Waddell & Reed Financial (WDR) 10-K 21 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Feb. 07, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-13913
Entity Registrant Name	WADDELL & REED FINANCIAL INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0261715
Entity Address, Address Line One	6300 Lamar Avenue
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66202
City Area Code	913
Local Phone Number	236--2000
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	WDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,200
Entity Common Stock, Shares Outstanding		67,837,697
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001052100
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 151,815	$ 231,997
Cash and cash equivalents - restricted	74,325	59,558
Investment securities	688,346	617,135
Receivables:
Funds and separate accounts	15,167	18,112
Customers and other	80,089	151,515
Prepaid expenses and other current assets	31,655	27,164
Total current assets	1,041,397	1,105,481
Property and equipment, net	34,726	63,429
Goodwill and identifiable intangible assets	145,869	145,869
Deferred income taxes	14,418	12,321
Other non-current assets	29,918	16,979
Total assets	1,266,328	1,344,079
Liabilities:
Accounts payable	20,123	26,253
Payable to investment companies for securities	36,883	100,085
Payable to third party brokers	17,123	19,891
Payable to customers	84,558	86,184
Accrued compensation	79,507	54,129
Other current liabilities	71,001	51,580
Total current liabilities	309,195	338,122
Long-term debt	94,926	94,854
Accrued pension and postretirement costs	3,145	798
Other non-current liabilities	30,960	15,392
Total liabilities	438,226	449,166
Redeemable noncontrolling interests	19,205	11,463
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; 68,847 shares outstanding (76,790 at December 31, 2018)	997	997
Additional paid-in capital	312,693	311,264
Retained earnings	1,241,598	1,198,445
Cost of 30,854 common shares in treasury (22,911 at December 31, 2018)	(749,625)	(627,587)
Accumulated other comprehensive income	3,234	331
Total stockholders' equity	808,897	883,450
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,266,328	$ 1,344,079

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
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	68,847	76,790
Common shares in treasury	30,854	22,911

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total Revenues	$ 1,070,315	$ 1,160,301	$ 1,157,144
Operating expenses:
Distribution	460,921	456,832	432,264
Compensation and benefits (including share-based compensation of $46,613, $51,565 and $57,716, respectively)	254,534	263,329	271,276
General and administrative	77,482	73,643	88,951
Technology	63,719	65,275	66,078
Occupancy	24,243	27,197	30,721
Marketing and advertising	8,964	10,323	12,425
Depreciation	19,829	25,649	20,983
Subadvisory fees	14,931	14,805	13,174
Intangible asset impairment		1,200	1,500
Total	924,623	938,253	937,372
Operating income	145,692	222,048	219,772
Investment and other income	18,886	22,705	37,084
Interest expense	(6,195)	(6,461)	(11,279)
Income before provision for income taxes	158,383	238,292	245,577
Provision for income taxes	41,418	55,480	101,368
Net income	116,965	182,812	144,209
Net income (loss) attributable to redeemable noncontrolling interests	1,973	(776)	2,930
Net income attributable to Waddell & Reed Financial, Inc.	$ 114,992	$ 183,588	$ 141,279
Net income per share attributable to Waddell and Reed Financial, Inc. common shareholders, basic and diluted:	$ 1.57	$ 2.28	$ 1.69
Weighted average shares outstanding, basic and diluted:	73,299	80,468	83,573
Investment management fees
Revenues:
Total Revenues	$ 445,144	$ 507,906	$ 531,850
Underwriting and distribution fees
Revenues:
Total Revenues	531,836	550,010	518,699
Shareholder service fees
Revenues:
Total Revenues	$ 93,335	$ 102,385	$ 106,595

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF INCOME
Compensation and benefits, share-based compensation	$ 46,613	$ 51,565	$ 57,716

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 116,965	$ 182,812	$ 144,209
Other comprehensive income:
Unrealized gain on available for sale investment securities during the period, net of income tax expense (benefit) of $1,038, $2 and $(956) respectively	3,318	13	7,505
Postretirement benefit, net of income tax (benefit) expense of $(127), $202 and $(99), respectively	(415)	642	(224)
Comprehensive income	119,868	183,467	151,490
Comprehensive income (loss) attributable to redeemable noncontrolling interests	1,973	(776)	2,930
Comprehensive income attributable to Waddell & Reed Financial, Inc.	$ 117,895	$ 184,243	$ 148,560

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on available for sale investment securities during the period, income tax expense (benefit)	$ 1,038	$ 2	$ (956)
Postretirement benefit, income tax (benefit) expense	$ (127)	$ 202	$ (99)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS 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, 2016	$ 997	$ 291,908	$ 1,089,122	$ (531,268)	$ (6,757)	$ 844,002
Balance (in shares) at Dec. 31, 2016	99,701
Increase (Decrease) in Stockholders' Equity
Net income (loss)			141,279			141,279
Recognition of equity compensation		50,593	690			51,283
Net issuance/forfeiture of nonvested shares		(44,595)		44,595
Dividends accrued			(136,497)			(136,497)
Repurchase of common stock				(35,768)		(35,768)
Other comprehensive income					7,281	7,281
Balance at the end of the period at Dec. 31, 2017	$ 997	301,410	1,092,394	(522,441)	524	872,884
Balance (in shares) at Dec. 31, 2017	99,701
Balance at the beginning of the period at Dec. 31, 2016						10,653
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)						2,930
Net redemption of redeemable noncontrolling interests in sponsored funds						926
Balance at the end of the period at Dec. 31, 2017						14,509
Increase (Decrease) in Stockholders' Equity
Adoption of new accounting principle guidance		3,504	(2,200)			1,304
Net income (loss)			183,588			183,588
Recognition of equity compensation		40,598	1,383			41,981
Net issuance/forfeiture of nonvested shares		(30,744)		30,744
Dividends accrued			(79,768)			(79,768)
Repurchase of common stock				(135,890)		(135,890)
Other comprehensive income					655	655
Balance at the end of the period at Dec. 31, 2018	$ 997	311,264	1,198,445	(627,587)	331	883,450
Balance (in shares) at Dec. 31, 2018	99,701
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)						(776)
Net subscription of redeemable noncontrolling interests in sponsored funds						(2,270)
Balance at the end of the period at Dec. 31, 2018						11,463
Increase (Decrease) in Stockholders' Equity
Adoption of new accounting principle guidance | ASU 2016-01			812		(812)
Adoption of new accounting principle guidance | ASU 2018-02			36		(36)
Net income (loss)			114,992			114,992
Recognition of equity compensation		33,610	423			34,033
Net issuance/forfeiture of nonvested shares		(32,181)		32,181
Dividends accrued			(72,262)			(72,262)
Repurchase of common stock				(154,219)		(154,219)
Other comprehensive income					2,903	2,903
Balance at the end of the period at Dec. 31, 2019	$ 997	$ 312,693	$ 1,241,598	$ (749,625)	$ 3,234	808,897
Balance (in shares) at Dec. 31, 2019	99,701
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)						1,973
Net redemption of redeemable noncontrolling interests in sponsored funds						5,769
Balance at the end of the period at Dec. 31, 2019						$ 19,205

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends accrued (in dollars per share)	$ 0.25	$ 1	$ 1	$ 1.63

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 116,965	$ 182,812	$ 144,209
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,970	28,278	20,983
Write-down of impaired assets	12,841	1,538	1,500
Amortization of deferred sales commissions	1,892	3,348	4,855
Share-based compensation	46,613	51,565	57,716
Investments (gain) loss, net	(35,466)	26,449	(17,104)
Net purchases, maturities, and sales of trading and equity securities	(21,550)	(30,237)	(43,714)
Deferred income taxes	(3,009)	783	20,481
Pension and postretirement plan benefits	10,675	(15,380)	(17,714)
Net change in equity securities and trading debt securities held by consolidated sponsored funds	14,399	81,119	(101,457)
Other	1,786	1,158	3,276
Changes in assets and liabilities:
Customer and other receivables	55,418	(20,407)	(3,013)
Payable to investment companies for securities and payable to customers	(64,828)	76,017	(26,357)
Receivables from funds and separate accounts	2,945	7,552	1,517
Other assets	20,020	2,194	10,134
Accounts payable and payable to third party brokers	(9,299)	(18,007)	4,395
Other liabilities	(3,389)	(21,767)	(8,856)
Net cash provided by operating activities	165,983	357,015	50,851
Cash flows from investing activities:
Purchases of available for sale and equity method securities	(162,378)	(113,975)	(365,770)
Proceeds from sales of available for sale and equity method securities	19,667	1,157	160,158
Proceeds from maturities of available for sale securities	141,613	125,727
Additions to property and equipment	(5,753)	(2,566)	(6,783)
Net cash (used in) provided by investing activities	(6,851)	10,343	(212,395)
Cash flows from financing activities:
Dividends paid	(74,291)	(81,215)	(154,042)
Repurchase of common stock	(155,807)	(133,378)	(35,768)
Repayment of short-term debt, net of debt issuance costs		(94,925)
Net subscriptions (redemptions, distributions and deconsolidations) of redeemable noncontrolling interests in sponsored funds	5,769	(2,270)	926
Other	(218)		174
Net cash used in financing activities	(224,547)	(311,788)	(188,710)
Net (decrease) increase in cash and cash equivalents	(65,415)	55,570	(350,254)
Cash, cash equivalents, and restricted cash at beginning of period	291,555	235,985	586,239
Cash, cash equivalents, and restricted cash at end of period	226,140	291,555	235,985
Cash paid for:
Income taxes, net	53,022	59,147	85,299
Interest	$ 5,503	$ 7,948	$ 10,299

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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. 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 In the normal course of our business, we sponsor and manage various types of investment products. These investment products include open-end mutual funds, a closed-end mutual fund and privately offered funds and, prior to their liquidations in 2019, exchange-traded managed funds and a Luxembourg SICAV. When creating and launching a new investment product, we typically fund the initial cash investment, commonly referred to as “seeding,” to allow the investment product the ability to generate an investment performance track record so that it is able to attract third party investors. Our initial investment in a new product typically represents 100% of the ownership in that product. We generally redeem our investment in seeded products when the related product establishes a sufficient track record, when third party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time we hold a majority interest in a product varies based on a number of factors, including market demand, market conditions and investment performance. Our exposure to risk in these investment products is generally limited to any investment we have in the product and any earned but uncollected management or other fund-related service fees. In accordance with financial accounting standards, we consolidate certain sponsored investment products in which we have a controlling interest or the investment product meets the criteria of a variable interest entity (“VIE”) and we are deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment product is a VIE or a voting interest entity (“VOE”). Assessing if an entity is a VIE or 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. A VIE is an entity that does not have adequate equity to finance its activities without subordinated financial support, the equity investors do not have the normal characteristics of equity investors for a potential controlling financial interest as a group, or the voting rights are not proportional to their obligations to absorb the expected losses or their rights to receive the expected residual returns of the entity. The Company is deemed to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, we are required to consolidate the assets, liabilities, results of operations and cash flows of the VIE into our consolidated financial statements. ​ If an entity does not meet the criteria and is not considered a VIE, it is treated as a VOE, which is subject to traditional consolidation concepts based on ownership rights. Sponsored investment products that are considered VOEs are consolidated if we have a controlling financial interest in the entity absent substantive investor rights to replace the investment manager of the entity (kick-out rights). ​ 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 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 4. Fair value of long-term debt is disclosed in Note 8. Investment Securities and Investments in Sponsored Funds Our investments are comprised of debt and equity securities, investments in sponsored funds and sponsored privately offered funds. Sponsored funds, which include the Funds and the IGI Funds prior to their liquidation in 2018, are investments we have made 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 equity securities measured at fair value through net income (when the Company owns less than 20% of the fund). Unrealized gains and losses on debt securities classified as 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 debt securities classified as trading and equity securities, unrealized gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for all investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. The Company’s equity method investees are investment companies that 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. Our available for sale debt securities 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 its amortized cost basis as well as prospects for recovery to the amortized cost basis. 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 held and used 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 one one one two 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.” one Goodwill and Identifiable Intangible Assets Goodwill represents the excess of cost over fair value of the identifiable net assets of acquired companies. Indefinite-lived intangible assets represent advisory 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. Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimates and judgment, including the valuation determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. Additional information related to the indefinite-lived intangible assets is included in Note 7. Revenue Recognition Investment Management and Advisory Fees ​ We recognize investment management and advisory fees as earned over the period in which investment management and advisory services are provided. While our investment management and advisory contracts are long-term in nature, the performance obligations are generally satisfied daily or monthly based on AUM. We calculate investment management fees from the Funds daily based upon average daily net AUM in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from institutional accounts are calculated either monthly or quarterly based upon an average of net AUM 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. Waivers are recognized over the period in which related management and advisory services are provided. Our investment management 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 management 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. Underwriting, Distribution and Shareholder Service Fees ​ Fee-based asset allocation products offer clients a selection of traditional asset allocation models, as well as features such as systematic rebalancing and client and Advisor participation in determining asset allocation across asset classes. Underwriting and distribution fee-based asset allocation revenues are calculated monthly based upon beginning of month client assets and are earned over the period in which services are provided. Performance obligations are generally satisfied daily or monthly based on client assets. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net AUM for Ivy Funds Class B C Y shares Class B distribution Underwriting and distribution commission revenues resulting from the sale of investment products are recorded upon satisfaction of performance obligations, which occurs on the trade date. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets. When a client purchases Class A or Class E Underwriting and distribution revenues resulting from payments from Advisors for office space, compliance oversight and affiliation fees are earned over the period in which the service is provided, which is generally monthly and is based on a fee schedule. Fees collected from Advisors for various services are recorded in underwriting and distribution fees on a gross basis, as the Company is the principal in these arrangements. Shareholder service fee revenue primarily includes transfer agency fees, custodian fees from retirement plan accounts, and portfolio accounting and administration fees. Transfer agency fees and portfolio accounting and administration fees are asset-based revenues or account-based revenues, while custodian fees from retirement plan accounts are based on the number of client accounts. Custodian fees, transfer agency fees and portfolio accounting and administration fees are earned upon completion of the service when all performance obligations have been satisfied. Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $7.9 million, $8.1 million and $9.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is classified in marketing and advertising expense in the consolidated statements of income. Leases On January 1, 2019, the Company adopted ASU 2016-02, Leases leases of those assets. The implementation of the new standard included recognition of new ROU assets and lease liabilities on our balance sheet as of January 1, 2019. The Company has operating and finance leases for corporate office space and equipment. Our leases have remaining lease terms leases leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at inception (or the effective date of ASU 2016-02) based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the information available at inception (or the effective date of ASU 2016-02) in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which we have elected not to separate. 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, and is recognized over the service period. The Company’s Cash Settled RSU Plan (the “RSU Plan”) allows the Company to grant cash-settled restricted stock units (“RSUs”). Unvested RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. Once vested, RSU holders receive a lump sum cash payment equal to the fair market value on the vesting date of one share of the Company’s common stock, par value $0.01, for each RSU that has vested, subject to applicable tax withholdings. We treat RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period. Accounting for Income Taxes Income tax expense is based on pre-tax 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.

New Accounting Guidance

New Accounting Guidance	12 Months Ended
	Dec. 31, 2019
New Accounting Guidance
New Accounting Guidance	2. New Accounting Guidance Accounting Guidance Adopted During Fiscal Year 2019 million ​ Compensation – Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting ​ Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ​ New Accounting Guidance Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” In August 2018, FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2019
Revenue Recognition
Revenue Recognition	3. Revenue Recognition All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The vast majority of revenue is determined based on average assets and is earned daily or monthly or is transactional and is earned on the trade date. As such, revenue from remaining performance obligations is not significant. The following table depicts the disaggregation of revenue by product and distribution channel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ ​ (in thousands) Investment management fees: ​ ​ ​ ​ Funds ​ ​ $ 430,028 486,181 ​ 506,868 Institutional ​ ​ ​ 15,116 21,725 ​ 24,982 Total investment management fees ​ ​ ​ 445,144 507,906 ​ 531,850 Underwriting and distribution fees: ​ ​ ​ ​ ​ ​ ​ ​ Unaffiliated ​ ​ ​ ​ ​ ​ ​ ​ Rule 12b-1 service and distribution fees ​ ​ ​ 65,227 ​ 78,041 ​ 91,313 Sales commissions on front-end load mutual fund and variable annuity sales ​ ​ ​ 1,730 ​ 1,886 ​ 1,498 Other revenues ​ ​ ​ 290 ​ 568 ​ 1,182 Total unaffiliated distribution fees ​ ​ ​ 67,247 ​ 80,495 ​ 93,993 Wealth Management ​ ​ ​ ​ ​ ​ ​ ​ Fee-based asset allocation product revenues ​ ​ ​ 284,188 ​ 269,069 ​ 240,089 Rule 12b-1 service and distribution fees ​ ​ ​ 63,197 ​ 70,938 ​ 75,850 Sales commissions on front-end load mutual fund and variable annuity sales ​ ​ ​ 48,471 ​ 54,895 ​ 55,293 Sales commissions on other products ​ ​ ​ 32,314 ​ 36,131 ​ 31,286 Other revenues ​ ​ ​ 36,419 ​ 38,482 ​ 22,188 Total wealth management distribution fees ​ ​ ​ 464,589 ​ 469,515 ​ 424,706 Total distribution fees ​ ​ ​ 531,836 ​ 550,010 ​ 518,699 Shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ Total shareholder service fees ​ ​ ​ 93,335 102,385 ​ 106,595 ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ $ 1,070,315 1,160,301 ​ 1,157,144 ​

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2019
Investment Securities
Investment Securities	4. Investment Securities Investment securities at December 31, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2019 2018 ​ ​ ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ — ​ 5,001 ​ Commercial paper ​ ​ 1,977 ​ 7,970 ​ Corporate bonds ​ ​ 254,291 ​ 218,121 ​ U.S. Treasury bills ​ ​ — ​ 19,672 ​ Total available for sale securities ​ 256,268 ​ 250,764 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ 1,977 ​ 1,993 ​ Corporate bonds ​ 84,920 ​ 77,250 ​ U.S. Treasury bills ​ ​ 5,979 ​ 5,884 ​ Mortgage-backed securities ​ 4 ​ 7 ​ Term loans ​ ​ 44,268 ​ — ​ Consolidated sponsored funds ​ 43,567 ​ 33,088 ​ Total trading securities ​ 180,715 ​ 118,222 ​ Equity securities: ​ ​ ​ ​ ​ ​ Common stock ​ 34,945 ​ 21,204 ​ Sponsored funds ​ ​ 178,386 ​ 153,548 ​ Sponsored privately offered funds ​ 845 ​ 678 ​ Consolidated sponsored funds ​ ​ — ​ 24,879 ​ Total equity securities ​ ​ 214,176 ​ 200,309 ​ Equity method securities: ​ ​ ​ ​ ​ ​ Sponsored funds ​ 37,187 ​ 47,840 ​ Total securities ​ $ 688,346 ​ 617,135 ​ ​ Commercial paper and corporate bonds accounted for as available for sale and held as of December 31, 2019 mature as follows: ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ cost Fair value ​ (in thousands) Within one year $ 78,072 ​ 78,326 After one year but within five years ​ 174,886 ​ 177,942 ​ $ 252,958 ​ 256,268 ​ Commercial paper, corporate bonds, U.S. Treasury bills, mortgage-backed securities and term loans accounted for as trading and held as of December 31, 2019 mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ (in thousands) Within one year ​ ​ $ 30,749 After one year but within five years ​ ​ ​ 78,367 After five years but within 10 years ​ ​ ​ 28,032 ​ ​ ​ $ 137,148 ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 1,976 ​ 1 ​ — ​ 1,977 ​ Corporate bonds ​ ​ 250,982 3,314 ​ (5) 254,291 ​ ​ ​ $ 252,958 3,315 (5) 256,268 ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 5,000 ​ 1 ​ — ​ 5,001 ​ Commercial paper ​ 7,902 ​ 68 ​ — ​ 7,970 ​ Corporate bonds ​ ​ 219,236 254 ​ (1,369) 218,121 ​ U.S. Treasury bills ​ ​ 19,672 ​ — ​ — ​ 19,672 ​ ​ ​ $ 251,810 323 (1,369) 250,764 ​ ​ Net realized losses of less than $0.1 million and net realized gains of $0.9 million were recognized from the sale of $19.7 million and $86.9 million in available for sale securities during 2019 and 2017, respectively. No available for sale securities were sold during 2018. A summary of available for sale debt securities with fair values below carrying values at December 31, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 4,538 ​ — ​ 8,056 ​ (5) ​ 12,594 ​ (5) ​ A summary of available for sale debt securities with fair values below carrying values at December 31, 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 36,302 ​ (160) ​ 119,480 ​ (1,209) ​ 155,782 ​ (1,369) ​ The Company’s investment portfolio included three securities which were in an unrealized loss position at December 31, 2019. During 2018 and 2017, we recorded pre-tax charges of $0.3 million and $1.3 million, respectively, to reflect the “other than temporary” decline in value of certain of the Company’s available for sale investments with fair value below amortized cost. These charges were recorded due to either an intent to sell prior to recovery of the amortized cost or the investment in an unrealized loss position for an extended period of time where the losses were expected to become realized. These charges are recorded in investment and other income in the consolidated statement of operations for 2018 and 2017. The Company evaluated all available for sale securities in an unrealized loss position at December 31, 2019 and concluded no other-than-temporary impairment existed at December 31, 2019. The unrealized losses in the Company’s investment portfolio at December 31, 2019 were primarily caused by changes in interest rates. At this time, the Company does not intend to sell, and does not believe it will be required to sell these securities before recovery of their amortized cost. For trading debt securities held at the end of each year, net unrealized gains of $0.4 million and net unrealized losses of $0.1 million and $0.3 million were recognized for the years ended December 31, 2019, 2018 and 2017, respectively. For equity securities held at the end of each year, net unrealized gains of $25.0 million, net unrealized losses of $22.8 million and net unrealized gains of $2.2 million were recognized for the years ended December 31, 2019, 2018 and 2017, respectively. Sponsored Privately Offered Funds The Company holds a voting interest in a sponsored privately offered fund that is structured as an investment company in the legal form of a limited liability company. The Company held an investment in this fund totaling $0.8 million and $0.7 million as of December 31, 2019 and 2018, respectively, which is the maximum loss exposure. Consolidated Sponsored Funds The following table details the balances related to consolidated sponsored funds at December 31, 2019 and 2018, as well as the Company’s net interest in these funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ (in thousands) Cash $ 1,530 ​ ​ 4,285 Investments ​ 43,567 ​ 57,967 Other assets ​ 483 ​ 872 Other liabilities ​ — ​ (79) Redeemable noncontrolling interests ​ (19,205) ​ (11,463) Net interest in consolidated sponsored funds $ 26,375 ​ ​ 51,582 ​ During the year ended December 31, 2019, we consolidated one Ivy Fund, IGI Funds and Ivy NextShares in which we provided initial seed capital at the time of the funds’ formation. When we no longer have a controlling financial interest in a sponsored fund, it is deconsolidated from our consolidated financial statements. During 2019, we redeemed our remaining investment in IGI Funds and liquidated and redeemed our investment in Ivy NextShares, which resulted in a decrease in investments in the consolidated sponsored funds. One Ivy Fund remains consolidated as of December 31, 2019. There was no impact to the consolidated statement of income as a result of the IGI Funds and Ivy NextShares liquidation and redemptions, as the funds were carried at fair value. Fair Value 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 carrying amounts of certificates of deposit and commercial paper are measured at amortized cost, which approximates fair value due to the short time between purchase and expected maturity of the investments. Depending on the nature of the inputs, these investments are generally classified as Level 1 or 2 within the fair value hierarchy. U.S. Treasury bills are valued upon quoted market prices for similar assets in active markets, quoted prices for identical or similar assets that are not active and inputs other than quoted prices that are observable or corroborated by observable market data. 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. Term loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Term loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3. The fair value of equity derivatives is measured based on active market broker quotes, evaluated broker quotes and evaluated prices from vendors. The following tables summarize our investment securities as of December 31, 2019 and 2018 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 4,203 ​ — ​ — ​ — ​ 4,203 ​ Commercial paper ​ ​ — ​ 38,143 ​ — ​ — ​ 38,143 ​ Total cash equivalents ​ $ 4,203 ​ 38,143 ​ — ​ — ​ 42,346 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 254,291 ​ — ​ — ​ 254,291 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 84,920 ​ — ​ ​ ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ — ​ — ​ 5,979 ​ Mortgage-backed securities ​ — 4 — — ​ 4 ​ Term loans ​ — 40,368 3,900 — ​ 44,268 ​ Consolidated sponsored funds ​ — 43,567 — — ​ 43,567 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 34,942 ​ — ​ 3 ​ — ​ 34,945 ​ Sponsored funds ​ ​ 178,386 ​ — ​ — ​ — ​ 178,386 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 845 ​ 845 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 37,187 ​ — ​ — ​ — ​ 37,187 ​ Total investment securities ​ $ 250,515 ​ 433,083 ​ 3,903 ​ 845 ​ 688,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 121,759 ​ — ​ — ​ — ​ 121,759 ​ U.S. government sponsored enterprise note ​ ​ — ​ 895 ​ — ​ — ​ 895 ​ Commercial paper ​ ​ — ​ 74,277 ​ — ​ — ​ 74,277 ​ Total cash equivalents ​ $ 121,759 ​ 75,172 ​ — ​ — ​ 196,931 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ — ​ 5,001 ​ — ​ — ​ 5,001 ​ Commercial paper ​ ​ — ​ 7,970 ​ — ​ — ​ 7,970 ​ Corporate bonds ​ ​ — ​ 218,121 ​ — ​ — ​ 218,121 ​ U.S. Treasury bills ​ ​ — ​ 19,672 ​ — ​ — ​ 19,672 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,993 ​ — ​ — ​ 1,993 ​ Corporate bonds ​ ​ — ​ 77,250 ​ — ​ ​ ​ 77,250 ​ U.S. Treasury bills ​ ​ — ​ 5,884 ​ — ​ — ​ 5,884 ​ Mortgage-backed securities ​ — 7 — — ​ 7 ​ Consolidated sponsored funds ​ ​ — ​ 33,088 ​ — ​ — ​ 33,088 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 21,192 — 12 — ​ 21,204 ​ Sponsored funds ​ 153,548 — — — ​ 153,548 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 678 ​ 678 ​ Consolidated sponsored funds ​ 24,879 — — — ​ 24,879 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 47,840 ​ — ​ — ​ — ​ 47,840 ​ Total investment securities ​ $ 247,459 ​ 368,986 ​ 12 ​ 678 ​ 617,135 ​ (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at net asset value and are classified as Level 1. Cash investments in commercial paper are measured at cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization, and are classified as Level 2. (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. (3) The Company’s equity method investments are investment companies that record their underlying investments at fair value. ​ The following table summarizes the activity of investments categorized as Level 3 for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2019 ​ ​ (in thousands) Level 3 assets at December 31, 2018 ​ $ 12 Purchases ​ 2,607 Transfers in to level 3 ​ ​ 3,241 Transfers out of level 3 ​ ​ (1,142) Losses in Investment and other income ​ (48) Redemptions and paydowns ​ ​ (767) Level 3 assets at December 31, 2019 ​ $ 3,903 ​ ​ ​ ​ Change in unrealized losses for Level 3 assets held at December 31, 2019 ​ $ (13) ​ ​ ​ ​ ​ ​ ​ ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Financial Instruments
Derivative Financial Instruments	5. Derivative Financial Instruments The Company has in place an economic hedge program that uses total return swap contracts to hedge market risk related to its investments in certain sponsored funds. Certain of the consolidated sponsored funds may utilize derivative financial instruments within their portfolios in pursuit of their stated investment objectives. We do not hedge for speculative purposes. ​ The Company was party to 14 total return swap contracts with a combined notional value of $228.2 million and five total return swap contracts with a combined notional value of $194.4 million as of December 31, 2019 and 2018, respectively. These derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the total return swap contracts are recognized in investment and other income (loss) on the Company’s consolidated statements of income. ​ The Company posted $3.7 million and $5.2 million in cash collateral with the counterparties of the total return swap contracts as of December 31, 2019 and 2018, respectively. The cash collateral is included in customers and other receivables on the Company’s consolidated balance sheets. The Company does not record its fair value in derivative transactions against the posted collateral. ​ The following table presents the fair value of the derivative financial instruments, excluding derivative financial instruments held in certain consolidated sponsored funds, as of December 31, 2019 and 2018 calculated based on Level 2 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ Balance sheet ​ ​ 2019 ​ ​ 2018 ​ location Fair value Fair value ​ ​ ​ (in thousands) Total return swap contracts Prepaid expenses and other current assets ​ $ — ​ ​ 4,968 Total return swap contracts ​ Other current liabilities ​ ​ 3,990 ​ ​ — Net total return swap (liability) asset ​ ​ $ (3,990) ​ ​ 4,968 ​ The following is a summary of net (losses) gains recognized in income for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Income statement ​ December 31, ​ location ​ 2019 ​ 2018 ​ ​ ​ (in thousands) Total return swap contracts Investment and other income $ (38,240) ​ 15,163 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Property and Equipment	​ 6. Property and Equipment A summary of property and equipment at December 31, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ 2019 ​ 2018 ​ useful lives ​ ​ (in thousands) ​ ​ ​ Leasehold improvements $ 20,414 21,790 1 15 years Furniture and fixtures ​ 23,872 28,482 3 10 years ​ Equipment ​ 12,561 20,248 2 15 years ​ Computer software ​ 92,033 100,507 1 10 years ​ Data processing equipment ​ 16,726 17,056 1 5 years ​ Buildings ​ 7,490 11,772 1 30 years ​ Land ​ 1,864 2,843 ​ ​ ​ ​ Property and equipment, at cost ​ 174,960 202,698 ​ ​ ​ ​ Accumulated depreciation ​ (140,234) (139,269) ​ ​ ​ ​ Property and equipment, net ​ $ 34,726 63,429 ​ ​ ​ ​ ​ Depreciation expense was $19.8 million, $25.6 million and $21.0 million during the years ended December 31, 2019, 2018 and 2017, respectively. The fourth quarter of 2019 included asset impairment charges of $12.8 million in connection with certain assets held for sale, including real property related to our corporate headquarters move and aviation equipment. These impairment charges are recorded in general and administrative expense in our consolidated statements of income. Assets held for sale

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Identifiable Intangible Assets
Goodwill and Identifiable Intangible Assets	7. Goodwill and Identifiable Intangible Assets Goodwill and identifiable intangible assets (all considered indefinite-lived) at December 31, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2019 ​ 2018 ​ ​ ​ (in thousands) ​ Goodwill $ 106,970 106,970 ​ ​ ​ ​ ​ ​ ​ Mutual fund management advisory contracts ​ 38,699 38,699 ​ Other ​ 200 200 ​ Total identifiable intangible assets ​ 38,899 38,899 ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 145,869 145,869 ​ ​ ​

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2019
Indebtedness
Indebtedness	8. Indebtedness On August 31, 2010, the Company entered into a note purchase agreement to complete a $190.0 million private placement of Series A and Series B senior unsecured notes. The $95.0 million Series A, senior unsecured notes that matured on January 13, 2018 were repaid. Interest is payable semi-annually in January and July of each year. The agreement requires 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, 2019, the Company’s consolidated leverage ratio was 0.4 to 1.0, and the consolidated interest coverage ratio was 36.6 to 1.0. Debt is reported at its carrying amount in the consolidated balance sheet. The fair value of the Company’s Series B Senior Notes maturing January 13, 2021 was $98.0 million at December 31, 2019 compared to the carrying value net of debt issuance costs of $94.9 million, which is listed under long-term debt in the consolidated balance sheet. Fair value is calculated based on Level 2 inputs. On October 20, 2017, we entered into a three-year unsecured revolving credit facility (the “Credit Facility”) with various lenders, which initially provides for borrowings of up to $100.0 million and may be expanded to $200.0 million. The Credit Facility replaced the prior credit facility, which was set to expire in June 2018. At December 31, 2019 and 2018, there were no borrowings outstanding under the Credit 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 imposes 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 covenants in the Credit Facility including a required consolidated leverage ratio and a required consolidated interest coverage ratio, consistent with those outlined above for the Senior Notes. ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	9. Income Taxes The provision for income taxes from continuing operations for the years ended December 31, 2019, 2018 and 2017 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Current taxes: ​ Federal $ 37,283 54,071 73,167 State ​ 7,144 625 7,720 ​ Foreign ​ — 1 — ​ ​ ​ 44,427 54,697 80,887 ​ Deferred taxes ​ (3,009) 783 20,481 ​ Provision for income taxes ​ $ 41,418 55,480 101,368 ​ ​ 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, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal tax benefit 3.4 ​ 2.4 ​ 2.2 ​ Share-based compensation ​ 1.4 ​ 1.8 ​ 3.4 ​ Effects of U.S. tax rate decrease ​ — ​ (0.4) ​ 2.2 ​ Uncertain tax positions (0.2) ​ (2.2) ​ (0.2) ​ Valuation allowance on losses capital in nature — ​ — ​ (1.0) ​ Other items 0.6 ​ 0.7 ​ (0.3) ​ Effective income tax rate 26.2 % 23.3 % 41.3 % ​ The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Deferred tax assets: ​ Property and equipment ​ $ 2,194 ​ — ​ Benefit plans ​ ​ 787 ​ — ​ Accrued compensation and related costs ​ ​ 11,779 5,868 ​ Other accrued expenses ​ 2,780 3,861 ​ Unrealized losses on investment securities and partnerships ​ — 6,272 ​ Share-based compensation ​ ​ 9,215 10,300 ​ Unused state tax credits ​ ​ 2,341 2,618 ​ State net operating loss carryforwards ​ ​ 7,082 7,266 ​ Operating lease liabilities ​ ​ 6,042 ​ — ​ Other ​ ​ 1,061 1,171 ​ Total gross deferred assets ​ 43,281 37,356 ​ Deferred tax liabilities: ​ ​ Property and equipment ​ $ — (3,700) ​ Benefit plans ​ — (1,872) ​ Identifiable intangible assets ​ (9,301) (9,206) ​ Unrealized gains on investments securities and partnerships ​ (3,469) ​ — ​ Prepaid expenses ​ (2,283) (2,478) ​ Operating lease right-of-use assets ​ ​ (5,630) ​ — ​ Other ​ ​ (308) ​ (513) ​ Total gross deferred liabilities ​ (20,991) (17,769) ​ Valuation allowance ​ (7,872) (7,266) ​ Net deferred tax asset ​ $ 14,418 12,321 ​ ​ ​ 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, 2019 and 2018 is approximately $7.1 million and $7.3 million, respectively. The carryforwards, if not utilized, will expire between 2020 and 2039. Management does not believe it is 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 $7.1 million and $7.3 million has been recorded at December 31, 2019 and 2018, respectively. The Company has state tax credit carryforwards of $2.3 million and $2.6 million as of December 31, 2019 and 2018, respectively. Of these state tax credit carryforwards, $2.1 million will expire between 2024 and 2034 if not utilized, $0.2 million will expire in 2026 if not utilized, and less than $0.1 million can be carried forward indefinitely. During 2019, management determined that it is not more likely than not that it will fully utilize some of these state tax credits before they expire and, accordingly, a valuation allowance in the amount of $0.8 million was recorded as of December 31, 2019. In the accompanying consolidated balance sheets, unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities; unrecognized tax benefits that are expected to be settled within the next 12 months are included as a reduction to income taxes receivable; unrecognized tax benefits that reduce a net operating loss, similar tax loss, or tax credit carryforward are presented as a reduction to non-current deferred income taxes. As of December 31, 2019 and December 31, 2018, the Company’s consolidated balance sheet included unrecognized tax benefits, including penalties and interest, of $2.0 million ($1.7 million net of federal benefit) and $2.7 million ($2.4 million net of federal benefit), respectively, that if recognized, would impact the Company’s effective tax rate. 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 December 31, 2019, and December 31, 2018, the total amount of accrued interest and penalties related to uncertain tax positions recognized in the consolidated balance sheet was $0.4 million ($0.3 million net of federal benefit) and $0.7 million ($0.6 million net of federal benefit), respectively. The total amount of penalties and interest, net of federal expense, related to tax uncertainties recognized in the statement of income for the period ended December 31, 2019 was a benefit of $0.2 million. The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Balance at beginning of year $ 2,070 6,843 7,734 Increases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross increases - tax positions in prior period ​ 345 712 244 ​ Gross increases - current-period tax positions ​ 44 331 97 ​ Decreases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross decreases - tax positions in prior period ​ (135) (4,219) (56) ​ Decreases due to settlements with taxing authorities ​ (348) (1,385) (178) ​ Decreases due to lapse of statute of limitations ​ (358) (212) (998) ​ Balance at end of year ​ $ 1,618 2,070 6,843 ​ ​ 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. The Company does not expect the resolution or settlement of any open audits, federal or state, to materially impact the consolidated financial statements. ​ Our 2016-2019 federal income tax returns are open tax years that remain subject to potential future audit. Our state income tax returns for all years after 2015 and, in certain states, income tax returns for 2015, 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, 2019
Pension Plan and Postretirement Benefits Other Than Pension
Pension Plan and Postretirement Benefits Other Than Pension	10. Pension Plan and Postretirement Benefits Other Than Pension Benefits payable under the Pension Plan are based on employees’ years of service and compensation during the final 10 years of employment. The Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) approved an amendment to freeze the Pension Plan effective September 30, 2017. After September 30, 2017, participants in the Pension Plan ceased accruing additional benefits for future service or compensation. Participants will retain benefits accumulated as of September 30, 2017 in accordance with the terms of the Pension Plan. In accordance with applicable accounting standards, the Pension Plan’s assets and liabilities were remeasured as of July 31, 2017, the date participants were notified of the freeze. This resulted in a reduction of the accrued pension liability of approximately $30.0 million and a curtailment gain of $31.6 million. The Compensation Committee approved the termination of the Pension Plan, effective June 1, 2019, and the Company intends to terminate the Pension Plan in a standard termination, as defined by the Pension Benefit Guaranty Corporation. The Company is currently performing the administrative actions required to carry out the termination, with an expected completion date in 2020. We also sponsor an unfunded defined benefit postretirement medical plan that previously covered substantially all employees, as well as Advisors. The medical plan is contributory with participant contributions adjusted annually. The medical plan does not provide for benefits after age 65 A reconciliation of the funded status of these plans and the assumptions related to the obligations at December 31, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Change in projected benefit obligation: ​ Net benefit obligation at beginning of year ​ $ 154,528 ​ 184,245 ​ 180,921 1,048 2,195 2,446 ​ Service cost ​ — ​ — ​ 8,367 — — — ​ Interest cost ​ 6,146 ​ 5,986 ​ 6,248 33 54 58 ​ Benefits paid ​ (13,221) ​ (13,690) ​ (8,511) (677) (602) (954) ​ Actuarial loss (gain) ​ ​ 39,027 ​ (22,013) ​ 28,841 ​ 47 ​ (965) ​ 139 ​ Retiree contributions ​ ​ — ​ — ​ — ​ 275 ​ 366 ​ 506 ​ Curtailment gain ​ ​ — ​ — ​ (31,621) ​ — ​ — ​ — ​ Net benefit obligation at end of year ​ $ 186,480 ​ 154,528 ​ 184,245 726 1,048 2,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Change in plan assets: ​ Fair value of plan assets at beginning of year ​ $ 162,999 ​ 170,881 144,529 — — — ​ Actual return on plan assets ​ 34,125 ​ 1,808 24,863 — — — ​ Employer contributions ​ — ​ 4,000 10,000 402 236 448 ​ Retiree contributions ​ — ​ — — 275 366 506 ​ Benefits paid ​ (13,221) ​ (13,690) (8,511) (677) (602) (954) ​ Fair value of plan assets at end of year ​ $ 183,903 ​ 162,999 170,881 — — — ​ Funded status at end of year ​ $ (2,577) ​ 8,471 (13,364) (726) (1,048) (2,195) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands, except percentage data) ​ Amounts recognized in the statement of financial position: ​ ​ Noncurrent assets ​ $ — ​ 8,471 ​ — ​ ​ — ​ — ​ — ​ Current liabilities ​ ​ — ​ — ​ — ​ ​ (158) ​ (250) ​ (422) ​ Noncurrent liabilities ​ (2,577) ​ — ​ (13,364) ​ ​ (568) ​ (798) ​ (1,773) ​ Net amount recognized at end of year ​ $ (2,577) ​ 8,471 ​ (13,364) ​ ​ (726) ​ (1,048) ​ (2,195) ​ Weighted average assumptions used to determine benefit obligation at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 3.32 % 4.45 % 3.76 % ​ 2.87 % 4.08 % 3.28 % ​ 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, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ Percentage of Percentage of ​ ​ Plan Assets at ​ Plan Assets at Plan assets by category ​ December 31, 2019 ​ December 31, 2018 Cash 51 % 2 % Fixed income securities 49 % 98 % Total 100 % 100 % ​ In 2018, the Company implemented a new pension de-risking strategy designed to more closely match assets to the pension obligations by shifting exposure from return-seeking assets to liability-hedging assets. In 2019, the Company further shifted plan assets towards cash. 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 4. The following tables summarize our Pension Plan assets as of December 31, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 91,989 — ​ 91,989 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ — 19,311 — ​ 19,311 ​ Corporate bond ​ ​ — ​ 62,313 ​ — ​ ​ 62,313 ​ Foreign bonds ​ — 8,913 — ​ 8,913 ​ Total investment securities ​ — 182,526 — ​ 182,526 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 1,377 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 183,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 465 — ​ 465 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ — 4 — ​ 4 ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ — 46,415 — ​ ​ 46,415 ​ Corporate bond ​ ​ — ​ 91,521 ​ — ​ ​ 91,521 ​ Foreign Bonds ​ — 21,870 — ​ 21,870 ​ Total investment securities ​ — 160,275 — ​ 160,275 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 2,724 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 162,999 ​ ​ The 6.00% expected long-term rate of return utilized after the Pension Plan freeze in 2017 reflected 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 was based on the outlook for inflation, fixed income returns and equity returns, while also considering historical returns, asset allocation and investment strategy. In 2018, we adjusted the expected long-term rate of return to 5.00% to reflect a further decrease to the Plan’s equity securities’ holdings based on expected investment mix at the beginning of the year. During 2018, we accelerated the de-risking strategy and as such, further reduced the long-term rate of return in 2019 to 4.00%. The components of net periodic pension and other postretirement costs consisted of the following for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Components of net periodic benefit cost: ​ Service cost ​ $ — — 8,367 — — — ​ Interest cost ​ 6,146 5,986 6,248 33 54 58 ​ Expected return on plan assets ​ (6,315) (8,320) (10,113) — — — ​ Actuarial loss (gain) ​ ​ 11,217 ​ (15,501) ​ 14,091 ​ — ​ — ​ — ​ Actuarial gain amortization ​ — — — (495) (120) (180) ​ Prior service cost amortization ​ — — — — (2) (4) ​ Curtailment gain ​ ​ — ​ — ​ (31,621) ​ — ​ — ​ — ​ Total ​ $ 11,048 (17,835) (13,028) (462) (68) (126) ​ ​ ​ The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ 2019 ​ 2018 ​ 2017 Discount rate 4.45 % 3.76 % 4.39% / 3.96 1 ​ 4.08 % 3.28 % 3.46 % Expected return on plan assets 4.00 % 5.00 % 7.00% / 6.00 1 ​ Not applicable ​ Rate of compensation increase Not applicable ​ 5.12 % ​ Not applicable ​ ________________________ ​ (1) Due to the Pension Plan freeze and associated remeasurement as of July 31, 2017, the discount rate changed from 4.39% to 3.96% and the expected return on assets changed from 7.00% to 6.00% . Under current plan provisions, we expect the following benefit payments to be paid. For the Pension Plan, the timing of benefit payments does not include anticipated acceleration of payments for the plan termination, as the payment timing is based on the same assumptions used to measure the benefit obligation as of December 31, 2019, which does not reflect plan termination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension ​ Postretirement ​ Benefits Benefits ​ ​ (in thousands) 2020 ​ $ 8,947 158 ​ 2021 ​ 9,491 116 ​ 2022 ​ 9,164 99 ​ 2023 ​ 9,469 66 ​ 2024 ​ ​ 9,770 ​ 66 ​ 2025 through 2029 ​ 50,283 143 ​ ​ ​ $ 97,124 648 ​ ​ 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. No contributions were made to the Pension Plan for 2019 and all contributions for 2018 and 2017 were voluntary. ​ 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 2020 expected contribution with cash generated from operations. Participants also made contributions to the postretirement plan for the years ended December 31, 2019, 2018 and 2017. ​ For measurement purposes, the initial health care cost trend rate was 7.60% (prior to age 65) and 8.70% (subsequent to age 65) for 2019, 8.05% (prior to age 65) and 9.30% (subsequent to age 65) for 2018 and 7.02% (prior to age 65) and 8.47% (subsequent to age 65) for 2017. The health care cost trend rate reflects anticipated increases in health care costs. The initial growth rates for 2019 are assumed to gradually decline over the next 8 years to a rate of 4.5%. ​ At December 31, 2019, the accrued pension and postretirement liability recorded in the consolidated balance sheet was comprised of a pension liability of $2.6 million and a liability for postretirement benefits in the amount of $0.6 million. The current portion of postretirement liability of $0.1 million is included in other current liabilities on the consolidated balance sheet. At December 31, 2018, the pension asset and postretirement liability recorded in the consolidated balance sheet was comprised of a pension asset of $8.5 million and a liability for postretirement benefits in the amount of $0.8 million. The current portion of postretirement liability of $0.3 million is included in other current liabilities on the consolidated balance sheet.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2019
Defined Contribution Plan
Defined Contribution Plan	11. Defined Contribution 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, 2019, 2018 and 2017 were $6.0 million, $6.8 million and $6.0 million, respectively. ​ In 2017, in connection with the Pension Plan freeze, the Company amended its 401(k) plan to permit employer discretionary nonelective contributions to eligible participants. For the 2019 plan year, the Company approved a discretionary nonelective contribution in an amount equal to 2% of participant’s eligible compensation. These contributions, which were expensed during 2019, totaled $2.6 million and will be funded and allocated to participant accounts during the first quarter of 2020. For the 2017 plan year, the Company approved a discretionary nonelective contribution in an amount equal to 4% of such participant’s eligible compensation. These contributions, which were expensed over the service period in 2017, totaled $5.5 million and were funded and allocated to participant accounts during the first quarter of 2018. ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity
Stockholders' Equity	12. Stockholders’ Equity Earnings per Share For the years ended December 31, 2019, 2018 and 2017, earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (in thousands, except for per share amounts) ​ Net income attributable to Waddell & Reed Financial, Inc. $ 114,992 183,588 141,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ 73,299 ​ 80,468 ​ 83,573 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share, basic and diluted ​ $ 1.57 ​ 2.28 ​ 1.69 ​ ​ Dividends The Board of Directors declared dividends on our Class A common stock of $1.00 per share, $1.00 per share and $1.63 per share for the years ended December 31, 2019, 2018 and 2017, respectively. During the fourth quarter of 2019, the Board of Directors declared a quarterly dividend on our Class A common stock of $0.25 per share payable on February 3, 2020 to stockholders of record as of January 13, 2020. As of December 31, 2019 and 2018, other current liabilities included $17.2 million and $19.2 million, respectively, for dividends payable to stockholders. Common Stock Repurchases The Board of Directors has authorized the repurchase of our Class A common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including issuing shares to employees in our share-based compensation programs. There were 9,164,564 shares, 6,963,269 shares and 1,842,337 shares repurchased in the open market or privately during the years ended December 31, 2019, 2018 and 2017, respectively. The repurchased shares include 548,132 shares, 729,882 shares and 402,337 shares repurchased from employees who tendered shares to cover their income tax withholdings with respect to vesting of stock awards during the years ended December 31, 2019, 2018 and 2017, respectively. Accumulated Other Comprehensive Loss The following tables summarize other comprehensive income (loss) activity for the years ended December 31, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2019 ​ ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2018 ​ ​ $ (797) 1,128 331 Other comprehensive income (loss) before reclassification ​ ​ ​ 3,496 (36) 3,460 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (178) (379) (557) ​ Net current period other comprehensive income (loss) ​ ​ ​ 3,318 ​ (415) 2,903 ​ Balance at December 31, 2019 ​ ​ ​ ​ $ 2,521 713 3,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2018 ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2017 ​ ​ $ 145 379 524 Amount reclassified to retained earnings for ASUs adopted in 2018 ​ ​ ​ ​ ​ (955) ​ 107 ​ (848) ​ Other comprehensive (loss) income before reclassification ​ ​ ​ (360) 736 376 ​ Amount reclassified from accumulated other comprehensive income (loss) ​ ​ ​ 373 (94) 279 ​ Net current period other comprehensive (loss) income ​ ​ ​ (942) ​ 749 (193) ​ Balance at December 31, 2018 ​ ​ ​ ​ $ (797) 1,128 331 ​ ​ ​ Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 234 (56) 178 Investment and other income ​ Amortization of postretirement benefits ​ ​ 495 (116) 379 Compensation and benefits ​ Total ​ $ 729 (172) 557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ (expense) ​ ​ ​ Statement of income ​ ​ ​ Pre-tax ​ benefit ​ Net of tax ​ line item or retained earnings ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income or retained earnings for ASUs adopted in 2018: ​ Sponsored funds investment gains ​ $ 1,295 (340) 955 Retained earnings ​ Losses on available for sale debt securities ​ (489) 116 (373) Investment and other income (loss) ​ Amortization of postretirement benefits ​ 122 (135) (13) Compensation and benefits and retained earnings ​ Total ​ $ 928 (359) 569 ​ ​ ​ ​

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation
Share-Based Compensation	13. Share-Based Compensation The Company’s 1998 Stock Incentive Plan, as amended and restated (the “SI Plan”) allows us to grant equity compensation awards, including 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 35.6 million shares of common stock are authorized for issuance under the SI Plan and as of December 31, 2019, 1,448,959 shares of common stock were available for issuance under the SI Plan. In addition, we may make incentive payments under the Company Executive Incentive Plan, as amended and restated (the “EIP”) in the form of cash, nonvested stock or a combination thereof. Incentive awards paid under the EIP in the form of nonvested stock are issued out of shares reserved for issuance under the SI Plan. Generally, shares of common stock subject to an award that expires or is cancelled, forfeited, exchanged, settled in cash or is terminated will again be available for awards under the SI Plan. Nonvested stock awards are valued on the date of grant and have no purchase price. These awards have historically vested over four years in 33 1/3% Beginning in 2017, the Company established a Cash Settled RSU Plan (the “RSU Plan”), which allows the Company to grant cash-settled restricted stock units (“RSU”) to attract and retain key personnel and enable them to participate in the long-term growth of the Company. Unvested RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. On the vesting date, RSU holders receive a lump sum cash payment equal to the fair market value of one share of the Company’s common stock, par value $0.01, for each RSU that has vested, subject to applicable tax withholdings. We treat RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period. Nonvested shares and nonvested RSU’s 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 shares, holders of nonvested shares have full stockholders’ rights during the term of restriction, including voting rights and the rights to receive cash dividends. Since nonvested RSUs are not shares of Company stock, holders of nonvested RSUs are not entitled to voting rights but are entitled to dividend equivalent payments for each RSU equal to the dividend paid on one share of our common stock. A summary of nonvested share activity and related fair value for the year ended December 31, 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Nonvested ​ Grant Date ​ ​ Stock Shares ​ Fair Value Nonvested at December 31, 2018 4,093,760 ​ $ 22.79 ​ Granted 1,433,673 ​ 17.65 ​ Vested (1,672,676) ​ 25.52 ​ Forfeited (212,772) ​ 21.27 ​ Nonvested at December 31, 2019 3,641,985 ​ $ 19.60 ​ ​ A summary of nonvested RSU activity for the year ended December 31, 2019 follows: ​ ​ ​ ​ ​ Nonvested ​ ​ Cash-Settled Units Nonvested at December 31, 2018 1,762,060 Granted 1,228,904 Vested (497,092) Forfeited (118,272) Nonvested at December 31, 2019 2,375,600 ​ For the years ended December 31, 2019, 2018 and 2017, compensation expense related to nonvested shares and nonvested RSUs totaled $46.6 million, $51.6 million and $57.7 million, respectively. The deferred income tax benefit from the compensation expense related to nonvested stock and nonvested RSUs was $11.1 million, $11.9 million and $13.6 million for the years ended December 31, 2019, 2018 and 2017, 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, 2019, the remaining unamortized expense related to nonvested stock of $46.5 million is expected to be recognized over a weighted average period of 2.1 years. The total fair value of shares vested (at vest date) during the years ended December 31, 2019, 2018 and 2017, was $29.1 million, $41.0 million and $20.8 million, respectively. The Company withholds a portion of each employee’s vested shares to satisfy income 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, 2019
Uniform Net Capital Rule Requirements
Uniform Net Capital Rule Requirements	14. Uniform Net Capital Rule Requirements Two of our subsidiaries, W&R and IDI are registered broker-dealers and members of FINRA. 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, 2019 or 2018. Net capital and aggregated indebtedness information for our broker-dealer subsidiaries is presented in the following table as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ (in thousands) ​ ​ W&R ​ IDI ​ W&R ​ IDI ​ Net capital $ 60,758 ​ ​ 20,217 57,109 ​ ​ 25,688 Required capital ​ 250 ​ ​ 1,909 250 ​ ​ 1,336 ​ Excess of required capital ​ $ 60,508 ​ ​ 18,308 56,859 ​ ​ 24,352 ​ Ratio of aggregate indebtedness to net capital ​ Not ​ ​ ​ Not ​ ​ ​ ​ ​ ​ ​ applicable ​ ​ ​ 1.42 to 1.0 ​ applicable ​ ​ ​ 0.78 to 1.0 ​ ​

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases
Leases	15. Leases ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ December 31, 2019 ​ ​ ​ (in thousands) Operating Lease Cost ​ $ 17,574 ​ ​ ​ ​ ​ Finance Lease Cost: ​ ​ ​ ​ Amortization of ROU assets ​ $ 283 Interest on lease liabilities ​ ​ 27 Total ​ $ 310 ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ Operating cash flows from operating leases ​ $ 16,520 Operating cash flows from finance leases ​ 27 Financing cash flows from finance leases ​ ​ 290 ​ ​ ​ ​ ROU assets obtained in exchange for lease obligations: ​ ​ ​ Operating leases ​ ​ 39,580 Finance leases ​ ​ 40 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (in thousands, ​ ​ except lease term ​ ​ and discount rate) Operating Leases: ​ Operating lease ROU assets ​ $ 23,457 ​ ​ ​ ​ Other current liabilities ​ $ 10,479 Other non-current liabilities ​ ​ 14,694 Total operating lease liabilities ​ $ 25,173 ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases: ​ ​ ​ Property and equipment, gross ​ $ 985 Accumulated depreciation ​ ​ (737) Property and equipment, net ​ $ 248 ​ ​ ​ ​ Other current liabilities ​ $ 203 Other non-current liabilities ​ ​ 55 Total finance lease liabilities ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ ​ ​ Operating leases ​ ​ 4 years Finance leases ​ ​ 1 year ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ Operating leases ​ ​ 4.32% Finance leases ​ ​ 6.00% ​ Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2020 $ 11,346 ​ 208 2021 ​ ​ 6,691 ​ ​ 47 2022 ​ 2,178 ​ 9 2023 ​ 2,090 ​ — 2024 ​ ​ 2,090 ​ ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 27,008 ​ 264 Less imputed interest ​ ​ (1,835) ​ ​ (6) Total ​ $ 25,173 ​ 258 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Commitments ​ ​ (in thousands) 2019 ​ $ 16,488 ​ 2020 ​ 9,797 ​ 2021 ​ 5,757 ​ 2022 ​ 2,913 ​ 2023 ​ ​ 2,320 ​ Thereafter ​ 5,161 ​ ​ ​ $ 42,436 ​ ​ ​ ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Related Party Transactions	16. Related Party Transactions We earn investment management fee revenues from the Funds and IGI Funds (prior to their liquidation in 2018) for which we 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 ICA for 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 Ivy 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, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Investment management fees $ 430,028 486,581 508,035 Rule 12b-1 service and distribution fees ​ 121,603 141,220 159,873 ​ Shareholder service fees ​ 93,335 102,385 106,595 ​ Total revenues ​ $ 644,966 730,186 774,503 ​ ​ ​ Included in Funds and separate accounts receivable at December 31, 2019 and 2018 are receivables due from the Funds of $12.8 and $14.6 million, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2019
Contingencies
Contingencies	17. 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.” 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. ​

Concentrations of Risk

Concentrations of Risk	12 Months Ended
	Dec. 31, 2019
Concentrations of Risk
Concentrations of Risk	18. Concentrations of 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. ​ Our investments in sponsored funds and other corporate investments expose us to market risk. The underlying holdings of our AUM are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates. ​

Selected Quarterly Information

Selected Quarterly Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Information (Unaudited)
Selected Quarterly Information (Unaudited)	19. Selected Quarterly Information (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ (in thousands) ​ 2019 ​ Total revenues ​ $ 259,410 270,154 270,680 270,071 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 32,053 33,948 33,054 15,936 ​ Net income per share, basic and diluted ​ $ 0.42 0.45 0.46 0.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ ​ (in thousands) ​ 2018 ​ ​ Total revenues ​ $ 297,615 295,338 295,118 272,230 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 46,337 44,478 46,305 46,468 ​ Net income per share, basic and diluted ​ $ 0.56 0.55 0.58 0.60 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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. 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 In the normal course of our business, we sponsor and manage various types of investment products. These investment products include open-end mutual funds, a closed-end mutual fund and privately offered funds and, prior to their liquidations in 2019, exchange-traded managed funds and a Luxembourg SICAV. When creating and launching a new investment product, we typically fund the initial cash investment, commonly referred to as “seeding,” to allow the investment product the ability to generate an investment performance track record so that it is able to attract third party investors. Our initial investment in a new product typically represents 100% of the ownership in that product. We generally redeem our investment in seeded products when the related product establishes a sufficient track record, when third party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time we hold a majority interest in a product varies based on a number of factors, including market demand, market conditions and investment performance. Our exposure to risk in these investment products is generally limited to any investment we have in the product and any earned but uncollected management or other fund-related service fees. In accordance with financial accounting standards, we consolidate certain sponsored investment products in which we have a controlling interest or the investment product meets the criteria of a variable interest entity (“VIE”) and we are deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment product is a VIE or a voting interest entity (“VOE”). Assessing if an entity is a VIE or 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. A VIE is an entity that does not have adequate equity to finance its activities without subordinated financial support, the equity investors do not have the normal characteristics of equity investors for a potential controlling financial interest as a group, or the voting rights are not proportional to their obligations to absorb the expected losses or their rights to receive the expected residual returns of the entity. The Company is deemed to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, we are required to consolidate the assets, liabilities, results of operations and cash flows of the VIE into our consolidated financial statements. ​ If an entity does not meet the criteria and is not considered a VIE, it is treated as a VOE, which is subject to traditional consolidation concepts based on ownership rights. Sponsored investment products that are considered VOEs are consolidated if we have a controlling financial interest in the entity absent substantive investor rights to replace the investment manager of the entity (kick-out rights). ​
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 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 4. Fair value of long-term debt is disclosed in Note 8.
Investment Securities and Investments in Sponsored Funds	Investment Securities and Investments in Sponsored Funds Our investments are comprised of debt and equity securities, investments in sponsored funds and sponsored privately offered funds. Sponsored funds, which include the Funds and the IGI Funds prior to their liquidation in 2018, are investments we have made 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 equity securities measured at fair value through net income (when the Company owns less than 20% of the fund). Unrealized gains and losses on debt securities classified as 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 debt securities classified as trading and equity securities, unrealized gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for all investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. The Company’s equity method investees are investment companies that 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. Our available for sale debt securities 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 its amortized cost basis as well as prospects for recovery to the amortized cost basis. 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 held and used 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 one one one two
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.” one
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill represents the excess of cost over fair value of the identifiable net assets of acquired companies. Indefinite-lived intangible assets represent advisory 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. Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimates and judgment, including the valuation determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. Additional information related to the indefinite-lived intangible assets is included in Note 7.
Revenue Recognition	Revenue Recognition Investment Management and Advisory Fees ​ We recognize investment management and advisory fees as earned over the period in which investment management and advisory services are provided. While our investment management and advisory contracts are long-term in nature, the performance obligations are generally satisfied daily or monthly based on AUM. We calculate investment management fees from the Funds daily based upon average daily net AUM in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from institutional accounts are calculated either monthly or quarterly based upon an average of net AUM 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. Waivers are recognized over the period in which related management and advisory services are provided. Our investment management 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 management 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. Underwriting, Distribution and Shareholder Service Fees ​ Fee-based asset allocation products offer clients a selection of traditional asset allocation models, as well as features such as systematic rebalancing and client and Advisor participation in determining asset allocation across asset classes. Underwriting and distribution fee-based asset allocation revenues are calculated monthly based upon beginning of month client assets and are earned over the period in which services are provided. Performance obligations are generally satisfied daily or monthly based on client assets. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net AUM for Ivy Funds Class B C Y shares Class B distribution Underwriting and distribution commission revenues resulting from the sale of investment products are recorded upon satisfaction of performance obligations, which occurs on the trade date. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets. When a client purchases Class A or Class E Underwriting and distribution revenues resulting from payments from Advisors for office space, compliance oversight and affiliation fees are earned over the period in which the service is provided, which is generally monthly and is based on a fee schedule. Fees collected from Advisors for various services are recorded in underwriting and distribution fees on a gross basis, as the Company is the principal in these arrangements. Shareholder service fee revenue primarily includes transfer agency fees, custodian fees from retirement plan accounts, and portfolio accounting and administration fees. Transfer agency fees and portfolio accounting and administration fees are asset-based revenues or account-based revenues, while custodian fees from retirement plan accounts are based on the number of client accounts. Custodian fees, transfer agency fees and portfolio accounting and administration fees are earned upon completion of the service when all performance obligations have been satisfied.
Advertising and Promotion	Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $7.9 million, $8.1 million and $9.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is classified in marketing and advertising expense in the consolidated statements of income.
Leases	Leases On January 1, 2019, the Company adopted ASU 2016-02, Leases leases of those assets. The implementation of the new standard included recognition of new ROU assets and lease liabilities on our balance sheet as of January 1, 2019. The Company has operating and finance leases for corporate office space and equipment. Our leases have remaining lease terms leases leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at inception (or the effective date of ASU 2016-02) based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the information available at inception (or the effective date of ASU 2016-02) in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which we have elected not to separate.
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, and is recognized over the service period. The Company’s Cash Settled RSU Plan (the “RSU Plan”) allows the Company to grant cash-settled restricted stock units (“RSUs”). Unvested RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. Once vested, RSU holders receive a lump sum cash payment equal to the fair market value on the vesting date of one share of the Company’s common stock, par value $0.01, for each RSU that has vested, subject to applicable tax withholdings. We treat RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period.
Accounting for Income Taxes	Accounting for Income Taxes Income tax expense is based on pre-tax 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue Recognition
Summary of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ ​ (in thousands) Investment management fees: ​ ​ ​ ​ Funds ​ ​ $ 430,028 486,181 ​ 506,868 Institutional ​ ​ ​ 15,116 21,725 ​ 24,982 Total investment management fees ​ ​ ​ 445,144 507,906 ​ 531,850 Underwriting and distribution fees: ​ ​ ​ ​ ​ ​ ​ ​ Unaffiliated ​ ​ ​ ​ ​ ​ ​ ​ Rule 12b-1 service and distribution fees ​ ​ ​ 65,227 ​ 78,041 ​ 91,313 Sales commissions on front-end load mutual fund and variable annuity sales ​ ​ ​ 1,730 ​ 1,886 ​ 1,498 Other revenues ​ ​ ​ 290 ​ 568 ​ 1,182 Total unaffiliated distribution fees ​ ​ ​ 67,247 ​ 80,495 ​ 93,993 Wealth Management ​ ​ ​ ​ ​ ​ ​ ​ Fee-based asset allocation product revenues ​ ​ ​ 284,188 ​ 269,069 ​ 240,089 Rule 12b-1 service and distribution fees ​ ​ ​ 63,197 ​ 70,938 ​ 75,850 Sales commissions on front-end load mutual fund and variable annuity sales ​ ​ ​ 48,471 ​ 54,895 ​ 55,293 Sales commissions on other products ​ ​ ​ 32,314 ​ 36,131 ​ 31,286 Other revenues ​ ​ ​ 36,419 ​ 38,482 ​ 22,188 Total wealth management distribution fees ​ ​ ​ 464,589 ​ 469,515 ​ 424,706 Total distribution fees ​ ​ ​ 531,836 ​ 550,010 ​ 518,699 Shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ Total shareholder service fees ​ ​ ​ 93,335 102,385 ​ 106,595 ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ $ 1,070,315 1,160,301 ​ 1,157,144

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investment Securities
Schedule of investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2019 2018 ​ ​ ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ — ​ 5,001 ​ Commercial paper ​ ​ 1,977 ​ 7,970 ​ Corporate bonds ​ ​ 254,291 ​ 218,121 ​ U.S. Treasury bills ​ ​ — ​ 19,672 ​ Total available for sale securities ​ 256,268 ​ 250,764 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ 1,977 ​ 1,993 ​ Corporate bonds ​ 84,920 ​ 77,250 ​ U.S. Treasury bills ​ ​ 5,979 ​ 5,884 ​ Mortgage-backed securities ​ 4 ​ 7 ​ Term loans ​ ​ 44,268 ​ — ​ Consolidated sponsored funds ​ 43,567 ​ 33,088 ​ Total trading securities ​ 180,715 ​ 118,222 ​ Equity securities: ​ ​ ​ ​ ​ ​ Common stock ​ 34,945 ​ 21,204 ​ Sponsored funds ​ ​ 178,386 ​ 153,548 ​ Sponsored privately offered funds ​ 845 ​ 678 ​ Consolidated sponsored funds ​ ​ — ​ 24,879 ​ Total equity securities ​ ​ 214,176 ​ 200,309 ​ Equity method securities: ​ ​ ​ ​ ​ ​ Sponsored funds ​ 37,187 ​ 47,840 ​ Total securities ​ $ 688,346 ​ 617,135 ​
Summary of maturities of securities held	Commercial paper and corporate bonds accounted for as available for sale and held as of December 31, 2019 mature as follows: ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ cost Fair value ​ (in thousands) Within one year $ 78,072 ​ 78,326 After one year but within five years ​ 174,886 ​ 177,942 ​ $ 252,958 ​ 256,268 ​ Commercial paper, corporate bonds, U.S. Treasury bills, mortgage-backed securities and term loans accounted for as trading and held as of December 31, 2019 mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ (in thousands) Within one year ​ ​ $ 30,749 After one year but within five years ​ ​ ​ 78,367 After five years but within 10 years ​ ​ ​ 28,032 ​ ​ ​ $ 137,148
Summary of the gross unrealized 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, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 1,976 ​ 1 ​ — ​ 1,977 ​ Corporate bonds ​ ​ 250,982 3,314 ​ (5) 254,291 ​ ​ ​ $ 252,958 3,315 (5) 256,268 ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 5,000 ​ 1 ​ — ​ 5,001 ​ Commercial paper ​ 7,902 ​ 68 ​ — ​ 7,970 ​ Corporate bonds ​ ​ 219,236 254 ​ (1,369) 218,121 ​ U.S. Treasury bills ​ ​ 19,672 ​ — ​ — ​ 19,672 ​ ​ ​ $ 251,810 323 (1,369) 250,764 ​
Summary of available for sale sponsored funds with fair values below carrying values	A summary of available for sale debt securities with fair values below carrying values at December 31, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 4,538 ​ — ​ 8,056 ​ (5) ​ 12,594 ​ (5) ​ A summary of available for sale debt securities with fair values below carrying values at December 31, 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 36,302 ​ (160) ​ 119,480 ​ (1,209) ​ 155,782 ​ (1,369)
Summary of balances related to consolidated sponsored funds as well the company's net interest in these funds	The following table details the balances related to consolidated sponsored funds at December 31, 2019 and 2018, as well as the Company’s net interest in these funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ (in thousands) Cash $ 1,530 ​ ​ 4,285 Investments ​ 43,567 ​ 57,967 Other assets ​ 483 ​ 872 Other liabilities ​ — ​ (79) Redeemable noncontrolling interests ​ (19,205) ​ (11,463) Net interest in consolidated sponsored funds $ 26,375 ​ ​ 51,582
Schedule of fair value of investment securities	The following tables summarize our investment securities as of December 31, 2019 and 2018 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 4,203 ​ — ​ — ​ — ​ 4,203 ​ Commercial paper ​ ​ — ​ 38,143 ​ — ​ — ​ 38,143 ​ Total cash equivalents ​ $ 4,203 ​ 38,143 ​ — ​ — ​ 42,346 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 254,291 ​ — ​ — ​ 254,291 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 84,920 ​ — ​ ​ ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ — ​ — ​ 5,979 ​ Mortgage-backed securities ​ — 4 — — ​ 4 ​ Term loans ​ — 40,368 3,900 — ​ 44,268 ​ Consolidated sponsored funds ​ — 43,567 — — ​ 43,567 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 34,942 ​ — ​ 3 ​ — ​ 34,945 ​ Sponsored funds ​ ​ 178,386 ​ — ​ — ​ — ​ 178,386 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 845 ​ 845 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 37,187 ​ — ​ — ​ — ​ 37,187 ​ Total investment securities ​ $ 250,515 ​ 433,083 ​ 3,903 ​ 845 ​ 688,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 121,759 ​ — ​ — ​ — ​ 121,759 ​ U.S. government sponsored enterprise note ​ ​ — ​ 895 ​ — ​ — ​ 895 ​ Commercial paper ​ ​ — ​ 74,277 ​ — ​ — ​ 74,277 ​ Total cash equivalents ​ $ 121,759 ​ 75,172 ​ — ​ — ​ 196,931 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ — ​ 5,001 ​ — ​ — ​ 5,001 ​ Commercial paper ​ ​ — ​ 7,970 ​ — ​ — ​ 7,970 ​ Corporate bonds ​ ​ — ​ 218,121 ​ — ​ — ​ 218,121 ​ U.S. Treasury bills ​ ​ — ​ 19,672 ​ — ​ — ​ 19,672 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,993 ​ — ​ — ​ 1,993 ​ Corporate bonds ​ ​ — ​ 77,250 ​ — ​ ​ ​ 77,250 ​ U.S. Treasury bills ​ ​ — ​ 5,884 ​ — ​ — ​ 5,884 ​ Mortgage-backed securities ​ — 7 — — ​ 7 ​ Consolidated sponsored funds ​ ​ — ​ 33,088 ​ — ​ — ​ 33,088 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 21,192 — 12 — ​ 21,204 ​ Sponsored funds ​ 153,548 — — — ​ 153,548 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 678 ​ 678 ​ Consolidated sponsored funds ​ 24,879 — — — ​ 24,879 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 47,840 ​ — ​ — ​ — ​ 47,840 ​ Total investment securities ​ $ 247,459 ​ 368,986 ​ 12 ​ 678 ​ 617,135 ​ (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at net asset value and are classified as Level 1. Cash investments in commercial paper are measured at cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization, and are classified as Level 2. (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. (3) The Company’s equity method investments are investment companies that record their underlying investments at fair value. ​
Schedule of activity of investments categorized as Level 3	The following table summarizes the activity of investments categorized as Level 3 for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2019 ​ ​ (in thousands) Level 3 assets at December 31, 2018 ​ $ 12 Purchases ​ 2,607 Transfers in to level 3 ​ ​ 3,241 Transfers out of level 3 ​ ​ (1,142) Losses in Investment and other income ​ (48) Redemptions and paydowns ​ ​ (767) Level 3 assets at December 31, 2019 ​ $ 3,903 ​ ​ ​ ​ Change in unrealized losses for Level 3 assets held at December 31, 2019 ​ $ (13)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Financial Instruments
Schedule of fair value of derivative financial instruments, excluding derivative financial instruments held in certain consolidated sponsored funds	The following table presents the fair value of the derivative financial instruments, excluding derivative financial instruments held in certain consolidated sponsored funds, as of December 31, 2019 and 2018 calculated based on Level 2 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ Balance sheet ​ ​ 2019 ​ ​ 2018 ​ location Fair value Fair value ​ ​ ​ (in thousands) Total return swap contracts Prepaid expenses and other current assets ​ $ — ​ ​ 4,968 Total return swap contracts ​ Other current liabilities ​ ​ 3,990 ​ ​ — Net total return swap (liability) asset ​ ​ $ (3,990) ​ ​ 4,968
Schedule of net (losses) gains recognized in income of derivative financial instrument	The following is a summary of net (losses) gains recognized in income for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Income statement ​ December 31, ​ location ​ 2019 ​ 2018 ​ ​ ​ (in thousands) Total return swap contracts Investment and other income $ (38,240) ​ 15,163

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Schedule of property and equipment, net	A summary of property and equipment at December 31, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ 2019 ​ 2018 ​ useful lives ​ ​ (in thousands) ​ ​ ​ Leasehold improvements $ 20,414 21,790 1 15 years Furniture and fixtures ​ 23,872 28,482 3 10 years ​ Equipment ​ 12,561 20,248 2 15 years ​ Computer software ​ 92,033 100,507 1 10 years ​ Data processing equipment ​ 16,726 17,056 1 5 years ​ Buildings ​ 7,490 11,772 1 30 years ​ Land ​ 1,864 2,843 ​ ​ ​ ​ Property and equipment, at cost ​ 174,960 202,698 ​ ​ ​ ​ Accumulated depreciation ​ (140,234) (139,269) ​ ​ ​ ​ Property and equipment, net ​ $ 34,726 63,429 ​ ​ ​ ​

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Identifiable Intangible Assets
Schedule of goodwill and identifiable intangible assets	Goodwill and identifiable intangible assets (all considered indefinite-lived) at December 31, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2019 ​ 2018 ​ ​ ​ (in thousands) ​ Goodwill $ 106,970 106,970 ​ ​ ​ ​ ​ ​ ​ Mutual fund management advisory contracts ​ 38,699 38,699 ​ Other ​ 200 200 ​ Total identifiable intangible assets ​ 38,899 38,899 ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 145,869 145,869 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Schedule of provision for income taxes	The provision for income taxes from continuing operations for the years ended December 31, 2019, 2018 and 2017 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Current taxes: ​ Federal $ 37,283 54,071 73,167 State ​ 7,144 625 7,720 ​ Foreign ​ — 1 — ​ ​ ​ 44,427 54,697 80,887 ​ Deferred taxes ​ (3,009) 783 20,481 ​ Provision for income taxes ​ $ 41,418 55,480 101,368 ​
Schedule of reconciliation of statutory federal income tax rate with effective income tax rate	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, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal tax benefit 3.4 ​ 2.4 ​ 2.2 ​ Share-based compensation ​ 1.4 ​ 1.8 ​ 3.4 ​ Effects of U.S. tax rate decrease ​ — ​ (0.4) ​ 2.2 ​ Uncertain tax positions (0.2) ​ (2.2) ​ (0.2) ​ Valuation allowance on losses capital in nature — ​ — ​ (1.0) ​ Other items 0.6 ​ 0.7 ​ (0.3) ​ Effective income tax rate 26.2 % 23.3 % 41.3 %
Schedule of deferred tax liabilities and deferred tax assets	The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Deferred tax assets: ​ Property and equipment ​ $ 2,194 ​ — ​ Benefit plans ​ ​ 787 ​ — ​ Accrued compensation and related costs ​ ​ 11,779 5,868 ​ Other accrued expenses ​ 2,780 3,861 ​ Unrealized losses on investment securities and partnerships ​ — 6,272 ​ Share-based compensation ​ ​ 9,215 10,300 ​ Unused state tax credits ​ ​ 2,341 2,618 ​ State net operating loss carryforwards ​ ​ 7,082 7,266 ​ Operating lease liabilities ​ ​ 6,042 ​ — ​ Other ​ ​ 1,061 1,171 ​ Total gross deferred assets ​ 43,281 37,356 ​ Deferred tax liabilities: ​ ​ Property and equipment ​ $ — (3,700) ​ Benefit plans ​ — (1,872) ​ Identifiable intangible assets ​ (9,301) (9,206) ​ Unrealized gains on investments securities and partnerships ​ (3,469) ​ — ​ Prepaid expenses ​ (2,283) (2,478) ​ Operating lease right-of-use assets ​ ​ (5,630) ​ — ​ Other ​ ​ (308) ​ (513) ​ Total gross deferred liabilities ​ (20,991) (17,769) ​ Valuation allowance ​ (7,872) (7,266) ​ Net deferred tax asset ​ $ 14,418 12,321 ​
Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest	The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Balance at beginning of year $ 2,070 6,843 7,734 Increases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross increases - tax positions in prior period ​ 345 712 244 ​ Gross increases - current-period tax positions ​ 44 331 97 ​ Decreases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross decreases - tax positions in prior period ​ (135) (4,219) (56) ​ Decreases due to settlements with taxing authorities ​ (348) (1,385) (178) ​ Decreases due to lapse of statute of limitations ​ (358) (212) (998) ​ Balance at end of year ​ $ 1,618 2,070 6,843 ​

Pension Plan and Postretireme_2

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	12 Months Ended
	Dec. 31, 2019
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	A reconciliation of the funded status of these plans and the assumptions related to the obligations at December 31, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Change in projected benefit obligation: ​ Net benefit obligation at beginning of year ​ $ 154,528 ​ 184,245 ​ 180,921 1,048 2,195 2,446 ​ Service cost ​ — ​ — ​ 8,367 — — — ​ Interest cost ​ 6,146 ​ 5,986 ​ 6,248 33 54 58 ​ Benefits paid ​ (13,221) ​ (13,690) ​ (8,511) (677) (602) (954) ​ Actuarial loss (gain) ​ ​ 39,027 ​ (22,013) ​ 28,841 ​ 47 ​ (965) ​ 139 ​ Retiree contributions ​ ​ — ​ — ​ — ​ 275 ​ 366 ​ 506 ​ Curtailment gain ​ ​ — ​ — ​ (31,621) ​ — ​ — ​ — ​ Net benefit obligation at end of year ​ $ 186,480 ​ 154,528 ​ 184,245 726 1,048 2,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Change in plan assets: ​ Fair value of plan assets at beginning of year ​ $ 162,999 ​ 170,881 144,529 — — — ​ Actual return on plan assets ​ 34,125 ​ 1,808 24,863 — — — ​ Employer contributions ​ — ​ 4,000 10,000 402 236 448 ​ Retiree contributions ​ — ​ — — 275 366 506 ​ Benefits paid ​ (13,221) ​ (13,690) (8,511) (677) (602) (954) ​ Fair value of plan assets at end of year ​ $ 183,903 ​ 162,999 170,881 — — — ​ Funded status at end of year ​ $ (2,577) ​ 8,471 (13,364) (726) (1,048) (2,195) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands, except percentage data) ​ Amounts recognized in the statement of financial position: ​ ​ Noncurrent assets ​ $ — ​ 8,471 ​ — ​ ​ — ​ — ​ — ​ Current liabilities ​ ​ — ​ — ​ — ​ ​ (158) ​ (250) ​ (422) ​ Noncurrent liabilities ​ (2,577) ​ — ​ (13,364) ​ ​ (568) ​ (798) ​ (1,773) ​ Net amount recognized at end of year ​ $ (2,577) ​ 8,471 ​ (13,364) ​ ​ (726) ​ (1,048) ​ (2,195) ​ Weighted average assumptions used to determine benefit obligation at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 3.32 % 4.45 % 3.76 % ​ 2.87 % 4.08 % 3.28 %
Schedule of Pension Plan asset allocation	Our Pension Plan asset allocation at December 31, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ Percentage of Percentage of ​ ​ Plan Assets at ​ Plan Assets at Plan assets by category ​ December 31, 2019 ​ December 31, 2018 Cash 51 % 2 % Fixed income securities 49 % 98 % Total 100 % 100 %
Summary of entity's pension plan assets fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 91,989 — ​ 91,989 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ — 19,311 — ​ 19,311 ​ Corporate bond ​ ​ — ​ 62,313 ​ — ​ ​ 62,313 ​ Foreign bonds ​ — 8,913 — ​ 8,913 ​ Total investment securities ​ — 182,526 — ​ 182,526 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 1,377 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 183,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 465 — ​ 465 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ — 4 — ​ 4 ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ — 46,415 — ​ ​ 46,415 ​ Corporate bond ​ ​ — ​ 91,521 ​ — ​ ​ 91,521 ​ Foreign Bonds ​ — 21,870 — ​ 21,870 ​ Total investment securities ​ — 160,275 — ​ 160,275 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 2,724 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 162,999 ​
Schedule of components of net periodic pension and other postretirement costs	The components of net periodic pension and other postretirement costs consisted of the following for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Components of net periodic benefit cost: ​ Service cost ​ $ — — 8,367 — — — ​ Interest cost ​ 6,146 5,986 6,248 33 54 58 ​ Expected return on plan assets ​ (6,315) (8,320) (10,113) — — — ​ Actuarial loss (gain) ​ ​ 11,217 ​ (15,501) ​ 14,091 ​ — ​ — ​ — ​ Actuarial gain amortization ​ — — — (495) (120) (180) ​ Prior service cost amortization ​ — — — — (2) (4) ​ Curtailment gain ​ ​ — ​ — ​ (31,621) ​ — ​ — ​ — ​ Total ​ $ 11,048 (17,835) (13,028) (462) (68) (126) ​
Schedule of weighted average assumptions used to determine net periodic cost	​ The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ 2019 ​ 2018 ​ 2017 Discount rate 4.45 % 3.76 % 4.39% / 3.96 1 ​ 4.08 % 3.28 % 3.46 % Expected return on plan assets 4.00 % 5.00 % 7.00% / 6.00 1 ​ Not applicable ​ Rate of compensation increase Not applicable ​ 5.12 % ​ Not applicable ​ ________________________ ​ (1) Due to the Pension Plan freeze and associated remeasurement as of July 31, 2017, the discount rate changed from 4.39% to 3.96% and the expected return on assets changed from 7.00% to 6.00% .
Schedule of expected benefit payments to be paid	Under current plan provisions, we expect the following benefit payments to be paid. For the Pension Plan, the timing of benefit payments does not include anticipated acceleration of payments for the plan termination, as the payment timing is based on the same assumptions used to measure the benefit obligation as of December 31, 2019, which does not reflect plan termination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension ​ Postretirement ​ Benefits Benefits ​ ​ (in thousands) 2020 ​ $ 8,947 158 ​ 2021 ​ 9,491 116 ​ 2022 ​ 9,164 99 ​ 2023 ​ 9,469 66 ​ 2024 ​ ​ 9,770 ​ 66 ​ 2025 through 2029 ​ 50,283 143 ​ ​ ​ $ 97,124 648 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity
Components of basic and diluted earnings per share	For the years ended December 31, 2019, 2018 and 2017, earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (in thousands, except for per share amounts) ​ Net income attributable to Waddell & Reed Financial, Inc. $ 114,992 183,588 141,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ 73,299 ​ 80,468 ​ 83,573 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share, basic and diluted ​ $ 1.57 ​ 2.28 ​ 1.69 ​
Summary of accumulated other comprehensive income (loss) activity	The following tables summarize other comprehensive income (loss) activity for the years ended December 31, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2019 ​ ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2018 ​ ​ $ (797) 1,128 331 Other comprehensive income (loss) before reclassification ​ ​ ​ 3,496 (36) 3,460 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (178) (379) (557) ​ Net current period other comprehensive income (loss) ​ ​ ​ 3,318 ​ (415) 2,903 ​ Balance at December 31, 2019 ​ ​ ​ ​ $ 2,521 713 3,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2018 ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2017 ​ ​ $ 145 379 524 Amount reclassified to retained earnings for ASUs adopted in 2018 ​ ​ ​ ​ ​ (955) ​ 107 ​ (848) ​ Other comprehensive (loss) income before reclassification ​ ​ ​ (360) 736 376 ​ Amount reclassified from accumulated other comprehensive income (loss) ​ ​ ​ 373 (94) 279 ​ Net current period other comprehensive (loss) income ​ ​ ​ (942) ​ 749 (193) ​ Balance at December 31, 2018 ​ ​ ​ ​ $ (797) 1,128 331 ​
Summary of reclassifications from accumulated other comprehensive income (loss) and included in net income	Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 234 (56) 178 Investment and other income ​ Amortization of postretirement benefits ​ ​ 495 (116) 379 Compensation and benefits ​ Total ​ $ 729 (172) 557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ (expense) ​ ​ ​ Statement of income ​ ​ ​ Pre-tax ​ benefit ​ Net of tax ​ line item or retained earnings ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income or retained earnings for ASUs adopted in 2018: ​ Sponsored funds investment gains ​ $ 1,295 (340) 955 Retained earnings ​ Losses on available for sale debt securities ​ (489) 116 (373) Investment and other income (loss) ​ Amortization of postretirement benefits ​ 122 (135) (13) Compensation and benefits and retained earnings ​ Total ​ $ 928 (359) 569 ​ ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation
Summary of nonvested share activity and related fair value	A summary of nonvested share activity and related fair value for the year ended December 31, 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Nonvested ​ Grant Date ​ ​ Stock Shares ​ Fair Value Nonvested at December 31, 2018 4,093,760 ​ $ 22.79 ​ Granted 1,433,673 ​ 17.65 ​ Vested (1,672,676) ​ 25.52 ​ Forfeited (212,772) ​ 21.27 ​ Nonvested at December 31, 2019 3,641,985 ​ $ 19.60 ​
Schedule of nonvested cash settled unit activity	A summary of nonvested RSU activity for the year ended December 31, 2019 follows: ​ ​ ​ ​ ​ Nonvested ​ ​ Cash-Settled Units Nonvested at December 31, 2018 1,762,060 Granted 1,228,904 Vested (497,092) Forfeited (118,272) Nonvested at December 31, 2019 2,375,600

Uniform Net Capital Rule Requ_2

Uniform Net Capital Rule Requirements (Tables)	12 Months Ended
	Dec. 31, 2019
Uniform Net Capital Rule Requirements
Schedule of net capital and aggregated indebtedness information for broker/dealer subsidiaries	Net capital and aggregated indebtedness information for our broker-dealer subsidiaries is presented in the following table as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ (in thousands) ​ ​ W&R ​ IDI ​ W&R ​ IDI ​ Net capital $ 60,758 ​ ​ 20,217 57,109 ​ ​ 25,688 Required capital ​ 250 ​ ​ 1,909 250 ​ ​ 1,336 ​ Excess of required capital ​ $ 60,508 ​ ​ 18,308 56,859 ​ ​ 24,352 ​ Ratio of aggregate indebtedness to net capital ​ Not ​ ​ ​ Not ​ ​ ​ ​ ​ ​ ​ applicable ​ ​ ​ 1.42 to 1.0 ​ applicable ​ ​ ​ 0.78 to 1.0 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ December 31, 2019 ​ ​ ​ (in thousands) Operating Lease Cost ​ $ 17,574 ​ ​ ​ ​ ​ Finance Lease Cost: ​ ​ ​ ​ Amortization of ROU assets ​ $ 283 Interest on lease liabilities ​ ​ 27 Total ​ $ 310 ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ Operating cash flows from operating leases ​ $ 16,520 Operating cash flows from finance leases ​ 27 Financing cash flows from finance leases ​ ​ 290 ​ ​ ​ ​ ROU assets obtained in exchange for lease obligations: ​ ​ ​ Operating leases ​ ​ 39,580 Finance leases ​ ​ 40
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (in thousands, ​ ​ except lease term ​ ​ and discount rate) Operating Leases: ​ Operating lease ROU assets ​ $ 23,457 ​ ​ ​ ​ Other current liabilities ​ $ 10,479 Other non-current liabilities ​ ​ 14,694 Total operating lease liabilities ​ $ 25,173 ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases: ​ ​ ​ Property and equipment, gross ​ $ 985 Accumulated depreciation ​ ​ (737) Property and equipment, net ​ $ 248 ​ ​ ​ ​ Other current liabilities ​ $ 203 Other non-current liabilities ​ ​ 55 Total finance lease liabilities ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ ​ ​ Operating leases ​ ​ 4 years Finance leases ​ ​ 1 year ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ Operating leases ​ ​ 4.32% Finance leases ​ ​ 6.00%
Schedule of maturities of operating leases	Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2020 $ 11,346 ​ 208 2021 ​ ​ 6,691 ​ ​ 47 2022 ​ 2,178 ​ 9 2023 ​ 2,090 ​ — 2024 ​ ​ 2,090 ​ ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 27,008 ​ 264 Less imputed interest ​ ​ (1,835) ​ ​ (6) Total ​ $ 25,173 ​ 258 ​
Schedule of maturities of finance leases	Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2020 $ 11,346 ​ 208 2021 ​ ​ 6,691 ​ ​ 47 2022 ​ 2,178 ​ 9 2023 ​ 2,090 ​ — 2024 ​ ​ 2,090 ​ ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 27,008 ​ 264 Less imputed interest ​ ​ (1,835) ​ ​ (6) Total ​ $ 25,173 ​ 258
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	​ ​ ​ ​ ​ ​ Year Commitments ​ ​ (in thousands) 2019 ​ $ 16,488 ​ 2020 ​ 9,797 ​ 2021 ​ 5,757 ​ 2022 ​ 2,913 ​ 2023 ​ ​ 2,320 ​ Thereafter ​ 5,161 ​ ​ ​ $ 42,436 ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Schedule of revenues for services provided or related to the Funds and IGI	Revenues for services provided or related to the Funds and IGI Funds for the years ended December 31, 2019, 2018 and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (in thousands) ​ Investment management fees $ 430,028 486,581 508,035 Rule 12b-1 service and distribution fees ​ 121,603 141,220 159,873 ​ Shareholder service fees ​ 93,335 102,385 106,595 ​ Total revenues ​ $ 644,966 730,186 774,503 ​

Selected Quarterly Informatio_2

Selected Quarterly Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Information (Unaudited)
Schedule of selected quarterly Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ (in thousands) ​ 2019 ​ Total revenues ​ $ 259,410 270,154 270,680 270,071 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 32,053 33,948 33,054 15,936 ​ Net income per share, basic and diluted ​ $ 0.42 0.45 0.46 0.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ ​ (in thousands) ​ 2018 ​ ​ Total revenues ​ $ 297,615 295,338 295,118 272,230 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 46,337 44,478 46,305 46,468 ​ Net income per share, basic and diluted ​ $ 0.56 0.55 0.58 0.60 ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2019segment
Summary of Significant Accounting Policies
Number of operating business segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of property and equipment
Depreciation on assets held for sale	$ 0
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	30 years
Other equipment | Minimum
Summary of property and equipment
Estimated useful lives	2 years
Other equipment | Maximum
Summary of property and equipment
Estimated useful lives	15 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
Software Developed for Internal Use
Summary of property and equipment
Internal costs capitalized	$ 3,500	$ 6,400
Software Developed for Internal Use | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Software Developed for Internal Use | Maximum
Summary of property and equipment
Estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Deferred Sales Commissions and Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2019
Ivy Funds Class B
Revenue Recognition
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.75%
Ivy Funds Class C
Revenue Recognition
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.75%
Ivy Funds Class E
Revenue Recognition
Maximum service plan fee (as a percent)	0.25%
Ivy Funds Class E | Maximum
Revenue Recognition
Sales charge (as a percent)	5.75%
Ivy Funds Class Y
Revenue Recognition
Maximum service plan fee (as a percent)	0.25%
Ivy Funds Class R
Revenue Recognition
Maximum service plan fee (as a percent)	0.50%
Ivy Funds Class A
Revenue Recognition
Maximum service plan fee (as a percent)	0.25%
Maximum distribution plan fee (as a percent)	0.25%
Ivy Funds Class A | Maximum
Revenue Recognition
Sales charge (as a percent)	5.75%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Advertising and Promotion (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Advertising and Promotion
Advertising expense	$ 7.9	$ 8.1	$ 9.7

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2019
Leases
Option to extend - Operating	true
Option to extend - Finance	true
Option to terminate - Operating	true
Option to terminate - Finance	true
Minimum
Leases
Remaining lease terms - Operating	1 year
Remaining lease terms - Finance	1 year
Maximum
Leases
Remaining lease terms - Operating	6 years
Remaining lease terms - Finance	7 years
Option to extend period - Operating	20 years
Option to extend period - Finance	20 years
Option to terminate period - Operating	1 year
Option to terminate period - Finance	1 year

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Share Based Compensation and Accounting for Income Taxes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2015	Dec. 31, 2018
Percentage increments vested on anniversaries on the grant date	25.00%	33.33%
Vesting period	4 years
Par value, common stock	$ 0.01		$ 0.01
Cash Settled RSU Plan
Percentage increments vested on anniversaries on the grant date	25.00%
Vesting period	4 years
Number of share of par value $0.01 on which lump sum cash payment is received by RSU holders	1
Par value, common stock	$ 0.01

New Accounting Guidance (Detail

New Accounting Guidance (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
New Accounting Guidance
ROU assets	$ 23,457	$ 36,800
Lease liabilities	$ 25,173	$ 36,800
ASU 2016-02
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2018-07
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2018-13
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false]	true
ASU 2018-15
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2019-12
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition
Total Revenues	$ 1,070,315	$ 1,160,301	$ 1,157,144
Investment management fees
Revenue Recognition
Total Revenues	445,144	507,906	531,850
Investment management fees - Funds
Revenue Recognition
Total Revenues	430,028	486,181	506,868
Investment management fees - Institutional
Revenue Recognition
Total Revenues	15,116	21,725	24,982
Underwriting and distribution fees
Revenue Recognition
Total Revenues	531,836	550,010	518,699
Unaffiliated
Revenue Recognition
Total Revenues	67,247	80,495	93,993
Unaffiliated Rule 12b-1 service and distribution fees
Revenue Recognition
Total Revenues	65,227	78,041	91,313
Unaffiliated sales commissions on front-end load mutual fund and variable annuity sales
Revenue Recognition
Total Revenues	1,730	1,886	1,498
Unaffiliated other revenues
Revenue Recognition
Total Revenues	290	568	1,182
Broker-dealer
Revenue Recognition
Total Revenues	464,589	469,515	424,706
Broker-dealer fee based asset allocation product revenue
Revenue Recognition
Total Revenues	284,188	269,069	240,089
Broker-dealer Rule 12b-1 service and distribution fees
Revenue Recognition
Total Revenues	63,197	70,938	75,850
Broker-dealer sales commissions on front-end load mutual fund and variable annuity sales
Revenue Recognition
Total Revenues	48,471	54,895	55,293
Broker-dealer sales commissions on other products
Revenue Recognition
Total Revenues	32,314	36,131	31,286
Broker-dealer other revenues
Revenue Recognition
Total Revenues	36,419	38,482	22,188
Shareholder service fees
Revenue Recognition
Total Revenues	$ 93,335	$ 102,385	$ 106,595

Investment Securities - Investm

Investment Securities - Investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available for sale securities:
Available for sale securities	$ 256,268	$ 250,764
Trading debt securities:
Trading debt securities	180,715	118,222
Equity securities:
Equity securities	214,176	200,309
Equity method securities:
Total investment securities	688,346	617,135
Certificates of deposit
Available for sale securities:
Available for sale securities		5,001
Commercial paper
Available for sale securities:
Available for sale securities	1,977	7,970
Trading debt securities:
Trading debt securities	1,977	1,993
Corporate bonds
Available for sale securities:
Available for sale securities	254,291	218,121
Trading debt securities:
Trading debt securities	84,920	77,250
U.S. treasury bills
Available for sale securities:
Available for sale securities		19,672
Trading debt securities:
Trading debt securities	5,979	5,884
Mortgage-backed securities
Trading debt securities:
Trading debt securities	4	7
Term loans
Trading debt securities:
Trading debt securities	44,268
Consolidated Sponsored Funds
Trading debt securities:
Trading debt securities	43,567	33,088
Equity securities:
Equity securities		24,879
Common Stock
Equity securities:
Equity securities	34,945	21,204
Sponsored funds
Equity securities:
Equity securities	178,386	153,548
Equity method securities:
Equity method securities	37,187	47,840
Sponsored privately offered funds
Equity securities:
Equity securities	$ 845	$ 678

Investment Securities - Maturit

Investment Securities - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Amortized Cost
Within one year	$ 78,072
After one year but within five years	174,886
Amortized Cost	252,958	$ 251,810
Fair value
Within one year	78,326
After one year but within five years	177,942
Total fair value	256,268	$ 250,764
Fair value
Within one year	30,749
After one year but within five years	78,367
After five years but within 10 years	28,032
Total fair value	$ 137,148

Investment Securities - Inves_2

Investment Securities - Investment securities and summary of the gains (losses) related to securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available for sale securities:
Amortized Cost	$ 252,958	$ 251,810
Unrealized gains	3,315	323
Unrealized losses	(5)	(1,369)
Fair value	256,268	250,764
Certificates of deposit
Available for sale securities:
Amortized Cost		5,000
Unrealized gains		1
Fair value		5,001
Commercial paper
Available for sale securities:
Amortized Cost	1,976	7,902
Unrealized gains	1	68
Fair value	1,977	7,970
Corporate bonds
Available for sale securities:
Amortized Cost	250,982	219,236
Unrealized gains	3,314	254
Unrealized losses	(5)	(1,369)
Fair value	$ 254,291	218,121
U.S. treasury bills
Available for sale securities:
Amortized Cost		19,672
Fair value		$ 19,672

Investment Securities - Sponsor

Investment Securities - Sponsored Privately Offered Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment Securities
Net realized gains (losses) on sale of available for sale securities	$ (0.1)		$ 0.9
Proceeds from sales of available for sale and equity method securities	$ 19.7		86.9
Sponsored funds | Investment and other income (loss)
Investment Securities
Pre-tax charge to reflect the "other than temporary" decline in value of investments		$ 0.3	$ 1.3

Investment Securities - Availab

Investment Securities - Available for sale sponsored funds with fair values below carrying values (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Unrealized losses
Securities in an unrealized loss position | security	3
Other-than-temporary impairment of available for sale securities	$ 0
Net unrealized gains (losses) on trading debt securities	400	$ (100)	$ (300)
Net unrealized gains (losses) on equity securities	25,000	(22,800)	$ 2,200
Equity securities	214,176	200,309
Corporate bonds
Fair value
Less than 12 months	4,538	36,302
12 months or longer	8,056	119,480
Total fair value	12,594	155,782
Unrealized losses
Less than 12 months		(160)
12 months or longer	(5)	(1,209)
Total unrealized losses	(5)	(1,369)
Sponsored privately offered funds
Unrealized losses
Equity securities	$ 845	$ 678

Investment Securities - Consoli

Investment Securities - Consolidated Sponsored Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment Securities
Cash	$ 151,815	$ 231,997
Redeemable noncontrolling interests	(19,205)	(11,463)
Consolidated Sponsored Funds
Investment Securities
Cash	1,530	4,285
Investments	43,567	57,967
Other assets	483	872
Other liabilities		(79)
Redeemable noncontrolling interests	(19,205)	(11,463)
Net interest in consolidated sponsored funds	$ 26,375	$ 51,582

Investment Securities - Fair va

Investment Securities - Fair value of investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair value of investments
Cash equivalents	$ 42,346	$ 196,931
Available for sale securities	256,268	250,764
Trading debt securities	180,715	118,222
Equity securities	214,176	200,309
Total investment securities	688,346	617,135
Money market funds
Fair value of investments
Cash equivalents	4,203	121,759
U.S. government sponsored enterprise note
Fair value of investments
Cash equivalents		895
Certificates of deposit
Fair value of investments
Available for sale securities		5,001
Commercial paper
Fair value of investments
Cash equivalents	38,143	74,277
Available for sale securities	1,977	7,970
Trading debt securities	1,977	1,993
Corporate bonds
Fair value of investments
Available for sale securities	254,291	218,121
Trading debt securities	84,920	77,250
U.S. treasury bills
Fair value of investments
Available for sale securities		19,672
Trading debt securities	5,979	5,884
Mortgage-backed securities
Fair value of investments
Trading debt securities	4	7
Term loans
Fair value of investments
Trading debt securities	44,268
Common Stock
Fair value of investments
Equity securities	34,945	21,204
Consolidated Sponsored Funds
Fair value of investments
Trading debt securities	43,567	33,088
Equity securities		24,879
Sponsored funds
Fair value of investments
Equity securities	178,386	153,548
Equity method securities	37,187	47,840
Sponsored privately offered funds
Fair value of investments
Equity securities	845	678
Level 1
Fair value of investments
Cash equivalents	4,203	121,759
Total investment securities	250,515	247,459
Level 1 | Money market funds
Fair value of investments
Cash equivalents	4,203	121,759
Level 1 | Common Stock
Fair value of investments
Equity securities	34,942	21,192
Level 1 | Consolidated Sponsored Funds
Fair value of investments
Equity securities		24,879
Level 1 | Sponsored funds
Fair value of investments
Equity securities	178,386	153,548
Equity method securities	37,187	47,840
Level 2
Fair value of investments
Cash equivalents	38,143	75,172
Total investment securities	433,083	368,986
Level 2 | U.S. government sponsored enterprise note
Fair value of investments
Cash equivalents		895
Level 2 | Certificates of deposit
Fair value of investments
Available for sale securities		5,001
Level 2 | Commercial paper
Fair value of investments
Cash equivalents	38,143	74,277
Available for sale securities	1,977	7,970
Trading debt securities	1,977	1,993
Level 2 | Corporate bonds
Fair value of investments
Available for sale securities	254,291	218,121
Trading debt securities	84,920	77,250
Level 2 | U.S. treasury bills
Fair value of investments
Available for sale securities		19,672
Trading debt securities	5,979	5,884
Level 2 | Mortgage-backed securities
Fair value of investments
Trading debt securities	4	7
Level 2 | Term loans
Fair value of investments
Trading debt securities	40,368
Level 2 | Consolidated Sponsored Funds
Fair value of investments
Trading debt securities	43,567	33,088
Level 3
Fair value of investments
Total investment securities	3,903	12
Level 3 | Term loans
Fair value of investments
Trading debt securities	3,900
Level 3 | Common Stock
Fair value of investments
Equity securities	3	12
Other Assets Held at Net Value
Fair value of investments
Total investment securities	845	678
Other Assets Held at Net Value | Sponsored privately offered funds
Fair value of investments
Equity securities	$ 845	$ 678

Investment Securities - Inves_3

Investment Securities - Investment category (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets at beginning of period	$ 12
Purchases	2,607
Transfers in to level 3	3,241
Transfers out of level 3	(1,142)
Losses in Investment and other income	$ (48)
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income [Extensible List]	Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
Redemptions and Paydowns	$ (767)
Level 3 assets at end of period	3,903
Change in unrealized losses for Level 3 assets held	$ (13)

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - Not designated as a hedge - Total return swap contracts $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)contract	Dec. 31, 2018USD ($)contract
Derivative Financial Instruments
Number of contracts | contract	14	5
Notional value	$ 228,200	$ 194,400
Cash collateral with the counterparties	3,700	5,200
Level 2
Derivative Financial Instruments
Net total return swap (liability) asset	(3,990)	4,968
Investment and other income (loss) | Level 2
Derivative Financial Instruments
Net (losses) gains recognized in income	(38,240)	15,163
Prepaid expenses and other current assets | Level 2
Derivative Financial Instruments
Fair value - assets		$ 4,968
Other current liabilities | Level 2
Derivative Financial Instruments
Fair value - liabilities	$ 3,990

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of property and equipment
Property and equipment, at cost	$ 174,960	$ 174,960	$ 202,698
Accumulated depreciation	(140,234)	(140,234)	(139,269)
Property and equipment, net	34,726	34,726	63,429
Depreciation		19,829	25,649	$ 20,983
Asset impairment charges	12,800
Assets held for sale	34,726	34,726	63,429
Equipment
Summary of property and equipment
Property and equipment, net	3,100	3,100
Assets held for sale	3,100	3,100
Buildings
Summary of property and equipment
Property and equipment, net	3,800	3,800
Assets held for sale	3,800	3,800
Land
Summary of property and equipment
Property and equipment, net	1,900	1,900
Assets held for sale	1,900	1,900
Leasehold improvements
Summary of property and equipment
Property and equipment, at cost	20,414	$ 20,414	21,790
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	23,872	$ 23,872	28,482
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	12,561	$ 12,561	20,248
Equipment | Minimum
Summary of property and equipment
Estimated useful lives		2 years
Equipment | Maximum
Summary of property and equipment
Estimated useful lives		15 years
Computer software
Summary of property and equipment
Property and equipment, at cost	92,033	$ 92,033	100,507
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	16,726	$ 16,726	17,056
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	7,490	$ 7,490	11,772
Buildings | Minimum
Summary of property and equipment
Estimated useful lives		1 year
Buildings | Maximum
Summary of property and equipment
Estimated useful lives		30 years
Land
Summary of property and equipment
Property and equipment, at cost	$ 1,864	$ 1,864	$ 2,843

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Identifiable Intangible Assets
Goodwill	$ 106,970	$ 106,970
Mutual fund management advisory contracts	38,699	38,699
Other	200	200
Total identifiable intangible assets	38,899	38,899
Total goodwill and identifiable intangible assets	$ 145,869	$ 145,869

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	Jan. 13, 2018USD ($)	Oct. 20, 2017USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Aug. 31, 2010USD ($)
Indebtedness
Repayment of short-term debt				$ 94,925
Long-term debt			$ 94,926	94,854
Credit Facility
Indebtedness
Revolving credit facility term		3 years
Maximum borrowing capacity		$ 100,000
Amount that borrowing capacity can be expanded upon entity's request		$ 200,000
Borrowing outstanding under the facility			$ 0	$ 0
Senior Notes
Indebtedness
Face amount of notes issued and sold					$ 190,000
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			36.6
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
Repayment of short-term debt	$ 95,000
Senior 5.75% unsecured notes due, 2021 ("Series B Notes")
Indebtedness
Fair value of outstanding long-term indebtedness			$ 98,000
Long-term debt			$ 94,900

Income Taxes - Provision for in

Income Taxes - Provision for income taxes and reconciliation of statutory federal income tax rate with effective income tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current taxes:
Federal	$ 37,283	$ 54,071	$ 73,167
State	7,144	625	7,720
Foreign		1
Total current taxes	44,427	54,697	80,887
Deferred Income Tax Expense (Benefit)	(3,009)	783	20,481
Provision for income taxes	$ 41,418	$ 55,480	$ 101,368
Reconciliation of statutory federal income tax rate with the entity's effective income tax rate
Statutory federal income tax rate (as a percent)	21.00%	21.00%	35.00%
State income taxes, net of federal tax benefit (as a percent)	3.40%	2.40%	2.20%
Share-based compensation (as a percent)	1.40%	1.80%	3.40%
Effects of U.S. tax rate decrease (as a percent)		(0.40%)	2.20%
Uncertain tax positions (as a percent)	(0.20%)	(2.20%)	(0.20%)
Valuation allowance on losses capital in nature (as a percent)			(1.00%)
Other items (as a percent)	0.60%	0.70%	(0.30%)
Effective income tax rate (as a percent)	26.20%	23.30%	41.30%

Income Taxes - Deferred tax lia

Income Taxes - Deferred tax liabilities and deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Property and equipment	$ 2,194
Benefit plans	787
Accrued compensation and related costs	11,779	$ 5,868
Other accrued expenses	2,780	3,861
Unrealized losses on investment securities and partnerships		6,272
Share-based compensation	9,215	10,300
Unused state tax credits	2,341	2,618
State net operating loss carryforwards	7,082	7,266
Operating lease liabilities	6,042
Other	1,061	1,171
Total gross deferred assets	43,281	37,356
Deferred tax liabilities:
Property and equipment		(3,700)
Benefit plans		(1,872)
Identifiable intangible assets	(9,301)	(9,206)
Unrealized gain on investments securities and partnerships	(3,469)
Prepaid expenses	(2,283)	(2,478)
Operating lease right-of-use assets	(5,630)
Other	(308)	(513)
Total gross deferred liabilities	(20,991)	(17,769)
Valuation allowance	(7,872)	(7,266)
Net deferred tax asset	14,418	12,321
Deferred tax assets, operating loss carryforwards, subject to expiration	7,100	7,300
Operating loss carryforward, valuation allowance	7,100	7,300
State tax credit carryforwards	2,300	$ 2,600
State tax credit carryforwards that will expire between 2024 and 2034 if not utilized	2,100
State tax credit carryforwards that will expire in 2026 if not utilized	200
State tax credit carryforwards, indefinite carryforward	100
State tax credit carryforwards, valuation allowance	$ 800

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$ 2	$ 2.7
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	1.7	2.4
Accrued interest and penalties related to uncertain tax positions	0.4	0.7
Accrued interest and penalties related to uncertain tax positions, net of federal benefit	0.3	$ 0.6
Total expense of interest and penalties, net of federal benefit related to uncertain tax positions	$ 0.2

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of unrecognized tax benefits, excluding penalties and interest
Balance at the beginning of the period	$ 2,070	$ 6,843	$ 7,734
Increases during the year:
Gross increases - tax positions in prior period	345	712	244
Gross increases - current-period tax positions	44	331	97
Decreases during the year:
Gross decreases - tax positions in prior period	(135)	(4,219)	(56)
Decreases due to settlements with taxing authorities	(348)	(1,385)	(178)
Decreases due to lapse of statute of limitations	(358)	(212)	(998)
Balance at the end of the period	$ 1,618	$ 2,070	$ 6,843

Pension Plan and Postretireme_3

Pension Plan and Postretirement Benefits Other Than Pension - Changes in net funded status, disclosure of amounts recognized in the balance sheet, and the assumptions used to determine the benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Plan and Postretirement Benefits Other than Pension
Curtailment gain			$ 31,600
Amounts recognized in the statement of financial position:
Noncurrent liabilities	$ (3,145)	$ (798)
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
Reduction of the accrued pension liability			(30,000)
Curtailment gain			31,621
Change in projected benefit obligation:
Net benefit obligation at beginning of year	$ 154,528	184,245	180,921
Service cost			8,367
Interest cost	6,146	5,986	6,248
Benefits paid	(13,221)	(13,690)	(8,511)
Actuarial loss (gain)	39,027	(22,013)	28,841
Curtailment gain			(31,621)
Net benefit obligation at end of year	186,480	154,528	184,245
Change in plan assets:
Fair value of plan assets at beginning of year	162,999	170,881	144,529
Actual return on plan assets	34,125	1,808	24,863
Employer contributions		4,000	10,000
Benefits paid	(13,221)	(13,690)	(8,511)
Fair value of plan assets at end of year	183,903	162,999	170,881
Funded status at end of year	(2,577)	8,471	(13,364)
Amounts recognized in the statement of financial position:
Noncurrent assets		8,471
Noncurrent liabilities	(2,577)		(13,364)
Net amount recognized at end of year	$ (2,577)	$ 8,471	$ (13,364)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)	3.32%	4.45%	3.76%
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	$ 1,048	$ 2,195	$ 2,446
Interest cost	33	54	58
Benefits paid	(677)	(602)	(954)
Actuarial loss (gain)	47	(965)	139
Retiree contributions	275	366	506
Net benefit obligation at end of year	726	1,048	2,195
Change in plan assets:
Employer contributions	402	236	448
Retiree contributions	275	366	506
Benefits paid	(677)	(602)	(954)
Funded status at end of year	(726)	(1,048)	(2,195)
Amounts recognized in the statement of financial position:
Current liabilities	(158)	(250)	(422)
Noncurrent liabilities	(568)	(798)	(1,773)
Net amount recognized at end of year	$ (726)	$ (1,048)	$ (2,195)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)	2.87%	4.08%	3.28%

Pension Plan and Postretireme_4

Pension Plan and Postretirement Benefits Other Than Pension - Pension plan asset allocation (Details)	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets allocation	100.00%	100.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets allocation	51.00%	2.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets allocation	49.00%	98.00%

Pension Plan and Postretireme_5

Pension Plan and Postretirement Benefits Other Than Pension - Plan assets fair value (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	$ 183,903	$ 162,999	$ 170,881	$ 144,529
Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	182,526	160,275
Cash equivalents
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	91,989	465
International
Pension Plan and Postretirement Benefits Other than Pension
Total fair value		4
U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	19,311	46,415
Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	62,313	91,521
Foreign Bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	8,913	21,870
Cash
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,377	2,724
Level 2 | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	182,526	160,275
Level 2 | Cash equivalents
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	91,989	465
Level 2 | International
Pension Plan and Postretirement Benefits Other than Pension
Total fair value		4
Level 2 | U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	19,311	46,415
Level 2 | Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	62,313	91,521
Level 2 | Foreign Bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	$ 8,913	$ 21,870

Pension Plan and Postretireme_6

Pension Plan and Postretirement Benefits Other Than Pension - Components of net periodic costs, weighted average assumptions, and expected benefit payments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of net periodic benefit cost:
Curtailment gain				$ (31,600)
Pension Benefits
Components of net periodic benefit cost:
Service cost				8,367
Interest cost		$ 6,146	$ 5,986	6,248
Expected return on plan assets		(6,315)	(8,320)	(10,113)
Actuarial (gain) loss		11,217	(15,501)	14,091
Curtailment gain				(31,621)
Total		$ 11,048	$ (17,835)	$ (13,028)
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)		4.45%	3.76%
Expected return on plan assets (as a percent)	6.00%	4.00%	5.00%
Rate of compensation increase (as a percent)				5.12%
Expected benefit payments
2020		$ 8,947
2021		9,491
2022		9,164
2023		9,469
2024		9,770
2025 through 2029		50,283
Total		97,124
Pension Benefits | Maximum
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)				4.39%
Expected return on plan assets (as a percent)				7.00%
Pension Benefits | Minimum
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)				3.96%
Expected return on plan assets (as a percent)				6.00%
Other Postretirement Benefits
Components of net periodic benefit cost:
Interest cost		33	$ 54	$ 58
Actuarial gain amortization		(495)	(120)	(180)
Prior service cost amortization			(2)	(4)
Total		$ (462)	$ (68)	$ (126)
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)		4.08%	3.28%	3.46%
Expected benefit payments
2020		$ 158
2021		116
2022		99
2023		66
2024		66
2025 through 2029		143
Total		648
Contributions by participants		$ 275	$ 366	$ 506

Pension Plan and Postretireme_7

Pension Plan and Postretirement Benefits Other Than Pension - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Plan and Postretirement Benefits Other than Pension
Defined benefit plan liabilities	$ 3,145	$ 798
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Defined benefit plan assets		$ 8,471
Defined benefit plan liabilities	$ 2,577		$ 13,364
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Initial health care cost trend rate prior to age 65 (as a percent)	7.60%	8.05%	7.02%
Initial health care cost trend rate subsequent to age 65 (as a percent)	8.70%	9.30%	8.47%
Rate to which the cost trend rate is assumed to decline (as a percent)	4.50%
Defined benefit plan liabilities	$ 568	$ 798	$ 1,773
Current portion of postretirement liability	158	250	$ 422
Other Postretirement Benefits | Other current liabilities
Pension Plan and Postretirement Benefits Other than Pension
Current portion of postretirement liability	$ 100	$ 300

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Contribution Plan
Employer's matching contribution to the plan	$ 6	$ 6.8	$ 6
Percentage of participant's eligible compensation for discretionary nonelective contribution	2.00%		4.00%
Defined Contribution Plan Employer Discretionary Contribution Amount	$ 2.6		$ 5.5

Stockholders' Equity - Earnings

Stockholders' Equity - Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of basic and diluted earnings per share
Net income attributable to Waddell & Reed Financial, Inc.	$ 15,936	$ 33,054	$ 33,948	$ 32,053	$ 46,468	$ 46,305	$ 44,478	$ 46,337	$ 114,992	$ 183,588	$ 141,279
Weighted average shares outstanding - basic and diluted									73,299,000	80,468,000	83,573,000
Earnings per share:
Earnings per share, basic and diluted (in dollars per share)									$ 1.57	$ 2.28	$ 1.69
Dividends
Dividends declared (in dollars per share)	$ 0.25								$ 1	$ 1	$ 1.63
Dividends payable to stockholders	$ 17,200				$ 19,200				$ 17,200	$ 19,200
Common stock repurchases
Shares repurchased in the open market or privately									9,164,564	6,963,269	1,842,337
Shares repurchased from employees to cover income tax withholdings									548,132	729,882	402,337

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated other comprehensive income (loss) activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	$ 883,450	$ 872,884
Balance at the end of the period	808,897	883,450
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	331	524
Amount reclassified to retained earnings for ASUs adopted in 2018		(848)
Other comprehensive income (loss) before reclassification	3,460	376
Amount reclassified from accumulated other comprehensive income (loss)	(557)	279
Net current period other comprehensive income (loss)	2,903	(193)
Balance at the end of the period	3,234	331
Unrealized gains (losses) on AFS investment securities
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	(797)	145
Amount reclassified to retained earnings for ASUs adopted in 2018		(955)
Other comprehensive income (loss) before reclassification	3,496	(360)
Amount reclassified from accumulated other comprehensive income (loss)	(178)	373
Net current period other comprehensive income (loss)	3,318	(942)
Balance at the end of the period	2,521	(797)
Postretirement benefits unrealized gains (losses)
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	1,128	379
Amount reclassified to retained earnings for ASUs adopted in 2018		107
Other comprehensive income (loss) before reclassification	(36)	736
Amount reclassified from accumulated other comprehensive income (loss)	(379)	(94)
Net current period other comprehensive income (loss)	(415)	749
Balance at the end of the period	$ 713	$ 1,128

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassifications from accumulated other comprehensive income (loss) and included in net income (Details) - Reclassifications from accumulated other comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reclassifications included in net income:
Pre-tax	$ 729	$ 928
Tax (expense) benefit	(172)	(359)
Net of tax	557	569
Sponsored funds investment gains (losses) | Retained earnings
Reclassifications included in net income:
Pre-tax		1,295
Tax (expense) benefit		(340)
Net of tax		955
Gains (losses) on available for sale debt securities | Investment and other income (loss)
Reclassifications included in net income:
Pre-tax	234	(489)
Tax (expense) benefit	(56)	116
Net of tax	178	(373)
Postretirement benefits unrealized gains (losses) | Compensation and benefits
Reclassifications included in net income:
Pre-tax	495	122
Tax (expense) benefit	(116)	(135)
Net of tax	$ 379	$ (13)

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2015	Dec. 31, 2018
Share-Based Compensation
Vesting period	4 years
Percentage increments vested on anniversaries of the grant date	25.00%	33.33%
Par value, common stock	$ 0.01		$ 0.01
Cash Settled RSU Plan
Share-Based Compensation
Vesting period	4 years
Percentage increments vested on anniversaries of the grant date	25.00%
Number of share of par value $0.01 on which lump sum cash payment is received by RSU holders	1
Par value, common stock	$ 0.01
Number of shares of common stock on which each RSU holders are entitled to dividend equivalent payments	1
1998 Stock Incentive Plan ("SI Plan")
Share-Based Compensation
Maximum number of shares of common stock authorized for issuance	35,600,000
Number of shares of common stock available for issuance	1,448,959

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested share activity and related fair value (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Compensation expense	$ 46,613	$ 51,565	$ 57,716
Nonvested stock awards
Nonvested Stock Shares
Nonvested at the beginning of the period (in shares)	4,093,760
Granted (in shares)	1,433,673
Vested (in shares)	(1,672,676)
Forfeited (in shares)	(212,772)
Nonvested at the end of the period (in shares)	3,641,985	4,093,760
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 22.79
Granted (in dollars per share)	17.65
Vested (in dollars per share)	25.52
Forfeited (in dollars per share)	21.27
Nonvested at the end of the period (in dollars per share)	$ 19.60	$ 22.79
Compensation expense	$ 46,600	$ 51,600	57,700
Related income tax benefit recognized		11,900	13,600
Remaining unamortized expense of nonvested stock expected to be recognized	$ 46,500
Period for expense amortized	2 years 1 month 6 days
Total fair value of shares vested	$ 29,100	$ 41,000	$ 20,800
Cash Settled RSU Plan
Nonvested Stock Shares
Nonvested at the beginning of the period (in shares)	1,762,060
Granted (in shares)	1,228,904
Vested (in shares)	(497,092)
Forfeited (in shares)	(118,272)
Nonvested at the end of the period (in shares)	2,375,600	1,762,060

Uniform Net Capital Rule Requ_3

Uniform Net Capital Rule Requirements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)subsidiary	Dec. 31, 2018USD ($)
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	$ 250
Net capital percentage of debit balances	2.00%	2.00%

Uniform Net Capital Rule Requ_4

Uniform Net Capital Rule Requirements - Net capital and aggregated indebtedness information for broker/dealer subsidiaries (Details) $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Waddell & Reed, Inc. (W&R)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	$ 60,758	$ 57,109
Required capital	250	250
Excess of required capital	60,508	56,859
Ivy Funds Distributor, Inc. (IFDI)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	20,217	25,688
Required capital	1,909	1,336
Excess of required capital	$ 18,308	$ 24,352
Ratio of aggregate indebtedness to net capital	1.42	0.78

Leases - Components of Lease (D

Leases - Components of Lease (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Components of lease expense
Operating Lease Cost	$ 17,574
Amortization of ROU assets	283
Interest on lease liabilities	27
Total	$ 310

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases
Operating cash flows from operating leases	$ 16,520
Operating cash flows from finance leases	27
Financing cash flows from finance leases	290
ROU assets obtained in exchange for lease obligations - Operating leases	39,580
ROU assets obtained in exchange for lease obligations - Finance leases	$ 40

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases
Operating lease ROU assets	$ 23,457	$ 36,800
Financial position	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities - current	$ 10,479
Financial position	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities - noncurrent	$ 14,694
Financial position	us-gaap:OtherLiabilitiesNoncurrent
Total Operating lease liabilities	$ 25,173	$ 36,800
Property and equipment, gross	174,960		$ 202,698
Accumulated depreciation	(140,234)		$ (139,269)
Financing Lease ROU assets	$ 248
Financial position	Property, Plant and Equipment, Net
Finance lease liabilities - current	$ 203
Financial position	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities - noncurrent	$ 55
Financial position	us-gaap:OtherLiabilitiesNoncurrent
Finance lease liabilities	$ 258
Weighted average remaining lease term - Operating leases	4 years
Weighted average remaining lease term - Financing leases	1 year
Weighted average discount rate - Operating leases	4.32%
Weighted average discount rate - Financing leases	6.00%
Finance lease assets
Leases
Property and equipment, gross	$ 985
Accumulated depreciation	$ (737)

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Operating Leases maturities:
2020	$ 11,346
2021	6,691
2022	2,178
2023	2,090
2024	2,090
Thereafter	2,613
Total lease payments	27,008
Less imputed interest	(1,835)
Total	25,173	$ 36,800
Finance Leases maturities:
2020	208
2021	47
2022	9
Total lease payments	264
Less imputed interest	(6)
Total	$ 258

Leases - Rental Commitments (De

Leases - Rental Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Future minimum rental commitments under non-cancelable operating leases
2019	$ 16,488
2020	9,797
2021	5,757
2022	2,913
2023	2,320
Thereafter	5,161
Total	42,436
Rent expense before adoption	22,700	$ 24,500
Property and equipment under capital leases, cost	1,600
Property and equipment accumulated depreciation	$ 1,100

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions
Total revenues	$ 644,966	$ 730,186	$ 774,503
Receivables due from the Funds	12,800	14,600
Investment management fees
Related Party Transactions
Total revenues	430,028	486,581	508,035
Rule 12b-1 serve and distribution fees
Related Party Transactions
Total revenues	121,603	141,220	159,873
Shareholder service fees
Related Party Transactions
Total revenues	$ 93,335	$ 102,385	$ 106,595

Selected Quarterly Informatio_3

Selected Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Information (Unaudited)
Total revenues	$ 270,071	$ 270,680	$ 270,154	$ 259,410	$ 272,230	$ 295,118	$ 295,338	$ 297,615
Net income attributable to Waddell & Reed Financial, Inc.	$ 15,936	$ 33,054	$ 33,948	$ 32,053	$ 46,468	$ 46,305	$ 44,478	$ 46,337	$ 114,992	$ 183,588	$ 141,279
Net income per share, basic and diluted	$ 0.23	$ 0.46	$ 0.45	$ 0.42	$ 0.60	$ 0.58	$ 0.55	$ 0.56	$ 1.57	$ 2.28	$ 1.69