Supplemental Guarantor Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2013


(Expressed in thousands)	Parent		Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	232	$	32,441		$	72,684		$	—		$	105,357
Cash and securities segregated for regulatory and other purposes		—		—			36,569			—			36,569
Deposits with clearing organizations		—		—			25,054			—			25,054
Receivable from brokers and clearing organizations		—		—			395,507			—			395,507
Receivable from customers, net of allowance for credit losses of $2,434		—		—			873,433			—			873,433
Income tax receivable		18,315		26,657			(816	)		(38,004	)		6,152
Securities owned, including amounts pledged of $805,399, at fair value		—		2,137			1,080,332			—			1,082,469
Subordinated loan receivable		—		112,558			—			(112,558	)		—
Notes receivable, net		—		—			43,113			—			43,113
Office facilities, net		—		21,504			12,036			—			33,540
Deferred tax assets, net		470		309			36,412			(34,713	)		2,478
Intangible assets, net		—		—			31,700			—			31,700
Goodwill		—		—			137,889			—			137,889
Other		3,010		26,833			193,544			—			223,387
Investment in subsidiaries		529,585		892,592			(185,179	)		(1,236,998	)		—
Intercompany receivables		164,214		(73,818	)		(24,522	)		(65,874	)		—

	$	715,826	$	1,041,213		$	2,727,756		$	(1,488,147	)	$	2,996,648

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—		$	36,165		$	—		$	36,165
Bank call loans		—		—			94,800			—			94,800
Payable to brokers and clearing organizations		—		—			265,943			—			265,943
Payable to customers		—		—			690,911			—			690,911
Securities sold under agreements to repurchase		—		—			630,853			—			630,853
Securities sold, but not yet purchased, at fair value		—		—			243,065			—			243,065
Accrued compensation		—		—			133,197			—			133,197
Accounts payable and other liabilities		8,093		57,926			125,512			(90	)		191,441
Income tax payable		2,440		22,189			13,376			(38,005	)		—
Senior secured notes		195,000		—			—			—			195,000
Subordinated indebtedness		—		—			112,558			(112,558	)		—
Deferred tax liabilities, net		—		—			34,713			(34,713	)		—
Intercompany payables		—		65,875			—			(65,875	)		—

		205,533		145,990			2,381,093			(251,241	)		2,481,375
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.		510,293		895,223			341,683			(1,236,906	)		510,293
Noncontrolling interest		—		—			4,980			—			4,980

		510,293		895,223			346,663			(1,236,906	)		515,273

	$	715,826	$	1,041,213		$	2,727,756		$	(1,488,147	)	$	2,996,648

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2012


(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	35		$	40,658		$	94,673		$	—		$	135,366
Cash and securities segregated for regulatory and other purposes		—			—			33,000			—			33,000
Deposits with clearing organizations		—			—			25,954			—			25,954
Receivable from brokers and clearing organizations		—			—			479,699			—			479,699
Receivable from customers, net of allowance for credit losses of $2,256		—			—			817,941			—			817,941
Income tax receivable		13,207			30,568			(450	)		(42,874	)		451
Securities owned, including amounts pledged of $569,995, at fair value		—			2,459			757,283			—			759,742
Subordinated loan receivable		—			112,558			—			(112,558	)		—
Notes receivable, net		—			—			47,324			—			47,324
Office facilities, net		—			15,547			12,785			—			28,332
Deferred tax assets, net		(143	)		309			52,350			(36,176	)		16,340
Intangible assets, net		—			—			31,700			—			31,700
Goodwill		—			—			137,889			—			137,889
Other		3,418			1,437			159,427			—			164,282
Investment in subsidiaries		506,679			880,609			(195,045	)		(1,192,243	)		—
Intercompany receivables		178,743			(114,449	)		(27,686	)		(36,608	)		—

	$	701,939		$	969,696		$	2,426,844		$	(1,420,459	)	$	2,678,020

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—		$	—		$	56,586		$	—		$	56,586
Bank call loans		—			—			128,300			—			128,300
Payable to brokers and clearing organizations		—			—			204,218			—			204,218
Payable to customers		—			—			692,378			—			692,378
Securities sold under agreements to repurchase		—			—			392,391			—			392,391
Securities sold, but not yet purchased, at fair value		—			—			173,450			—			173,450
Accrued compensation		—			—			150,434			—			150,434
Accounts payable and other liabilities		3,759			43,350			133,646			(493	)		180,262
Income tax payable		2,440			22,189			18,687			(43,316	)		—
Senior secured notes		195,000			—			—			—			195,000
Subordinated indebtedness		—			—			112,558			(112,558	)		—
Deferred tax liabilities, net		—			(943	)		36,677			(35,734	)		—
Intercompany payables		—			36,605			—			(36,605	)		—

		201,199			101,201			2,099,325			(228,706	)		2,173,019
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.		500,740			868,495			323,258			(1,191,753	)		500,740
Noncontrolling interest		—			—			4,261			—			4,261

		500,740			868,495			327,519			(1,191,753	)		505,001

	$	701,939		$	969,696		$	2,426,844		$	(1,420,459	)	$	2,678,020

Condensed Consolidating Statement of Operations

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013


(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	120,252	$	—		$	120,252
Principal transactions, net		—			26		10,321		—			10,347
Interest		—			2,777		14,805		(3,143	)		14,439
Investment banking		—			—		21,362		—			21,362
Advisory fees		—			—		60,650		(533	)		60,117
Other		—			42		16,859		(42	)		16,859

		—			2,845		244,249		(3,718	)		243,376

EXPENSES
Compensation and related expenses		207			—		160,874		—			161,081
Clearing and exchange fees		—			—		6,099		—			6,099
Communications and technology		23			—		16,976		—			16,999
Occupancy and equipment costs		—			—		16,447		(42	)		16,405
Interest		4,375			—		4,932		(3,143	)		6,164
Other		285			4		28,709		(533	)		28,465

		4,890			4		234,037		(3,718	)		235,213

Income (loss) before income taxes		(4,890	)		2,841		10,212		—			8,163
Income tax provision (benefit)		(1,792	)		1,808		2,639		—			2,655

Net income (loss) for the period		(3,098	)		1,033		7,573		—			5,508
Less net income attributable to non-controlling interest, net of tax		—			—		271		—			271
Equity in subsidiaries		8,335			—		—		(8,335	)		—

Net income attributable to Oppenheimer Holdings Inc.	$	5,237		$	1,033	$	7,302	$	(8,335	)	$	5,237

Comprehensive income	$	—		$	—	$	656	$	—		$	656

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013


(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	364,272	$	—		$	364,272
Principal transactions, net		—			38		33,558		—			33,596
Interest		5			8,370		40,119		(8,578	)		39,916
Investment banking		—			—		62,377		—			62,377
Advisory fees		—			—		179,137		(1,720	)		177,417
Other		—			126		48,774		(126	)		48,774

		5			8,534		728,237		(10,424	)		726,352

EXPENSES
Compensation and related expenses		902			—		479,394		—			480,296
Clearing and exchange fees		—			—		18,434		—			18,434
Communications and technology		81			—		48,800		—			48,881
Occupancy and equipment costs		—			—		51,237		(126	)		51,111
Interest		13,125			—		15,622		(8,578	)		20,169
Other		1,045			23		87,563		(1,720	)		86,911

		15,153			23		701,050		(10,424	)		705,802

Income (loss) before income taxes		(15,148	)		8,511		27,187		—			20,550
Income tax provision (benefit)		(5,723	)		3,702		10,104		—			8,083

Net income (loss) for the period		(9,425	)		4,809		17,083		—			12,467
Less net income attributable to non-controlling interest, net of tax		—			—		719		—			719
Equity in subsidiaries		21,173			—		—		(21,173	)		—

Net income attributable to Oppenheimer Holdings Inc.	$	11,748		$	4,809	$	16,364	$	(21,173	)	$	11,748

Comprehensive income (loss)	$	(3	)	$	—	$	1,159	$	—		$	1,156

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012


(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	113,424	$	—		$	113,424
Principal transactions, net		—			438			13,934		—			14,372
Interest		—			3,049			14,554		(2,780	)		14,823
Investment banking		—			—			21,589		—			21,589
Advisory fees		—			—			53,645		(630	)		53,015
Other		—			42			14,617		(44	)		14,615

		—			3,529			231,763		(3,454	)		231,838

EXPENSES
Compensation and related expenses		123			—			151,846		—			151,969
Clearing and exchange fees		—			—			6,026		—			6,026
Communications and technology		13			—			15,867		—			15,880
Occupancy and equipment costs		—			—			17,568		(42	)		17,526
Interest		4,375			(20	)		7,268		(2,781	)		8,842
Other		367			18			26,583		(631	)		26,337

		4,878			(2	)		225,158		(3,454	)		226,580

Income (loss) before income taxes		(4,878	)		3,531			6,605		—			5,258
Income tax provision (benefit)		(1,720	)		1,277			2,677		—			2,234

Net income (loss) for the period		(3,158	)		2,254			3,928		—			3,024
Less net income attributable to non-controlling interest, net of tax		—			—			702		—			702
Equity in subsidiaries		5,480			—			—		(5,480	)		—

Net income attributable to Oppenheimer Holdings Inc.	$	2,322		$	2,254		$	3,226	$	(5,480	)	$	2,322

Comprehensive income	$	—		$	—		$	180	$	—		$	180

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012


(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	351,487		$	—		$	351,487
Principal transactions, net		—			728		39,659			—			40,387
Interest		—			9,203		42,370			(9,111	)		42,462
Investment banking		—			—		66,647			—			66,647
Advisory fees		—			—		158,683			(1,887	)		156,796
Other		—			126		45,420			(128	)		45,418

		—			10,057		704,266			(11,126	)		703,197

EXPENSES
Compensation and related expenses		335			—		461,181			—			461,516
Clearing and exchange fees		—			—		18,046			—			18,046
Communications and technology		57			—		47,289			—			47,346
Occupancy and equipment costs		—			—		59,405			(126	)		59,279
Interest		13,125			—		21,851			(9,112	)		25,864
Other		1,139			55		85,232			(1,888	)		84,538

		14,656			55		693,004			(11,126	)		696,589

Income (loss) before income taxes		(14,656	)		10,002		11,262			—			6,608
Income tax provision (benefit)		(5,630	)		5,563		4,159			—			4,092

Net income (loss) for the period		(9,026	)		4,439		7,103			—			2,516
Less net income attributable to non-controlling interest, net of tax		—			—		2,429			—			2,429
Equity in subsidiaries		9,113			—		—			(9,113	)		—

Net income attributable to Oppenheimer Holdings Inc.	$	87		$	4,439	$	4,674		$	(9,113	)	$	87

Comprehensive income (loss)	$	1		$	—	$	(475	)	$	—		$	(474	)

Condensed Consolidating Statement of Cash Flows

OPPNEHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013


(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(9,425	)	$	4,809		$	17,083		$	—	$	12,467
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		—			—			7,434			—		7,434
Deferred income tax		—			—			13,862			—		13,862
Amortization of notes receivable		—			—			14,086			—		14,086
Amortization of debt issuance costs		479			—			—			—		479
Provision for credit losses		—			—			178			—		178
Share-based compensation expense		—			—			3,966			—		3,966
Changes in operating assets and liabilities		15,958			(13,026	)		(32,456	)		—		(29,524	)

Cash provided by (used in) continuing operations		7,012			(8,217	)		24,153			—		22,948

Cash flows from Investment activities
Purchase of office facilities		—			—			(12,642	)		—		(12,642	)

Cash used in investing activities		—			—			(12,642	)		—		(12,642	)

Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(4,494	)		—			—			—		(4,494	)
Issuance of Class A non-voting common stock		85			—			—			—		85
Repurchase of Class A non-voting common stock		(2,314	)		—			—			—		(2,314	)
Tax deficiency from share-based awards		(92	)		—			—			—		(92	)
Other financing activities		—			—			(33,500	)		—		(33,500	)

Cash flow used in financing activities		(6,815	)		—			(33,500	)		—		(40,315	)

Net increase (decrease) in cash and cash equivalents		197			(8,217	)		(21,989	)		—		(30,009	)
Cash and cash equivalents, beginning of the period		35			40,658			94,673			—		135,366

Cash and cash equivalents, end of the period	$	232		$	32,441		$	72,684		$	—	$	105,357

OPPNEHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012


(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(9,026	)	$	4,439	$	7,103		$	—	$	2,516
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		—			—		8,019			—		8,019
Deferred income tax		—			—		(8,317	)		—		(8,317	)
Amortization of notes receivable		—			—		14,679			—		14,679
Amortization of debt issuance costs		479			—		—			—		479
Amortization of intangible assets		—			—		3,244			—		3,244
Provision for credit losses		—			—		(308	)		—		(308	)
Share-based compensation expense		—			—		3,030			—		3,030
Changes in operating assets and liabilities		12,991			6,119		(67,915	)		—		(48,805	)

Cash provided by (used in) continuing operations		4,444			10,558		(40,465	)		—		(25,463	)

Cash flows from Investment activities
Purchase of office facilities		—			—		(12,390)			—		(12,390)
Cash used in investing activities		—			—		(12,390	)		—		(12,390	)

Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(4,489	)		—		—			—		(4,489	)
Repurchase of Class A non-voting common stock		(1,766	)		—		—			—		(1,766	)
Tax benefit from share-based compensation		(137	)		—		—			—		(137	)
Other financing activities		—			—		67,100			—		67,100

Cash flow provided by (used in) financing activities		(6,392	)		—		67,100			—		60,708

Net increase (decrease) in cash and cash equivalents		(1,948	)		10,558		14,245			—		22,855
Cash and cash equivalents, beginning of the period		2,555			11,882		55,892			—		70,329

Cash and cash equivalents, end of the period	$	607		$	22,440	$	70,137		$	—	$	93,184