |  | 36.5 |  |  | 136.0 |  |  | 89.8 |
Physical Commodities | 7.7 |  |  | 4.1 |  |  | 21.5 |  |  | 17.0 |
Clearing and Execution Services | 33.3 |  |  | 29.5 |  |  | 96.4 |  |  | 92.2 |
Corporate unallocated | 2.1 |  |  | 1.1 |  |  | 2.4 |  |  | (0.5 | )
Total | $ | 175.0 |  |  | $ | 151.6 |  |  | $ | 492.4 |  |  | $ | 445.6 |
Net operating revenues (loss): |  |  |  |  |  |  |
Commercial Hedging | $ | 57.7 |  |  | $ | 50.3 |  |  | $ | 145.6 |  |  | $ | 161.0 |
Global Payments | 16.4 |  |  | 16.3 |  |  | 48.2 |  |  | 45.9 |
Securities | 27.7 |  |  | 25.3 |  |  | 95.5 |  |  | 60.8 |
Physical Commodities | 6.2 |  |  | 3.8 |  |  | 17.7 |  |  | 15.3 |
Clearing and Execution Services | 10.0 |  |  | 9.0 |  |  | 30.8 |  |  | 27.7 |
Corporate unallocated | (0.7 | ) |  | (1.3 | ) |  | (4.9 | ) |  | (6.2 | )
Total | $ | 117.3 |  |  | $ | 103.4 |  |  | $ | 332.9 |  |  | $ | 304.5 |
Net contribution: |  |  |  |  |  |  |
(Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable bonus compensation, introducing broker commissions and interest expense) |  |  |  |
Commercial Hedging | $ | 41.4 |  |  | $ | 34.5 |  |  | $ | 103.6 |  |  | $ | 114.4 |
Global Payments | 13.2 |  |  | 13.0 |  |  | 38.6 |  |  | 36.6 |
Securities | 21.2 |  |  | 20.2 |  |  | 75.7 |  |  | 46.4 |
Physical Commodities | 3.6 |  |  | 3.2 |  |  | 12.3 |  |  | 12.1 |
Clearing and Execution Services | 8.0 |  |  | 7.0 |  |  | 24.1 |  |  | 22.0 |
Total | $ | 87.4 |  |  | $ | 77.9 |  |  | $ | 254.3 |  |  | $ | 231.5 |
Segment income: |  |  |  |  |  |  |
(Net contribution less non-variable direct segment costs) |  |  |  |  |  |  |
Commercial Hedging | $ | 25.4 |  |  | $ | 18.7 |  |  | $ | 54.2 |  |  | $ | 65.3 |
Global Payments | 9.9 |  |  | 10.2 |  |  | 29.2 |  |  | 28.3 |
Securities | 14.4 |  |  | 12.8 |  |  | 54.5 |  |  | 26.7 |
Physical Commodities | 1.3 |  |  | 0.9 |  |  | 4.2 |  |  | 5.8 |
Clearing and Execution Services | 3.4 |  |  | 2.8 |  |  | 10.4 |  |  | 9.3 |
Total | $ | 54.4 |  |  | $ | 45.4 |  |  | $ | 152.5 |  |  | $ | 135.4 |
Reconciliation of segment income to income before tax: |  |  |  |
Segment income | $ | 54.4 |  |  | $ | 45.4 |  |  | $ | 152.5 |  |  | $ | 135.4 |
Net costs not allocated to operating segments | 33.0 |  |  | 28.2 |  |  | 99.0 |  |  | 86.5 |
Income before tax | $ | 21.4 |  |  | $ | 17.2 |  |  | $ | 53.5 |  |  | $ | 48.9 |
(in millions) |  |  |  |  | As of June 30, 2016 |  | As of September 30, 2015
Total assets: |  |  |  |  |  |  |
Commercial Hedging |  |  |  |  | $ | 1,685.3 |  |  | $ | 1,548.1 |
Global Payments |  |  |  |  | 210.1 |  |  | 207.3 |
Securities |  |  |  |  | 2,452.3 |  |  | 1,861.0 |
Physical Commodities |  |  |  |  | 270.8 |  |  | 190.9 |
Clearing and Execution Services |  |  |  |  | 1,266.4 |  |  | 1,163.8 |
Corporate unallocated |  |  |  |  | 181.0 |  |  | 98.9 |
Total |  |  |  |  | $ | 6,065.9 |  |  | $ | 5,070.0 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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