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Acquisitions (Tables) | 12 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Aggregate Merger Consideration | The aggregate merger consideration was (in millions):
Aggregate cash consideration | $ | 215.0 |
Accrual for merger cash consideration | 21.6 |
Total merger consideration | $ | 236.6 |
Schedule of Preliminary Purchase Price Allocation as of the Acquisition | The following table summarizes the purchase price allocation as of the Gain acquisition date (in millions):
| Purchase Price Allocation
Cash and cash equivalents | $ | 507.2 |
Cash, securities and other assets segregated under federal and other regulations | 497.4
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties (1) | 249.7
Receivables from clients, net (2) | 2.0
Income taxes receivable | 0.4
Deferred income taxes, net | 23.0
Property and equipment, net | 6.1
Right of use assets, net | 15.0
Other assets | 17.9
Total fair value of tangible assets acquired | 1,318.7
Accounts payable and other accrued liabilities | 49.4
Operating lease liabilities | 15.0
Payable to clients | 863.4
Payable to broker-dealers, clearing organizations, and counterparties | 0.5
Income taxes payable | 12.4
Convertible senior notes (3) | 92.0
Total fair value of tangible liabilities assumed | 1,032.7
Fair value of tangible net assets acquired (4) | 286.0
Identifiable intangible assets acquired |
Trademarks/domain names(5) | 3.7
Software programs/platforms(5) | 22.2
Customer base(5) | 9.8
Total fair value of intangible assets acquired | 35.7
Fair value of identifiable net assets acquired | 321.7
Total merger consideration | 236.6
Bargain purchase gain | $ | 85.1 |
(1) Amount represented the contractual amount of deposits with and receivables from broker-dealers, clearing organizations, and counterparties considered collectible as of the Gain acquisition date. (2) Amount represented the contractual amount of receivables due from clients for trading activity considered collectible as of the Gain acquisition date. (3) As $91.5 million of the $92.0 million in aggregate principal of the Gain Notes were redeemed on September 1, 2020, the Company believed that the face value of the Gain Notes approximated their fair value as of the Gain acquisition date due to the fundamental change right provided for in the Gain Notes indenture. Refer to Note 11 for further discussion of the Gain Notes redemption. (4) With the exception of deferred income taxes and the convertible senior notes, the Company believes that the fair value of the tangible assets acquired and tangible liabilities assumed approximated their carrying values as of the Gain acquisition date due either to their short-term nature, the Company’s ability to initiate the withdrawal and settlement of client related trading balances, or the fact that the balances are recorded at fair value on a recurring basis. (5) The trademark/domain names, software programs/platforms, and client base intangible assets were assigned useful lives of 5 years, 3 years, and 4 years, respectively.
Schedule of Business Acquisition Pro Forma Financial Information | The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the Gain merger as if it were consummated on October 1, 2019.
| Year Ended September 30, 2020 |
Total revenues | $ | 54,414.1 |  |
Net income | $ | 138.5 |  |
Basic earnings per share | $ | 7.17 |  |
Diluted earnings per share | $ | 7.02 |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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