XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Condensed Consolidating Financial Information | 3 Months Ended
--- | ---
Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed consolidating financial information The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The indenture for the Notes contains covenants with restrictions which are discussed in Note 9. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this Note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture.
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2016
(Expressed in thousands) | Parent |  | Guarantor subsidiaries |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 196 |  |  | $ | 119 |  |  | $ | 62,164 |  |  | $ | — |  |  | $ | 62,479 |
Deposits with clearing organizations | — |  |  | — |  |  | 56,567 |  |  | — |  |  | 56,567 |
Receivable from brokers, dealers and clearing organizations | — |  |  | — |  |  | 263,363 |  |  | — |  |  | 263,363 |
Receivable from customers, net of allowance for credit losses of $2,573 | — |  |  | — |  |  | 791,631 |  |  | — |  |  | 791,631 |
Income tax receivable | 34,696 |  |  | 27,742 |  |  | — |  |  | (45,177 | ) |  | 17,261 |
Securities owned, including amounts pledged of $705,835, at fair value | — |  |  | 1,213 |  |  | 1,035,569 |  |  | — |  |  | 1,036,782 |
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $58,350 and $8,722, respectively | — |  |  | — |  |  | 32,869 |  |  | — |  |  | 32,869 |
Office facilities, net of accumulated depreciation of $106,206 | — |  |  | 21,477 |  |  | 7,041 |  |  | — |  |  | 28,518 |
Loans held for sale, at fair value | — |  |  | — |  |  | 13,532 |  |  | — |  |  | 13,532 |
Mortgage servicing rights | — |  |  | — |  |  | 28,024 |  |  | — |  |  | 28,024 |
Subordinated loan receivable | — |  |  | 112,558 |  |  | — |  |  | (112,558 | ) |  | — |
Intangible assets | — |  |  | — |  |  | 31,700 |  |  | — |  |  | 31,700 |
Goodwill | — |  |  | — |  |  | 137,889 |  |  | — |  |  | 137,889 |
Other assets | 138 |  |  | 2,739 |  |  | 117,372 |  |  | — |  |  | 120,249 |
Deferred tax assets | 1,135 |  |  | 317 |  |  | 27,550 |  |  | (29,002 | ) |  | — |
Investment in subsidiaries | 577,002 |  |  | 528,357 |  |  | — |  |  | (1,105,359 | ) |  | — |
Intercompany receivables | 53,871 |  |  | 18,409 |  |  | — |  |  | (72,280 | ) |  | — |
Total assets | $ | 667,038 |  |  | $ | 712,931 |  |  | $ | 2,605,271 |  |  | $ | (1,364,376 | ) |  | $ | 2,620,864 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Drafts payable | $ | — |  |  | $ | — |  |  | $ | 37,663 |  |  | $ | — |  |  | $ | 37,663 |
Bank call loans | — |  |  | — |  |  | 148,300 |  |  | — |  |  | 148,300 |
Payable to brokers, dealers and clearing organizations | — |  |  | — |  |  | 207,879 |  |  | — |  |  | 207,879 |
Payable to customers | — |  |  | — |  |  | 521,557 |  |  | — |  |  | 521,557 |
Securities sold under agreements to repurchase | — |  |  | — |  |  | 529,752 |  |  | — |  |  | 529,752 |
Securities sold, but not yet purchased, at fair value | — |  |  | — |  |  | 270,952 |  |  | — |  |  | 270,952 |
Accrued compensation | — |  |  | — |  |  | 93,835 |  |  | — |  |  | 93,835 |
Accounts payable and other liabilities | 6,225 |  |  | 35,488 |  |  | 84,470 |  |  | — |  |  | 126,183 |
Income tax payable | 2,440 |  |  | 22,189 |  |  | 20,548 |  |  | (45,177 | ) |  | — |
Senior secured notes, net of debt issuance costs of $1,011 | 148,989 |  |  | — |  |  | — |  |  | — |  |  | 148,989 |
Subordinated indebtedness | — |  |  | — |  |  | 112,558 |  |  | (112,558 | ) |  | — |
Deferred tax liabilities | — |  |  | — |  |  | 48,410 |  |  | (29,002 | ) |  | 19,408 |
Intercompany payables | — |  |  | 62,204 |  |  | 10,076 |  |  | (72,280 | ) |  | — |
Total liabilities | 157,654 |  |  | 119,881 |  |  | 2,086,000 |  |  | (259,017 | ) |  | 2,104,518 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. | 509,384 |  |  | 593,050 |  |  | 512,309 |  |  | (1,105,359 | ) |  | 509,384 |
Noncontrolling interest | — |  |  | — |  |  | 6,962 |  |  | — |  |  | 6,962 |
Total stockholders’ equity | 509,384 |  |  | 593,050 |  |  | 519,271 |  |  | (1,105,359 | ) |  | 516,346 |
Total liabilities and stockholders’ equity | $ | 667,038 |  |  | $ | 712,931 |  |  | $ | 2,605,271 |  |  | $ | (1,364,376 | ) |  | $ | 2,620,864 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015
(Expressed in thousands) | Parent |  | Guarantor subsidiaries |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 907 |  |  | $ | 2,586 |  |  | $ | 59,871 |  |  | $ | — |  |  | $ | 63,364 |
Deposits with clearing organizations | — |  |  | — |  |  | 49,490 |  |  | — |  |  | 49,490 |
Receivable from brokers, dealers and clearing organizations | — |  |  | — |  |  | 360,913 |  |  | — |  |  | 360,913 |
Receivable from customers, net of allowance for credit losses of $2,545 | — |  |  | — |  |  | 840,355 |  |  | — |  |  | 840,355 |
Income tax receivable | 33,801 |  |  | 27,536 |  |  | — |  |  | (50,400 | ) |  | 10,937 |
Securities purchased under agreements to resell | — |  |  | — |  |  | 206,499 |  |  | — |  |  | 206,499 |
Securities owned, including amounts pledged of $546,334, at fair value | — |  |  | 1,183 |  |  | 734,210 |  |  | — |  |  | 735,393 |
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,919 and $8,444, respectively | — |  |  | — |  |  | 32,849 |  |  | — |  |  | 32,849 |
Office facilities, net of accumulated depreciation of $104,961 | — |  |  | 20,793 |  |  | 7,497 |  |  | — |  |  | 28,290 |
Loans held for sale, at fair value | — |  |  | — |  |  | 60,234 |  |  | — |  |  | 60,234 |
Mortgage servicing rights | — |  |  | — |  |  | 28,168 |  |  | — |  |  | 28,168 |
Subordinated loan receivable | — |  |  | 112,558 |  |  | — |  |  | (112,558 | ) |  | — |
Intangible assets | — |  |  | — |  |  | 31,700 |  |  | — |  |  | 31,700 |
Goodwill | — |  |  | — |  |  | 137,889 |  |  | — |  |  | 137,889 |
Other assets | 69 |  |  | 3,224 |  |  | 102,458 |  |  | — |  |  | 105,751 |
Deferred tax assets | 317 |  |  | 330 |  |  | 29,900 |  |  | (30,547 | ) |  | — |
Investment in subsidiaries | 577,320 |  |  | 532,651 |  |  | — |  |  | (1,109,971 | ) |  | — |
Intercompany receivables | 60,187 |  |  | 13,185 |  |  | — |  |  | (73,372 | ) |  | — |
Total assets | $ | 672,601 |  |  | $ | 714,046 |  |  | $ | 2,682,033 |  |  | $ | (1,376,848 | ) |  | $ | 2,691,832 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Drafts payable | $ | — |  |  | $ | — |  |  | $ | 48,011 |  |  | $ | — |  |  | $ | 48,011 |
Bank call loans | — |  |  | — |  |  | 100,200 |  |  | — |  |  | 100,200 |
Payable to brokers, dealers and clearing organizations | — |  |  | — |  |  | 164,546 |  |  | — |  |  | 164,546 |
Payable to customers | — |  |  | — |  |  | 594,833 |  |  | — |  |  | 594,833 |
Securities sold under agreements to repurchase | — |  |  | — |  |  | 651,445 |  |  | — |  |  | 651,445 |
Securities sold, but not yet purchased, at fair value | — |  |  | — |  |  | 126,493 |  |  | — |  |  | 126,493 |
Accrued compensation | — |  |  | — |  |  | 150,898 |  |  | — |  |  | 150,898 |
Accounts payable and other liabilities | 3,235 |  |  | 35,812 |  |  | 125,736 |  |  | — |  |  | 164,783 |
Income tax payable | 2,440 |  |  | 22,189 |  |  | 25,771 |  |  | (50,400 | ) |  | — |
Senior secured notes, net of debt issuance costs of $1,132 | 148,868 |  |  | — |  |  | — |  |  | — |  |  | 148,868 |
Subordinated indebtedness | — |  |  | — |  |  | 112,558 |  |  | (112,558 | ) |  | — |
Deferred tax liabilities | — |  |  | — |  |  | 47,220 |  |  | (30,547 | ) |  | 16,673 |
Intercompany payables | — |  |  | 62,204 |  |  | 11,168 |  |  | (73,372 | ) |  | — |
Total liabilities | 154,543 |  |  | 120,205 |  |  | 2,158,879 |  |  | (266,877 | ) |  | 2,166,750 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. | 518,058 |  |  | 593,841 |  |  | 516,130 |  |  | (1,109,971 | ) |  | 518,058 |
Noncontrolling interest | — |  |  | — |  |  | 7,024 |  |  | — |  |  | 7,024 |
Total stockholders’ equity | 518,058 |  |  | 593,841 |  |  | 523,154 |  |  | (1,109,971 | ) |  | 525,082 |
Total liabilities and stockholders’ equity | $ | 672,601 |  |  | $ | 714,046 |  |  | $ | 2,682,033 |  |  | $ | (1,376,848 | ) |  | $ | 2,691,832 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2016
(Expressed in thousands) | Parent |  | Guarantor subsidiaries |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES |  |  |  |  |  |  |  |  |
Commissions | $ | — |  |  | $ | — |  |  | $ | 103,833 |  |  | $ | — |  |  | $ | 103,833 |
Advisory fees | — |  |  | — |  |  | 66,379 |  |  | (353 | ) |  | 66,026 |
Investment banking | — |  |  | — |  |  | 12,383 |  |  | — |  |  | 12,383 |
Interest | — |  |  | 2,557 |  |  | 13,389 |  |  | (2,567 | ) |  | 13,379 |
Principal transactions, net | — |  |  | 30 |  |  | 1,501 |  |  | — |  |  | 1,531 |
Other | — |  |  | 78 |  |  | 21,542 |  |  | (78 | ) |  | 21,542 |
Total revenue | — |  |  | 2,665 |  |  | 219,027 |  |  | (2,998 | ) |  | 218,694 |
EXPENSES |  |  |  |  |  |  |  |  |
Compensation and related expenses | 387 |  |  | — |  |  | 151,026 |  |  | — |  |  | 151,413 |
Communications and technology | 28 |  |  | — |  |  | 17,753 |  |  | — |  |  | 17,781 |
Occupancy and equipment costs | — |  |  | — |  |  | 15,056 |  |  | (78 | ) |  | 14,978 |
Clearing and exchange fees | — |  |  | — |  |  | 6,921 |  |  | — |  |  | 6,921 |
Interest | 3,281 |  |  | — |  |  | 4,374 |  |  | (2,567 | ) |  | 5,088 |
Other | 673 |  |  | 3 |  |  | 30,187 |  |  | (353 | ) |  | 30,510 |
Total expenses | 4,369 |  |  | 3 |  |  | 225,317 |  |  | (2,998 | ) |  | 226,691 |
Income (loss) before income tax provision (benefit) | (4,369 | ) |  | 2,662 |  |  | (6,290 | ) |  | — |  |  | (7,997 | )
Income tax provision (benefit) | (1,714 | ) |  | 1,004 |  |  | (3,378 | ) |  | — |  |  | (4,088 | )
Equity in earnings of subsidiaries | (1,192 | ) |  | (2,850 | ) |  | — |  |  | 4,042 |  |  | — |
Net loss | (3,847 | ) |  | (1,192 | ) |  | (2,912 | ) |  | 4,042 |  |  | (3,909 | )
Less net loss attributable to noncontrolling interest, net of tax | — |  |  | — |  |  | (62 | ) |  | — |  |  | (62 | )
Net loss attributable to Oppenheimer Holdings Inc. | (3,847 | ) |  | (1,192 | ) |  | (2,850 | ) |  | 4,042 |  |  | (3,847 | )
Other comprehensive income | — |  |  | — |  |  | 873 |  |  | — |  |  | 873 |
Total comprehensive loss | $ | (3,847 | ) |  | $ | (1,192 | ) |  | $ | (1,977 | ) |  | $ | 4,042 |  |  | $ | (2,974 | )
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2015
(Expressed in thousands) | Parent |  | Guarantor subsidiaries |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES |  |  |  |  |  |  |  |  |
Commissions | $ | — |  |  | $ | — |  |  | $ | 109,695 |  |  | $ | — |  |  | $ | 109,695 |
Advisory fees | — |  |  | — |  |  | 71,420 |  |  | (454 | ) |  | 70,966 |
Investment banking | — |  |  | — |  |  | 27,305 |  |  | — |  |  | 27,305 |
Interest | — |  |  | 2,566 |  |  | 11,033 |  |  | (2,564 | ) |  | 11,035 |
Principal transactions, net | — |  |  | — |  |  | 18,609 |  |  | (54 | ) |  | 18,555 |
Other | — |  |  | 95 |  |  | 7,985 |  |  | (75 | ) |  | 8,005 |
Total revenue | — |  |  | 2,661 |  |  | 246,047 |  |  | (3,147 | ) |  | 245,561 |
EXPENSES |  |  |  |  |  |  |  |  |
Compensation and related expenses | 312 |  |  | — |  |  | 162,779 |  |  | — |  |  | 163,091 |
Communications and technology | 25 |  |  | — |  |  | 17,143 |  |  | — |  |  | 17,168 |
Occupancy and equipment costs | — |  |  | — |  |  | 15,853 |  |  | (75 | ) |  | 15,778 |
Clearing and exchange fees | — |  |  | — |  |  | 6,402 |  |  | — |  |  | 6,402 |
Interest | 3,281 |  |  | — |  |  | 3,193 |  |  | (2,564 | ) |  | 3,910 |
Other | 288 |  |  | 68 |  |  | 29,513 |  |  | (508 | ) |  | 29,361 |
Total expenses | 3,906 |  |  | 68 |  |  | 234,883 |  |  | (3,147 | ) |  | 235,710 |
Income (loss) before income tax provision (benefit) | (3,906 | ) |  | 2,593 |  |  | 11,164 |  |  | — |  |  | 9,851 |
Income tax provision (benefit) | (1,480 | ) |  | 847 |  |  | 4,363 |  |  | — |  |  | 3,730 |
Equity in earnings of subsidiaries | 8,145 |  |  | 6,399 |  |  | — |  |  | (14,544 | ) |  | — |
Net income | 5,719 |  |  | 8,145 |  |  | 6,801 |  |  | (14,544 | ) |  | 6,121 |
Less net income attributable to noncontrolling interest, net of tax | — |  |  | — |  |  | 402 |  |  | — |  |  | 402 |
Net income attributable to Oppenheimer Holdings Inc. | 5,719 |  |  | 8,145 |  |  | 6,399 |  |  | (14,544 | ) |  | 5,719 |
Other comprehensive loss | — |  |  | — |  |  | (567 | ) |  | — |  |  | (567 | )
Total comprehensive income | $ | 5,719 |  |  | $ | 8,145 |  |  | $ | 5,832 |  |  | $ | (14,544 | ) |  | $ | 5,152 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 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 | $ | 5,140 |  |  | $ | (2,467 | ) |  | $ | (44,045 | ) |  | $ | — |  |  | $ | (41,372 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of office facilities | — |  |  | — |  |  | (1,762 | ) |  | — |  |  | (1,762 | )
Cash used in investing activities | — |  |  | — |  |  | (1,762 | ) |  | — |  |  | (1,762 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock | (1,476 | ) |  | — |  |  | — |  |  | — |  |  | (1,476 | )
Repurchase of Class A non-voting common stock for cancellation | (3,634 | ) |  | — |  |  | — |  |  | — |  |  | (3,634 | )
Tax deficiency from share-based awards | (741 | ) |  | — |  |  | — |  |  | — |  |  | (741 | )
Increase in bank call loans, net | — |  |  | — |  |  | 48,100 |  |  | — |  |  | 48,100 |
Cash flow provided by (used in) financing activities | (5,851 | ) |  | — |  |  | 48,100 |  |  | — |  |  | 42,249 |
Net increase (decrease) in cash and cash equivalents | (711 | ) |  | (2,467 | ) |  | 2,293 |  |  | — |  |  | (885 | )
Cash and cash equivalents, beginning of the period | 907 |  |  | 2,586 |  |  | 59,871 |  |  | — |  |  | 63,364 |
Cash and cash equivalents, end of the period | $ | 196 |  |  | $ | 119 |  |  | $ | 62,164 |  |  | $ | — |  |  | $ | 62,479 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 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 | $ | 1,394 |  |  | $ | 436 |  |  | $ | (38,413 | ) |  | $ | — |  |  | $ | (36,583 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of office facilities | — |  |  | — |  |  | (474 | ) |  | — |  |  | (474 | )
Cash used in investing activities | — |  |  | — |  |  | (474 | ) |  | — |  |  | (474 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock | (1,511 | ) |  | — |  |  | — |  |  | — |  |  | (1,511 | )
Tax deficiency from share-based awards | (321 | ) |  | — |  |  | — |  |  | — |  |  | (321 | )
Increase in bank call loans, net | — |  |  | — |  |  | 42,000 |  |  | — |  |  | 42,000 |
Cash flow provided by (used in) financing activities | (1,832 | ) |  | — |  |  | 42,000 |  |  | — |  |  | 40,168 |
Net increase (decrease) in cash and cash equivalents | (438 | ) |  | 436 |  |  | 3,113 |  |  | — |  |  | 3,111 |
Cash and cash equivalents, beginning of the period | 439 |  |  | 1,557 |  |  | 61,811 |  |  | — |  |  | 63,807 |
Cash and cash equivalents, end of the period | $ | 1 |  |  | $ | 1,993 |  |  | $ | 64,924 |  |  | $ | — |  |  | $ | 66,918 |

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

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration