Waddell & Reed Financial (WDR) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	WADDELL & REED FINANCIAL INC
Entity Central Index Key	1,052,100
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,820
Entity Common Stock, Shares Outstanding		81,758,013
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 558,495	$ 566,621
Cash and cash equivalents - restricted	66,880	76,595
Investment securities	291,743	243,283
Receivables:
Funds and separate accounts	34,399	39,110
Customers and other	220,660	216,843
Income taxes receivable	10,594	7,747
Prepaid expenses and other current assets	34,974	14,980
Total current assets	1,217,745	1,165,179
Property and equipment, net	105,434	92,304
Deferred sales commissions, net	24,262	56,472
Goodwill and identifiable intangible assets	158,118	158,123
Deferred income taxes	32,692	27,490
Other non-current assets	17,468	12,298
Total assets	1,555,719	1,511,866
Liabilities:
Accounts payable	32,858	32,263
Payable to investment companies for securities	113,648	129,633
Payable to third party brokers	49,848	67,954
Payable to customers	120,420	110,399
Accrued compensation	69,335	67,574
Other current liabilities	57,104	55,143
Total current liabilities	443,213	462,966
Long-term debt	190,000	190,000
Accrued pension and postretirement costs	48,810	45,936
Other non-current liabilities	27,241	26,880
Total liabilities	$ 709,264	$ 725,782
Commitments and contingencies
Stockholders' equity:
Preferred stock-$1.00 par value: 5,000 shares authorized; none issued
Class A Common stock-$0.01 par value: 250,000 shares authorized; 99,701 shares issued; 82,850 shares outstanding (83,654 at December 31, 2014)	$ 997	$ 997
Additional paid-in capital	331,611	318,636
Retained earnings	1,141,608	1,041,909
Cost of 16,851 common shares in treasury (16,047 at December 31, 2014)	(566,256)	(525,015)
Accumulated other comprehensive loss	(61,505)	(50,443)
Total stockholders' equity	846,455	786,084
Total liabilities and stockholders' equity	$ 1,555,719	$ 1,511,866

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Preferred stock-par value (in dollars per share)	$ 1	$ 1
Preferred stock-shares authorized	5,000	5,000
Preferred stock-shares issued	0	0
Class A Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Class A Common stock-shares authorized	250,000	250,000
Class A Common stock-shares issued	99,701	99,701
Class A Common stock-shares outstanding	82,850	83,654
Common shares in treasury	16,851	16,047

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Investment management fees	$ 709,562	$ 768,102	$ 650,442
Underwriting and distribution fees	663,998	678,678	582,819
Shareholder service fees	143,071	150,979	137,093
Total	1,516,631	1,597,759	1,370,354
Operating expenses:
Underwriting and distribution	769,781	783,327	676,713
Compensation and related costs (including share-based compensation of $47,518, $54,144 and $53,179, respectively)	200,752	194,410	197,597
General and administrative	105,066	104,637	86,419
Subadvisory fees	9,134	8,436	12,220
Depreciation	16,046	14,634	12,834
Intangible asset impairment		7,900
Total	1,100,779	1,113,344	985,783
Operating income	415,852	484,415	384,571
Investment and other income (loss)	(5,244)	16,790	19,904
Interest expense	(11,068)	(11,042)	(11,244)
Income before provision for income taxes	399,540	490,163	393,231
Provision for income taxes	154,004	176,832	140,233
Net income	$ 245,536	$ 313,331	$ 252,998
Net income per share, basic and diluted:
Net income per share, basic and diluted (in dollars per share)	$ 2.94	$ 3.71	$ 2.96
Weighted average shares outstanding, basic and diluted:
Weighted average shares outstanding, basic and diluted (in shares)	83,499	84,485	85,589

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Income
Compensation and related costs, share-based compensation	$ 47,518	$ 54,144	$ 53,179

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
Net income	$ 245,536	$ 313,331	$ 252,998
Other comprehensive income:
Unrealized appreciation (depreciation) of available for sale investment securities during the year, net of income tax expense (benefit) of $2, $1 and $(9), respectively	(4,771)	(6,158)	2,105
Pension and postretirement benefits, net of income tax expense (benefit) of $(3,794), $(16,725) and $17,272, respectively	(6,291)	(28,426)	28,833
Comprehensive income	$ 234,474	$ 278,747	$ 283,936

Consolidated Statements of Com7

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
Unrealized depreciation of available for sale investment securities during the year, income tax expense (benefit)	$ 2	$ 1	$ (9)
Pension and postretirement benefits, income tax expense (benefit)	$ (3,794)	$ (16,725)	$ 17,272

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income(Loss)	Total
Balance at the beginning of the period at Dec. 31, 2012	$ 997	$ 230,021	$ 698,423	$ (372,404)	$ (46,797)	$ 510,240
Balance (in shares) at Dec. 31, 2012	99,701
Increase (Decrease) in Stockholders' Equity
Net income			252,998			252,998
Recognition of equity compensation		52,992	187			53,179
Net issuance/forfeiture of nonvested shares		(28,564)		28,564
Dividends accrued, $1.18, $1.45 and $1.75 per share			(101,008)			(101,008)
Exercise of stock options		(35)		170		135
Excess tax benefits from share-based payment arrangements		12,992				12,992
Repurchase of common stock				(72,132)		(72,132)
Other comprehensive income					30,938	30,938
Balance at the end of the period at Dec. 31, 2013	$ 997	267,406	850,600	(415,802)	(15,859)	687,342
Balance (in shares) at Dec. 31, 2013	99,701
Increase (Decrease) in Stockholders' Equity
Net income			313,331			313,331
Recognition of equity compensation		53,912	232			54,144
Net issuance/forfeiture of nonvested shares		(21,817)		21,817
Dividends accrued, $1.18, $1.45 and $1.75 per share			(122,254)			(122,254)
Excess tax benefits from share-based payment arrangements		19,135				19,135
Repurchase of common stock				(131,030)		(131,030)
Other comprehensive income					(34,584)	(34,584)
Balance at the end of the period at Dec. 31, 2014	$ 997	318,636	1,041,909	(525,015)	(50,443)	786,084
Balance (in shares) at Dec. 31, 2014	99,701
Increase (Decrease) in Stockholders' Equity
Net income			245,536			245,536
Recognition of equity compensation		47,256	262			47,518
Net issuance/forfeiture of nonvested shares		(39,094)		39,094
Dividends accrued, $1.18, $1.45 and $1.75 per share			(146,099)			(146,099)
Excess tax benefits from share-based payment arrangements		4,813				4,813
Repurchase of common stock				(80,335)		(80,335)
Other comprehensive income					(11,062)	(11,062)
Balance at the end of the period at Dec. 31, 2015	$ 997	$ 331,611	$ 1,141,608	$ (566,256)	$ (61,505)	$ 846,455
Balance (in shares) at Dec. 31, 2015	99,701

Consolidated Statement of Stoc9

Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statement of Stockholders' Equity
Dividends accrued, per share (in dollars per share)	$ 1.75	$ 1.45	$ 1.18

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 245,536	$ 313,331	$ 252,998
Adjustments to reconcile net income to net cash provided by operating activities:
Intangible asset impairment		7,900
Depreciation and amortization	16,050	14,754	13,681
Amortization of deferred sales commissions	43,074	64,380	57,931
Share-based compensation	47,518	54,144	53,179
Excess tax benefits from share-based payment arrangements	(4,813)	(19,135)	(12,992)
Investments (gain) loss, net	12,412	(7,496)	(18,257)
Net purchases and sales or maturities of trading securities	(75,160)	(38,662)	(25,959)
Deferred income taxes	(1,410)	728	(2,982)
Other	680	1,774	493
Changes in assets and liabilities:
Cash and cash equivalents - restricted	9,715	44,824	(28,439)
Other receivables	(3,817)	(75,428)	(5,690)
Payable to investment companies for securities and payable to customers	(5,964)	17,283	24,818
Receivables from funds and separate accounts	4,711	(2,643)	(2,581)
Other assets	(25,111)	(5,568)	(1,139)
Deferred sales commissions	(10,864)	(40,958)	(68,470)
Accounts payable and payable to third party brokers	(17,510)	21,640	8,613
Other liabilities	(1,097)	(5,826)	41,712
Net cash provided by operating activities	233,950	345,042	286,916
Cash flows from investing activities:
Purchases of available for sale and equity method securities	(27,388)	(166,302)	(241,644)
Proceeds from sales and maturities of available for sale and equity method securities	36,657	164,247	262,171
Net purchases and sales of equity method securities	5,300
Additions to property and equipment	(29,610)	(35,606)	(16,905)
Disposition of companies			22,000
Other	(2,254)	(1,447)
Net cash provided by (used in) investing activities	(22,595)	(39,108)	25,622
Cash flows from financing activities:
Dividends paid	(143,959)	(115,263)	(96,018)
Repurchase of common stock	(80,335)	(131,030)	(72,132)
Exercise of stock options			135
Excess tax benefits from share-based payment arrangements	4,813	19,135	12,992
Net cash used in financing activities	(219,481)	(227,158)	(155,023)
Net increase (decrease) in cash and cash equivalents	(8,126)	78,776	157,515
Cash and cash equivalents at beginning of period	566,621	487,845	330,330
Cash and cash equivalents at end of period	558,495	566,621	487,845
Cash paid for:
Income taxes (net)	152,262	165,189	124,196
Interest	$ 10,297	$ 10,291	$ 10,297

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Amounts in the accompanying financial statements and notes are rounded to the nearest thousand unless otherwise stated. Certain amounts in the prior years' financial statements have been reclassified for consistent presentation. The Company operates in one business segment as the Company's management utilizes a consolidated approach to assess performance and allocate resources. Consolidation We provide seed capital to new investment products at the time we launch the products. These investment products include certain of the Advisors Funds and the Ivy Funds ("1940 Act Mutual Funds"), the IGI Funds, limited liability companies ("LLCs"), and an open-end mutual fund organized in Canada (the "Canadian Mutual Fund"). The primary purpose of providing seed capital is to generate an investment performance track record to attract third party investors. Our seed investment in a new product represents 100% ownership in that product when the product is launched. Assessing if an entity is a variable interest entity ("VIE") or voting interest entity ("VOE") involves judgment and analysis on an entity by entity basis. Factors included in this assessment include the legal organization of the entity, the company's contractual involvement with the entity and any implications resulting from or associated with related parties' involvement with the entity. Seeded investments in 1940 Act Mutual Funds and the Canadian Mutual Fund are organized under a series fund structure, whereby each open-ended mutual fund represents a separate share class of a legal entity organized under a statutory trust. The Company has determined that the 1940 Act Mutual Funds and the Canadian Mutual Fund are VOEs because the structure of the investment product is such that the voting rights held by the equity holders provide for equality among equity investors. To the extent material, these investment products would be consolidated if Company ownership, directly or indirectly, represents a majority interest. The privately offered funds seeded by the Company are structured as investment companies in the legal form of LLCs. The Company is the managing member of these LLCs. For the majority of these LLCs, the Company's investment represents an ownership of less than 3%. Generally, limited partnerships and similar entities in which the general partner does not have substantive equity at risk and the other limited partners do not have substantive rights to remove the general partner would be considered VIEs. During the fourth quarter of 2015, the LLC agreements were amended so that all of the members of the Company's privately offered funds now hold substantive kick-out and participation rights. They also have the ability to remove the managing member and to dissolve the LLC. Given the substantive rights afforded the members, the Company has concluded the LLCs are VOEs. These investment products would be consolidated, if material, if a majority interest is held, directly or indirectly, by the Company. The Company has determined the SICAV to be a VOE, as its legal structure and the powers of its equity investors prevent the SICAV from meeting the characteristics of being a VIE. To the extent material, the Company would be required to consolidate the SICAV if ownership of the SICAV, directly or indirectly, represents more than 50% of the outstanding voting shares of the SICAV. Use of Estimates GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes, and related disclosures of commitments and contingencies. Estimates are used for, but are not limited to, depreciation and amortization, income taxes, valuation of assets, pension and postretirement obligations, and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Actual results could differ from our estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments. We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents. Cash and cash equivalents—restricted represents cash held for the benefit of customers and non-customers segregated in compliance with federal and other regulations. Disclosures About Fair Value of Financial Instruments Fair value of cash and cash equivalents, receivables and payables approximates carrying value. Fair value of long-term debt is disclosed in Note 7. Fair values for investment securities are based on quoted market prices, where available. Otherwise, fair values for investment securities are based on Level 2 or Level 3 inputs detailed in Note 3. Investment Securities and Investments in Sponsored Funds Our investments are comprised of United States, state and government obligations, corporate debt securities and investments in sponsored funds. Sponsored funds, which include the Funds, the IGI Funds and the LLCs, are investments we have made for both general corporate investment purposes and to provide seed capital for new investment products. The Company has classified its investments in certain sponsored funds as either equity method investments (when the Company owns between 20% and 50% of the fund) or as available for sale investments (when the Company owns less than 20% of the fund) as described in Note 3. Investments held by our broker/dealer entities or certain investments that are anticipated to be purchased and sold on a more frequent basis are classified as trading. Unrealized holding gains and losses on securities available for sale, net of related tax effects, are excluded from earnings until realized and are reported as a separate component of comprehensive income. For trading securities, unrealized holding gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. Substantially all of the Company's equity method investees are investment companies which record their underlying investments at fair value. Therefore, under the equity method of accounting, our share of the investee's underlying net income or loss is predominantly representative of fair value adjustments in the investments held by the equity method investee. Our share of the investee's net income or loss is based on the most current information available and is recorded as a net gain or loss on investments within investment and other income (loss). Our available for sale investments are reviewed each quarter and adjusted for other than temporary declines in value. We consider factors affecting the issuer and the industry in which the issuer operates, general market trends including interest rates, and our ability and intent to hold an investment until it has recovered. Consideration is given to the length of time an investment's market value has been below carrying value and prospects for recovery to carrying value. When a decline in the fair value of equity securities is determined to be other than temporary, the unrealized loss recorded net of tax in other comprehensive income is realized as a charge to net income, and a new cost basis is established for financial reporting purposes. When a decline in the fair value of debt securities is determined to be other than temporary, the amount of the impairment recognized in earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If so, the other than temporary impairment recognized in earnings is equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If not, the portion of the impairment related to the credit loss is recognized in earnings while the portion of the impairment related to other factors is recognized in other comprehensive income, net of tax. Property and Equipment Property and equipment are carried at cost. The costs of improvements that extend the life of a fixed asset are capitalized, while the costs of repairs and maintenance are expensed as incurred. Depreciation and amortization are calculated and recorded using the straight-line method over the estimated useful life of the related asset (or lease term if shorter), generally three to 10 years for furniture and fixtures; one to 10 years for computer software; one to five years for data processing equipment; one to 40 years for buildings; three to 26 years for other equipment; and up to 15 years for leasehold improvements, which is the lesser of the lease term or expected life. Software Developed for Internal Use Certain internal costs incurred in connection with developing or obtaining software for internal use are capitalized in accordance with ASC 350, "Intangibles—Goodwill and Other Topic." Internal costs capitalized are included in property and equipment, net in the consolidated balance sheets, and were $13.9 million and $13.5 million as of December 31, 2015 and 2014, respectively. Amortization begins when the software project is complete and ready for its intended use and continues over the estimated useful life, generally one to 10 years. Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the cost of the Company's investment in the net assets of acquired companies over the fair value of the underlying identifiable net assets at the dates of acquisition. Goodwill is not amortized, but is reviewed annually for impairment in the second quarter of each year and when events or circumstances occur that indicate that goodwill might be impaired. Factors that the Company considers important in determining whether an impairment of goodwill or intangible assets might exist include significant continued underperformance compared to peers, the likelihood of termination or non-renewal of a mutual fund advisory or subadvisory contract or substantial changes in revenues earned from such contracts, significant changes in our business and products, material and ongoing negative industry or economic trends, or other factors specific to each asset being evaluated. To determine the fair value of the Company's reporting unit, our review process uses the market and income approaches. In performing the analyses, the Company uses the best information available under the circumstances, including reasonable and supportable assumptions and projections. The market approach employs market multiples for comparable publicly-traded companies in the financial services industry. Estimates of fair values of the reporting units are established using multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company believes that fair values calculated based on multiples of EBITDA are an accurate estimation of fair value. If the fair value coverage margin calculated under the market approach is not considered significant, the Company utilizes a second approach, the income approach, to estimate fair values and averages the results under both methodologies. The income approach employs a discounted free cash flow approach that takes into account current actual results, projected future results, and the Company's estimated weighted average cost of capital. The Company compares the fair values of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its calculated fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss, if any. Indefinite-lived intangible assets represent advisory and subadvisory management contracts for managed assets obtained in acquisitions. The Company considers these contracts to be indefinite-lived intangible assets as they are expected to be renewed without significant cost or modification of terms. The Company also tests these assets for impairment annually and when events or circumstances occur that indicate that the indefinite-lived intangible asset might be impaired. If the carrying value of a management contract acquired exceeds its fair value, an impairment loss is recognized equal to that excess. Additional information related to the indefinite-lived intangible assets is included in Note 6. Deferred Sales Commissions We defer certain costs, principally sales commissions and related compensation, which are paid to financial advisors and broker/dealers in connection with the sale of certain mutual fund shares sold without a front-end load sales charge. The costs incurred at the time of the sale of Class B shares sold prior to January 1, 2014 are amortized on a straight-line basis over five years, which approximates the expected life of the shareholders' investments. Effective January 1, 2014, the Company suspended sales of Class B shares. The costs incurred at the time of the sale of Class C shares are amortized on a straight-line basis over 12 months. Prior to June 16, 2014, the costs incurred at the time of the sale of shares for certain fee-based asset allocation products were deferred and amortized on a straight-line basis, not to exceed three years. We recover deferred sales commissions and related compensation through Rule 12b-1 and other distribution fees, which are paid on the Class B and Class C shares of the Advisors Funds and Ivy Funds, along with contingent deferred sales charges ("CDSCs") paid by shareholders who redeem their shares prior to completion of the specified holding period (three years for shares of certain fee-based asset allocation products sold prior to June 16, 2014, six years for a Class B share and 12 months for a Class C share), as well as through client fees paid on the asset allocation products sold prior to June 16, 2014. Effective June 16, 2014 we no longer assess a CDSC to investors upon early redemption of fee-based asset allocation products and amounts deferred for sales commissions and related compensation are classified in the prepaid and other current asset and other non-current assets in our consolidated balance sheet. Should we lose our ability to recover deferred sales commissions through distribution fees or CDSCs, the value of these assets would immediately decline, as would future cash flows. We periodically review the recoverability of the deferred sales commission assets as events or changes in circumstances indicate that their carrying amount may not be recoverable and adjust them accordingly. Impairment adjustments are recognized in operating income as a component of amortization of deferred sales commissions. Revenue Recognition Investment Management and Advisory Fees We recognize investment management fees as earned over the period in which services are rendered. We charge the Funds daily based upon average daily net assets under management in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from the IGI Funds and from institutional and separate accounts are charged either monthly or quarterly based upon an average of net assets under management in accordance with such investment management agreements. The Company may waive certain fees for investment management services at its discretion, or in accordance with contractual expense limitations, and these waivers are reflected as a reduction to investment management fees on the consolidated statements of income. Our investment advisory business receives research products and services from broker/dealers through "soft dollar" arrangements. Consistent with the "soft dollar" safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended, the investment advisory business does not have any contractual obligation requiring it to pay for research products and services obtained through soft dollar arrangements with brokers. As a result, we present "soft dollar" arrangements on a net basis. The Company has contractual arrangements with third parties to provide subadvisory services. Investment advisory fees are recorded gross of any subadvisory payments and are included in investment management fees based on management's determination that the Company is acting in the capacity of principal service provider with respect to its relationship with the Funds. Any corresponding fees paid to subadvisors are included in operating expenses. Distribution, Underwriter and Shareholder Service Fees Underwriting and distribution commission revenues resulting from the sale of investment products are recognized on the trade date. When a client purchases Class A or Class E shares (front-end load), the client pays an initial sales charge of up to 5.75% of the amount invested. The sales charge for Class A or Class E shares typically declines as the investment amount increases. In addition, investors may combine their purchases of all fund shares to qualify for a reduced sales charge. When a client invests in a fee-based asset allocation product, Class A shares are purchased at net asset value, and we do not charge an initial sales charge. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net assets under management for Class B, C, E and Ivy Funds Y shares for expenses paid to broker/dealers and other sales professionals in connection with providing ongoing services to the Funds' shareholders and/or maintaining the Funds' shareholder accounts, with the exception of the Funds' Class R shares, for which the maximum fee is 0.50% and for the Class I, R6 and Advisors Funds Y shares, which do not charge a service fee. The Funds' Class B and Class C shares may charge a maximum of 0.75% of the average daily net assets under management under a Rule 12b-1 distribution plan to broker/dealers and other sales professionals for their services in connection with distributing shares of that class. The Funds' Class A shares may charge a maximum fee of 0.25% of the average daily net assets under management under a Rule 12b-1 service and distribution plan for expenses detailed previously. The Rule 12b-1 plans are subject to annual approval by the Funds' board of trustees, including a majority of the disinterested members, by votes cast in person at a meeting called for the purpose of voting on such approval. All Funds may terminate the service and distribution plans at any time with approval of fund trustees or portfolio shareholders (a majority of either) without penalty. Fee-based asset allocation revenues are charged quarterly based upon average daily net assets under management. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets under management and are recognized monthly. Fees collected from advisors for services related to technology and errors and omissions insurance are recorded in underwriting and distribution fees on a gross basis, as the Company is the primary obligor in these arrangements. Shareholder service fees are recognized monthly and are calculated based on the number of accounts or assets under management as applicable. Other administrative service fee revenues are recognized when contractual obligations are fulfilled or as services are provided. Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $15.7 million, $15.7 million and $13.3 million for the years ended December 31, 2015, 2014 and 2013, respectively, and is classified in both underwriting and distribution expense and general and administrative expense in the consolidated statements of income. Leases The Company leases office space under various leasing arrangements. Most lease agreements contain renewal options, rent escalation clauses and/or other inducements provided by the landlord. As leases expire, they are typically renewed or replaced in the ordinary course of business. Rent expense is recorded on a straight-line basis, including escalations and inducements, over the term of the lease. Share-Based Compensation We account for share-based compensation expense using the fair value method. Under the fair value method, share-based compensation expense reflects the fair value of share-based awards measured at grant date, is recognized over the service period, and is adjusted each period for anticipated forfeitures. The Company also issues share-based awards to our financial advisors who are independent contractors and to our Board of Directors. Changes in the Company's share price result in variable compensation expense over the vesting period. Accounting for Income Taxes Income tax expense is based on pre-tax financial accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance as prescribed by ASC 740, "Income Taxes Topic." Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is recognized for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date.

New Accounting Guidance

New Accounting Guidance	12 Months Ended
	Dec. 31, 2015
New Accounting Guidance
New Accounting Guidance	2. New Accounting Guidance Accounting Guidance Adopted During Fiscal Year 2015 During the fourth quarter of 2015, the Company adopted ASU 2015-07, "Fair Value Measurement," which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value ("NAV") per share (or its equivalent) using the practical expedient. Previously, the Company reported $3.8 million of sponsored privately offered funds in the fair value hierarchy for the period ended December 31, 2014. After implementation of ASU 2015-07, the $3.8 million of sponsored privately offered funds have been removed from the fair value hierarchy for the period ended December 31, 2014 to be consistent with the presentation of the fair value hierarchy as of December 31, 2015. During the fourth quarter of 2015, the Company adopted ASU 2015-17, "Income Taxes," which requires an entity to classify all deferred tax assets and liabilities as noncurrent on the balance sheet. Prior to implementation of this ASU, the Company classified deferred tax assets and liabilities as either current or non-current assets and liabilities. Previously, the Company reported $7.5 million of deferred tax assets as current assets and $20.0 million of deferred tax assets as non-current on the balance sheet for the period ended December 31, 2014. After implementation of ASU 2015-17, the current deferred tax assets have been reclassified to non-current deferred tax assets, so that non-current deferred tax assets are presented as $27.5 million on the balance sheet as of December 31, 2014, to be consistent with the presentation of December 31, 2015 balances. New Accounting Guidance Not Yet Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, " Revenue from Contracts with Customers ." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. This ASU will supersede much of the existing revenue recognition guidance in accounting principles generally accepted in the United States and is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period; early application is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating which transition method to apply and the estimated impact the adoption of this ASU will have on our consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, " Amendments to the Consolidation Analysis. " The amendments in this ASU will affect all companies that are required to evaluate whether they should consolidate another entity. Additionally, the amendments in this ASU rescind the indefinite deferral of FASB Statement 167, " Amendments to FASB Interpretation No. 46(r )" included in ASU 2010-10. ASU 2015-02 will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. This standard permits the use of either a full retrospective or a modified retrospective approach. The Company believes that the adoption of this ASU on January 1, 2016, will result in an immaterial impact to our consolidated financial statements and related disclosures regarding our seeded investments in the 1940 Act Funds, Canadian Mutual Fund and LLCs. The Company has concluded that the SICAV will be deemed a VIE due to the lack of equity investment at risk at the SICAV legal entity level. The sub-funds of the SICAV are deemed silos and evaluated individually for consolidation. Because the decisions regarding key activities of the sub-fund reside at the SICAV level, the shareholders of the sub-funds lack the ability to control the key decision-making processes that most directly affect the performance of the sub-funds. As such, each sub-fund is a VIE with the primary beneficiary evaluation being an analysis of economic interest. The Company will be the primary beneficiary and will consolidate any sub-fund of the SICAV in which it owns a majority interest. In April 2015, the FASB issued ASU 2015-03, " Simplifying the Presentation of Debt Issuance Costs. " This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in this ASU. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period; early adoption is permitted. The Company believes that the adoption of this ASU in 2016 will result in an immaterial impact to our consolidated financial statements.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2015
Investment Securities
Investment Securities	3. Investment Securities Investment securities at December 31, 2015 and 2014 are as follows: 2015 Available for sale securities: Sponsored funds $ Sponsored privately offered funds ​ ​ ​ ​ Total available for sale securities Trading securities: Mortgage-backed securities Corporate bond Common stock Sponsored funds ​ ​ ​ ​ Total trading securities Equity method securities: Sponsored funds Sponsored privately offered funds ​ ​ ​ ​ Total equity method securities ​ ​ ​ ​ Total securities $ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2015: Available for sale securities: Amortized cost Unrealized gains Unrealized losses Fair value (in thousands) Sponsored funds $ Sponsored privately offered funds — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Available for sale securities: Sponsored funds $ Sponsored privately offered funds ​ ​ ​ ​ Total available for sale securities ​ ​ ​ ​ Trading securities: Mortgage-backed securities Common stock Sponsored funds ​ ​ ​ ​ Total trading securities ​ ​ ​ ​ Total securities $ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2014: Available for sale securities: Amortized cost Unrealized gains Unrealized losses Fair value Sponsored funds $ Sponsored privately offered funds — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored Funds The Company has classified its investments in certain sponsored funds as either equity method investments (when the Company owns between 20% and 50% of the fund) or as available for sale investments (when the Company owns less than 20% of the fund). We did not hold a majority interest in any of our sponsored funds as of December 31, 2015 and 2014. As a result, there are no sponsored funds consolidated in our financial statements. During 2015, $160.2 million of investments previously classified as available for sale securities were classified as equity method securities, representing seed investments in which the Company owned between 20% and 50% of the fund. As a result, during the third quarter of 2015, $2.1 million of unrealized losses were reclassified from other comprehensive income and recognized in the consolidated statement of income. Sponsored privately offered funds The Company holds voting interests in certain sponsored privately offered funds that are structured as investment companies in the legal form of LLCs. The Company held investments in these funds totaling $4.0 million and $3.8 million as of December 31, 2015 and December 31, 2014, respectively, which is our maximum loss exposure. A summary of available for sale sponsored funds with fair values below carrying values at December 31, 2015 is as follows: Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses (in thousands) Sponsored funds $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Based upon our assessment of these sponsored funds, the time frame the sponsored funds have been in a loss position and our intent to hold the sponsored funds until they have recovered, we determined that a write-down of fair value was not necessary at December 31, 2015. The corporate bond accounted for as trading matures in 2018. Mortgage-backed securities accounted for as trading and held as of December 31, 2015 mature in 2022. Investment securities with fair values of $102.2 million, $301.0 million and $442.0 million were sold during 2015, 2014 and 2013, respectively. During 2015, net realized gains of $3.0 million and $0.6 million were recognized from the sale of $31.6 million in available for sale securities and the sale of $65.9 million in trading securities, respectively, and net realized losses of $0.5 million were recognized from the sale of $5.3 million in equity method securities. During 2014, net realized gains of $5.1 million and $4.1 million were recognized from the sale of $149.8 million in available for sale securities and the sale of $151.2 million in trading securities, respectively. During 2013, net realized gains of $14.4 million and $7.7 million were recognized from the sale of $247.0 million in available for sale securities and the sale of $195.0 million in trading securities, respectively. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset. An individual investment's fair value measurement is assigned a level based upon the observability of the inputs that are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows: · Level 1—Investments are valued using quoted prices in active markets for identical securities. · Level 2—Investments are valued using other significant observable inputs, including quoted prices in active markets for similar securities. · Level 3—Investments are valued using significant unobservable inputs, including the Company's own assumptions in determining the fair value of investments. Assets classified as Level 2 can have a variety of observable inputs. These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value. The fair value of municipal bonds is measured based on pricing models that take into account, among other factors, information received from market makers and broker/dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance and benchmark yield curves. The fair value of corporate bonds is measured using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads and fundamental data relating to the issuer. The fair value of equity derivatives is measured based on active market broker quotes, evaluated broker quotes and evaluated prices from vendors. Securities' values classified as Level 3 are primarily determined through the use of a single quote (or multiple quotes) from dealers in the securities using proprietary valuation models. These quotes involve significant unobservable inputs, and thus, the related securities are classified as Level 3 securities. The following tables summarize our investment securities as of December 31, 2015 and 2014 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs. There were no transfers between levels for the years ended December 31, 2015 or 2014. 2015 Level 1 Level 2 Level 3 Total (in thousands) Available for sale securities: Sponsored funds $ — — Sponsored privately offered funds measured at net asset value (2) — — — Trading securities: Mortgage-backed securities — — Corporate bonds — — Common stock — — Sponsored funds — — Equity method securities: (1) Sponsored funds — — Sponsored privately offered funds measured at net asset value (2) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Level 1 Level 2 Level 3 Total (in thousands) Available for sale securities: Sponsored funds $ — — Sponsored privately offered funds measured at net asset value (2) — — — Trading securities: Mortgage-backed securities — — Common stock — — Sponsored funds — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Substantially all of the Company's equity method investments are investment companies that record their underlying investments at fair value. Fair value is measured using the Company's share of the investee's underlying net income or loss, which is predominantly representative of fair value adjustments in the investments held by the investee. (2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property and Equipment
Property and Equipment	4. Property and Equipment A summary of property and equipment at December 31, 2015 and 2014 is as follows: 2015 2014 Estimated useful lives (in thousands) Leasehold improvements $ 1 - 15 years Furniture and fixtures 3 - 10 years Equipment 3 - 26 years Computer software 1 - 10 years Data processing equipment 1 - 5 years Buildings 1 - 40 years Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense was $16.0 million, $14.6 million and $12.8 million during the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, we had property and equipment under capital leases with a cost of $2.1 million and accumulated depreciation of $1.1 million. At December 31, 2014, we had property and equipment under capital leases with a cost of $2.0 million and accumulated depreciation of $0.9 million.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations
Discontinued Operations	5. Discontinued Operations During 2012, the Company signed a definitive agreement with First Allied Holdings Inc. to sell all of the common interests of its Legend group of subsidiaries ("Legend") and the sale closed effective January 1, 2013. The agreement included an earnout provision based on asset retention for a period of two years following the closing date. An earnout receivable of $4.1 million was accrued as of December 31, 2014 and we received payment in February of 2015. For income tax purposes, the sale resulted in a $47.8 million capital loss. As of December 31, 2015, $15.8 million remains as a capital loss carryforward available to offset future capital gains for federal income tax purposes. The Company may not realize the full tax benefit of the capital loss carryforward if it does not generate sufficient future capital gains. The capital loss carryforward, if not utilized, will expire in 2018. Additional information related to the capital loss carryforward is included in Note 8.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Identifiable Intangible Assets
Goodwill and Identifiable Intangible Assets	6. Goodwill and Identifiable Intangible Assets Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business. Our goodwill is not deductible for tax purposes. Goodwill and identifiable intangible assets (all considered indefinite-lived) at December 31, 2015 and 2014 are as follows: 2015 2014 (in thousands) Goodwill $ Mutual fund management advisory contracts Mutual fund management subadvisory contracts ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The mutual fund management subadvisory contracts in the table above represents our indefinite-lived intangible asset balance related to our subadvisory agreement to manage certain mutual fund products for Mackenzie Financial Corporation ("MFC"). This intangible asset was recorded in connection with our purchase of Mackenzie Investment Management, Inc. in 2002, and a deferred tax liability was established related to this intangible asset. We performed a review of the intangible asset associated with the MFC subadvisory agreement during the third quarter of 2014 due to a decline in the related assets under management. The decline was attributed to a realignment of MFC's fund offerings and additional asset reductions. We recorded an impairment charge of $7.9 million in the third quarter of 2014 to this intangible asset as a result of the reduction in assets and associated cash flows, and reduced the associated deferred tax liability by $2.9 million. During the third quarter of 2014, we recorded a $4.1 million intangible asset and established a tax deferred asset related to a fund adoption transaction agreement with Emerging Managers Group, L.P., which became effective in August 2014, through which Ivy Investment Management Company assumed responsibility as investment adviser and global distributor of the IGI Funds. This asset is included in the mutual fund management advisory contracts line in the table above.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2015
Indebtedness
Indebtedness	7. Indebtedness On August 31, 2010, the Company entered into an agreement to complete a $190.0 million private placement of senior unsecured notes that were issued and sold in two tranches: $95.0 million bearing interest at 5.0% and maturing January 13, 2018, Series A, and $95.0 million bearing interest of 5.75% and maturing January 13, 2021, Series B (collectively, the "Senior Notes"). The agreement contained a delayed funding provision that allowed the Company to draw down the proceeds in January 2011 when the 5.6% senior notes (the "Notes") matured. The Company used the proceeds of the issuance and sale of the Senior Notes to repay the Notes in full. Interest is payable semi-annually in January and July of each year. The most restrictive provisions of the agreement require the Company to maintain a consolidated leverage ratio not to exceed 3.0 to 1.0 for four consecutive quarters and a consolidated interest coverage ratio of not less than 4.0 to 1.0 for four consecutive quarters. The Company was in compliance with these covenants for all periods presented. As of December 31, 2015, the Company's consolidated leverage ratio was 0.4 to 1.0, and consolidated interest coverage ratio was 42.9 to 1.0. The Company entered into a five year revolving credit facility (the "Credit Facility") with various lenders, effective June 28, 2013, which provides for initial borrowings of up to $125.0 million and replaced the Company's previous revolving credit facility. Lenders could, at their option upon the Company's request, expand the Credit Facility to $200.0 million. At December 31, 2015 and 2014, there were no borrowings outstanding under the facility. Borrowings under the Credit Facility bear interest at various rates including adjusted LIBOR or an alternative base rate plus, in each case, an incremental margin based on the Company's credit rating. The Credit Facility also provides for a facility fee on the aggregate amount of commitments under the revolving facility (whether or not utilized). The facility fee is also based on the Company's credit rating level. The Credit Facility's covenants match those outlined above for the Senior Notes. Debt is reported at its carrying amount in the consolidated balance sheets. The fair value of the Company's outstanding indebtedness is approximately $202.5 million at December 31, 2015 compared to the carrying value of $190.0 million. Fair value is calculated based on Level 2 inputs.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	8. Income Taxes The provision for income taxes from continuing operations for the years ended December 31, 2015, 2014 and 2013 consists of the following: 2015 2014 2013 (in thousands) Current taxes: Federal $ State Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table reconciles the statutory federal income tax rate with our effective income tax rate from continuing operations for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Statutory federal income tax rate State income taxes, net of federal tax benefits State tax incentives Valuation allowance on losses capital in nature Other items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The tax effect of temporary differences that give rise to significant portions of deferred tax liabilities and deferred tax assets at December 31, 2015 and 2014 are as follows: 2015 2014 (in thousands) Deferred tax liabilities: Deferred sales commissions $ Property and equipment Benefit plans Identifiable intangible assets Prepaid expenses ​ ​ ​ ​ ​ ​ ​ Total gross deferred liabilities ​ ​ ​ ​ ​ ​ ​ Deferred tax assets: Accrued compensation Additional pension and postretirement liability Other accrued expenses Unrealized losses on investment securities and partnerships Capital loss carryforwards Nonvested stock Unused state tax credits State net operating loss carryforwards Other ​ ​ ​ ​ ​ ​ ​ Total gross deferred assets Valuation allowance ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In 2013, a capital loss was realized on the sale of Legend. By law, the portion of this capital loss in excess of capital gains was carried forward to offset potential capital gains recognized in future years. The deferred tax asset, net of federal tax effect, relating to this capital loss carryforward as of December 31, 2015 and 2014 is $5.9 million and $6.8 million, respectively. The capital loss carryforward, if not utilized, will expire in 2018. Other deferred tax assets that could generate potential future capital losses if realized include unrealized losses on investment securities and partnerships of $7.4 million and $1.1 million as of December 31, 2015 and 2014, respectively. Due to the character of the losses and the limited carryforward period permitted by law upon realization, the Company may not realize the full tax benefit of the capital losses. Management believes it is not more likely than not that the Company will generate sufficient future capital gains to realize the full benefit of these capital losses and accordingly, a valuation allowance in the amount of $13.3 million and $7.9 million has been recorded at December 31, 2015 and 2014, respectively. Certain subsidiaries of the Company have net operating loss carryforwards in certain states in which these companies file on a separate company basis. The deferred tax asset, net of federal tax effect, relating to these carryforwards as of December 31, 2015 and 2014 is approximately $5.7 million. The carryforwards, if not utilized, will expire between 2016 and 2035. Management believes it is not more likely than not that these subsidiaries will generate sufficient future taxable income in these states to realize the benefit of the net operating loss carryforwards and, accordingly, a valuation allowance in the amount of $5.5 million and $5.6 million has been recorded at December 31, 2015 and 2014, respectively. During 2015, the valuation allowance increased $5.3 million. Unrealized losses on equity method investments and the trading securities portfolio increased the valuation allowance and income tax expense by $5.9 million. Depreciation in the fair value of the Company's available for sale securities portfolio increased the valuation allowance and accumulated other comprehensive loss by $1.8 million. These increases were partially offset by capital gain distributions from investments and realized capital gains on the sale of securities in the Company's investment portfolios, which decreased the valuation allowance and income tax expense by $2.4 million. The Company has state tax credit carryforwards of $1.5 million and $1.0 million as of December 31, 2015 and 2014, respectively. Of these state tax credit carryforwards, $1.3 million will expire between 2024 and 2031 if not utilized and $0.2 million will expire in 2026 if not utilized. The Company anticipates these credits will be fully utilized prior to their expiration date. As of January 1, 2015, the Company had unrecognized tax benefits, including penalties and interest, of $11.6 million ($8.3 million net of federal benefit) that, if recognized, would impact the Company's effective tax rate. As of December 31, 2015, the Company had unrecognized tax benefits, including penalties and interest, of $11.9 million ($8.7 million net of federal benefit) that, if recognized, would impact the Company's effective tax rate. The unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities in the accompanying consolidated balance sheets; unrecognized tax benefits that are expected to be settled within the next 12 months are included in income taxes payable; and unrecognized tax benefits that reduce a net operating loss, similar tax loss, or tax credit carryforward are presented as a reduction to noncurrent deferred income taxes. The Company's accounting policy with respect to interest and penalties related to income tax uncertainties is to classify these amounts as income taxes. As of January 1, 2015, the total amount of accrued interest and penalties related to uncertain tax positions recognized in the consolidated balance sheet was $3.5 million ($2.9 million net of federal benefit). A settlement in 2015 allowed for the reduction of penalties and interest, net of federal benefit, related to tax uncertainties of $ 0.1 million in the consolidated statement of income for the period ended December 31, 2015. The total amount of accrued penalties and interest related to uncertain tax positions at December 31, 2015 of $3.4 million ($2.8 million net of federal benefit) is included in the total unrecognized tax benefits described above. The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (in thousands) Balance at January 1 $ Increases during the year: Gross increases—tax positions in prior period Gross increases—current-period tax positions Decreases during the year: Gross decreases—tax positions in prior period Decreases due to settlements with taxing authorities Decreases due to lapse of statute of limitations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In the ordinary course of business, many transactions occur for which the ultimate tax outcome is uncertain. In addition, respective tax authorities periodically audit our income tax returns. These audits examine our significant tax filing positions, including the timing and amounts of deductions and the allocation of income among tax jurisdictions. During 2015, the Company settled three open tax years that were undergoing audit by a state jurisdiction in which the Company operates. During 2014, the Company settled six open tax years that were undergoing audit by state jurisdictions in which the Company operates. During 2013, the Company settled four open tax years that were undergoing audit by a state jurisdiction in which the Company operates. The 2012 through 2015 federal income tax returns are open tax years that remain subject to potential future audit. State income tax returns for all years after 2011 and, in certain states, income tax returns for 2011, are subject to potential future audit by tax authorities in the Company's major state tax jurisdictions.

Pension Plan and Postretirement

Pension Plan and Postretirement Benefits Other Than Pension	12 Months Ended
	Dec. 31, 2015
Pension Plan and Postretirement Benefits Other Than Pension
Pension Plan and Postretirement Benefits Other Than Pension	9. Pension Plan and Postretirement Benefits Other Than Pension We provide a non-contributory retirement plan that covers substantially all employees and certain vested employees of our former parent company (the "Pension Plan"). Benefits payable under the Pension Plan are based on employees' years of service and compensation during the final ten years of employment. We also sponsor an unfunded defined benefit postretirement medical plan that covers substantially all employees, as well as our financial advisors, who are independent contractors. The medical plan is contributory with retiree contributions adjusted annually. The medical plan does not provide for post age 65 benefits with the exception of a small group of employees that were grandfathered when such plan was established. A reconciliation of the funded status of these plans and the assumptions related to the obligations at December 31, 2015, 2014 and 2013 are as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of year $ Service cost Interest cost Benefits paid Actuarial (gain) loss Plan amendments — — — — — Retiree contributions — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net benefit obligation at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The accumulated benefit obligation for the Pension Plan was $177.1 million and $171.3 million at December 31, 2015 and 2014, respectively. Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Change in plan assets: Fair value of plan assets at beginning of year $ — — — Actual return on plan assets — — — Employer contributions Retiree contributions — — — Benefits paid ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at end of year $ — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands, except percentage data) Amounts recognized in the statement of financial position: Current liabilities $ — — — Noncurrent liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income: Transition obligation $ — — — Prior service credit (cost) Accumulated gain (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) Cumulative employer contributions in excess of (less than) net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligation at December 31: Discount rate Rate of compensation increase Not applicable The discount rate assumption used to determine the pension and other postretirement benefits obligations was based on the Aon Hewitt AA Only Above Median Yield Curve. This discount rate was determined separately for each plan by plotting the expected benefit payments from each plan against a yield curve of high quality, zero coupon bonds and calculating the single rate that would produce the same present value of liabilities as the yield curve. Our Pension Plan asset allocation at December 31, 2015 and 2014 is as follows: Plan assets by category Percentage of Plan Assets at December 31, 2015 Percentage of Plan Assets at December 31, 2014 Cash Equity securities: Domestic International Fixed income securities Private equity — Gold bullion ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The primary investment objective is to maximize growth of the Pension Plan assets to meet the projected obligations to the beneficiaries over a long period of time and to do so in a manner that is consistent with the Company's earnings strength and risk tolerance. Asset allocation is the most important decision in managing the assets and is reviewed regularly. The asset allocation policy considers the Company's financial strength and long-term asset class risk/return expectations since the obligations are long-term in nature. As of December 31, 2015, our Pension Plan assets were invested in our Asset Strategy investment style and are managed by our in-house investment professionals. Asset Strategy invests in the domestic or foreign market that is believed to offer the greatest probability of return or, alternatively, that provides the highest degree of safety in uncertain times. This style may allocate its assets among stocks, bonds and short-term investments and since the allocation is dynamically managed and able to take advantage of opportunities as they are presented by the market, there is not a predetermined asset allocation. Dependent on the outlook for the U.S. and global economies, our investment managers make top-down allocations among stocks, bonds, cash, precious metals and currency markets around the globe. After determining allocations, we seek the best opportunities within each market. Derivative instruments play an important role in this style's investment process to manage risk and maximize stability of the assets in the portfolio. At December 31, 2015, the Pension Plan had a significant weighting of plan assets invested in equity securities, a concentration not typical of a classic pension plan. Risk management is primarily the responsibility of the investment portfolio manager, who incorporates it with day-to-day research and management. Although investment flexibility is essential to this style's investment process, the Pension Plan does not invest in a number of asset classes that are commonly referred to as alternative investments; namely venture capital, direct real estate properties, timber, or oil, gas or other mineral explorations or development programs or leases. The Pension Plan also has a number of specific guidelines that serve to manage investment risk by placing limits on net securities exposure and concentration of assets within specific companies or industries. We determine the fair value of our Pension Plan assets using broad levels of inputs as defined by related accounting standards and categorized as Level 1, Level 2 or Level 3, as described in Note 3. The following tables summarize our Pension Plan assets as of December 31, 2015 and 2014. There were no transfers between levels for the years ended December 31, 2015 or 2014. 2015 Level 1 Level 2 Level 3 Total (in thousands) Equity securities: Domestic $ — — International — — Equity derivatives — — Fixed income securities: Mortgage-backed securities — — U.S. treasuries — — Gold bullion — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment securities — Cash and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Level 1 Level 2 Level 3 Total (in thousands) Equity securities: Domestic $ — — International — — Equity derivatives — — Fixed income securities: Mortgage-backed securities — — Corporate bond — — Private equity — — Gold bullion — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment securities Cash and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the activity of plan assets categorized as Level 3 for the years ended December 31, 2015 and 2014: 2015 2014 (in thousands) Level 3 plan assets at beginning of year $ Sales — Valuation change ​ ​ ​ ​ ​ ​ ​ Level 3 plan assets at end of year $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The 7.75% expected long-term rate of return on Pension Plan assets reflects management's expectations of long-term average rates of return on funds invested to provide for benefits included in the projected benefit obligations. The expected return is based on the outlook for inflation, fixed income returns and equity returns, while also considering historical returns, asset allocation and investment strategy. The plan expects a relatively high return because of the types of investments the portfolio incorporates, the long-term success the portfolio managers have had with generating returns in excess of passive management in those types of investments, and the past history of returns. The ability to use a high concentration of equities, especially international equities, within the plan's investment policy presents portfolio managers the opportunity to earn higher returns than other investment strategies that are restricted to owning lower returning asset classes. The components of net periodic pension and other postretirement costs consisted of the following for the years ended December 31, 2015, 2014 and 2013: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Components of net periodic benefit cost: Service cost $ Interest cost Expected return on plan assets — — — Actuarial (gain) loss amortization — — Prior service cost amortization Transition obligation amortization — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic benefit cost $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The estimated net actuarial loss, prior service cost and net transition obligation for the Pension Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2016 are $6.1 million, $374 thousand and $5 thousand, respectively. The estimated net actuarial gain and prior service cost for the postretirement medical plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2016 are $153 thousand and $4 thousand, respectively. The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013 are as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Discount rate Expected return on plan assets Not applicable Rate of compensation increase Not applicable We expect the following benefit payments to be paid, which reflect future service as appropriate: Pension Benefits Other Postretirement Benefits (in thousands) 2016 $ 2017 2018 2019 2020 2021 through 2025 ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our policy with respect to funding the Pension Plan is to fund at least the minimum required by the Employee Retirement Income Security Act of 1974, as amended, and not more than the maximum amount deductible for tax purposes. All contributions made to the Pension Plan for 2015, 2014 and 2013 were voluntary. A contribution of $20 million was made to the Pension Plan in January 2016 and no further contributions are planned for 2016. All Company contributions to other postretirement medical benefits are voluntary, as the postretirement medical plan is not funded and is not subject to any minimum regulatory funding requirements. The contributions for each year represent claims paid for medical expenses, and we anticipate making the 2016 expected contribution with cash generated from operations. Contributions by participants to the postretirement plan were $349 thousand, $381 thousand and $321 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. For measurement purposes, the initial health care cost trend rate was 7.55% for 2015, 8.04% for 2014 and 8.52% for 2013. The health care cost trend rate reflects anticipated increases in health care costs. The initial assumed growth rate of 7.55% for 2015 is assumed to gradually decline over the next 12 years to a rate of 4.5%. The effect of a 1% annual increase in assumed cost trend rates would increase the December 31, 2015, accumulated postretirement benefit obligation by approximately $1.0 million, and the aggregate of the service and interest cost components of net periodic postretirement benefit cost for the year ended December 31, 2015, by approximately $205 thousand. The effect of a 1% annual decrease in assumed cost trend rates would decrease the December 31, 2015, accumulated postretirement benefit obligation by approximately $874 thousand, and the aggregate of the service and interest cost components of net periodic postretirement benefit cost for the year ended December 31, 2015, by approximately $173 thousand. We also sponsor the Waddell & Reed Financial, Inc. Supplemental Executive Retirement Plan, as amended and restated (the "SERP"), a non-qualified deferred compensation plan covering eligible employees. The SERP provides certain benefits for Company officers that the Pension Plan is prevented from providing because of compensation and benefit limits in the Internal Revenue Code (the "IRC"). The SERP was adopted to supplement the annual pension paid to certain senior executive officers. Each calendar year, the Compensation Committee of the Board of Directors (the "Compensation Committee") credits participants' SERP accounts with (i) an amount equal to 4% of the executive's base salary, less the amount of the maximum employer matching contribution available under our 401(k) plan, and (ii) a non-formula award, if any, as determined by the Compensation Committee in its discretion. There were no discretionary awards made to participants during 2015, 2014 or 2013. Additionally, each calendar year, participants' accounts are credited (or charged) with an amount equal to the performance of certain hypothetical investment vehicles since the last preceding year. Upon a participant's separation, or at such other time based on a pre-existing election by a participant, benefits accumulated under the SERP are payable in installments or in a lump sum. As of December 31, 2015 and 2014, the aggregate liability to participants was $3.8 million. At December 31, 2015, the accrued pension and postretirement liability recorded in the consolidated balance sheet was comprised of accrued pension costs of $36.9 million, a liability for postretirement benefits in the amount of $8.1 million and an accrued liability for SERP benefits of $3.8 million. The current portion of postretirement liability of $0.3 million is included in other current liabilities on the consolidated balance sheet. At December 31, 2014, the accrued pension and postretirement liability recorded on the consolidated balance sheet was comprised of accrued pension costs of $32.5 million, a liability for postretirement benefits in the amount of $9.6 million and an accrued liability for SERP benefits of $3.8 million. The current portion of postretirement liability of $0.3 million is included in other current liabilities on the consolidated balance sheet.

Employee Savings Plan

Employee Savings Plan	12 Months Ended
	Dec. 31, 2015
Employee Savings Plan
Employee Savings Plan	10. Employee Savings Plan We sponsor a defined contribution plan that qualifies under Section 401(k) of the IRC to provide retirement benefits to substantially all of our employees. As allowed under Section 401(k), the plan provides tax-deferred salary deductions for eligible employees. Our matching contributions to the plan for the years ended December 31, 2015, 2014 and 2013 were $6.6 million, $6.4 million and $5.1 million, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity
Stockholders' Equity	11. Stockholders' Equity Earnings per Share For the years ended December 31, 2015, 2014 and 2013, earnings per share were computed as follows: 2015 2014 2013 (in thousands, except per share amounts) Net income $ Weighted average shares outstanding, basic and diluted Earnings per share, basic and diluted $ Dividends We declared dividends on our common stock of $1.75 per share, $1.45 per share and $1.18 per share for the years ended December 31, 2015, 2014 and 2013, respectively. The Board of Directors approved an increase in the quarterly dividend on our common stock from $0.43 per share to $0.46 per share beginning with the dividend declared in the fourth quarter 2015 and paid on February 1, 2016, to stockholders of record on January 11, 2016. As of December 31, 2015 and 2014, other current liabilities included $38.1 million and $36.0 million, respectively, for dividends payable to stockholders. Common Stock Repurchases The Board of Directors has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs. There were 1,955,509 shares, 2,252,152 shares and 1,492,535 shares repurchased in the open market or privately during the years ended December 31, 2015, 2014 and 2013, respectively, which includes 432,353 shares, 599,340 shares and 665,035 shares repurchased from employees who elected to tender shares to cover their minimum tax withholdings with respect to vesting of stock awards during the years ended December 31, 2015, 2014 and 2013, respectively. Accumulated Other Comprehensive Loss The following table summarizes other comprehensive income (loss) activity for the years ended December 31, 2015 and 2014. Year ended December 31, 2015 Unrealized (gains) losses on investment securities Change in valuation allowance for unrealized gains (losses) on investment securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) (in thousands) Balance at December 31, 2014 $ Other comprehensive loss before reclassification Amount reclassified from accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2014 Unrealized (gains) losses on investment securities Change in valuation allowance for unrealized gains (losses) on investment securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) (in thousands) Balance at December 31, 2013 $ Other comprehensive loss before reclassification Amount reclassified from accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reclassifications from accumulated other comprehensive income and included in net income are summarized in the table that follows for the years ended December 31, 2015 and 2014. For the year ended December 31, 2015 Pre-tax Tax (expense) benefit Net of tax Statement of income line item (in thousands) Reclassifications included in net income: Sponsored funds investment gains $ Investment and other income (loss) Valuation allowance — Provision for income taxes Amortization of pension and postretirement benefits Underwriting and distribution expense and Compensation and related costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2014 Pre-tax Tax (expense) benefit Net of tax Statement of income line item (in thousands) Reclassifications included in net income: Realized gain on sale of sponsored investment securities $ Investment and other income (loss) Valuation allowance — Provision for income taxes Amortization of pension and postretirement benefits Underwriting and distribution expense and Compensation and related costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2015
Share-Based Compensation
Share-Based Compensation	12. Share-Based Compensation During 2015 the Company had three stock-based compensation plans: the Company 1998 Stock Incentive Plan, as amended and restated (the "SI Plan"), the Company 1998 Executive Stock Award Plan, as amended and restated (the "ESA Plan") and the Company 1998 Non-Employee Director Stock Award Plan, as amended and restated (the "NED Plan") (collectively, the "Stock Plans"). There are no outstanding awards under the ESA Plan or the NED Plan and in February 2016, the Board of Directors terminated both plans. The SI Plan allows us to grant equity compensation awards, including, among other awards, non-qualified stock options and nonvested stock as part of our overall compensation program to attract and retain key personnel and encourage a greater personal financial investment in the Company, thereby promoting the long-term growth of the Company. A maximum of 30.0 million shares of common stock are authorized for issuance under the SI Plan. A maximum of 3.75 million and 1.2 million shares of common stock were authorized for issuance under the ESA Plan and NED Plan, respectively. In total, 3,684,157 shares of common stock were available for issuance as of December 31, 2015, under these plans, including 294,658 shares under the SI Plan. In addition, we may make incentive payments under the Company 2003 Executive Incentive Plan, as amended and restated (the "EIP") in the form of cash, stock options, nonvested stock or a combination thereof. Incentive awards paid under the EIP in the form of stock options or nonvested stock are issued out of shares reserved for issuance under the SI Plan. Generally, shares of common stock covered by terminated, surrendered or cancelled options, by forfeited nonvested stock, or by the forfeiture of other awards that do not result in issuance of shares of common stock are again available for awards under the plan from which they were terminated, surrendered, cancelled or forfeited. Under our SI Plan, the exercise price of a stock option is equal to the closing market price of Company common stock on the date of grant. The maximum term of non-qualified options granted under the SI Plan is 10 years and two days and the options generally vest in 33 1 / 3 % increments on the second, third and fourth anniversaries of the grant date. We receive a current income tax benefit for stock option exercises. Nonvested stock awards are valued on the date of grant, have no purchase price and generally vest over four years in 33 1 / 3 % increments on the second, third and fourth anniversaries of the grant date. The Company also issues nonvested stock awards to our financial advisors who are independent contractors. These awards have the same terms as awards issued to employees; however, changes in the Company's share price result in variable compensation expense over the vesting period. Under the SI Plan, nonvested shares are forfeited upon the termination of employment with or service to the Company, as applicable, or service on the Board of Directors, dependent upon the circumstances of termination. Except for restrictions placed on the transferability of nonvested stock, holders of nonvested stock have full stockholders' rights during the term of restriction, including voting rights and the rights to receive cash dividends. Stock Options There are no options outstanding as of December 31, 2015. The total intrinsic value (on date of exercise) of options exercised during the year ended December 31, 2013 was $139 thousand. The related income tax benefit recognized in 2013 was $51 thousand. Nonvested Stock A summary of nonvested share activity and related fair value for the year ended December 31, 2015 follows: Nonvested Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 $ Granted Vested Forfeited ​ ​ ​ ​ ​ ​ ​ Nonvested at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2015, 2014 and 2013, compensation expense related to nonvested stock totaled $47.5 million, $54.1 million and $53.2 million, respectively. The income tax benefit from the compensation expense related to nonvested stock was $17.6 million, $20.1 million and $19.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. These benefits will be recognized upon vesting and may increase or decrease depending on the fair value of the shares on the date of vesting. As of December 31, 2015, the remaining unamortized expense of $115.3 million is expected to be recognized over a weighted average period of 2.4 years. The total fair value of shares vested (at vest date) during the years ended December 31, 2015, 2014 and 2013, was $53.9 million, $104.8 million and $80.5 million, respectively. The Company permits employees the right to tender a portion of their vested shares to the Company to satisfy the minimum tax withholding obligations of the Company with respect to vesting of the shares.

Uniform Net Capital Rule Requir

Uniform Net Capital Rule Requirements	12 Months Ended
	Dec. 31, 2015
Uniform Net Capital Rule Requirements
Uniform Net Capital Rule Requirements	13. Uniform Net Capital Rule Requirements Two of our subsidiaries, Waddell & Reed, Inc. ("W&R") and Ivy Funds Distributor, Inc. ("IFDI") are registered broker/dealers and members of the Financial Industry Regulatory Authority, Inc.. Broker/dealers are subject to the SEC's Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15.0 to 1.0. The primary difference between net capital and stockholders' equity is the non-allowable assets that are excluded from net capital. A broker/dealer may elect not to be subject to the Aggregate Indebtedness Standard of paragraph (a)(1)(i) of Rule 15c3-1, in which case net capital must exceed the greater of $250 thousand or 2% of aggregate debit items computed in accordance with the Formula for Determination of Reserve Requirements for broker/dealers. W&R made this election and thus is not subject to the aggregate indebtedness ratio as of December 31, 2015 or 2014. Net capital and aggregated indebtedness information for our broker/dealer subsidiaries is presented in the following table as of December 31, 2015 and 2014: 2015 2014 (in thousands) W&R IFDI W&R IFDI Net capital $ Required capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess of required capital $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of aggregate indebtedness to net capital Not applicable 2.56 to 1.0 Not applicable 3.08 to 1.0

Rental Expense and Lease Commit

Rental Expense and Lease Commitments	12 Months Ended
	Dec. 31, 2015
Rental Expense and Lease Commitments
Rental Expense and Lease Commitments	14. Rental Expense and Lease Commitments We lease certain home office buildings, certain sales and other office space and equipment under long-term operating leases. Rent expense was $23.7 million, $22.6 million and $22.5 million, for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum rental commitments under non-cancelable operating leases are as follows: Year Commitments (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ New leases are expected to be executed as existing leases expire. Thus, future minimum lease commitments are not expected to be materially different than those in 2015.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	15. Related Party Transactions We earn investment management fee revenues from the Funds and IGI Funds for which we also act as an investment adviser, pursuant to an investment management agreement with each Fund. In addition, we have agreements with the Funds pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, pursuant to which distribution and service fees are collected from the Funds for distribution of mutual fund shares, for costs such as advertising and commissions paid to broker/dealers, and for providing ongoing services to shareholders of the Funds and/or maintaining shareholder accounts. We also earn service fee revenues by providing various services to the Funds and their shareholders pursuant to a shareholder servicing agreement with each Fund (except the Ivy Funds VIP) and an accounting service agreement with each Fund. Certain of our officers and directors are also officers and/or trustees for the various Funds for which we act as an investment adviser. These agreements are approved or renewed on an annual basis by each Fund's board of trustees, including a majority of the disinterested members. Revenues for services provided or related to the Funds and IGI Funds for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (in thousands) Investment management fees $ Rule 12b-1 service and distribution fees Shareholder service fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Funds and separate accounts receivable at December 31, 2015 and 2014 are receivables due from the Funds of $26.7 and $30.3 million respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2015
Contingencies
Contingencies	16. Contingencies The Company is involved from time to time in various legal proceedings, regulatory investigations and claims incident to the normal conduct of business, which may include proceedings that are specific to us and others generally applicable to business practices within the industries in which we operate. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and on the results of operations in a particular quarter or year. The Company establishes reserves for litigation and similar matters when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, "Contingencies Topic." These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately. The Company regularly revises such accruals in light of new information. The Company discloses the nature of the contingency when management believes it is reasonably possible the outcome may be significant to the Company's consolidated financial statements and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency disclosures, "significant" includes material matters as well as other items that management believes should be disclosed. Management's judgment is required related to contingent liabilities because the outcomes are difficult to predict. In an action filed on February 18, 2016 in the United States District Court for the District of Kansas, Saket Kapor(sic), Peter Brockett and Hieu Phan v. Ivy Investment Management Company, et. al. (Case No. 2:16-cv-02106-JWL-TJJ), the Company's registered investment advisor subsidiaries, the trustees of two of the Company's affiliated mutual funds, and an officer of a Company subsidiary were sued in a putative derivative action by three mutual fund shareholders alleging breach of fiduciary duty and breach of contract claims relating to investments held in the affiliated mutual funds. On behalf of the mutual funds, Plaintiffs seek monetary damages and demand a jury trial. To date, no responsive pleading has been filed and no discovery has taken place. In the opinion of management, the ultimate resolution and outcome of this matter is uncertain. Given the preliminary nature of the proceedings and the Company's dispute over the merits of the claims, the Company is unable to estimate a range of reasonably possible loss, if any, that such matter may represent. While the ultimate resolution of this matter is uncertain, an adverse determination against the Company could have a material adverse impact on our business, financial condition and results of operations.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2015
Concentrations of Credit Risk
Concentrations of Credit Risk	17. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents held. The Company maintains cash and cash equivalents with various financial institutions. Cash deposits maintained at financial institutions may exceed the federally insured limit.

Selected Quarterly Information

Selected Quarterly Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Information (Unaudited)
Selected Quarterly Information (Unaudited)	18. Selected Quarterly Information (Unaudited) Quarter First Second Third Fourth (in thousands) 2015 Total revenues $ Net income $ Net income per share, basic and diluted $ Quarter First Second Third Fourth (in thousands) 2014 Total revenues $ Net income $ Net income per share, basic and diluted $

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Description of Business and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Amounts in the accompanying financial statements and notes are rounded to the nearest thousand unless otherwise stated. Certain amounts in the prior years' financial statements have been reclassified for consistent presentation. The Company operates in one business segment as the Company's management utilizes a consolidated approach to assess performance and allocate resources.
Consolidation	Consolidation We provide seed capital to new investment products at the time we launch the products. These investment products include certain of the Advisors Funds and the Ivy Funds ("1940 Act Mutual Funds"), the IGI Funds, limited liability companies ("LLCs"), and an open-end mutual fund organized in Canada (the "Canadian Mutual Fund"). The primary purpose of providing seed capital is to generate an investment performance track record to attract third party investors. Our seed investment in a new product represents 100% ownership in that product when the product is launched. Assessing if an entity is a variable interest entity ("VIE") or voting interest entity ("VOE") involves judgment and analysis on an entity by entity basis. Factors included in this assessment include the legal organization of the entity, the company's contractual involvement with the entity and any implications resulting from or associated with related parties' involvement with the entity. Seeded investments in 1940 Act Mutual Funds and the Canadian Mutual Fund are organized under a series fund structure, whereby each open-ended mutual fund represents a separate share class of a legal entity organized under a statutory trust. The Company has determined that the 1940 Act Mutual Funds and the Canadian Mutual Fund are VOEs because the structure of the investment product is such that the voting rights held by the equity holders provide for equality among equity investors. To the extent material, these investment products would be consolidated if Company ownership, directly or indirectly, represents a majority interest. The privately offered funds seeded by the Company are structured as investment companies in the legal form of LLCs. The Company is the managing member of these LLCs. For the majority of these LLCs, the Company's investment represents an ownership of less than 3%. Generally, limited partnerships and similar entities in which the general partner does not have substantive equity at risk and the other limited partners do not have substantive rights to remove the general partner would be considered VIEs. During the fourth quarter of 2015, the LLC agreements were amended so that all of the members of the Company's privately offered funds now hold substantive kick-out and participation rights. They also have the ability to remove the managing member and to dissolve the LLC. Given the substantive rights afforded the members, the Company has concluded the LLCs are VOEs. These investment products would be consolidated, if material, if a majority interest is held, directly or indirectly, by the Company. The Company has determined the SICAV to be a VOE, as its legal structure and the powers of its equity investors prevent the SICAV from meeting the characteristics of being a VIE. To the extent material, the Company would be required to consolidate the SICAV if ownership of the SICAV, directly or indirectly, represents more than 50% of the outstanding voting shares of the SICAV.
Use of Estimates	Use of Estimates GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes, and related disclosures of commitments and contingencies. Estimates are used for, but are not limited to, depreciation and amortization, income taxes, valuation of assets, pension and postretirement obligations, and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Actual results could differ from our estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments. We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents. Cash and cash equivalents—restricted represents cash held for the benefit of customers and non-customers segregated in compliance with federal and other regulations.
Disclosures About Fair Value of Financial Instruments	Disclosures About Fair Value of Financial Instruments Fair value of cash and cash equivalents, receivables and payables approximates carrying value. Fair value of long-term debt is disclosed in Note 7. Fair values for investment securities are based on quoted market prices, where available. Otherwise, fair values for investment securities are based on Level 2 or Level 3 inputs detailed in Note 3.
Investment Securities and Investments in Sponsored Funds	Investment Securities and Investments in Sponsored Funds Our investments are comprised of United States, state and government obligations, corporate debt securities and investments in sponsored funds. Sponsored funds, which include the Funds, the IGI Funds and the LLCs, are investments we have made for both general corporate investment purposes and to provide seed capital for new investment products. The Company has classified its investments in certain sponsored funds as either equity method investments (when the Company owns between 20% and 50% of the fund) or as available for sale investments (when the Company owns less than 20% of the fund) as described in Note 3. Investments held by our broker/dealer entities or certain investments that are anticipated to be purchased and sold on a more frequent basis are classified as trading. Unrealized holding gains and losses on securities available for sale, net of related tax effects, are excluded from earnings until realized and are reported as a separate component of comprehensive income. For trading securities, unrealized holding gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. Substantially all of the Company's equity method investees are investment companies which record their underlying investments at fair value. Therefore, under the equity method of accounting, our share of the investee's underlying net income or loss is predominantly representative of fair value adjustments in the investments held by the equity method investee. Our share of the investee's net income or loss is based on the most current information available and is recorded as a net gain or loss on investments within investment and other income (loss). Our available for sale investments are reviewed each quarter and adjusted for other than temporary declines in value. We consider factors affecting the issuer and the industry in which the issuer operates, general market trends including interest rates, and our ability and intent to hold an investment until it has recovered. Consideration is given to the length of time an investment's market value has been below carrying value and prospects for recovery to carrying value. When a decline in the fair value of equity securities is determined to be other than temporary, the unrealized loss recorded net of tax in other comprehensive income is realized as a charge to net income, and a new cost basis is established for financial reporting purposes. When a decline in the fair value of debt securities is determined to be other than temporary, the amount of the impairment recognized in earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If so, the other than temporary impairment recognized in earnings is equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If not, the portion of the impairment related to the credit loss is recognized in earnings while the portion of the impairment related to other factors is recognized in other comprehensive income, net of tax.
Property and Equipment	Property and Equipment Property and equipment are carried at cost. The costs of improvements that extend the life of a fixed asset are capitalized, while the costs of repairs and maintenance are expensed as incurred. Depreciation and amortization are calculated and recorded using the straight-line method over the estimated useful life of the related asset (or lease term if shorter), generally three to 10 years for furniture and fixtures; one to 10 years for computer software; one to five years for data processing equipment; one to 40 years for buildings; three to 26 years for other equipment; and up to 15 years for leasehold improvements, which is the lesser of the lease term or expected life.
Software Developed for Internal Use	Software Developed for Internal Use Certain internal costs incurred in connection with developing or obtaining software for internal use are capitalized in accordance with ASC 350, "Intangibles—Goodwill and Other Topic." Internal costs capitalized are included in property and equipment, net in the consolidated balance sheets, and were $13.9 million and $13.5 million as of December 31, 2015 and 2014, respectively. Amortization begins when the software project is complete and ready for its intended use and continues over the estimated useful life, generally one to 10 years.
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill represents the excess of the cost of the Company's investment in the net assets of acquired companies over the fair value of the underlying identifiable net assets at the dates of acquisition. Goodwill is not amortized, but is reviewed annually for impairment in the second quarter of each year and when events or circumstances occur that indicate that goodwill might be impaired. Factors that the Company considers important in determining whether an impairment of goodwill or intangible assets might exist include significant continued underperformance compared to peers, the likelihood of termination or non-renewal of a mutual fund advisory or subadvisory contract or substantial changes in revenues earned from such contracts, significant changes in our business and products, material and ongoing negative industry or economic trends, or other factors specific to each asset being evaluated. To determine the fair value of the Company's reporting unit, our review process uses the market and income approaches. In performing the analyses, the Company uses the best information available under the circumstances, including reasonable and supportable assumptions and projections. The market approach employs market multiples for comparable publicly-traded companies in the financial services industry. Estimates of fair values of the reporting units are established using multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company believes that fair values calculated based on multiples of EBITDA are an accurate estimation of fair value. If the fair value coverage margin calculated under the market approach is not considered significant, the Company utilizes a second approach, the income approach, to estimate fair values and averages the results under both methodologies. The income approach employs a discounted free cash flow approach that takes into account current actual results, projected future results, and the Company's estimated weighted average cost of capital. The Company compares the fair values of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its calculated fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss, if any. Indefinite-lived intangible assets represent advisory and subadvisory management contracts for managed assets obtained in acquisitions. The Company considers these contracts to be indefinite-lived intangible assets as they are expected to be renewed without significant cost or modification of terms. The Company also tests these assets for impairment annually and when events or circumstances occur that indicate that the indefinite-lived intangible asset might be impaired. If the carrying value of a management contract acquired exceeds its fair value, an impairment loss is recognized equal to that excess. Additional information related to the indefinite-lived intangible assets is included in Note 6.
Deferred Sales Commissions	Deferred Sales Commissions We defer certain costs, principally sales commissions and related compensation, which are paid to financial advisors and broker/dealers in connection with the sale of certain mutual fund shares sold without a front-end load sales charge. The costs incurred at the time of the sale of Class B shares sold prior to January 1, 2014 are amortized on a straight-line basis over five years, which approximates the expected life of the shareholders' investments. Effective January 1, 2014, the Company suspended sales of Class B shares. The costs incurred at the time of the sale of Class C shares are amortized on a straight-line basis over 12 months. Prior to June 16, 2014, the costs incurred at the time of the sale of shares for certain fee-based asset allocation products were deferred and amortized on a straight-line basis, not to exceed three years. We recover deferred sales commissions and related compensation through Rule 12b-1 and other distribution fees, which are paid on the Class B and Class C shares of the Advisors Funds and Ivy Funds, along with contingent deferred sales charges ("CDSCs") paid by shareholders who redeem their shares prior to completion of the specified holding period (three years for shares of certain fee-based asset allocation products sold prior to June 16, 2014, six years for a Class B share and 12 months for a Class C share), as well as through client fees paid on the asset allocation products sold prior to June 16, 2014. Effective June 16, 2014 we no longer assess a CDSC to investors upon early redemption of fee-based asset allocation products and amounts deferred for sales commissions and related compensation are classified in the prepaid and other current asset and other non-current assets in our consolidated balance sheet. Should we lose our ability to recover deferred sales commissions through distribution fees or CDSCs, the value of these assets would immediately decline, as would future cash flows. We periodically review the recoverability of the deferred sales commission assets as events or changes in circumstances indicate that their carrying amount may not be recoverable and adjust them accordingly. Impairment adjustments are recognized in operating income as a component of amortization of deferred sales commissions.
Revenue Recognition	Revenue Recognition Investment Management and Advisory Fees We recognize investment management fees as earned over the period in which services are rendered. We charge the Funds daily based upon average daily net assets under management in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from the IGI Funds and from institutional and separate accounts are charged either monthly or quarterly based upon an average of net assets under management in accordance with such investment management agreements. The Company may waive certain fees for investment management services at its discretion, or in accordance with contractual expense limitations, and these waivers are reflected as a reduction to investment management fees on the consolidated statements of income. Our investment advisory business receives research products and services from broker/dealers through "soft dollar" arrangements. Consistent with the "soft dollar" safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended, the investment advisory business does not have any contractual obligation requiring it to pay for research products and services obtained through soft dollar arrangements with brokers. As a result, we present "soft dollar" arrangements on a net basis. The Company has contractual arrangements with third parties to provide subadvisory services. Investment advisory fees are recorded gross of any subadvisory payments and are included in investment management fees based on management's determination that the Company is acting in the capacity of principal service provider with respect to its relationship with the Funds. Any corresponding fees paid to subadvisors are included in operating expenses. Distribution, Underwriter and Shareholder Service Fees Underwriting and distribution commission revenues resulting from the sale of investment products are recognized on the trade date. When a client purchases Class A or Class E shares (front-end load), the client pays an initial sales charge of up to 5.75% of the amount invested. The sales charge for Class A or Class E shares typically declines as the investment amount increases. In addition, investors may combine their purchases of all fund shares to qualify for a reduced sales charge. When a client invests in a fee-based asset allocation product, Class A shares are purchased at net asset value, and we do not charge an initial sales charge. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net assets under management for Class B, C, E and Ivy Funds Y shares for expenses paid to broker/dealers and other sales professionals in connection with providing ongoing services to the Funds' shareholders and/or maintaining the Funds' shareholder accounts, with the exception of the Funds' Class R shares, for which the maximum fee is 0.50% and for the Class I, R6 and Advisors Funds Y shares, which do not charge a service fee. The Funds' Class B and Class C shares may charge a maximum of 0.75% of the average daily net assets under management under a Rule 12b-1 distribution plan to broker/dealers and other sales professionals for their services in connection with distributing shares of that class. The Funds' Class A shares may charge a maximum fee of 0.25% of the average daily net assets under management under a Rule 12b-1 service and distribution plan for expenses detailed previously. The Rule 12b-1 plans are subject to annual approval by the Funds' board of trustees, including a majority of the disinterested members, by votes cast in person at a meeting called for the purpose of voting on such approval. All Funds may terminate the service and distribution plans at any time with approval of fund trustees or portfolio shareholders (a majority of either) without penalty. Fee-based asset allocation revenues are charged quarterly based upon average daily net assets under management. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets under management and are recognized monthly. Fees collected from advisors for services related to technology and errors and omissions insurance are recorded in underwriting and distribution fees on a gross basis, as the Company is the primary obligor in these arrangements. Shareholder service fees are recognized monthly and are calculated based on the number of accounts or assets under management as applicable. Other administrative service fee revenues are recognized when contractual obligations are fulfilled or as services are provided.
Advertising and Promotion	Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $15.7 million, $15.7 million and $13.3 million for the years ended December 31, 2015, 2014 and 2013, respectively, and is classified in both underwriting and distribution expense and general and administrative expense in the consolidated statements of income.
Leases	Leases The Company leases office space under various leasing arrangements. Most lease agreements contain renewal options, rent escalation clauses and/or other inducements provided by the landlord. As leases expire, they are typically renewed or replaced in the ordinary course of business. Rent expense is recorded on a straight-line basis, including escalations and inducements, over the term of the lease.
Share-Based Compensation	Share-Based Compensation We account for share-based compensation expense using the fair value method. Under the fair value method, share-based compensation expense reflects the fair value of share-based awards measured at grant date, is recognized over the service period, and is adjusted each period for anticipated forfeitures. The Company also issues share-based awards to our financial advisors who are independent contractors and to our Board of Directors. Changes in the Company's share price result in variable compensation expense over the vesting period.
Accounting for Income Taxes	Accounting for Income Taxes Income tax expense is based on pre-tax financial accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance as prescribed by ASC 740, "Income Taxes Topic." Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is recognized for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investment Securities
Schedule of investment securities	2015 Available for sale securities: Sponsored funds $ Sponsored privately offered funds ​ ​ ​ ​ Total available for sale securities Trading securities: Mortgage-backed securities Corporate bond Common stock Sponsored funds ​ ​ ​ ​ Total trading securities Equity method securities: Sponsored funds Sponsored privately offered funds ​ ​ ​ ​ Total equity method securities ​ ​ ​ ​ Total securities $ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Available for sale securities: Sponsored funds $ Sponsored privately offered funds ​ ​ ​ ​ Total available for sale securities ​ ​ ​ ​ Trading securities: Mortgage-backed securities Common stock Sponsored funds ​ ​ ​ ​ Total trading securities ​ ​ ​ ​ Total securities $ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the gains (losses) related to securities	The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2015: Available for sale securities: Amortized cost Unrealized gains Unrealized losses Fair value (in thousands) Sponsored funds $ Sponsored privately offered funds — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2014: Available for sale securities: Amortized cost Unrealized gains Unrealized losses Fair value Sponsored funds $ Sponsored privately offered funds — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of available for sale sponsored funds with fair values below carrying values	A summary of available for sale sponsored funds with fair values below carrying values at December 31, 2015 is as follows: Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses (in thousands) Sponsored funds $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of fair value of investment securities	2015 Level 1 Level 2 Level 3 Total (in thousands) Available for sale securities: Sponsored funds $ — — Sponsored privately offered funds measured at net asset value (2) — — — Trading securities: Mortgage-backed securities — — Corporate bonds — — Common stock — — Sponsored funds — — Equity method securities: (1) Sponsored funds — — Sponsored privately offered funds measured at net asset value (2) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Level 1 Level 2 Level 3 Total (in thousands) Available for sale securities: Sponsored funds $ — — Sponsored privately offered funds measured at net asset value (2) — — — Trading securities: Mortgage-backed securities — — Common stock — — Sponsored funds — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Substantially all of the Company's equity method investments are investment companies that record their underlying investments at fair value. Fair value is measured using the Company's share of the investee's underlying net income or loss, which is predominantly representative of fair value adjustments in the investments held by the investee. (2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property and Equipment
Schedule of property and equipment, net	2015 2014 Estimated useful lives (in thousands) Leasehold improvements $ 1 - 15 years Furniture and fixtures 3 - 10 years Equipment 3 - 26 years Computer software 1 - 10 years Data processing equipment 1 - 5 years Buildings 1 - 40 years Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill and Identifiable Int32

Goodwill and Identifiable Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Identifiable Intangible Assets
Schedule of goodwill and identifiable intangible assets	2015 2014 (in thousands) Goodwill $ Mutual fund management advisory contracts Mutual fund management subadvisory contracts ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes
Schedule of provision for income taxes	2015 2014 2013 (in thousands) Current taxes: Federal $ State Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliation of statutory federal income tax rate with effective income tax rate	2015 2014 2013 Statutory federal income tax rate State income taxes, net of federal tax benefits State tax incentives Valuation allowance on losses capital in nature Other items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of deferred tax liabilities and deferred tax assets	2015 2014 (in thousands) Deferred tax liabilities: Deferred sales commissions $ Property and equipment Benefit plans Identifiable intangible assets Prepaid expenses ​ ​ ​ ​ ​ ​ ​ Total gross deferred liabilities ​ ​ ​ ​ ​ ​ ​ Deferred tax assets: Accrued compensation Additional pension and postretirement liability Other accrued expenses Unrealized losses on investment securities and partnerships Capital loss carryforwards Nonvested stock Unused state tax credits State net operating loss carryforwards Other ​ ​ ​ ​ ​ ​ ​ Total gross deferred assets Valuation allowance ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest	2015 2014 2013 (in thousands) Balance at January 1 $ Increases during the year: Gross increases—tax positions in prior period Gross increases—current-period tax positions Decreases during the year: Gross decreases—tax positions in prior period Decreases due to settlements with taxing authorities Decreases due to lapse of statute of limitations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Pension Plan and Postretireme34

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	12 Months Ended
	Dec. 31, 2015
Pension Plan and Postretirement Benefits Other Than Pension
Schedule of changes in net funded status, disclosure of amounts recognized in the balance sheet, and the assumptions used to determine the benefit obligation	Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of year $ Service cost Interest cost Benefits paid Actuarial (gain) loss Plan amendments — — — — — Retiree contributions — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net benefit obligation at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of pension plan asset allocation	Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Change in plan assets: Fair value of plan assets at beginning of year $ — — — Actual return on plan assets — — — Employer contributions Retiree contributions — — — Benefits paid ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at end of year $ — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands, except percentage data) Amounts recognized in the statement of financial position: Current liabilities $ — — — Noncurrent liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income: Transition obligation $ — — — Prior service credit (cost) Accumulated gain (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) Cumulative employer contributions in excess of (less than) net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized at end of year $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligation at December 31: Discount rate Rate of compensation increase Not applicable
Summary of entity's pension plan assets	Plan assets by category Percentage of Plan Assets at December 31, 2015 Percentage of Plan Assets at December 31, 2014 Cash Equity securities: Domestic International Fixed income securities Private equity — Gold bullion ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of entity's pension plan assets fair value	2015 Level 1 Level 2 Level 3 Total (in thousands) Equity securities: Domestic $ — — International — — Equity derivatives — — Fixed income securities: Mortgage-backed securities — — U.S. treasuries — — Gold bullion — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment securities — Cash and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 Level 1 Level 2 Level 3 Total (in thousands) Equity securities: Domestic $ — — International — — Equity derivatives — — Fixed income securities: Mortgage-backed securities — — Corporate bond — — Private equity — — Gold bullion — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment securities Cash and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the activity of plan assets categorized as Level 3	2015 2014 (in thousands) Level 3 plan assets at beginning of year $ Sales — Valuation change ​ ​ ​ ​ ​ ​ ​ Level 3 plan assets at end of year $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of net periodic pension and other postretirement costs	Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 (in thousands) Components of net periodic benefit cost: Service cost $ Interest cost Expected return on plan assets — — — Actuarial (gain) loss amortization — — Prior service cost amortization Transition obligation amortization — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic benefit cost $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of weighted average assumptions used to determine net periodic cost and benefit obligation	Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Discount rate Expected return on plan assets Not applicable Rate of compensation increase Not applicable
Schedule of expected benefit payments to be paid	Pension Benefits Other Postretirement Benefits (in thousands) 2016 $ 2017 2018 2019 2020 2021 through 2025 ​ ​ ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity
Components of basic and diluted earnings per share	2015 2014 2013 (in thousands, except per share amounts) Net income $ Weighted average shares outstanding, basic and diluted Earnings per share, basic and diluted $
Summary of other comprehensive income (loss) activity	Year ended December 31, 2015 Unrealized (gains) losses on investment securities Change in valuation allowance for unrealized gains (losses) on investment securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) (in thousands) Balance at December 31, 2014 $ Other comprehensive loss before reclassification Amount reclassified from accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2014 Unrealized (gains) losses on investment securities Change in valuation allowance for unrealized gains (losses) on investment securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) (in thousands) Balance at December 31, 2013 $ Other comprehensive loss before reclassification Amount reclassified from accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of reclassifications from accumulated other comprehensive income (loss) and included in net income	For the year ended December 31, 2015 Pre-tax Tax (expense) benefit Net of tax Statement of income line item (in thousands) Reclassifications included in net income: Sponsored funds investment gains $ Investment and other income (loss) Valuation allowance — Provision for income taxes Amortization of pension and postretirement benefits Underwriting and distribution expense and Compensation and related costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2014 Pre-tax Tax (expense) benefit Net of tax Statement of income line item (in thousands) Reclassifications included in net income: Realized gain on sale of sponsored investment securities $ Investment and other income (loss) Valuation allowance — Provision for income taxes Amortization of pension and postretirement benefits Underwriting and distribution expense and Compensation and related costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Share-Based Compensation
Summary of nonvested share activity and related fair value	Nonvested Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 $ Granted Vested Forfeited ​ ​ ​ ​ ​ ​ ​ Nonvested at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Uniform Net Capital Rule Requ37

Uniform Net Capital Rule Requirements (Tables)	12 Months Ended
	Dec. 31, 2015
Uniform Net Capital Rule Requirements
Schedule of net capital and aggregated indebtedness information for broker/dealer subsidiaries	2015 2014 (in thousands) W&R IFDI W&R IFDI Net capital $ Required capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess of required capital $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of aggregate indebtedness to net capital Not applicable 2.56 to 1.0 Not applicable 3.08 to 1.0

Rental Expense and Lease Comm38

Rental Expense and Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Rental Expense and Lease Commitments
Schedule of future minimum rental commitments under non-cancelable operating leases	Year Commitments (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Schedule of revenues for services provided or related to the Funds and IGI	2015 2014 2013 (in thousands) Investment management fees $ Rule 12b-1 service and distribution fees Shareholder service fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Selected Quarterly Informatio40

Selected Quarterly Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Information (Unaudited)
Schedule of selected quarterly Information	Quarter First Second Third Fourth (in thousands) 2015 Total revenues $ Net income $ Net income per share, basic and diluted $ Quarter First Second Third Fourth (in thousands) 2014 Total revenues $ Net income $ Net income per share, basic and diluted $

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Summary of Significant Accounting Policies
Number of operating business segments | item		1
Ownership interest of seed investment in new product (as a percent)		100.00%
Investment Securities and Investments in Sponsored Funds
Transfers to equity method securities		$ 160.2
Unrealized losses	$ 2.1
Summary of property and equipment
Internal costs capitalized		$ 13.9	$ 13.5
Maximum
Summary of property and equipment
Ownership interest in LLCs (as a percent)		3.00%
Furniture and fixtures | Minimum
Summary of property and equipment
Estimated useful lives		3 years
Furniture and fixtures | Maximum
Summary of property and equipment
Estimated useful lives		10 years
Computer software | Minimum
Summary of property and equipment
Estimated useful lives		1 year
Computer software | Maximum
Summary of property and equipment
Estimated useful lives		10 years
Data processing equipment | Minimum
Summary of property and equipment
Estimated useful lives		1 year
Data processing equipment | Maximum
Summary of property and equipment
Estimated useful lives		5 years
Buildings | Minimum
Summary of property and equipment
Estimated useful lives		1 year
Buildings | Maximum
Summary of property and equipment
Estimated useful lives		40 years
Other equipment | Minimum
Summary of property and equipment
Estimated useful lives		3 years
Other equipment | Maximum
Summary of property and equipment
Estimated useful lives		26 years
Leasehold improvements | Minimum
Summary of property and equipment
Estimated useful lives		1 year
Leasehold improvements | Maximum
Summary of property and equipment
Estimated useful lives		15 years

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2015
Class A
Deferred Sales Commissions
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.25%
Class A | Maximum
Deferred Sales Commissions
Sales charge (as a percent)	5.75%
Class B
Deferred Sales Commissions
Amortization period of the cost incurred at the time of sale	5 years
Required holding period of shares	6 years
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.75%
Class C
Deferred Sales Commissions
Amortization period of the cost incurred at the time of sale	12 months
Required holding period of shares	12 months
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.75%
Class E
Deferred Sales Commissions
Maximum service plan fee (as a percent)	0.25%
Class E | Maximum
Deferred Sales Commissions
Sales charge (as a percent)	5.75%
Ivy Funds Y
Deferred Sales Commissions
Maximum service plan fee (as a percent)	0.25%
Class R
Deferred Sales Commissions
Maximum service plan fee (as a percent)	0.50%
Asset allocation product
Deferred Sales Commissions
Required holding period of shares	3 years
Asset allocation product | Maximum
Deferred Sales Commissions
Amortization period of the cost incurred at the time of sale	3 years

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising and Promotion
Advertising expense	$ 15.7	$ 15.7	$ 13.3

New Accounting Guidance (Detail

New Accounting Guidance (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Taxes
Available-for-sale Securities	$ 41,377	$ 161,270
Accounting Standards Update 2015-17 | Adjustments for New Accounting Principle, Early Adoption | Scenario, Previously Reported
Deferred Taxes
Current deferred tax assets		7,500
Non Current deferred tax assets		20,000
Accounting Standards Update 2015-17 | Adjustments for New Accounting Principle, Early Adoption | Restatement Adjustment
Deferred Taxes
Non Current deferred tax assets		27,500
Sponsored privately offered funds measured at net asset value
Deferred Taxes
Available-for-sale Securities	$ 825	3,810
Sponsored privately offered funds measured at net asset value | Accounting Standards Update 2015-07 | Adjustments for New Accounting Principle, Early Adoption | Scenario, Previously Reported
Deferred Taxes
Available-for-sale Securities		3,800
Sponsored privately offered funds measured at net asset value | Accounting Standards Update 2015-07 | Adjustments for New Accounting Principle, Early Adoption | Restatement Adjustment
Deferred Taxes
Available-for-sale Securities		$ 3,800

Investment Securities (Details)

Investment Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Available for sale securities:
Amortized cost		$ 47,300	$ 162,425
Unrealized gains		759	4,237
Unrealized losses		(6,682)	(5,392)
Fair value		41,377	161,270
Trading securities:
Fair value		29,813	82,013
Equity method securities		220,553
Total investment securities		291,743	243,283
Transfers to equity method securities		160,200
Unrealized losses	$ 2,100
Mortgage-backed securities
Trading securities:
Fair value		20	28
Corporate bonds
Trading securities:
Fair value		5
Common Stock
Trading securities:
Fair value		87	72
Sponsored funds
Available for sale securities:
Amortized cost		46,800	160,675
Unrealized gains		434	2,177
Unrealized losses		(6,682)	(5,392)
Fair value		40,552	157,460
Trading securities:
Fair value		29,701	81,913
Equity method securities		$ 217,380
Number of investment securities held | item		0
Sponsored privately offered funds measured at net asset value
Available for sale securities:
Amortized cost		$ 500	1,750
Unrealized gains		325	2,060
Fair value		825	$ 3,810
Trading securities:
Equity method securities		$ 3,173

Investment Securities (Details

Investment Securities (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Fair value
Less than 12 months	$ 3,476
12 months or longer	33,619
Total temporarily impaired securities	37,095
Unrealized losses
Less than 12 months	(166)
12 months or longer	(6,516)
Total Unrealized losses on temporarily impaired securities	$ (6,682)

Investment Securities (Detail47

Investment Securities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment Securities
Investment securities, sold at fair value	$ 102,200	$ 301,000	$ 442,000
Net realized gain recognized from sale of available for sale securities	(12,412)	7,496	18,257
Net realized gain (loss) recognized from sale of trading securities	600	4,100	7,700
Available for sale securities, sold at fair value	31,600	149,800	247,000
Sales of trading securities	65,900	$ 151,200	$ 195,000
Net realized gain (loss) on equity method investments	(500)
Sale of equity method investments	$ 5,300

Investment Securities (Detail48

Investment Securities (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investment Securities
Amount of transfer between levels	$ 0	$ 0
Fair value of investments
Available-for-sale Securities	41,377	161,270
Trading Securities	29,813	82,013
Equity method securities	220,553
Total investment securities	291,743	243,283
Total
Fair value of investments
Total investment securities	291,743	243,283
Mortgage-backed securities
Fair value of investments
Trading Securities	20	28
Mortgage-backed securities | Total
Fair value of investments
Trading Securities	20	28
Corporate bonds
Fair value of investments
Trading Securities	5
Corporate bonds | Total
Fair value of investments
Trading Securities	5
Common Stock
Fair value of investments
Trading Securities	87	72
Common Stock | Total
Fair value of investments
Trading Securities	87	72
Sponsored funds
Fair value of investments
Available-for-sale Securities	40,552	157,460
Trading Securities	29,701	81,913
Equity method securities	217,380
Sponsored funds | Total
Fair value of investments
Available-for-sale Securities	40,552	157,460
Trading Securities	29,701	81,913
Equity method securities	217,380
Sponsored privately offered funds measured at net asset value
Fair value of investments
Available-for-sale Securities	825	3,810
Equity method securities	3,173
Sponsored privately offered funds measured at net asset value | Total
Fair value of investments
Available-for-sale Securities	825	3,810
Equity method securities	3,173
Level 1
Fair value of investments
Total investment securities	287,720	239,445
Level 1 | Common Stock
Fair value of investments
Trading Securities	87	72
Level 1 | Sponsored funds
Fair value of investments
Available-for-sale Securities	40,552	157,460
Trading Securities	29,701	81,913
Equity method securities	217,380
Level 2
Fair value of investments
Total investment securities	25	28
Level 2 | Mortgage-backed securities
Fair value of investments
Trading Securities	20	$ 28
Level 2 | Corporate bonds
Fair value of investments
Trading Securities	$ 5

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of property and equipment
Property and equipment, at cost	$ 205,413	$ 185,229
Accumulated depreciation	(99,979)	(92,925)
Property and equipment, net	105,434	92,304
Depreciation	16,046	14,634	$ 12,834
Leasehold improvements
Summary of property and equipment
Property and equipment, at cost	$ 21,741	21,039
Leasehold improvements | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Leasehold improvements | Maximum
Summary of property and equipment
Estimated useful lives	15 years
Furniture and fixtures
Summary of property and equipment
Property and equipment, at cost	$ 29,462	29,462
Furniture and fixtures | Minimum
Summary of property and equipment
Estimated useful lives	3 years
Furniture and fixtures | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Equipment
Summary of property and equipment
Property and equipment, at cost	$ 20,901	20,829
Equipment | Minimum
Summary of property and equipment
Estimated useful lives	3 years
Equipment | Maximum
Summary of property and equipment
Estimated useful lives	26 years
Computer software
Summary of property and equipment
Property and equipment, at cost	$ 96,310	74,506
Computer software | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Computer software | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Data processing equipment
Summary of property and equipment
Property and equipment, at cost	$ 20,335	23,684
Data processing equipment | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Data processing equipment | Maximum
Summary of property and equipment
Estimated useful lives	5 years
Buildings
Summary of property and equipment
Property and equipment, at cost	$ 12,860	11,905
Buildings | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Buildings | Maximum
Summary of property and equipment
Estimated useful lives	40 years
Land
Summary of property and equipment
Property and equipment, at cost	$ 3,804	3,804
Property and equipment under capital leases
Summary of property and equipment
Property and equipment, at cost	2,100	2,000
Accumulated depreciation	$ (1,100)	$ (900)

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Capital loss carryforward
Operational results of Legend presented as discontinued operations
Capital loss carryforward	$ 15.8
Legend subsidiary
Discontinued Operations
Period of Earnout Provision	2 years
Maximum earnout provision	$ 4.1
Capital loss on sale	$ 47.8

Goodwill and Identifiable Int51

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2015
Goodwill and Identifiable Intangible Assets
Goodwill		$ 106,970	$ 106,970
Mutual fund management advisory contracts		42,753	42,748
Mutual fund management subadvisory contracts		8,400	8,400
Total identifiable intangible assets		51,153	51,148
Total goodwill and identifiable intangible assets		158,123	$ 158,118
Impairment charge	$ 7,900	$ 7,900
Reduction of associated deferred tax liability	2,900
Intangible asset and deferred asset related to the fund adoption transaction agreement with Emerging Managers Group, L.P.	$ 4,100

Indebtedness (Details)

Indebtedness (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)trancheitem	Jun. 28, 2013USD ($)	Jan. 31, 2011
Indebtedness
Fair value of outstanding indebtedness	$ 202.5
Credit Facility
Indebtedness
Revolving credit facility term	5 years
Maximum borrowing capacity		$ 125
Amount that borrowing capacity can be expanded upon entity's request		$ 200
Borrowing outstanding under the facility	$ 0
Variable Rate Basis	LIBOR
Senior Notes
Indebtedness
Number of tranches of debt issuance | tranche	2
Consolidated leverage ratio	0.4
Number of consecutive quarters for which the maximum consolidated leverage ratio is required to be maintained under financial covenants | item	4
Number of consecutive quarters for which the minimum consolidated interest coverage ratio is required to be maintained under financial covenants | item	4
Consolidated interest coverage ratio	42.9
Senior Notes | Maximum
Indebtedness
Consolidated leverage ratio	3
Senior Notes | Minimum
Indebtedness
Consolidated interest coverage ratio	4
Senior 5.0% unsecured notes due, 2018 ("Series A Notes")
Indebtedness
Interest rate of debt (as a percent)	5.00%
Senior 5.75% unsecured notes due, 2021 ("Series B Notes")
Indebtedness
Interest rate of debt (as a percent)	5.75%
Senior 5.6% unsecured notes due, 2011
Indebtedness
Interest rate of debt (as a percent)			5.60%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current taxes:
Federal	$ 142,576	$ 161,863	$ 131,000
State	12,800	14,206	12,197
Foreign	38	35	37
Total currently payable	155,414	176,104	143,234
Deferred taxes	(1,410)	728	(3,001)
Provision for income taxes	$ 154,004	$ 176,832	$ 140,233
Reconciliation of statutory federal income tax rate with the entity's effective income tax rate
Statutory federal income tax rate (as a percent)	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefits (as a percent)	2.00%	2.10%	2.20%
State tax incentives (as a percent)	(0.10%)	(0.20%)	(0.10%)
Valuation allowance on losses capital in nature (as a percent)	0.90%	(1.00%)	(1.80%)
Other items (as a percent)	0.70%	0.20%	0.40%
Effective income tax rate (as a percent)	38.50%	36.10%	35.70%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Deferred tax liabilities:
Deferred sales commissions	$ (2,337)	$ (4,285)
Property and equipment	(9,775)	(10,335)
Benefit plans	(14,058)	(11,452)
Identifiable intangible assets	(13,705)	(12,562)
Prepaid expenses	(2,231)	(2,150)
Total gross deferred liabilities	(42,106)	(40,784)
Deferred tax assets:
Accrued compensation	11,015	9,098
Additional pension and postretirement liability	32,183	28,389
Other accrued expenses	5,851	5,789
Unrealized losses on investment securities and partnerships	7,426	1,043
Capital loss carryforwards	5,919	6,849
Nonvested stock	20,608	20,300
Unused state tax credits	1,470	992
State net operating loss carryforwards	5,666	5,718
Other	3,463	3,572
Total gross deferred assets	93,601	81,750
Valuation allowance
Valuation allowance	(18,803)	(13,476)
Increase in Valuation Allowance	5,300
Net deferred tax asset	32,692	27,490
State tax credit carryforwards that will expire between 2024 and 2031 if not utilized	1,300
State tax credit carryforwards that will expire in 2026 if not utilized	200
Capital loss carryforward
Valuation allowance
Valuation allowance	(13,300)	(7,900)
Increase in valuation allowance related to unrealized losses on equity method investments and trading securities.	5,900
Decrease in valuation allowance related to realized capital gains on securities in investment portfolios and capital gain distributions from investments	2,400
Increase in valuation allowance related to depreciation in the fair value of the company's available-for-sale securities	1,800
Net operating loss carryforwards | State and Local Jurisdiction
Valuation allowance
Deferred tax assets, operating loss carryforward	5,700	5,700
Operating loss carryforward, valuation allowance	$ 5,500	$ 5,600

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Jan. 01, 2015
Income Taxes
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$ 11.9	$ 11.6
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	8.7	8.3
Accrued interest and penalties related to uncertain tax positions	3.4	3.5
Accrued interest and penalties related to uncertain tax positions, net of federal benefit	2.8	$ 2.9
Total expense of interest and penalties, net of federal benefit related to uncertain tax positions	$ 0.1

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of unrecognized tax benefits, excluding penalties and interest
Balance at the beginning of the period	$ 8,105	$ 9,013	$ 8,322
Increases during the year:
Gross increases - tax positions in prior period	1,401	433	644
Gross increases - current-period tax positions	700	656	1,355
Decreases during the year:
Gross decreases - tax positions in prior period	(308)	(192)	(71)
Decreases due to settlements with taxing authorities	(486)	(877)	(154)
Decreases due to lapse of statute of limitations	(964)	(928)	(1,083)
Balance at the end of the period	$ 8,448	$ 8,105	$ 9,013
Number of open tax years settled	3 years	6 years	4 years

Pension Plan and Postretireme57

Pension Plan and Postretirement Benefits Other Than Pension (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amounts recognized in the statement of financial position:
Noncurrent liabilities	$ (48,810)	$ (45,936)
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Final number of years of employee's compensation to determine the benefits payable	10 years
Change in projected benefit obligation:
Net benefit obligation at beginning of year	$ 208,085	172,105	$ 184,165
Service cost	12,080	10,084	11,011
Interest cost	8,420	8,395	7,711
Benefits paid	(10,184)	(8,733)	(19,283)
Actuarial (gain) loss	(7,618)	26,410	(11,499)
Plan amendments		(176)
Net benefit obligation at end of year	210,783	208,085	172,105
Accumulated benefit obligation	177,100	171,300
Change in plan assets:
Fair value of plan assets at beginning of year	175,548	170,430	133,911
Actual return on plan assets	(11,479)	(6,149)	38,802
Employer contributions	20,000	20,000	17,000
Benefits paid	(10,184)	(8,733)	(19,283)
Fair value of plan assets at end of year	173,885	175,548	170,430
Funded status at end of year	(36,898)	(32,537)	1,675
Amounts recognized in the statement of financial position:
Noncurrent liabilities	(36,898)	(32,537)	(1,675)
Net amount recognized at end of year	(36,898)	(32,537)	(1,675)
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income:
Transition obligation	(16)	(21)	(27)
Prior service credit (cost)	(720)	(1,179)	(1,822)
Accumulated gain (loss)	(88,882)	(75,681)	(30,602)
Accumulated other comprehensive income (loss)	(89,618)	(76,881)	(32,451)
Cumulative employer contributions in excess of (less than) net periodic benefit cost	52,720	44,344	30,776
Net amount recognized at end of year	$ (36,898)	$ (32,537)	$ (1,675)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)	4.60%	4.13%	4.97%
Rate of compensation increase (as a percent)	5.12%	5.12%	5.12%
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Age of employees after which the plan does not provide benefits	65 years
Change in projected benefit obligation:
Net benefit obligation at beginning of year	$ 9,902	$ 8,172	$ 8,792
Service cost	910	719	788
Interest cost	397	397	361
Benefits paid	(505)	(527)	(283)
Actuarial (gain) loss	(2,632)	760	(1,807)
Retiree contributions	349	381	321
Net benefit obligation at end of year	8,421	9,902	8,172
Change in plan assets:
Employer contributions	156	146	(38)
Retiree contributions	349	381	321
Benefits paid	(505)	(527)	(283)
Funded status at end of year	(8,421)	(9,902)	(8,172)
Amounts recognized in the statement of financial position:
Current liabilities	(316)	(279)	(260)
Noncurrent liabilities	(8,105)	(9,623)	(7,912)
Net amount recognized at end of year	(8,421)	(9,902)	(8,172)
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income:
Prior service credit (cost)	2	(17)	(72)
Accumulated gain (loss)	2,897	265	1,041
Accumulated other comprehensive income (loss)	2,899	248	969
Cumulative employer contributions in excess of (less than) net periodic benefit cost	(11,320)	(10,150)	(9,141)
Net amount recognized at end of year	$ (8,421)	$ (9,902)	$ (8,172)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)	4.44%	4.07%	4.94%

Pension Plan and Postretireme58

Pension Plan and Postretirement Benefits Other Than Pension (Details 2)	Dec. 31, 2015	Dec. 31, 2014
Pension Plan and Postretirement Benefits Other Than Pension
Cash (as a percent)	24.00%	23.00%
Equity securities:
Domestic (as a percent)	53.00%	51.00%
International (as a percent)	15.00%	17.00%
Fixed income securities (as a percent)	5.00%	1.00%
Private equity (as a percent)		1.00%
Gold bullion (as a percent)	3.00%	7.00%
Percentage of plan assets allocation	100.00%	100.00%

Pension Plan and Postretireme59

Pension Plan and Postretirement Benefits Other Than Pension (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Pension Plan and Postretirement Benefits Other than Pension
Amount of transfer between levels	$ 0	$ 0
Level 3
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	3,402	4,019
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	3,402	4,019
Sales	(3,432)
Valuation change	30	(617)
Fair value of plan assets at end of year		3,402
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Amount of transfer between levels	0	0
Total fair value	175,548	170,430	$ 133,911
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	175,548	170,430
Fair value of plan assets at end of year	173,885	175,548
Pension Benefits | Equity securities: Domestic
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	90,061	90,061
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	90,061
Fair value of plan assets at end of year	92,037	90,061
Pension Benefits | Equity securities: Foreign
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	29,351	29,351
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	29,351
Fair value of plan assets at end of year	25,822	29,351
Pension Benefits | Equity derivatives
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	116	116
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	116
Fair value of plan assets at end of year	280	116
Pension Benefits | Mortgage-backed securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	14	14
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	14
Fair value of plan assets at end of year	11	14
Pension Benefits | U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	8,113
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at end of year	8,113
Pension Benefits | Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,884	1,884
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	1,884
Fair value of plan assets at end of year		1,884
Pension Benefits | Private equity
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,518	1,518
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	1,518
Fair value of plan assets at end of year		1,518
Pension Benefits | Gold bullion
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	12,209	12,209
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	12,209
Fair value of plan assets at end of year	5,226	12,209
Pension Benefits | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	135,153	135,153
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	135,153
Fair value of plan assets at end of year	131,489	135,153
Pension Benefits | Cash and other
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	40,395	40,395
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	40,395
Fair value of plan assets at end of year	42,396	40,395
Pension Benefits | Level 1 | Equity securities: Domestic
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	90,061	90,061
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	90,061
Fair value of plan assets at end of year	92,037	90,061
Pension Benefits | Level 1 | Equity securities: Foreign
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	29,351	29,351
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	29,351
Fair value of plan assets at end of year	25,822	29,351
Pension Benefits | Level 1 | Gold bullion
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	12,209	12,209
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	12,209
Fair value of plan assets at end of year	5,226	12,209
Pension Benefits | Level 1 | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	131,621	131,621
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	131,621
Fair value of plan assets at end of year	123,085	131,621
Pension Benefits | Level 2 | Equity derivatives
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	116	116
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	116
Fair value of plan assets at end of year	280	116
Pension Benefits | Level 2 | Mortgage-backed securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	14	14
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	14
Fair value of plan assets at end of year	11	14
Pension Benefits | Level 2 | U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	8,113
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at end of year	8,113
Pension Benefits | Level 2 | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	130	130
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	130
Fair value of plan assets at end of year	8,404	130
Pension Benefits | Level 3 | Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,884	1,884
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	1,884
Fair value of plan assets at end of year		1,884
Pension Benefits | Level 3 | Private equity
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,518	1,518
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	1,518
Fair value of plan assets at end of year		1,518
Pension Benefits | Level 3 | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	3,402	3,402
Summary of the activity of plan assets categorized as Level 3 during the period
Fair value of plan assets at beginning of year	$ 3,402
Fair value of plan assets at end of year		$ 3,402

Pension Plan and Postretireme60

Pension Plan and Postretirement Benefits Other Than Pension (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average assumptions used to determine net periodic benefit cost
Expected return on plan assets (as a percent)	7.75%
Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 12,080	$ 10,084	$ 11,011
Interest cost	8,420	8,395	7,711
Expected return on plan assets	(14,510)	(14,016)	(11,185)
Actuarial (gain) loss amortization	5,171	1,496	4,567
Prior service cost amortization	459	468	555
Transition obligation amortization	5	5	5
Net periodic benefit cost	11,625	$ 6,432	$ 12,664
Amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in next fiscal year
Estimated net gain (loss) that will be amortized from accumulated other comprehensive income into net periodic benefit cost	(6,100)
Estimated prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost	374
Estimated transition obligation that will be amortized from accumulated other comprehensive income into net periodic benefit cost	$ 5
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	4.13%	4.97%	4.22%
Expected return on plan assets (as a percent)	7.75%	7.75%	7.75%
Rate of compensation increase (as a percent)	5.12%	5.12%	3.99%
Expected benefit payments
2,016	$ 7,654
2,017	8,274
2,018	9,557
2,019	10,518
2,020	13,115
2021 through 2025	78,851
Total	127,969
Expected contribution in the next fiscal year	20,000
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	910	$ 719	$ 788
Interest cost	397	397	361
Actuarial (gain) loss amortization		(17)
Prior service cost amortization	19	55	55
Net periodic benefit cost	1,326	$ 1,154	$ 1,204
Amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in next fiscal year
Estimated net gain (loss) that will be amortized from accumulated other comprehensive income into net periodic benefit cost	153
Estimated prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost	$ 4
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	4.07%	4.94%	4.18%
Expected benefit payments
2,016	$ 316
2,017	343
2,018	397
2,019	454
2,020	487
2021 through 2025	3,253
Total	5,250
Contributions by participants	$ 349	$ 381	$ 321

Pension Plan and Postretireme61

Pension Plan and Postretirement Benefits Other Than Pension (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Aggregate liability to participants	$ 36,900	$ 32,500
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Initial health care cost trend rate (as a percent)	7.55%	8.04%	8.52%
Number of years at which the rate reaches the ultimate trend rate	12 years
Rate to which the cost trend rate is assumed to decline (as a percent)	4.50%
Effect of 1% annual increase in assumed health care cost trend rates on the accumulated postretirement benefit obligation	$ 1,000
Effect of 1% annual increase in assumed health care cost trend rates on the service and interest cost components	205
Effect of 1% annual decrease in assumed health care cost trend rates on the accumulated postretirement benefit obligation	874
Effect of 1% annual decrease in assumed health care cost trend rates on the service and interest cost components	173
Aggregate liability to participants	8,100	$ 9,600
Current portion of postretirement liability	$ 316	279	$ 260
SERP
Pension Plan and Postretirement Benefits Other than Pension
Percentage of executive's base salary that is used to credit participants SERP accounts	4.00%
Amount of discretionary awards made to participants	$ 0	0	$ 0
Aggregate liability to participants	$ 3,800	$ 3,800

Employee Savings Plan (Details)

Employee Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Savings Plan
Employer's matching contribution to the plan	$ 6.6	$ 6.4	$ 5.1

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of basic and diluted earnings per share
Net income	$ 62,920	$ 48,058	$ 67,445	$ 67,113	$ 80,893	$ 74,586	$ 82,988	$ 74,864	$ 245,536	$ 313,331	$ 252,998
Weighted average shares outstanding, basic and diluted (in shares)									83,499,000	84,485,000	85,589,000
Earnings per share:
Earnings per share, basic and diluted (in dollars per share)									$ 2.94	$ 3.71	$ 2.96
Dividends
Dividends accrued, per share (in dollars per share)									1.75	$ 1.45	$ 1.18
Quarterly dividend on common stock (in dollars per share)	$ 0.43								$ 0.46
Dividends to be paid	$ 38,100				$ 36,000				$ 38,100	$ 36,000
Common stock repurchases
Shares repurchased in the open market or privately									1,955,509	2,252,152	1,492,535
Shares repurchased from employees to cover minimum income tax withholdings									432,353	599,340	665,035

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	$ 786,084	$ 687,342	$ 510,240
Net current period other comprehensive loss	(11,062)	(34,584)	30,938
Balance at the end of the period	846,455	786,084	687,342
Accumulated Other Comprehensive Income(Loss)
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	(50,443)	(15,859)	(46,797)
Other comprehensive loss before reclassification	(13,824)	(30,706)
Amount reclassified from accumulated other comprehensive income	2,762	(3,878)
Net current period other comprehensive loss	(11,062)	(34,584)	30,938
Balance at the end of the period	(61,505)	(50,443)	(15,859)
Unrealized (gains) losses on investment securities
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	(727)	3,150
Other comprehensive loss before reclassification	(2,464)	(636)
Amount reclassified from accumulated other comprehensive income	(538)	(3,241)
Net current period other comprehensive loss	(3,002)	(3,877)
Balance at the end of the period	(3,729)	(727)	3,150
Change in valuation allowance for unrealized gains (losses) on investment securities
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	(1,471)	810
Other comprehensive loss before reclassification	(1,463)	(381)
Amount reclassified from accumulated other comprehensive income	(306)	(1,900)
Net current period other comprehensive loss	(1,769)	(2,281)
Balance at the end of the period	(3,240)	(1,471)	810
Pension and postretirement benefits
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	(48,245)	(19,819)
Other comprehensive loss before reclassification	(9,897)	(29,689)
Amount reclassified from accumulated other comprehensive income	3,606	1,263
Net current period other comprehensive loss	(6,291)	(28,426)
Balance at the end of the period	$ (54,536)	$ (48,245)	$ (19,819)

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	$ (4,804)	$ 3,139
Tax (expense) benefit	2,042	739
Net of tax	(2,762)	3,878
Realized loss on sale of sponsored investment securities | Investment and other income (loss) | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	850	5,146
Tax (expense) benefit	(312)	(1,905)
Net of tax	538	3,241
Change in valuation allowance for unrealized gains (losses) on investment securities
Reclassifications included in net income:
Net of tax	306	1,900
Change in valuation allowance for unrealized gains (losses) on investment securities | Provision for income taxes | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Tax (expense) benefit	306	1,900
Net of tax	306	1,900
Pension and postretirement benefits
Reclassifications included in net income:
Net of tax	(3,606)	(1,263)
Pension and postretirement benefits | Underwriting and distribution expense and Compensation and related costs | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	(5,654)	(2,007)
Tax (expense) benefit	2,048	744
Net of tax	$ (3,606)	$ (1,263)

Share-Based Compensation (Detai

Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2015plan$ / sharesshares
Share-Based Compensation
Number of stock-based compensation plans | plan	3
Share-Based Compensation
Number of shares of common stock available for issuance	3,684,157
Nonvested stock awards
Share-Based Compensation
Percentage increments vested on the second, third and fourth anniversaries of the grant date	33.33%
Vesting period	4 years
Purchase price (in dollars per share) | $ / shares	$ 0
Stock Options
Share-Based Compensation
Options outstanding (in shares)	0
1998 Stock Incentive Plan ("SI Plan")
Share-Based Compensation
Maximum number of shares of common stock authorized for issuance	30,000,000
Number of shares of common stock available for issuance	294,658
Maximum term of non-qualified options vested	10 years 2 days
Percentage increments vested on the second, third and fourth anniversaries of the grant date	33.33%
1998 Executive Stock Award Plan ("ESA Plan")
Share-Based Compensation
Maximum number of shares of common stock authorized for issuance	3,750,000
Percentage increments vested on the second, third and fourth anniversaries of the grant date	10% per year
1998 Executive Stock Award Plan ("ESA Plan") | Stock Options
Share-Based Compensation
Options outstanding (in shares)	0
NED Plan
Share-Based Compensation
Maximum number of shares of common stock authorized for issuance	1,200,000
NED Plan | Stock Options
Share-Based Compensation
Options outstanding (in shares)	0

Share-Based Compensation (Det67

Share-Based Compensation (Details 2) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015
Share-Based Compensation
Options outstanding (in shares)		0
Total intrinsic value of options exercised	$ 139
Related income tax benefit recognized	$ 51

Share-Based Compensation (Det68

Share-Based Compensation (Details 3) - Nonvested stock awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Nonvested Stock Shares
Nonvested at the beginning of the period (in shares)	3,442,202
Granted (in shares)	1,406,569
Vested (in shares)	(1,188,908)
Forfeited (in shares)	(254,656)
Nonvested at the end of the period (in shares)	3,405,207	3,442,202
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 48.37
Granted (in dollars per share)	44.72
Vested (in dollars per share)	38.90
Forfeited (in dollars per share)	49.39
Nonvested at the end of the period (in dollars per share)	$ 50.09	$ 48.37
Compensation expense	$ 47.5	$ 54.1	$ 53.2
Related income tax benefit recognized	17.6	20.1	19.6
Remaining unamortized expense of nonvested stock expected to be recognized	$ 115.3
Period for expense amortized	2 years 4 months 24 days
Total fair value of shares vested	$ 53.9	$ 104.8	$ 80.5

Uniform Net Capital Rule Requ69

Uniform Net Capital Rule Requirements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)subsidiary
Uniform Net Capital Rule Requirements
Number of subsidiaries registered as broker dealers | subsidiary	2
Maximum ratio of aggregate indebtedness to net capital	15
Minimum net capital | $	$ 250
Net capital percentage of debit balances	2.00%

Uniform Net Capital Rule Requ70

Uniform Net Capital Rule Requirements (Details 2) $ in Thousands	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Waddell & Reed, Inc. (W&R)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	$ 21,719	$ 10,965
Required capital	250	250
Excess of required capital	21,469	10,715
Ivy Funds Distributor, Inc. (IFDI)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	17,310	19,455
Required capital	2,956	3,995
Excess of required capital	$ 14,354	$ 15,460
Ratio of aggregate indebtedness to net capital	2.56	3.08

Rental Expense and Lease Comm71

Rental Expense and Lease Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Rental Expense and Lease Commitments
Rent expense	$ 23,700	$ 22,600	$ 22,500
Future minimum rental commitments under non-cancelable operating leases
2,016	22,564
2,017	18,042
2,018	13,622
2,019	8,971
2,020	4,606
Thereafter	12,195
Total	$ 80,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions
Total revenues	$ 1,100,844	$ 1,199,004	$ 1,038,655
Receivables due from the Funds	26,700	30,300
Investment management fees
Related Party Transactions
Total revenues	654,727	709,179	602,120
Rule 12b-1 service and distribution fees
Related Party Transactions
Total revenues	303,046	338,846	299,442
Shareholder service fees
Related Party Transactions
Total revenues	$ 143,071	$ 150,979	$ 137,093

Contingencies (Details)

Contingencies (Details)	Feb. 18, 2016item
Contingencies
Number of affiliated mutual fund trustees involved in litigation	2
Number of mutual fund shareholders involved in litigation	3

Selected Quarterly Informatio74

Selected Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Information (Unaudited)
Total revenues	$ 361,074	$ 376,109	$ 393,990	$ 385,458	$ 397,151	$ 409,558	$ 400,634	$ 390,416	$ 1,516,631	$ 1,597,759	$ 1,370,354
Net income	$ 62,920	$ 48,058	$ 67,445	$ 67,113	$ 80,893	$ 74,586	$ 82,988	$ 74,864	$ 245,536	$ 313,331	$ 252,998
Net income per share, basic and diluted (in dollars per share)	$ 0.76	$ 0.58	$ 0.80	$ 0.80	$ 0.97	$ 0.89	$ 0.98	$ 0.88	$ 2.94	$ 3.71	$ 2.96