Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Entity File Number | 001-34963 | |
Entity Registrant Name | LPL Financial Holdings Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3717839 | |
Entity Address, Address Line One | 4707 Executive Drive, | |
Entity Address, City or Town | San Diego, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | (800) | |
Local Phone Number | 877-7210 | |
Title of 12(b) Security | Common Stock - $0.001 par value per share | |
Trading Symbol | LPLA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 79,600,382 | |
Entity Central Index Key | 0001397911 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUES: | ||||
Advisory | $ 923,766 | $ 959,733 | $ 2,972,714 | $ 2,528,092 |
Commission | 584,980 | 610,384 | 1,743,881 | 1,765,846 |
Asset-based | 489,263 | 301,701 | 1,149,261 | 846,027 |
Service and fee | 121,745 | 105,079 | 347,359 | 301,376 |
Transaction and fee | 43,328 | 35,283 | 134,470 | 117,030 |
Interest Income | 22,092 | 7,365 | 39,958 | 20,797 |
Other | (22,116) | 1,218 | (120,005) | 47,470 |
Total net revenues | 2,163,058 | 2,020,763 | 6,267,638 | 5,626,638 |
EXPENSES: | ||||
Advisory and commission | 1,304,528 | 1,366,832 | 3,983,084 | 3,748,933 |
Compensation and benefits | 208,051 | 185,980 | 596,784 | 531,373 |
Promotional | 94,510 | 96,012 | 259,539 | 214,542 |
Occupancy and equipment | 54,636 | 52,695 | 161,654 | 137,731 |
Depreciation and amortization | 51,669 | 38,409 | 145,576 | 110,612 |
Interest Expense, Debt | 33,186 | 27,063 | 89,152 | 77,293 |
Brokerage, clearing and exchange | 20,850 | 22,828 | 66,812 | 65,651 |
Amortization of intangible assets | 22,654 | 21,531 | 65,018 | 58,887 |
Professional services | 16,871 | 16,722 | 53,183 | 54,847 |
Communications and data processing | 17,812 | 17,824 | 49,162 | 44,747 |
Other | 31,557 | 36,888 | 105,240 | 92,852 |
Loss on extinguishment of debt | 0 | 0 | 0 | 24,400 |
Costs and Expenses, Total | 1,856,324 | 1,882,784 | 5,575,204 | 5,161,868 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 306,734 | 137,979 | 692,434 | 464,770 |
PROVISION FOR INCOME TAXES | 74,403 | 34,915 | 165,814 | 112,985 |
NET INCOME | $ 232,331 | $ 103,064 | $ 526,620 | $ 351,785 |
EARNINGS PER SHARE | ||||
Earnings per share, basic | $ 2.91 | $ 1.29 | $ 6.59 | $ 4.40 |
Earnings per share, diluted | $ 2.86 | $ 1.26 | $ 6.47 | $ 4.30 |
Weighted-average shares outstanding, basic | 79,805 | 80,182 | 79,909 | 79,981 |
Weighted-average shares outstanding, diluted | 81,250 | 81,849 | 81,415 | 81,772 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,219,418 | $ 495,246 |
Cash and equivalents segregated under federal or other regulations | 2,268,090 | 1,496,463 |
Restricted cash | 91,712 | 80,655 |
Receivables from: | ||
Receivables from clients, net | 635,380 | 578,889 |
Receivables from brokers, dealers and clearing organizations | 120,211 | 102,503 |
Advisor loans, net | 1,022,546 | 963,869 |
Other receivables, net | 645,731 | 581,483 |
Investment securities | 62,177 | 49,192 |
Property and equipment, net | 751,478 | 658,841 |
Goodwill | 1,642,468 | 1,642,443 |
Intangible Assets, Net (Excluding Goodwill) | 427,791 | 455,028 |
Other assets | 808,781 | 886,988 |
Total assets | 9,695,783 | 7,991,600 |
LIABILITIES: | ||
Payables to clients | 3,275,860 | 1,712,224 |
Payables to broker-dealers and clearing organizations | 168,485 | 170,119 |
Accrued advisory and commission expenses payable | 194,480 | 222,379 |
Long-term Debt | 2,719,096 | 2,814,044 |
Accounts payable and accrued liabilities | 392,810 | 384,025 |
Other Liabilities, Noncurrent | 945,540 | 1,018,276 |
Total liabilities | 7,696,271 | 6,321,067 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 600,000,000 shares authorized; 129,543,504 shares and 128,758,086 shares issued at September 30, 2022 and December 31, 2021, respectively | 129 | 129 |
Additional paid-in capital | 1,896,433 | 1,841,402 |
Treasury stock, at cost — 49,784,348 shares and 48,768,145 shares at September 30, 2022 and December 31, 2021, respectively | (2,696,591) | (2,498,600) |
Retained earnings | 2,799,541 | 2,327,602 |
Total stockholders' equity | 1,999,512 | 1,670,533 |
Total liabilities and stockholders' equity | $ 9,695,783 | $ 7,991,600 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 129,543,504 | 128,758,086 |
Treasury stock, shares | 49,784,348 | 48,768,145 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 129,543,504 | 128,758,086 |
Treasury stock, shares | 49,784,348 | 48,768,145 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings |
BEGINNING BALANCE at Dec. 31, 2020 | $ 1,314,854 | $ 127 | $ 1,762,770 | $ (2,391,062) | $ 1,943,019 |
BEGINNING BALANCE, shares at Dec. 31, 2020 | 127,586,000 | 48,115,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, net of tax expense | 351,785 | 351,785 | |||
Issuance of common stock to settle restricted stock units | (18,905) | $ (18,905) | |||
Issuance of common stock to settle restricted stock units, net, shares | 386,000 | 139,000 | |||
Cash dividends on common stock | (60,068) | (60,068) | |||
Stock option exercises and other | 34,765 | $ 1 | 29,514 | $ 2,039 | 3,211 |
Stock option exercises and other, shares | 631,000 | (56,000) | |||
Share-based compensation | 33,963 | 33,963 | |||
ENDING BALANCE at Sep. 30, 2021 | 1,616,389 | $ 128 | 1,826,247 | $ (2,447,933) | 2,237,947 |
ENDING BALANCE, shares at Sep. 30, 2021 | 128,603,000 | 48,475,000 | |||
BEGINNING BALANCE at Jun. 30, 2021 | 1,554,912 | $ 128 | 1,808,135 | $ (2,407,035) | 2,153,684 |
BEGINNING BALANCE, shares at Jun. 30, 2021 | 128,431,000 | 48,203,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, net of tax expense | 103,064 | 103,064 | |||
Issuance of common stock to settle restricted stock units | (1,422) | $ (1,422) | |||
Issuance of common stock to settle restricted stock units, net, shares | 22,000 | 10,000 | |||
Treasury stock purchases | (40,005) | $ (40,005) | |||
Treasury stock purchases, shares | 277,000 | ||||
Cash dividends on common stock | (20,057) | (20,057) | |||
Stock option exercises and other | 9,651 | $ 0 | 7,866 | $ 529 | 1,256 |
Stock option exercises and other, shares | 150,000 | (15,000) | |||
Share-based compensation | 10,246 | 10,246 | |||
ENDING BALANCE at Sep. 30, 2021 | 1,616,389 | $ 128 | 1,826,247 | $ (2,447,933) | 2,237,947 |
ENDING BALANCE, shares at Sep. 30, 2021 | 128,603,000 | 48,475,000 | |||
BEGINNING BALANCE at Dec. 31, 2021 | 1,670,533 | $ 129 | 1,841,402 | $ (2,498,600) | 2,327,602 |
BEGINNING BALANCE, shares at Dec. 31, 2021 | 128,758,000 | 48,768,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, net of tax expense | 526,620 | 526,620 | |||
Issuance of common stock to settle restricted stock units | (24,690) | $ (24,690) | |||
Issuance of common stock to settle restricted stock units, net, shares | 362,000 | 134,000 | |||
Treasury stock purchases | $ (175,018) | $ (175,018) | |||
Treasury stock purchases, shares | 930,201 | 930,000 | |||
Cash dividends on common stock | $ (59,945) | (59,945) | |||
Stock option exercises and other | 22,302 | $ 0 | 15,321 | $ 1,717 | 5,264 |
Stock option exercises and other, shares | 424,000 | (48,000) | |||
Share-based compensation | 39,710 | 39,710 | |||
ENDING BALANCE at Sep. 30, 2022 | 1,999,512 | $ 129 | 1,896,433 | $ (2,696,591) | 2,799,541 |
ENDING BALANCE, shares at Sep. 30, 2022 | 129,544,000 | 49,784,000 | |||
BEGINNING BALANCE at Jun. 30, 2022 | 1,844,060 | $ 129 | 1,879,312 | $ (2,620,798) | 2,585,417 |
BEGINNING BALANCE, shares at Jun. 30, 2022 | 129,366,000 | 49,428,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, net of tax expense | 232,331 | 232,331 | |||
Issuance of common stock to settle restricted stock units | (1,331) | $ (1,331) | |||
Issuance of common stock to settle restricted stock units, net, shares | 51,000 | 6,000 | |||
Treasury stock purchases | (75,007) | $ (75,007) | |||
Treasury stock purchases, shares | 366,000 | ||||
Cash dividends on common stock | (19,950) | (19,950) | |||
Stock option exercises and other | 7,360 | $ 0 | 5,072 | $ 545 | 1,743 |
Stock option exercises and other, shares | 127,000 | (16,000) | |||
Share-based compensation | 12,049 | 12,049 | |||
ENDING BALANCE at Sep. 30, 2022 | $ 1,999,512 | $ 129 | $ 1,896,433 | $ (2,696,591) | $ 2,799,541 |
ENDING BALANCE, shares at Sep. 30, 2022 | 129,544,000 | 49,784,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 526,620 | $ 351,785 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 145,576 | 110,612 |
Amortization of intangible assets | 65,018 | 58,887 |
Amortization of debt issuance costs | 4,826 | 4,242 |
Share-based compensation | 39,710 | 33,963 |
Provision for bad debts | 11,931 | 6,097 |
Deferred income taxes | (355) | (377) |
Loss on extinguishment of debt | 0 | 24,400 |
Loan forgiveness | 132,245 | 98,241 |
Other | (17,393) | (6,746) |
Changes in operating assets and liabilities: | ||
Receivables from clients | (56,373) | (187,330) |
Receivables from product sponsors, broker-dealers and clearing organizations | (17,708) | 977 |
Advisor loans, net | (194,045) | (402,476) |
Receivables from others | (66,367) | (162,969) |
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | (7,990) | (1,881) |
Operating leases | (1,800) | (1,778) |
Other assets | (32,934) | (57,320) |
Payables to clients | 1,563,636 | 75,819 |
Payables to broker-dealers and clearing organizations | (1,634) | 58,449 |
Accrued advisory and commission expenses payable | (27,899) | 31,831 |
Accounts payable and accrued liabilities | 128,490 | 3,451 |
Increase (Decrease) in Other Operating Liabilities | (71,402) | 161,793 |
Net cash provided by operating activities | 2,122,152 | 199,670 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (232,175) | (139,962) |
Acquisitions, net of cash acquired | (35,182) | (241,604) |
Purchase of securities classified as held-to-maturity | (10,936) | (1,741) |
Proceeds from maturity of securities classified as held-to-maturity | 3,750 | 3,750 |
Purchase of other investments | (3,108) | 0 |
Net cash used in investing activities | (277,651) | (379,557) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facilities | 465,000 | 695,000 |
Repayments of revolving credit facilities | (555,000) | (695,000) |
Repayment of senior unsecured notes | 0 | (900,000) |
Repayment of senior secured term loans | (8,025) | (8,025) |
Proceeds from senior unsecured notes | 0 | 1,300,000 |
Payments of debt issuance costs | (1,872) | (15,929) |
Make-whole premium on redemption of senior unsecured notes | 0 | (25,875) |
Payment of contingent consideration | 0 | (8,941) |
Tax payments related to settlement of restricted stock units | (24,690) | (18,905) |
Repurchase of common stock | (175,018) | (40,005) |
Dividends on common stock | (59,945) | (60,068) |
Proceeds from stock option exercises and other | 22,302 | 34,765 |
Principal payment of finance leases and obligations | (397) | (1,278) |
Net cash (used in) provided by financing activities | (337,645) | 255,739 |
NET INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH | 1,506,856 | 75,852 |
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period | 2,072,364 | 1,799,034 |
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period | 3,579,220 | 1,874,886 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 86,382 | 77,672 |
Income taxes paid | 157,060 | 133,425 |
Cash paid for amounts included in the measurement of operating lease liabilities | 18,321 | 16,545 |
Cash paid for amounts included in the measurement of finance lease liabilities | 6,699 | 7,520 |
NONCASH DISCLOSURES: | ||
Capital expenditures included in accounts payable and accrued liabilities | 26,000 | 22,727 |
Lease asset obtained in exchange for operating lease liabilities | $ 9,084 | $ 2,448 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 1,219,418 | $ 495,246 | $ 977,789 | |
Cash segregated under federal and other regulations | 2,268,090 | 1,496,463 | 811,716 | |
Restricted cash | 91,712 | 80,655 | 85,381 | |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 3,579,220 | $ 2,072,364 | $ 1,874,886 | $ 1,799,034 |
Organization and Description of
Organization and Description of the Company | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of the Company | ORGANIZATION AND DESCRIPTION OF THE COMPANY LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”), provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer personalized financial advice and brokerage services to retail investors (their “clients”). The Company’s most significant, wholly owned subsidiaries are described below: • LPL Holdings, Inc. (“LPLH” or “Parent”), a Massachusetts holding corporation, is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding common stock of all of LPLFH’s indirect subsidiaries, including a captive insurance subsidiary (the “Captive Insurance Subsidiary”) that underwrites insurance for various legal and regulatory risks of the Company. • LPL Financial LLC (“LPL Financial”), with primary offices in San Diego, California; Fort Mill, South Carolina; Boston, Massachusetts; and Austin, Texas, is a clearing broker-dealer and an investment advisor that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. • Fortigent Holdings Company, Inc. and its subsidiaries provide solutions and consulting services to registered investment advisors (“RIAs”), banks and trust companies serving high-net-worth clients. • LPL Insurance Associates, Inc. operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors. • AW Subsidiary, Inc. is a holding company for AdvisoryWorld and Blaze Portfolio Systems LLC (“Blaze”). AdvisoryWorld offers technology products, including proposal generation, investment analytics and portfolio modeling, to both the Company’s advisors and external clients in the wealth management industry. Blaze provides an advisor-facing trading and portfolio rebalancing platform. • PTC Holdings, Inc. (“PTCH”) is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight and custodial services for estates and families. PTC also provides Individual Retirement Account (“IRA”) custodial services for LPL Financial. Each member of PTCH’s Board of Directors meets the direct equity ownership interest requirements that are required by the Office of the Comptroller of the Currency (“OCC”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2021, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes The Company reclassified certain financial statement line items in the consolidated statements of income included in its Annual Report on Form 10-K for the year ended December 31, 2021 to more closely align with industry practice and the Company’s business and to better serve financial statement users. Prior period amounts in the condensed consolidated statements of income have been reclassified to conform to this presentation as follows: • The Company has disaggregated the activity previously reported in the Transaction and fee line item in Total revenue into its Service and fee and Transaction components; and • The Company has included Interest expense on borrowings and Loss on extinguishment of debt in Total expense. Previously, these amounts were presented after Total operating expense. These changes did not impact total net income for the three and nine months ended September 30, 2021. The Company also updated the condensed consolidated statement of cash flows for the nine months ended September 30, 2021 to conform to changes made to the presentation of the statements of financial condition during the year ended December 31, 2021. See Note 2 - Summary of Significant Accounting Policies in the Company’s 2021 Annual Report on Form 10-K for additional information. In addition, during the year ended December 31, 2021, the Company concluded that it is acting in a principal capacity for fractional shares held in customer brokerage accounts resulting from the dividend reinvestment program (“DRIP”) that the Company offers. The Company concluded that it should account for these shares as a secured borrowing with underlying financial assets pledged as collateral. The Company corrected its condensed consolidated statement of cash flows for the nine months ended September 30, 2021 to reflect the changes in the condensed consolidated statement of financial condition related to this activity in the prior period. As a result, the Company corrected the condensed consolidated statement of cash flows to reflect an increase in the change in other assets line item and an offsetting increase in the change in other liabilities line item of $23.9 million for the nine months ended September 30, 2021. This adjustment did not have an impact on earnings, earnings per share, or net cash provided by operating activities in the prior period. The Company has evaluated the impact of the error on previously issued condensed consolidated financial statements and determined, based on consideration of quantitative and qualitative factors, that the impact of the error is immaterial. Related Party Transactions In the ordinary course of business, the Company has related party transactions with beneficial owners of more than five percent of the Company’s outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to LPL Financial Charitable Foundation Inc., a charitable organization that provides volunteer and financial support within the Company’s local communities. The Company recognized revenue for services provided to these related parties of $1.4 million and $1.5 million during the three months ended September 30, 2022 and 2021, respectively, and $4.4 million during both the nine months ended September 30, 2022 and 2021. The Company incurred expense for the services provided by these related parties of $0.4 million and $0.5 million during the three months ended September 30, 2022 and 2021, respectively, and $2.7 million and $1.3 million during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, receivables from and payables to related parties were not material. Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2022 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUE Commission The following table presents total commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Commission revenue Annuities $ 327,386 $ 314,134 $ 938,383 $ 900,010 Mutual funds 164,190 201,120 521,951 569,958 Fixed income 32,729 30,092 86,947 97,116 Equities 24,278 28,943 88,820 98,371 Other 36,397 36,095 107,780 100,391 Total commission revenue $ 584,980 $ 610,384 $ 1,743,881 $ 1,765,846 The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Commission revenue Sales-based Annuities $ 152,343 $ 108,983 $ 388,447 $ 317,141 Mutual funds 34,074 46,934 121,141 144,463 Fixed income 32,729 30,092 86,947 97,116 Equities 24,278 28,943 88,820 98,371 Other 26,469 24,852 77,362 68,582 Total sales-based revenue 269,893 239,804 762,717 725,673 Trailing Annuities 175,043 205,151 549,936 582,869 Mutual funds 130,116 154,186 400,810 425,495 Other 9,928 11,243 30,418 31,809 Total trailing revenue 315,087 370,580 981,164 1,040,173 Total commission revenue $ 584,980 $ 610,384 $ 1,743,881 $ 1,765,846 Asset-Based The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Asset-based revenue Client cash $ 294,993 $ 91,257 $ 534,409 $ 278,738 Sponsorship programs 93,344 101,426 299,319 279,116 Recordkeeping 100,926 109,018 315,533 288,173 Total asset-based revenue $ 489,263 $ 301,701 $ 1,149,261 $ 846,027 Service and Fee The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service and fee revenue Point-in-time (1) $ 31,022 $ 29,764 $ 86,890 $ 78,322 Over time (2) 90,723 75,315 260,469 223,054 Total service and fee revenue $ 121,745 $ 105,079 $ 347,359 $ 301,376 _______________________________ (1) Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, conference services and account fees. (2) Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees and technology fees. Unearned Revenue The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. The decrease in the unearned revenue balance for the nine months ended September 30, 2022 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $159.4 million of revenue recognized that was included in the unearned revenue balance as of December 31, 2021. The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held. |
Acquisitions
Acquisitions | 3 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS On April 30, 2021, the Company acquired the wealth management business of Waddell & Reed Financial, Inc. for $300.0 million in order to expand its addressable markets and complement organic growth (the “Waddell & Reed Acquisition”). The Company accounted for the acquisition under the acquisition method of accounting for business combinations. The Company allocated $128.6 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, $62.3 million to cash acquired and the remainder to other assets acquired and liabilities assumed as part of the acquisition. The goodwill primarily includes the synergies expected to result from combining operations and onboarding advisors and assets to the Company’s platform and is deductible for tax purposes. See Note 7 - Goodwill and Other Intangibles, Net , for additional information. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There have been no transfers of assets or liabilities between these fair value measurement classifications during the nine months ended September 30, 2022 or 2021. The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At September 30, 2022 and December 31, 2021, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis: Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets. Cash Equivalents Segregated Under Federal or Other Regulations — The Company’s cash equivalents segregated under federal or other regulations include U.S. treasury bills, which are short term in nature with readily determinable values derived from active markets. Trading Securities and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For negotiable certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At September 30, 2022 and December 31, 2021, the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; and (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data. Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. At September 30, 2022 and December 31, 2021, the Company did not adjust prices received from the independent third-party pricing services. Accounts Payable and Accrued Liabilities — The Company’s accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs. Level 3 Recurring Fair Value Measurements The Company determines the fair value for its contingent consideration obligations using a scenario-based approach whereby the Company assesses the expected number of future transactions. The contingent payment is estimated by applying a discount rate to the expected payment to calculate the fair value as of the valuation date. The Company evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management’s expectations. Recurring Fair Value Measurements The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 140,640 $ — $ — $ 140,640 Cash equivalents segregated under federal or other regulations 1,490,119 — — 1,490,119 Investment securities — trading: U.S. treasury obligations 24,189 — — 24,189 Mutual funds 18,904 — — 18,904 Equity securities 1,593 — — 1,593 Money market funds 111 — — 111 Other 30 266 — 296 Total investment securities — trading 44,827 266 — 45,093 Other assets: Deferred compensation plan 437,041 — — 437,041 Fractional shares — investment (1) 103,111 — — 103,111 Other investments — 7,692 — 7,692 Total other assets: 540,152 7,692 — 547,844 Total assets at fair value $ 2,215,738 $ 7,958 $ — $ 2,223,696 Liabilities Accounts payable and accrued liabilities $ — $ — $ 3,690 $ 3,690 Other liabilities: Securities sold, but not yet purchased: Debt securities — 72 — 72 Mutual funds 7 — — 7 Equity securities 6 — — 6 Total securities sold, but not yet purchased 13 72 — 85 Fractional shares — repurchase obligation (1) 103,111 — — 103,111 Total other liabilities 103,124 72 — 103,196 Total liabilities at fair value $ 103,124 $ 72 $ 3,690 $ 106,886 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 12,056 $ — $ — $ 12,056 Investment securities - trading: U.S. treasury obligations 19,599 — — 19,599 Mutual funds 19,112 — — 19,112 Equity securities 440 — — 440 Money market funds 123 — — 123 Total investment securities — trading 39,274 — — 39,274 Other assets: Deferred compensation plan 499,548 — — 499,548 Other investments — 9,166 — 9,166 Fractional shares - investment (1) 114,574 — — 114,574 Total other assets 614,122 9,166 — 623,288 Total assets at fair value $ 665,452 $ 9,166 $ — $ 674,618 Liabilities Accounts payable and accrued liabilities $ — $ — $ 3,530 $ 3,530 Other liabilities: Securities sold, but not yet purchased: Equity securities 467 — — 467 Debt securities — 105 — 105 Total securities sold, but not yet purchased 467 105 — 572 Fractional shares - repurchase obligation (1) 114,574 — — 114,574 Total other liabilities 115,041 105 — 115,146 Total liabilities at fair value $ 115,041 $ 105 $ 3,530 $ 118,676 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. Fair Value of Financial Instruments Not Measured at Fair Value The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands): September 30, 2022 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 1,078,778 $ 1,078,778 $ — $ — $ 1,078,778 Cash segregated under federal or other regulations 777,971 777,971 — — 777,971 Restricted cash 91,712 91,712 — — 91,712 Receivables from clients, net 635,380 — 635,380 — 635,380 Receivables from brokers, dealers and clearing organizations 120,211 — 120,211 — 120,211 Advisor repayable loans, net (1) 251,145 — — 209,795 209,795 Other receivables, net 645,731 — 645,731 — 645,731 Investment securities — held-to-maturity securities 17,084 — 16,658 — 16,658 Other assets: Securities borrowed 7,956 — 7,956 — 7,956 Deferred compensation plan (2) 9,356 9,356 — — 9,356 Other investments (3) 4,646 — 4,646 — 4,646 Total other assets 21,958 9,356 12,602 — 21,958 Liabilities Client payables $ 3,275,860 $ — $ 3,275,860 $ — $ 3,275,860 Payables to brokers, dealers and clearing organizations 168,485 — 168,485 — 168,485 Corporate debt and other borrowings, net 2,719,096 — 2,480,742 — 2,480,742 December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 483,190 $ 483,190 $ — $ — $ 483,190 Cash segregated under federal or other regulations 1,496,463 1,496,463 — — 1,496,463 Restricted cash 80,655 80,655 — — 80,655 Receivables from clients, net 578,889 — 578,889 — 578,889 Receivables from brokers, dealers and clearing organizations 102,503 — 102,503 — 102,503 Advisor repayable loans, net (1) 191,242 — — 176,864 176,864 Other receivables, net 581,483 — 581,483 — 581,483 Investment securities - held-to-maturity securities 9,918 — 9,915 — 9,915 Other assets: Securities borrowed 9,958 — 9,958 — 9,958 Other investments (3) 4,595 — 4,595 — 4,595 Total other assets 14,553 — 14,553 — 14,553 Liabilities Client payables $ 1,712,224 $ — $ 1,712,224 $ — $ 1,712,224 Payables to brokers, dealers and clearing organizations 170,119 — 170,119 — 170,119 Corporate debt and other borrowings, net 2,814,044 — 2,885,536 — 2,885,536 ____________________ (1) Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or agreed upon restructuring of terms. (2) Includes cash balances awaiting investment or distribution to plan participants. (3) Other investments include Depository Trust Company common shares and Federal Reserve stock. |
Held-to-Maturity Securities
Held-to-Maturity Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-Maturity Securities | INVESTMENT SECURITIES The Company’s investment securities include debt and equity securities that the Company has classified as trading securities, which are carried at fair value, as well as investments in U.S. government notes, which are held by The Private Trust Company, N.A. to satisfy minimum capital requirements of the OCC. These securities are recorded at amortized cost and classified as held-to-maturity as the Company has both the intent and ability to hold these investments to maturity. The following table summarizes investment securities (in thousands): September 30, 2022 December 31, 2021 Trading securities - at fair value: U.S. treasury obligations $ 24,189 $ 19,599 Mutual funds 18,904 19,112 Equity securities 1,593 440 Money market funds 111 123 Other 296 — Total trading securities $ 45,093 $ 39,274 Held-to-maturity securities - at amortized cost: U.S. government notes $ 17,084 $ 9,918 Total held-to-maturity securities $ 17,084 $ 9,918 Total investment securities $ 62,177 $ 49,192 At September 30, 2022, the held-to-maturity securities were scheduled to mature as follow s (in thousands): Within one year After one but within five years After five but within ten years After ten years Total U.S. government notes — at amortized cost $ 5,521 $ 11,563 $ — $ — $ 17,084 U.S. government notes — at fair value $ 5,440 $ 11,218 $ — $ — $ 16,658 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLES, NET On April 30, 2021, the Company completed the Waddell & Reed Acquisition. The Company allocated $128.6 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, $62.3 million to cash acquired and the remainder to other assets acquired and liabilities assumed as part of the Waddell & Reed Acquisition. The intangible assets are comprised primarily of advisor relationships with a weighted average useful life of approximately 9 years. See Note 4 - Acquisitions , for additional information. The components of other intangibles, net were as follows at September 30, 2022 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and financial institution relationships 5.3 $ 809,872 $ (525,888) $ 283,984 Product sponsor relationships 3.4 234,086 (194,188) 39,898 Client relationships 7.9 80,064 (27,845) 52,219 Technology 5.7 19,040 (7,169) 11,871 Trade names — 1,200 (1,200) — Total definite-lived intangible assets, net $ 1,144,262 $ (756,290) $ 387,972 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 427,791 _______________________________ (1) Definite-lived intangibles, net include the impact of immaterial acquisitions during the period presented that were made in the normal course of business. The components of other intangibles, net were as follows at December 31, 2021 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net: Advisor and financial institution relationships 5.9 $ 806,531 $ (476,000) $ 330,531 Product sponsor relationships 4.1 234,086 (185,255) 48,831 Client relationships 7.2 45,623 (23,379) 22,244 Technology 6.4 19,040 (5,477) 13,563 Trade names 0.3 1,200 (1,160) 40 Total definite-lived intangibles, net $ 1,106,480 $ (691,271) $ 415,209 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 455,028 Total amortization of intangible assets was $22.7 million and $21.5 million for the three months ended September 30, 2022 and 2021, respectively, and $65.0 million and $58.9 million for the nine months ended September 30, 2022 and 2021, respectively. Future amortization is estimated as follows (in thousands): 2022 - remainder $ 21,799 2023 83,883 2024 83,112 2025 74,738 2026 36,482 Thereafter 87,958 Total $ 387,972 |
Other Assert and Other Liabilit
Other Assert and Other Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets And Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | OTHER ASSETS AND OTHER LIABILITIES The components of other assets and other liabilities were as follows (thousands): September 30, 2022 December 31, 2021 Other assets: Deferred compensation $ 446,397 $ 499,548 Prepaid assets 93,775 115,018 Fractional shares — investment (1) 103,111 114,574 Operating lease assets 95,936 95,075 Debt issuance costs, net 7,427 7,303 Deferred income taxes, net 6,003 5,648 Other 56,132 49,822 Total other assets $ 808,781 $ 886,988 Other liabilities: Deferred compensation $ 446,576 $ 499,245 Unearned revenue (2) 150,241 160,926 Operating lease liabilities 129,426 130,304 Finance lease liabilities 105,670 106,067 Fractional shares — repurchase obligation (1) 103,111 114,574 Other 10,516 7,160 Total other liabilities $ 945,540 $ 1,018,276 _______________________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. (2) See Note 3 - Revenue for further information. |
Long-term and Other Borrowings
Long-term and Other Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term and Other Borrowings | CORPORATE DEBT AND OTHER BORROWINGS, NET The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): September 30, 2022 December 31, 2021 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,040,575 LIBOR+175 bps 4.31 % $ 1,048,600 LIBOR+175 bps 1.85 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.00 % 900,000 Fixed Rate 4.00 % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.38 % 400,000 Fixed Rate 4.38 % 5/15/2031 Total Corporate Debt 2,740,575 2,748,600 Less: Unamortized Debt Issuance Costs (21,479) (24,556) Corporate debt, net $ 2,719,096 $ 2,724,044 Other Borrowings Revolving Credit Facility (2) — LIBOR+125 bps 4.39 % 55,000 ABR+25 bps 3.50 % 3/15/2026 Unsecured, Uncommitted Lines of Credit — Broker Base Rate+75 bps 1.00 % 35,000 Broker Base Rate+75 bps 1.00 % 9/30/2023 Total other borrowings $ — $ 90,000 Corporate Debt and Other Borrowings, Net $ 2,719,096 $ 2,814,044 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) Borrowings bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate (PRIME rate) depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2022 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ — $ 1,000 Broker-dealer revolving credit facility LPL Financial LLC August 2023 $ — $ 1,000 Unsecured, uncommitted lines of credit LPL Financial LLC September 2023 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2023 $ — $ 50 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Outstanding balances under our external lines of credit at December 31, 2021 were repaid in January 2022. There were no borrowings outstanding under the Company’s external lines of credit at September 30, 2022. Issuance of 2031 Senior Notes LPLH raised $400.0 million in aggregate principal amount of 4.375% senior notes on May 18, 2021, which were issued at par (“2031 Senior Notes”). The Company used the proceeds from the issuance to repay borrowings made under the senior secured revolving credit facility related to the Waddell & Reed Acquisition. In connection with the issuance of the 2031 Senior Notes, the Company incurred $3.8 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. Issuance of 2029 Senior Notes LPLH raised $900.0 million in aggregate principal amount of 4.00% senior notes on March 15, 2021, which were issued at par (“2029 Senior Notes”). The Company used the proceeds from the issuance of the 2029 Senior Notes, along with existing Corporate Cash available, to redeem its existing 5.75% senior unsecured notes due in 2025. In connection with this redemption, the Company recognized $24.4 million as a loss on extinguishment of debt on the condensed consolidated statement of income for the nine months ended September 30, 2021. In connection with the issuance of the 2029 Senior Notes, the Company incurred $9.0 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. Credit Agreement On March 15, 2021, LPLFH and LPLH entered into a fifth amendment agreement (the “Amendment”) to the Company’s amended and restated credit agreement (“Credit Agreement”), which, among other things, increased the size of its senior secured revolving credit facility to $1.0 billion and extended its maturity date. In connection with the execution of the Amendment, the Company incurred $3.2 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2022, the Company was in compliance with such covenants. Parent Revolving Credit Facility Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate, depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). Broker-Dealer Revolving Credit Facility On August 4, 2022, LPL Financial, the Company’s broker-dealer subsidiary, entered into a committed senior unsecured revolving credit facility that matures on August 3, 2023 and allows for a maximum borrowing of up to $1.0 billion. This revolving credit facility replaced the $300.0 million credit facility that was due to mature on July 31, 2024. Borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) the secured overnight financing rate plus 0.10%, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the credit facility, LPL Financial incurred $1.9 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of September 30, 2022. Other External Lines of Credit |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back-office trade processing and clearing for its product and service offerings. Guarantees The Company occasionally enters into contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. LPL Financial provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. Loan Commitments From time to time, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded loan commitments at September 30, 2022 or December 31, 2021. Legal and Regulatory Matters The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which has in the past and may in the future include fines, customer restitution and other remediation. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its condensed consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company’s assessment process considers a variety of factors and assumptions, which may include: the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; or the potential opportunities for settlement and the status of any settlement discussions. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. Third-Party Insurance The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving certain client claims. With respect to such client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies. Self-Insurance The Company has self-insurance for certain potential liabilities through the Captive Insurance Subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and actuarial assumptions and estimates. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. As of September 30, 2022 and December 31, 2021, these self-insurance liabilities were $70.2 million and $67.2 million, respectively, and are included in Accounts payable and accrued liabilities in the condensed consolidated statements of financial condition. The increase in self-insurance liabilities during the nine months ended September 30, 2022 was driven by $27.4 million of additional reserves for claims that had been incurred but not reported, which were partially offset by $24.4 million of payments made during the period. Self-insurance related charges are included in Other expense in the condensed consolidated statements of income. Other Commitments As of September 30, 2022, the Company had approximately $515.6 million of client margin loans that were collateralized with securities having a fair value of approximately $721.8 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $49.8 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2022, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $672.0 million of client collateral. Investment securities on the condensed consolidated statements of financial condition include $4.4 million and $4.6 million of trading securities pledged to the Options Clearing Corporation at September 30, 2022 and December 31, |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY Dividends The payment, timing, and amount of any dividends are subject to approval by the Company’s Board of Directors as well as certain limits under the Credit Agreement and the indentures governing the Company’s senior unsecured notes (the “Indentures”). Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data): 2022 2021 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 20.0 $ 0.25 $ 20.0 Second quarter $ 0.25 $ 20.0 $ 0.25 $ 20.0 Third quarter $ 0.25 $ 20.0 $ 0.25 $ 20.1 Share Repurchases The Company engages in a share repurchase program, which was approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in Treasury stock on the condensed consolidated statements of financial condition. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | SHARE-BASED COMPENSATION In May 2021, the Company adopted the 2021 Omnibus Equity Incentive Plan (the “2021 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units, performance stock units and other equity-based compensation to the Company’s employees, non-employee directors and other service providers. The 2021 Plan serves as the successor to the Company’s 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). Following the adoption of the 2021 Plan, the Company is no longer making grants under the 2010 Plan, and the 2021 Plan is the only plan under which equity awards are granted. However, awards previously granted under the 2010 Plan will remain outstanding until vested, exercised or forfeited, as applicable. There were 17,754,197 shares authorized for grant under the 2021 Plan and 13,774,220 shares remaining available for future issuance at September 30, 2022. Stock Options and Warrants The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2022: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2021 1,204,420 $ 45.65 Granted — $ — Exercised (422,310) $ 36.17 Forfeited and Expired (1,541) $ 74.06 Outstanding — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 Exercisable — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 Exercisable and expected to vest — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 The following table summarizes information about outstanding stock options and warrants as of September 30, 2022: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 105,911 $ 19.85 3.41 105,911 $ 19.85 $25.01 - $35.00 75,017 $ 29.27 0.25 75,017 $ 29.27 $35.01 - $45.00 191,049 $ 39.48 4.45 191,049 $ 39.48 $45.01 - $65.00 72,619 $ 49.08 2.04 72,619 $ 49.08 $65.01 - $75.00 154,365 $ 65.50 5.40 154,365 $ 65.50 $75.01 - $80.00 181,608 $ 77.53 6.40 181,608 $ 77.53 780,569 $ 50.73 4.32 780,569 $ 50.73 The Company has not granted stock options or warrants since 2019. The Company recognized no share-based compensation related to the vesting of stock options during the three months ended September 30, 2022 and $0.7 million of expense during the three months ended September 30, 2021. The Company recognized $0.2 million and $2.2 million of stock option expense, respectively during the nine months ended September 30, 2022 and 2021. As of September 30, 2022, there was no unrecognized compensation cost related to non-vested stock options as the remaining share-based compensation expense was recognized during the three months ended March 31, 2022. Restricted Stock and Stock Units The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the nine months ended September 30, 2022: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2021 1,051 $ 156.54 915,907 $ 111.26 Granted 1,864 $ 173.78 383,123 $ 189.98 Vested (2,101) $ 165.16 (362,132) $ 100.31 Forfeited — $ — (66,047) $ 146.62 Outstanding — September 30, 2022 814 $ 173.78 870,851 (1) $ 147.77 Expected to vest — September 30, 2022 814 $ 173.78 744,318 $ 154.67 _______________________________ (1) Includes 82,153 vested and undistributed deferred stock units. The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and officers. Restricted stock awards and stock units must vest or are subject to forfeiture; however, restricted stock awards are included in shares outstanding upon grant and have the same dividend and voting rights as the Company’s common stock. The Company recognized $10.2 million and $8.6 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended September 30, 2022 and 2021, respectively, and $34.9 million and $28.7 million during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, total unrecognized compensation cost for restricted stock awards and stock units was $72.4 million, which is expected to be recognized over a weighted-average remaining period of 2.05 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.7 million and $0.5 million related to the vesting of these awards during the three months ended September 30, 2022 and 2021, respectively, and $1.9 million and $1.7 million during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.9 million, which is expected to be recognized over a weighted-average remaining period of 2.35 years. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 232,331 $ 103,064 $ 526,620 $ 351,785 Basic weighted-average number of shares outstanding 79,805 80,182 79,909 79,981 Dilutive common share equivalents 1,445 1,667 1,506 1,791 Diluted weighted-average number of shares outstanding 81,250 81,849 81,415 81,772 Basic earnings per share $ 2.91 $ 1.29 $ 6.59 $ 4.40 Diluted earnings per share $ 2.86 $ 1.26 $ 6.47 $ 4.30 The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended September 30, 2022, stock options, warrants and stock units representing common share equivalents of 7,843 shares were anti-dilutive. There were no such anti-dilutive common share equivalents during the three months ended September 30, 2021. For the nine months ended September 30, 2022 and 2021, stock options, warrants and stock units representing common share equivalents of 3,000 shares and 2,501 shares, respectively, were anti-dilutive. |
Net Capital and Regulatory Requ
Net Capital and Regulatory Requirements | 9 Months Ended |
Sep. 30, 2022 | |
Brokers and Dealers [Abstract] | |
Net Capital and Regulatory Requirements | NET CAPITAL AND REGULATORY REQUIREMENTS The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. The net capital rules also provide that the broker-dealer’s capital may not be withdrawn if the resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and, as of September 30, 2022, had net capital of $189.9 million, which was $175.7 million in excess of its minimum net capital requirement of $14.2 million. The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on PTC’s operations. As of September 30, 2022 and December 31, 2021, LPL Financial and PTC met all capital adequacy requirements to which they were subject. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk | 9 Months Ended |
Sep. 30, 2022 | |
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET CREDIT RISK AND CONCENTRATIONS OF CREDIT RISK LPL Financial may offer repayable loans to recruit or support the transition of an advisor to its platform. LPL Financial also offers forgivable loans for similar purposes that may convert to repayable loans upon advisor termination or agreed upon restructuring of terms. LPL Financial may incur losses if advisors do not fulfill their obligations with respect to these loans. To mitigate this risk, LPL Financial monitors the performance and creditworthiness of the advisor prior to offering repayable loans. LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor’s client, subject to various regulatory and internal margin requirements, which is collateralized by cash and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors’ clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally two business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when-issued securities. When-issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Company’s Board of Directors declared a cash dividend of $0.25 per share on the Company’s outstanding common stock to be paid on November 28, 2022 to all stockholders of record on November 10, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. |
Recently Issued & Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2022 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue - Reporting Category [Table Text Block] | The following table presents total commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Commission revenue Annuities $ 327,386 $ 314,134 $ 938,383 $ 900,010 Mutual funds 164,190 201,120 521,951 569,958 Fixed income 32,729 30,092 86,947 97,116 Equities 24,278 28,943 88,820 98,371 Other 36,397 36,095 107,780 100,391 Total commission revenue $ 584,980 $ 610,384 $ 1,743,881 $ 1,765,846 |
Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block] | The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Commission revenue Sales-based Annuities $ 152,343 $ 108,983 $ 388,447 $ 317,141 Mutual funds 34,074 46,934 121,141 144,463 Fixed income 32,729 30,092 86,947 97,116 Equities 24,278 28,943 88,820 98,371 Other 26,469 24,852 77,362 68,582 Total sales-based revenue 269,893 239,804 762,717 725,673 Trailing Annuities 175,043 205,151 549,936 582,869 Mutual funds 130,116 154,186 400,810 425,495 Other 9,928 11,243 30,418 31,809 Total trailing revenue 315,087 370,580 981,164 1,040,173 Total commission revenue $ 584,980 $ 610,384 $ 1,743,881 $ 1,765,846 |
Disaggregation of Revenue - Product and Service [Table Text Block] | The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Asset-based revenue Client cash $ 294,993 $ 91,257 $ 534,409 $ 278,738 Sponsorship programs 93,344 101,426 299,319 279,116 Recordkeeping 100,926 109,018 315,533 288,173 Total asset-based revenue $ 489,263 $ 301,701 $ 1,149,261 $ 846,027 |
Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block] | The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service and fee revenue Point-in-time (1) $ 31,022 $ 29,764 $ 86,890 $ 78,322 Over time (2) 90,723 75,315 260,469 223,054 Total service and fee revenue $ 121,745 $ 105,079 $ 347,359 $ 301,376 _______________________________ (1) Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, conference services and account fees. (2) Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees and technology fees. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial assets and financial liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 140,640 $ — $ — $ 140,640 Cash equivalents segregated under federal or other regulations 1,490,119 — — 1,490,119 Investment securities — trading: U.S. treasury obligations 24,189 — — 24,189 Mutual funds 18,904 — — 18,904 Equity securities 1,593 — — 1,593 Money market funds 111 — — 111 Other 30 266 — 296 Total investment securities — trading 44,827 266 — 45,093 Other assets: Deferred compensation plan 437,041 — — 437,041 Fractional shares — investment (1) 103,111 — — 103,111 Other investments — 7,692 — 7,692 Total other assets: 540,152 7,692 — 547,844 Total assets at fair value $ 2,215,738 $ 7,958 $ — $ 2,223,696 Liabilities Accounts payable and accrued liabilities $ — $ — $ 3,690 $ 3,690 Other liabilities: Securities sold, but not yet purchased: Debt securities — 72 — 72 Mutual funds 7 — — 7 Equity securities 6 — — 6 Total securities sold, but not yet purchased 13 72 — 85 Fractional shares — repurchase obligation (1) 103,111 — — 103,111 Total other liabilities 103,124 72 — 103,196 Total liabilities at fair value $ 103,124 $ 72 $ 3,690 $ 106,886 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 12,056 $ — $ — $ 12,056 Investment securities - trading: U.S. treasury obligations 19,599 — — 19,599 Mutual funds 19,112 — — 19,112 Equity securities 440 — — 440 Money market funds 123 — — 123 Total investment securities — trading 39,274 — — 39,274 Other assets: Deferred compensation plan 499,548 — — 499,548 Other investments — 9,166 — 9,166 Fractional shares - investment (1) 114,574 — — 114,574 Total other assets 614,122 9,166 — 623,288 Total assets at fair value $ 665,452 $ 9,166 $ — $ 674,618 Liabilities Accounts payable and accrued liabilities $ — $ — $ 3,530 $ 3,530 Other liabilities: Securities sold, but not yet purchased: Equity securities 467 — — 467 Debt securities — 105 — 105 Total securities sold, but not yet purchased 467 105 — 572 Fractional shares - repurchase obligation (1) 114,574 — — 114,574 Total other liabilities 115,041 105 — 115,146 Total liabilities at fair value $ 115,041 $ 105 $ 3,530 $ 118,676 ____________________ |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands): September 30, 2022 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 1,078,778 $ 1,078,778 $ — $ — $ 1,078,778 Cash segregated under federal or other regulations 777,971 777,971 — — 777,971 Restricted cash 91,712 91,712 — — 91,712 Receivables from clients, net 635,380 — 635,380 — 635,380 Receivables from brokers, dealers and clearing organizations 120,211 — 120,211 — 120,211 Advisor repayable loans, net (1) 251,145 — — 209,795 209,795 Other receivables, net 645,731 — 645,731 — 645,731 Investment securities — held-to-maturity securities 17,084 — 16,658 — 16,658 Other assets: Securities borrowed 7,956 — 7,956 — 7,956 Deferred compensation plan (2) 9,356 9,356 — — 9,356 Other investments (3) 4,646 — 4,646 — 4,646 Total other assets 21,958 9,356 12,602 — 21,958 Liabilities Client payables $ 3,275,860 $ — $ 3,275,860 $ — $ 3,275,860 Payables to brokers, dealers and clearing organizations 168,485 — 168,485 — 168,485 Corporate debt and other borrowings, net 2,719,096 — 2,480,742 — 2,480,742 December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 483,190 $ 483,190 $ — $ — $ 483,190 Cash segregated under federal or other regulations 1,496,463 1,496,463 — — 1,496,463 Restricted cash 80,655 80,655 — — 80,655 Receivables from clients, net 578,889 — 578,889 — 578,889 Receivables from brokers, dealers and clearing organizations 102,503 — 102,503 — 102,503 Advisor repayable loans, net (1) 191,242 — — 176,864 176,864 Other receivables, net 581,483 — 581,483 — 581,483 Investment securities - held-to-maturity securities 9,918 — 9,915 — 9,915 Other assets: Securities borrowed 9,958 — 9,958 — 9,958 Other investments (3) 4,595 — 4,595 — 4,595 Total other assets 14,553 — 14,553 — 14,553 Liabilities Client payables $ 1,712,224 $ — $ 1,712,224 $ — $ 1,712,224 Payables to brokers, dealers and clearing organizations 170,119 — 170,119 — 170,119 Corporate debt and other borrowings, net 2,814,044 — 2,885,536 — 2,885,536 ____________________ (1) Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or agreed upon restructuring of terms. (2) Includes cash balances awaiting investment or distribution to plan participants. (3) Other investments include Depository Trust Company common shares and Federal Reserve stock. |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Maturities of securities held-to-maturity | At September 30, 2022, the held-to-maturity securities were scheduled to mature as follow s (in thousands): Within one year After one but within five years After five but within ten years After ten years Total U.S. government notes — at amortized cost $ 5,521 $ 11,563 $ — $ — $ 17,084 U.S. government notes — at fair value $ 5,440 $ 11,218 $ — $ — $ 16,658 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table summarizes investment securities (in thousands): September 30, 2022 December 31, 2021 Trading securities - at fair value: U.S. treasury obligations $ 24,189 $ 19,599 Mutual funds 18,904 19,112 Equity securities 1,593 440 Money market funds 111 123 Other 296 — Total trading securities $ 45,093 $ 39,274 Held-to-maturity securities - at amortized cost: U.S. government notes $ 17,084 $ 9,918 Total held-to-maturity securities $ 17,084 $ 9,918 Total investment securities $ 62,177 $ 49,192 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of intangible assets | The components of other intangibles, net were as follows at September 30, 2022 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and financial institution relationships 5.3 $ 809,872 $ (525,888) $ 283,984 Product sponsor relationships 3.4 234,086 (194,188) 39,898 Client relationships 7.9 80,064 (27,845) 52,219 Technology 5.7 19,040 (7,169) 11,871 Trade names — 1,200 (1,200) — Total definite-lived intangible assets, net $ 1,144,262 $ (756,290) $ 387,972 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 427,791 _______________________________ (1) Definite-lived intangibles, net include the impact of immaterial acquisitions during the period presented that were made in the normal course of business. The components of other intangibles, net were as follows at December 31, 2021 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net: Advisor and financial institution relationships 5.9 $ 806,531 $ (476,000) $ 330,531 Product sponsor relationships 4.1 234,086 (185,255) 48,831 Client relationships 7.2 45,623 (23,379) 22,244 Technology 6.4 19,040 (5,477) 13,563 Trade names 0.3 1,200 (1,160) 40 Total definite-lived intangibles, net $ 1,106,480 $ (691,271) $ 415,209 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 455,028 |
Amortization expense | Future amortization is estimated as follows (in thousands): 2022 - remainder $ 21,799 2023 83,883 2024 83,112 2025 74,738 2026 36,482 Thereafter 87,958 Total $ 387,972 |
Other Assert and Other Liabil_2
Other Assert and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets And Other Liabilities [Abstract] | |
Schedule of other assets and other liabilities | The components of other assets and other liabilities were as follows (thousands): September 30, 2022 December 31, 2021 Other assets: Deferred compensation $ 446,397 $ 499,548 Prepaid assets 93,775 115,018 Fractional shares — investment (1) 103,111 114,574 Operating lease assets 95,936 95,075 Debt issuance costs, net 7,427 7,303 Deferred income taxes, net 6,003 5,648 Other 56,132 49,822 Total other assets $ 808,781 $ 886,988 Other liabilities: Deferred compensation $ 446,576 $ 499,245 Unearned revenue (2) 150,241 160,926 Operating lease liabilities 129,426 130,304 Finance lease liabilities 105,670 106,067 Fractional shares — repurchase obligation (1) 103,111 114,574 Other 10,516 7,160 Total other liabilities $ 945,540 $ 1,018,276 _______________________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. (2) See Note 3 - Revenue for further information. |
Long-term and Other Borrowings
Long-term and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term and Other Borrowings | The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): September 30, 2022 December 31, 2021 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,040,575 LIBOR+175 bps 4.31 % $ 1,048,600 LIBOR+175 bps 1.85 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.00 % 900,000 Fixed Rate 4.00 % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.38 % 400,000 Fixed Rate 4.38 % 5/15/2031 Total Corporate Debt 2,740,575 2,748,600 Less: Unamortized Debt Issuance Costs (21,479) (24,556) Corporate debt, net $ 2,719,096 $ 2,724,044 Other Borrowings Revolving Credit Facility (2) — LIBOR+125 bps 4.39 % 55,000 ABR+25 bps 3.50 % 3/15/2026 Unsecured, Uncommitted Lines of Credit — Broker Base Rate+75 bps 1.00 % 35,000 Broker Base Rate+75 bps 1.00 % 9/30/2023 Total other borrowings $ — $ 90,000 Corporate Debt and Other Borrowings, Net $ 2,719,096 $ 2,814,044 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) Borrowings bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate (PRIME rate) depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2022 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ — $ 1,000 Broker-dealer revolving credit facility LPL Financial LLC August 2023 $ — $ 1,000 Unsecured, uncommitted lines of credit LPL Financial LLC September 2023 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2023 $ — $ 50 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared [Table Text Block] | Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data): 2022 2021 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 20.0 $ 0.25 $ 20.0 Second quarter $ 0.25 $ 20.0 $ 0.25 $ 20.0 Third quarter $ 0.25 $ 20.0 $ 0.25 $ 20.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock option and warrant activity | The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2022: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2021 1,204,420 $ 45.65 Granted — $ — Exercised (422,310) $ 36.17 Forfeited and Expired (1,541) $ 74.06 Outstanding — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 Exercisable — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 Exercisable and expected to vest — September 30, 2022 780,569 $ 50.73 4.32 $ 130,943 |
Summary of outstanding stock options and warrant information | The following table summarizes information about outstanding stock options and warrants as of September 30, 2022: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 105,911 $ 19.85 3.41 105,911 $ 19.85 $25.01 - $35.00 75,017 $ 29.27 0.25 75,017 $ 29.27 $35.01 - $45.00 191,049 $ 39.48 4.45 191,049 $ 39.48 $45.01 - $65.00 72,619 $ 49.08 2.04 72,619 $ 49.08 $65.01 - $75.00 154,365 $ 65.50 5.40 154,365 $ 65.50 $75.01 - $80.00 181,608 $ 77.53 6.40 181,608 $ 77.53 780,569 $ 50.73 4.32 780,569 $ 50.73 |
Summary of restricted stock awards and restricted stock units activity | The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the nine months ended September 30, 2022: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2021 1,051 $ 156.54 915,907 $ 111.26 Granted 1,864 $ 173.78 383,123 $ 189.98 Vested (2,101) $ 165.16 (362,132) $ 100.31 Forfeited — $ — (66,047) $ 146.62 Outstanding — September 30, 2022 814 $ 173.78 870,851 (1) $ 147.77 Expected to vest — September 30, 2022 814 $ 173.78 744,318 $ 154.67 _______________________________ (1) Includes 82,153 vested and undistributed deferred stock units. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share computations | The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 232,331 $ 103,064 $ 526,620 $ 351,785 Basic weighted-average number of shares outstanding 79,805 80,182 79,909 79,981 Dilutive common share equivalents 1,445 1,667 1,506 1,791 Diluted weighted-average number of shares outstanding 81,250 81,849 81,415 81,772 Basic earnings per share $ 2.91 $ 1.29 $ 6.59 $ 4.40 Diluted earnings per share $ 2.86 $ 1.26 $ 6.47 $ 4.30 |
Organization and Description _2
Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership Interest Percentage In Subsidiary | 100% |
Number of States in which Entity Operates | 50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (Decrease) in Other Operating Liabilities | $ (71,402) | $ 161,793 | ||
Shareholder Percent Ownership in Company | 5% | |||
Revenue from Related Parties | $ 1,400 | $ 1,500 | $ 4,400 | 4,400 |
Document Period End Date | Sep. 30, 2022 | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 400 | $ 500 | $ 2,700 | 1,300 |
Revision of Prior Period, Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (Decrease) in Other Operating Liabilities | $ 23,900 |
Revenue - Commission Revenue Di
Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 584,980 | $ 610,384 | $ 1,743,881 | $ 1,765,846 |
Annuities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 327,386 | 314,134 | 938,383 | 900,010 |
Mutual Funds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 164,190 | 201,120 | 521,951 | 569,958 |
Fixed Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 32,729 | 30,092 | 86,947 | 97,116 |
Equities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 24,278 | 28,943 | 88,820 | 98,371 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 36,397 | $ 36,095 | $ 107,780 | $ 100,391 |
Revenue - Commission Revenue _2
Revenue - Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 584,980 | $ 610,384 | $ 1,743,881 | $ 1,765,846 |
Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 269,893 | 239,804 | 762,717 | 725,673 |
Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 315,087 | 370,580 | 981,164 | 1,040,173 |
Annuities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 327,386 | 314,134 | 938,383 | 900,010 |
Annuities [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 152,343 | 108,983 | 388,447 | 317,141 |
Annuities [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 175,043 | 205,151 | 549,936 | 582,869 |
Mutual Funds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 164,190 | 201,120 | 521,951 | 569,958 |
Mutual Funds [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 34,074 | 46,934 | 121,141 | 144,463 |
Mutual Funds [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 130,116 | 154,186 | 400,810 | 425,495 |
Fixed Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 32,729 | 30,092 | 86,947 | 97,116 |
Fixed Income [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 32,729 | 30,092 | 86,947 | 97,116 |
Equities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 24,278 | 28,943 | 88,820 | 98,371 |
Equities [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 24,278 | 28,943 | 88,820 | 98,371 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 36,397 | 36,095 | 107,780 | 100,391 |
Other [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 26,469 | 24,852 | 77,362 | 68,582 |
Other [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 9,928 | $ 11,243 | $ 30,418 | $ 31,809 |
Revenue - Asset-based Revenue d
Revenue - Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | $ 489,263 | $ 301,701 | $ 1,149,261 | $ 846,027 |
Client Cash Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | 294,993 | 91,257 | 534,409 | 278,738 |
Sponsorship Programs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | 93,344 | 101,426 | 299,319 | 279,116 |
Recordkeeping [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | $ 100,926 | $ 109,018 | $ 315,533 | $ 288,173 |
Revenue - Transaction and Fee R
Revenue - Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Service and fee | $ 121,745 | $ 105,079 | $ 347,359 | $ 301,376 |
Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Service and fee | 31,022 | 29,764 | 86,890 | 78,322 |
Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Service and fee | $ 90,723 | $ 75,315 | $ 260,469 | $ 223,054 |
Revenue - Unearned Revenue Reco
Revenue - Unearned Revenue Recognized (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Unearned Revenue [Abstract] | |
Revenue recognized | $ 159.4 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Apr. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 35,182 | $ 241,604 | ||
Goodwill | 1,642,468 | $ 1,642,443 | ||
Waddell & Reed Financial, Inc. | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 128,600 | |||
Finite-lived intangible assets acquired | 122,700 | |||
Payments to Acquire Businesses, Gross | $ 300,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 62,300 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | $ 45,093 | $ 39,274 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 12,056 | |
Securities owned — trading | 45,093 | 39,274 |
Other assets | 547,844 | 623,288 |
Total assets at fair value | 2,223,696 | 674,618 |
Accounts payable and accrued liabilities | 3,690 | 3,530 |
Other Liabilities, Fair Value Disclosure | 103,196 | 115,146 |
Total liabilities at fair value | 106,886 | 118,676 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 12,056 | |
Securities owned — trading | 44,827 | 39,274 |
Other assets | 540,152 | 614,122 |
Total assets at fair value | 2,215,738 | 665,452 |
Accounts payable and accrued liabilities | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 103,124 | 115,041 |
Total liabilities at fair value | 103,124 | 115,041 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Securities owned — trading | 266 | 0 |
Other assets | 7,692 | 9,166 |
Total assets at fair value | 7,958 | 9,166 |
Securities sold, but not yet purchased | 0 | |
Accounts payable and accrued liabilities | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 72 | 105 |
Total liabilities at fair value | 72 | 105 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Securities owned — trading | 0 | 0 |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Securities sold, but not yet purchased | 0 | 0 |
Accounts payable and accrued liabilities | 3,690 | 3,530 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total liabilities at fair value | 3,690 | 3,530 |
Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 7 | 467 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 6 | 467 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | 0 |
Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 6 | 105 |
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | 0 |
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 72 | 105 |
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | 0 |
Mutual Funds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 72 | |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 7 | |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | 0 |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | 0 |
Securities Sold, Not yet Purchased | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 85 | 572 |
Securities Sold, Not yet Purchased | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 13 | 467 |
Securities Sold, Not yet Purchased | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 72 | 105 |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,490,119 | |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,490,119 | |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 140,640 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 140,640 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 111 | 123 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 111 | 123 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 111 | 123 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Other Security Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 296 | 0 |
Other Security Investments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 296 | |
Other Security Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 30 | |
Other Security Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 266 | |
Other Security Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | |
Mutual Funds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 18,904 | 19,112 |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 18,904 | 19,112 |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 1,593 | 440 |
Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 1,593 | 440 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 1,593 | 440 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
U.S. treasury obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 24,189 | 19,599 |
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 24,189 | 19,599 |
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 24,189 | 19,599 |
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Deferred Compensation Plan | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 437,041 | 499,548 |
Deferred Compensation Plan | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 437,041 | 499,548 |
Deferred Compensation Plan | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Deferred Compensation Plan | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Other Investments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 7,692 | 9,166 |
Other Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Other Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 7,692 | 9,166 |
Other Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fractional Shares | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 103,111 | 114,574 |
Securities sold, but not yet purchased | 114,574 | |
Other Liabilities, Fair Value Disclosure | 103,111 | |
Fractional Shares | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 103,111 | 114,574 |
Other Liabilities, Fair Value Disclosure | 103,111 | 114,574 |
Fractional Shares | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | |
Fractional Shares | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | $ 0 |
Other Liabilities, Fair Value Disclosure | $ 0 |
Fair Value Measurements - Not M
Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Assets, not measured at fair value | |||
Cash and cash equivalents | $ 1,219,418 | $ 495,246 | $ 977,789 |
Cash segregated under federal and other regulations | 2,268,090 | 1,496,463 | 811,716 |
Restricted cash | 91,712 | 80,655 | $ 85,381 |
Receivables from clients, net | 635,380 | 578,889 | |
Receivables from brokers, dealers and clearing organizations | 120,211 | 102,503 | |
Advisor loans, net | 1,022,546 | 963,869 | |
Other receivables, net | 645,731 | 581,483 | |
Investment securities - held-to-maturity securities | 17,084 | 9,918 | |
Other assets | 808,781 | 886,988 | |
Liabilities, not measured at fair value | |||
Payables to clients | 3,275,860 | 1,712,224 | |
Payables to broker-dealers and clearing organizations | 168,485 | 170,119 | |
Corporate debt and other borrowings, net | 2,719,096 | 2,814,044 | |
Financial instruments not measured at fair value | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 1,078,778 | 483,190 | |
Cash segregated under federal and other regulations | 777,971 | 1,496,463 | |
Restricted cash | 91,712 | 80,655 | |
Receivables from clients, net | 635,380 | 578,889 | |
Receivables from brokers, dealers and clearing organizations | 120,211 | 102,503 | |
Advisor loans, net | 251,145 | 191,242 | |
Other receivables, net | 645,731 | 581,483 | |
Investment securities - held-to-maturity securities | 17,084 | 9,918 | |
Other assets | 21,958 | 14,553 | |
Liabilities, not measured at fair value | |||
Payables to clients | 3,275,860 | 1,712,224 | |
Payables to broker-dealers and clearing organizations | 168,485 | 170,119 | |
Corporate debt and other borrowings, net | 2,719,096 | 2,814,044 | |
Financial instruments not measured at fair value | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,646 | 4,595 | |
Financial instruments not measured at fair value | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 7,956 | 9,958 | |
Financial instruments not measured at fair value | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 9,356 | ||
Financial instruments not measured at fair value | Total Fair Value | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 1,078,778 | 483,190 | |
Cash segregated under federal and other regulations | 777,971 | 1,496,463 | |
Restricted cash | 91,712 | 80,655 | |
Receivables from clients, net | 635,380 | 578,889 | |
Receivables from brokers, dealers and clearing organizations | 120,211 | 102,503 | |
Advisor loans, net | 209,795 | 176,864 | |
Other receivables, net | 645,731 | 581,483 | |
Investment securities - held-to-maturity securities | 16,658 | 9,915 | |
Other assets | 21,958 | 14,553 | |
Liabilities, not measured at fair value | |||
Payables to clients | 3,275,860 | 1,712,224 | |
Payables to broker-dealers and clearing organizations | 168,485 | 170,119 | |
Corporate debt and other borrowings, net | 2,480,742 | 2,885,536 | |
Financial instruments not measured at fair value | Total Fair Value | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,646 | 4,595 | |
Financial instruments not measured at fair value | Total Fair Value | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 7,956 | 9,958 | |
Financial instruments not measured at fair value | Total Fair Value | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 9,356 | ||
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 1,078,778 | 483,190 | |
Cash segregated under federal and other regulations | 777,971 | 1,496,463 | |
Restricted cash | 91,712 | 80,655 | |
Receivables from clients, net | 0 | 0 | |
Receivables from brokers, dealers and clearing organizations | 0 | 0 | |
Advisor loans, net | 0 | 0 | |
Other receivables, net | 0 | 0 | |
Investment securities - held-to-maturity securities | 0 | 0 | |
Other assets | 9,356 | 0 | |
Liabilities, not measured at fair value | |||
Payables to clients | 0 | 0 | |
Payables to broker-dealers and clearing organizations | 0 | 0 | |
Corporate debt and other borrowings, net | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 9,356 | ||
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 0 | 0 | |
Cash segregated under federal and other regulations | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables from clients, net | 635,380 | 578,889 | |
Receivables from brokers, dealers and clearing organizations | 120,211 | 102,503 | |
Advisor loans, net | 0 | 0 | |
Other receivables, net | 645,731 | 581,483 | |
Investment securities - held-to-maturity securities | 16,658 | 9,915 | |
Other assets | 12,602 | 14,553 | |
Liabilities, not measured at fair value | |||
Payables to clients | 3,275,860 | 1,712,224 | |
Payables to broker-dealers and clearing organizations | 168,485 | 170,119 | |
Corporate debt and other borrowings, net | 2,480,742 | 2,885,536 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,646 | 4,595 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 7,956 | 9,958 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 0 | 0 | |
Cash segregated under federal and other regulations | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables from clients, net | 0 | 0 | |
Receivables from brokers, dealers and clearing organizations | 0 | 0 | |
Advisor loans, net | 209,795 | 176,864 | |
Other receivables, net | 0 | 0 | |
Investment securities - held-to-maturity securities | 0 | 0 | |
Other assets | 0 | 0 | |
Liabilities, not measured at fair value | |||
Payables to clients | 0 | 0 | |
Payables to broker-dealers and clearing organizations | 0 | 0 | |
Corporate debt and other borrowings, net | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | $ 0 | $ 0 |
Investment Securities - Summary
Investment Securities - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trading securities - at fair value: | ||
Securities owned — trading | $ 45,093 | $ 39,274 |
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 17,084 | 9,918 |
Short-term Investments | 62,177 | 49,192 |
Money Market Funds [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 111 | 123 |
Mutual funds | ||
Trading securities - at fair value: | ||
Securities owned — trading | 18,904 | 19,112 |
Equity Securities [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 1,593 | 440 |
U.S. treasury obligations [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 24,189 | 19,599 |
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 17,084 | |
US Government Agencies Debt Securities | ||
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 17,084 | 9,918 |
Other Security Investments | ||
Trading securities - at fair value: | ||
Securities owned — trading | $ 296 | $ 0 |
Held-to-Maturity Securities (De
Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Maturities of securities held-to-maturity | ||
U.S. government notes - at amortized cost, Total | $ 17,084 | $ 9,918 |
U.S. Treasury Securities [Member] | ||
Maturities of securities held-to-maturity | ||
U.S. government notes - at amortized cost, Within one year | 5,521 | |
U.S. government notes - at amortized cost, After one but within five years | 11,563 | |
U.S. government notes - at amortized cost, After five but within ten years | 0 | |
U.S. government notes - at amortized cost, Total | 17,084 | |
U.S. government notes - at fair value, Within one year | 5,440 | |
U.S. government notes - at fair value, After one but within five years | 11,218 | |
U.S. government notes - at fair value, After five but within ten years | 0 | |
U.S. government notes - at fair value, Total | 16,658 | |
US Government Agencies Debt Securities | ||
Maturities of securities held-to-maturity | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 0 | |
U.S. government notes - at amortized cost, Total | 17,084 | $ 9,918 |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Total amortization expense of intangible assets | $ 22,654 | $ 21,531 | $ 65,018 | $ 58,887 | ||
Goodwill | 1,642,468 | 1,642,468 | $ 1,642,443 | |||
Waddell & Reed Financial, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-Average Life Remaining (in years) | 9 years | |||||
Payments to Acquire Businesses, Gross | $ 300,000 | |||||
Goodwill | 128,600 | 128,600 | ||||
Finite-lived intangible assets acquired | $ 122,700 | $ 122,700 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 1,642,443 |
Goodwill, ending balance | $ 1,642,468 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets | ||
Gross Carrying Value | $ 1,144,262 | $ 1,106,480 |
Accumulated Amortization | (756,290) | (691,271) |
Net Carrying Value | 387,972 | 415,209 |
Indefinite-lived Intangible Assets | ||
Total intangible assets | 427,791 | 455,028 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets | ||
Net Carrying Value | $ 39,819 | $ 39,819 |
Advisor And Financial Institution Relationships [Member] | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life Remaining (in years) | 5 years 3 months 18 days | 5 years 10 months 24 days |
Gross Carrying Value | $ 809,872 | $ 806,531 |
Accumulated Amortization | (525,888) | (476,000) |
Net Carrying Value | $ 283,984 | $ 330,531 |
Product Sponsor Relationships [Member] | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life Remaining (in years) | 3 years 4 months 24 days | 4 years 1 month 6 days |
Gross Carrying Value | $ 234,086 | $ 234,086 |
Accumulated Amortization | (194,188) | (185,255) |
Net Carrying Value | $ 39,898 | $ 48,831 |
Client Relationships [Member] | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life Remaining (in years) | 7 years 10 months 24 days | 7 years 2 months 12 days |
Gross Carrying Value | $ 80,064 | $ 45,623 |
Accumulated Amortization | (27,845) | (23,379) |
Net Carrying Value | $ 52,219 | $ 22,244 |
Technology [Member] | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life Remaining (in years) | 5 years 8 months 12 days | 6 years 4 months 24 days |
Gross Carrying Value | $ 19,040 | $ 19,040 |
Accumulated Amortization | (7,169) | (5,477) |
Net Carrying Value | $ 11,871 | $ 13,563 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life Remaining (in years) | 0 years | 3 months 18 days |
Gross Carrying Value | $ 1,200 | $ 1,200 |
Accumulated Amortization | (1,200) | (1,160) |
Net Carrying Value | $ 0 | $ 40 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Future amortization expense | ||
Remainder of Fiscal Year | $ 21,799 | |
Due Year One | 83,883 | |
Due Year Two | 83,112 | |
Due Year Three | 74,738 | |
Due Year Four | 36,482 | |
Due after Year Four | 87,958 | |
Net Carrying Value | $ 387,972 | $ 415,209 |
Other Assert and Other Liabil_3
Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other assets: | ||
Deferred compensation | $ 446,397 | $ 499,548 |
Fractional shares - investment | 103,111 | 114,574 |
Prepaid assets | 93,775 | 115,018 |
Operating lease assets | 95,936 | 95,075 |
Debt issuance costs, net | 7,427 | 7,303 |
Deferred Income Tax Assets, Net | 6,003 | 5,648 |
Other | 56,132 | 49,822 |
Total other assets | $ 808,781 | $ 886,988 |
Operating lease assets [Extensible List] | Total other assets | Total other assets |
Other liabilities: | ||
Deferred compensation | $ 446,576 | $ 499,245 |
Unearned revenue | 150,241 | 160,926 |
Operating lease liabilities | 129,426 | 130,304 |
Fractional shares - repurchase obligation | 103,111 | 114,574 |
Finance lease liabilities | 105,670 | 106,067 |
Other | 10,516 | 7,160 |
Total other liabilities | $ 945,540 | $ 1,018,276 |
Operating lease liabilities [Extensible List] | Total other liabilities | Total other liabilities |
Finance lease liabilities [Extensible List] | Total other liabilities | Total other liabilities |
Long-term and Other Borrowing_2
Long-term and Other Borrowings (Long-Term Borrowings Outstanding) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | May 18, 2021 | Mar. 15, 2021 | |
Borrowings [Line Items] | ||||
Long-TermSeniorDebtGross | $ 2,740,575 | $ 2,748,600 | ||
Less Unamortized Debt Issuance Cost | (21,479) | (24,556) | ||
Long-Term Senior Debt, Net | 2,719,096 | 2,724,044 | ||
Long-term Debt | 2,719,096 | 2,814,044 | ||
Other Long-term Debt | 0 | 90,000 | ||
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | ||||
Borrowings [Line Items] | ||||
Long-TermSeniorDebtGross | $ 1,040,575 | $ 1,048,600 | ||
Variable Interest Rate (as percent) | 4.31% | 1.85% | ||
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Borrowings [Line Items] | ||||
Applicable interest rate margin (as percent) | 1.75% | 1.75% | ||
Unsecured Debt [Member] | Senior Notes Due 2027 [Member] | ||||
Borrowings [Line Items] | ||||
Long-TermSeniorDebtGross | $ 400,000 | $ 400,000 | ||
Fixed Interest Rate (as percent) | 4.63% | 4.63% | ||
Unsecured Debt [Member] | Senior Notes Due 2029 | ||||
Borrowings [Line Items] | ||||
Long-TermSeniorDebtGross | $ 900,000 | $ 900,000 | ||
Fixed Interest Rate (as percent) | 4% | 4% | 4% | |
Unsecured Debt [Member] | Senior Notes Due 2031 | ||||
Borrowings [Line Items] | ||||
Long-TermSeniorDebtGross | $ 400,000 | $ 400,000 | ||
Fixed Interest Rate (as percent) | 4.38% | 4.38% | 4.375% | |
Line of Credit | ||||
Borrowings [Line Items] | ||||
Other Long-term Debt | $ 55,000 | |||
Revolving Credit Facility [Member] | Line of Credit | ||||
Borrowings [Line Items] | ||||
Variable Interest Rate (as percent) | 4.39% | 3.50% | ||
Other Long-term Debt | $ 0 | |||
Revolving Credit Facility [Member] | Line of Credit | London Interbank Offered Rate (LIBOR) [Member] | ||||
Borrowings [Line Items] | ||||
Applicable interest rate margin (as percent) | 1.25% | |||
Revolving Credit Facility [Member] | Line of Credit | ABR | ||||
Borrowings [Line Items] | ||||
Applicable interest rate margin (as percent) | 0.25% | |||
Unsecured Debt [Member] | Line of Credit | ||||
Borrowings [Line Items] | ||||
Variable Interest Rate (as percent) | 1% | 1% | ||
Other Long-term Debt | $ 0 | $ 35,000 | ||
Unsecured Debt [Member] | Line of Credit | Broker Base Rate | ||||
Borrowings [Line Items] | ||||
Applicable interest rate margin (as percent) | 0.75% |
Long-term and Other Borrowing_3
Long-term and Other Borrowings (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions | Sep. 30, 2022 USD ($) |
Revolving Credit Facility [Member] | Senior Secured, Revolving Credit Facility Due March 2026 | |
Line of Credit Facility [Line Items] | |
Outstanding | $ 0 |
Available | 1,000 |
Revolving Credit Facility [Member] | Broker-Dealer, Revolving Credit Facility Due July 2024 | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 1,000 |
Secured Debt [Member] | Secured, Uncommitted Lines of Credit, No Maturity, One | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Secured Debt [Member] | Secured, Uncommitted Lines of Credit, No Maturity, Two | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit Due September 2021, One | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 75 |
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit Due September 2021, Two | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 50 |
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit, No Maturity | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | $ 75 |
Long-term and Other Borrowing_4
Long-term and Other Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Mar. 15, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | May 18, 2021 | |
Borrowings [Line Items] | |||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 0 | $ 0 | $ (24,400) | |||
Revolving Credit Facility [Member] | |||||||
Borrowings [Line Items] | |||||||
Debt issuance costs | $ 3,200 | ||||||
Line of credit, maximum borrowing capacity | 1,000,000 | ||||||
Unsecured Debt [Member] | Senior Notes Due 2029 | |||||||
Borrowings [Line Items] | |||||||
Long-term Debt, Gross | $ 900,000 | ||||||
Fixed Interest Rate (as percent) | 4% | 4% | 4% | 4% | |||
Debt issuance costs | $ 9,000 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (24,400) | ||||||
Unsecured Debt [Member] | Senior Notes Due 2027 [Member] | |||||||
Borrowings [Line Items] | |||||||
Fixed Interest Rate (as percent) | 4.63% | 4.63% | 4.63% | ||||
Unsecured Debt [Member] | Senior Notes Due 2031 | |||||||
Borrowings [Line Items] | |||||||
Long-term Debt, Gross | $ 400,000 | ||||||
Fixed Interest Rate (as percent) | 4.38% | 4.38% | 4.38% | 4.375% | |||
Debt issuance costs | $ 3,800 |
Long-term and Other Borrowing_5
Long-term and Other Borrowings - Revolving Credit Facility (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Aug. 04, 2022 | Sep. 30, 2022 | Aug. 03, 2022 | Mar. 15, 2021 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | |||
Debt issuance costs | $ 3,200 | |||
LPL Financial LLC [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Stated rate | 1.25% | |||
LPL Financial LLC [Member] | Revolving Credit Facility [Member] | SOFR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.10% | |||
LPL Financial LLC [Member] | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | $ 300,000 | ||
Debt issuance costs | $ 1,900 | |||
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.75% |
Long-term and Other Borrowing_6
Long-term and Other Borrowings - Line of Credit (Bank Loans Payable Textuals) (Details) - Line of Credit $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) lineOfCredit | |
Uncommitted Lines Of Credit | |
Line of Credit Facility [Line Items] | |
Total number of uncommitted lines of credit | 5 |
Uncommitted Lines Of Credit, Unspecified Limits | |
Line of Credit Facility [Line Items] | |
Total number of uncommitted lines of credit | 2 |
Uncommitted Lines Of Credit, Specified Limits | |
Line of Credit Facility [Line Items] | |
Total number of uncommitted lines of credit | 3 |
Line of credit, maximum borrowing capacity | $ | $ 200 |
Commitments and Contingencies (
Commitments and Contingencies (Legal) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Self Insurance Reserve | $ 70,200 | $ 67,200 |
Self Insurance, Transfers and Adjustments | $ 24,400 |
Commitments and Contingencies_2
Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Brokers and Dealers [Abstract] | ||
Collateral securities | $ 515,600 | |
Collateral security (Fair value) | 721,800 | |
Amount pledged with client-owned securities | 49,800 | |
Remaining collateral securities that can be re-pledged, loaned, or sold | 672,000 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Remaining collateral securities that can be re-pledged, loaned, or sold | 672,000 | |
Self Insurance, Claims Incurred | 27,400 | |
Self Insurance, Transfers and Adjustments | 24,400 | |
Options Clearing Corporation [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Marketable Securities | 4,400 | $ 4,600 |
National Securities Clearing Corporation [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Marketable Securities | $ 19,700 | $ 15,000 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | ||
Dividends, Common Stock [Abstract] | ||||||||
Cash dividends on common stock | $ 19,950 | $ 20,000 | $ 20,000 | $ 20,057 | $ 20,000 | $ 20,000 | $ 59,945 | $ 60,068 |
Stockholdes' Equity (Share Repu
Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |||
Amount Remaining | $ 2,150,000 | $ 2,150,000 | |
Treasury stock purchased | $ 75,007 | $ 40,005 | $ 175,018 |
Shares Purchased | 930,201 | ||
Weighted-Average Price Paid Per Share | $ 188.15 | ||
Document Period End Date | Sep. 30, 2022 |
Share-Based Compensation (Texua
Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation: | ||||
Authorized shares | 17,754,197 | 17,754,197 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 13,774,220 | 13,774,220 | ||
Employees, officers and directors [Member] | Restricted Stock [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | $ 10.2 | $ 8.6 | $ 34.9 | $ 28.7 |
Share-based compensation cost unrecognized | 72.4 | $ 72.4 | ||
Non-vested compensation cost weighted-average period | 2 years 18 days | |||
Employees, officers and directors [Member] | Stock options and warrants [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | 0 | 0.7 | $ 0.2 | 2.2 |
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | 0.7 | $ 0.5 | 1.9 | $ 1.7 |
Share-based compensation cost unrecognized | $ 5.9 | $ 5.9 | ||
Non-vested compensation cost weighted-average period | 2 years 4 months 6 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares Outstanding, Ending Balance | 780,569 |
Stock options and warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares Outstanding, Beginning Balance | 1,204,420 |
Number of Shares, Granted | 0 |
Number of Shares, Exercised | (422,310) |
Number of Shares, Forfeited | (1,541) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighed-Average Exercise Price, Beginning Balance | $ 45.65 |
Weighted-Average Exercise Price, Granted | 0 |
Weighted-Average Exercise Price, Exercised | 36.17 |
Weighted-Average Exercise Price, Forfeited | 74.06 |
Weighed-Average Exercise Price, Ending Balance | $ 50.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Shares Exercisable, Ending Balance | 780,569 |
Weighted-Average Exercise Price, Exercisable | $ 50.73 |
Weighted-Average Remaining Contractual Term, Options Exercisable | 4 years 3 months 25 days |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ 130,943 |
Weighted-Average Remaining Contractual Term, Options Outstanding | 4 years 3 months 25 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ 130,943 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Number of Shares Exercisable and expect to vest | 780,569 |
Weighed-Average Exercise Price, Excercisable and expect to vest | $ 50.73 |
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest | 4 years 3 months 25 days |
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance | $ 130,943 |
Share-Based Compensation - Outs
Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 780,569 |
Number of shares, Exercisable | shares | 780,569 |
Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Weighted-average remaining life (years), Outstanding | 4 years 3 months 25 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 50.73 |
Weighted-average exercise price, Exercisable | $ / shares | $ 50.73 |
$19.85 - $25.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 105,911 |
Weighted-average remaining life (years), Outstanding | 3 years 4 months 28 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 19.85 |
Number of shares, Exercisable | shares | 105,911 |
Weighted-average exercise price, Exercisable | $ / shares | $ 19.85 |
$25.01 - $35.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 75,017 |
Weighted-average remaining life (years), Outstanding | 3 months |
Weighted-average exercise price, Outstanding | $ / shares | $ 29.27 |
Number of shares, Exercisable | shares | 75,017 |
Weighted-average exercise price, Exercisable | $ / shares | $ 29.27 |
$35.01 - $45.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 191,049 |
Weighted-average remaining life (years), Outstanding | 4 years 5 months 12 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 39.48 |
Number of shares, Exercisable | shares | 191,049 |
Weighted-average exercise price, Exercisable | $ / shares | $ 39.48 |
$45.01 - $65.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 72,619 |
Weighted-average remaining life (years), Outstanding | 2 years 14 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 49.08 |
Number of shares, Exercisable | shares | 72,619 |
Weighted-average exercise price, Exercisable | $ / shares | $ 49.08 |
$65.01 - $75.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 154,365 |
Weighted-average remaining life (years), Outstanding | 5 years 4 months 24 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 65.50 |
Number of shares, Exercisable | shares | 154,365 |
Weighted-average exercise price, Exercisable | $ / shares | $ 65.50 |
$75.01 - $80.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 181,608 |
Weighted-average remaining life (years), Outstanding | 6 years 4 months 24 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 77.53 |
Number of shares, Exercisable | shares | 181,608 |
Weighted-average exercise price, Exercisable | $ / shares | $ 77.53 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Stock units vested and undistributed | 82,153 |
Restricted stock awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Shares, Beginning Balance | 1,051 |
Number of Shares, Granted | 1,864 |
Number of Shares, Vested | (2,101) |
Number of Shares, Forfeited | 0 |
Number of Shares, Ending Balance | 814 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 156.54 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 173.78 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 165.16 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 173.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 814 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 173.78 |
Restricted stock units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Shares, Beginning Balance | 915,907 |
Number of Shares, Granted | 383,123 |
Number of Shares, Vested | (362,132) |
Number of Shares, Forfeited | (66,047) |
Number of Shares, Ending Balance | 870,851 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 111.26 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 189.98 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 100.31 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 146.62 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 147.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 744,318 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 154.67 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 232,331 | $ 103,064 | $ 526,620 | $ 351,785 |
Basic weighted-average number of shares outstanding | 79,805 | 80,182 | 79,909 | 79,981 |
Dilutive common share equivalents | 1,445 | 1,667 | 1,506 | 1,791 |
Diluted weighted-average number of shares outstanding | 81,250 | 81,849 | 81,415 | 81,772 |
Basic earnings per share | $ 2.91 | $ 1.29 | $ 6.59 | $ 4.40 |
Diluted earnings per share | $ 2.86 | $ 1.26 | $ 6.47 | $ 4.30 |
Earnings per Share (Textuals) (
Earnings per Share (Textuals) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of Earnings per Share amount | 7,843 | 0 | 3,000 | 2,501 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Shareholder Percent Ownership in Company | 5% | |||
Revenue from related party transactions | $ 1,400 | $ 1,500 | $ 4,400 | $ 4,400 |
Related party transactions expenses | $ 400 | $ 500 | $ 2,700 | $ 1,300 |
Net Capital and Regulatory Re_2
Net Capital and Regulatory Requirements (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Net Capital and Regulatory Requirements [Line Items] | |
Broker-Dealer, Net Capital | $ 189,900 |
Broker-Dealer, Excess Net Capital, Alternative Standard | 175,700 |
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard | $ 14,200 |
Subsequent Events - Dividend De
Subsequent Events - Dividend Declared (Details) - Subsequent Event [Member] - $ / shares | Nov. 28, 2022 | Nov. 10, 2022 | Oct. 27, 2022 |
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.25 | ||
Forecast [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date to be Paid | Nov. 28, 2022 | ||
Dividends Payable, Date of Record | Nov. 10, 2022 |