XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.23.1

Revenue from Contracts with Clients | 6 Months Ended
--- | ---
Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Clients | Revenue from Contracts with Clients The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services in accordance with FASB ASC 606, Revenues from Contracts with Customers (Topic 606). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Revenues are recognized when control of the promised goods or services are transferred to clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e. reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. Topic 606 does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income. Revenues within the scope of Topic 606 are presented within Commission and clearing fees and Consulting, management, and account fees on the Condensed Consolidated Income Statements. Revenues that are not within the scope of Topic 606 are presented within Sales of physical commodities, Principal gains, net, and Interest income on the Condensed Consolidated Income Statements.
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues from contracts with clients as a percentage of total revenues | 5.7 | % |  | 5.9 | % |  | 6.4 | % |  | 6.2 | %
The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated.
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues from contracts with clients: |  |  |  |  |  |  |
Commission and clearing fees: |  |  |  |  |  |  |
Sales-based: |  |  |  |  |  |  |
Exchange-traded futures and options | $ | 55.3 |  |  | $ | 57.7 |  |  | $ | 104.0 |  |  | $ | 102.3 |
OTC derivative brokerage | 4.5 |  |  | 4.9 |  |  | 8.1 |  |  | 9.3 |
Equities and fixed income | 15.6 |  |  | 17.1 |  |  | 31.0 |  |  | 31.7 |
Mutual funds | 0.9 |  |  | 1.2 |  |  | 1.5 |  |  | 2.4 |
Insurance and annuity products | 2.7 |  |  | 2.4 |  |  | 4.5 |  |  | 5.2 |
Other | 1.1 |  |  | 0.9 |  |  | 2.2 |  |  | 1.7 |
Total sales-based commission | 80.1 |  |  | 84.2 |  |  | 151.3 |  |  | 152.6 |
Trailing: |  |  |  |  |  |  |
Mutual funds | 3.1 |  |  | 3.6 |  |  | 6.1 |  |  | 7.5 |
Insurance and annuity products | 3.5 |  |  | 4.2 |  |  | 7.0 |  |  | 8.6 |
Total trailing commission | 6.6 |  |  | 7.8 |  |  | 13.1 |  |  | 16.1 |
Clearing fees | 40.0 |  |  | 40.6 |  |  | 76.0 |  |  | 77.0 |
Trade conversion fees | 2.0 |  |  | 4.0 |  |  | 4.4 |  |  | 6.0 |
Other | 2.0 |  |  | 1.8 |  |  | 3.9 |  |  | 3.0 |
Total commission and clearing fees | 130.7 |  |  | 138.4 |  |  | 248.7 |  |  | 254.7 |
Consulting, management, and account fees: |  |  |  |  |  |  |
Underwriting fees | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | 0.3 |
Asset management fees | 11.1 |  |  | 11.4 |  |  | 21.8 |  |  | 22.0 |
Advisory and consulting fees | 9.0 |  |  | 7.5 |  |  | 17.7 |  |  | 15.0 |
Sweep program fees | 12.9 |  |  | 0.5 |  |  | 24.3 |  |  | 1.0
Client account fees | 3.7 |  |  | 4.3 |  |  | 7.5 |  |  | 8.0 |
Other | 3.9 |  |  | 1.6 |  |  | 8.9 |  |  | 3.2 |
Total consulting, management, and account fees | 40.7 |  |  | 25.4 |  |  | 80.5 |  |  | 49.5 |
Sales of physical commodities: |  |  |  |  |  |  |
Precious metals sales | 746.4 |  |  | 807.0 |  |  | 1,535.0 |  |  | 1,587.3 |
Total revenues from contracts with clients | $ | 917.8 |  |  | $ | 970.8 |  |  | $ | 1,864.2 |  |  | $ | 1,891.5 |
Method of revenue recognition: |  |  |  |  |  |  |
Point-in-time | $ | 878.2 |  |  | $ | 943.6 |  |  | $ | 1,787.3 |  |  | $ | 1,837.4 |
Time elapsed | 39.6 |  |  | 27.2 |  |  | 76.9 |  |  | 54.1 |
Total revenues from contracts with clients | 917.8 |  |  | 970.8 |  |  | 1,864.2 |  |  | 1,891.5 |
Other sources of revenues |  |  |  |  |  |  |
Physical precious metals trading | 13,703.1 |  |  | 14,211.3 |  |  | 24,182.1 |  |  | 26,526.6 |
Physical agricultural and energy product trading | 1,056.7 |  |  | 845.9 |  |  | 2,192.5 |  |  | 1,669.2 |
Principal gains, net | 256.6 |  |  | 323.5 |  |  | 510.8 |  |  | 574.6 |
Interest income | 226.8 |  |  | 31.2 |  |  | 423.0 |  |  | 62.2 |
Total revenues | $ | 16,161.0 |  |  | $ | 16,382.7 |  |  | $ | 29,172.6 |  |  | $ | 30,724.1 |
Total revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 1,471.1 |  |  | $ | 1,204.6 |  |  | $ | 3,034.7 |  |  | $ | 2,329.3 |
Europe | 912.0 |  |  | 933.6 |  |  | 1,827.0 |  |  | 1,818.2 |
South America | 56.5 |  |  | 23.6 |  |  | 118.7 |  |  | 41.3 |
Middle East and Asia | 13,720.0 |  |  | 14,218.5 |  |  | 24,186.3 |  |  | 26,530.7 |
Other | 1.4 |  |  | 2.4 |  |  | 5.9 |  |  | 4.6 |
Total revenues | $ | 16,161.0 |  |  | $ | 16,382.7 |  |  | $ | 29,172.6 |  |  | $ | 30,724.1 |
Operating revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 538.5 |  |  | $ | 364.5 |  |  | $ | 1,028.4 |  |  | $ | 668.6 |
Europe | 105.5 |  |  | 131.3 |  |  | 207.0 |  |  | 239.0 |
South America | 32.0 |  |  | 23.6 |  |  | 63.5 |  |  | 41.3 |
Middle East and Asia | 27.1 |  |  | 23.0 |  |  | 54.5 |  |  | 41.8 |
Other | 1.3 |  |  | 2.3 |  |  | 5.8 |  |  | 4.5 |
Total operating revenues | $ | 704.4 |  |  | $ | 544.7 |  |  | $ | 1,359.2 |  |  | $ | 995.2 |
The substantial majority of the Company’s performance obligations for revenues from contracts with clients are satisfied at a point in time and are typically collected from clients by debiting their accounts with the Company. Commission and clearing fee revenue and consulting, management, and account fees revenue are primarily related to the Commercial, Institutional and Retail reportable segments. Principal gains, net are contributed by all of the Company’s reportable segments. Interest income is primarily related to the Commercial and Institutional reportable segments. Precious metals trading and agricultural and energy product trading revenues are primarily related to the Commercial reportable segment. Precious metals sales that are recognized on a point-in-time basis are included in the Retail and the Commercial reportable segments Principal gains, net also includes dividend income on long equity positions and dividend expense on short equity positions, which are recognized on the ex-dividend date. The following table indicates the relevant income and expense:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Dividend income on long equity positions | $ | 3.2 |  |  | $ | 26.3 |  |  | $ | 17.4 |  |  | $ | 87.5 |
Dividend expense on short equity positions | 4.1 |  |  | 25.5 |  |  | 17.3 |  |  | 77.9 |
Dividend (loss)/income, net reported within Principal Gains, net | $ | (0.9) |  |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | 9.6 |
Remaining Performance Obligations Remaining performance obligations are services that the Company has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the fair value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the fair value of eligible assets in clients’ accounts.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration