Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'JNFC | ' | ' |
Entity Registrant Name | 'JONES FINANCIAL COMPANIES LLLP | ' | ' |
Entity Central Index Key | '0000815917 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Limited Partnership Interests Outstanding | ' | 639,232 | ' |
Entity Public Float | ' | ' | $0 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $599,705 | $600,936 |
Cash and investments segregated under federal regulations | 8,435,077 | 7,714,642 |
Securities purchased under agreements to resell | 1,026,405 | 1,092,586 |
Receivable from: | ' | ' |
Clients | 2,300,082 | 2,266,874 |
Mutual funds, insurance companies and other | 405,009 | 355,507 |
Brokers, dealers and clearing organizations | 148,103 | 189,119 |
Securities owned, at fair value: | ' | ' |
Inventory securities | 101,495 | 74,552 |
Investment securities | 141,094 | 111,904 |
Equipment, property and improvements, at cost, net of accumulated depreciation and amortization | 542,585 | 537,049 |
Other assets | 95,206 | 99,074 |
TOTAL ASSETS | 13,794,761 | 13,042,243 |
Payable to: | ' | ' |
Clients | 10,596,321 | 10,075,684 |
Brokers, dealers and clearing organizations | 79,243 | 65,477 |
Securities sold, not yet purchased, at fair value | 4,259 | 22,327 |
Accrued compensation and employee benefits | 842,448 | 665,509 |
Accounts payable and accrued expenses | 137,562 | 124,850 |
Long-term debt | 4,430 | 5,503 |
Total liabilities before liabilities subordinated to claims of general creditors | 11,664,263 | 10,959,350 |
Liabilities subordinated to claims of general creditors | 50,000 | 100,000 |
Commitments and contingencies (Notes 14 and 15) | ' | ' |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,857,915 | 1,812,247 |
Reserve for anticipated withdrawals | 222,583 | 170,646 |
Total partnership capital subject to mandatory redemption | 2,080,498 | 1,982,893 |
TOTAL LIABILITIES | $13,794,761 | $13,042,243 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Trade revenue | ' | ' | ' |
Commissions | $2,134,396 | $1,979,026 | $1,698,687 |
Principal transactions | 182,547 | 155,895 | 284,231 |
Investment banking | 122,365 | 111,539 | 153,100 |
Total trade revenue | 2,439,308 | 2,246,460 | 2,136,018 |
Fee revenue | ' | ' | ' |
Asset-based | 2,522,719 | 2,042,392 | 1,776,883 |
Account and activity | 567,617 | 573,949 | 522,898 |
Total fee revenue | 3,090,336 | 2,616,341 | 2,299,781 |
Interest and dividends | 133,726 | 133,469 | 130,150 |
Other revenue | 52,281 | 31,148 | 11,553 |
Total revenue | 5,715,651 | 5,027,418 | 4,577,502 |
Interest expense | 58,745 | 62,243 | 67,641 |
Net revenue | 5,656,906 | 4,965,175 | 4,509,861 |
Operating expenses: | ' | ' | ' |
Compensation and benefits | 3,793,110 | 3,285,171 | 2,940,088 |
Occupancy and equipment | 356,018 | 352,968 | 356,555 |
Communications and data processing | 291,529 | 279,320 | 289,358 |
Payroll and other taxes | 207,326 | 185,954 | 171,125 |
Advertising | 57,964 | 56,255 | 54,201 |
Postage and shipping | 50,904 | 47,587 | 48,487 |
Clearance fees | 12,588 | 12,648 | 12,564 |
Other operating expenses | 213,129 | 190,252 | 155,700 |
Total operating expenses | 4,982,568 | 4,410,155 | 4,028,078 |
Income before allocations to partners | 674,338 | 555,020 | 481,783 |
Allocations to partners: | ' | ' | ' |
Limited partners | 78,105 | 72,018 | 69,960 |
Subordinated limited partners | 73,166 | 60,551 | 50,292 |
General partners | 523,067 | 422,451 | 361,531 |
Net income | $0 | $0 | $0 |
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $121.12 | $109.84 | $104.66 |
Weighted average $1,000 equivalent limited partnership units outstanding | 644,856 | 655,663 | 668,450 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership interest value | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION (USD $) | Total | Limited Partnership Capital | Subordinated Limited Partnership Capital | General Partnership Capital |
In Thousands | ||||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2010 | $1,496,725 | $451,349 | $221,968 | $823,408 |
Reserve for anticipated withdrawals at Dec. 31, 2010 | -108,248 | -28,205 | -15,447 | -64,596 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2010 | 1,604,973 | 479,554 | 237,415 | 888,004 |
Issuance of partnership interests | 362,532 | 223,560 | 35,182 | 103,790 |
Redemption of partnership interests | -97,191 | -12,683 | -1,736 | -82,772 |
Income allocated to partners | 481,783 | 69,960 | 50,292 | 361,531 |
Distributions | -251,219 | -26,482 | -34,623 | -190,114 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -86,853 | 0 | 0 | -86,853 |
Reserve for anticipated withdrawals at Dec. 31, 2011 | -147,412 | -43,478 | -15,669 | -88,265 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2011 | 1,758,365 | 662,226 | 255,414 | 840,725 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2011 | 1,992,630 | 705,704 | 271,083 | 1,015,843 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2011 | 1,905,777 | 705,704 | 271,083 | 928,990 |
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2011 | 1,845,218 | 662,226 | 255,414 | 927,578 |
Partnership loans outstanding at Dec. 31, 2011 | 86,853 | 0 | 0 | 86,853 |
Issuance of partnership interests | 139,291 | 0 | 36,134 | 103,157 |
Redemption of partnership interests | -99,170 | -11,491 | -7,839 | -79,840 |
Income allocated to partners | 555,020 | 72,018 | 60,551 | 422,451 |
Distributions | -287,202 | -27,195 | -41,352 | -218,655 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -170,264 | 0 | 0 | -170,264 |
Reserve for anticipated withdrawals at Dec. 31, 2012 | -170,646 | -44,823 | -19,199 | -106,624 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2012 | 1,812,247 | 650,735 | 283,709 | 877,803 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2012 | 2,153,157 | 695,558 | 302,908 | 1,154,691 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2012 | 1,982,893 | 695,558 | 302,908 | 984,427 |
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2012 | 1,982,511 | 650,735 | 283,709 | 1,048,067 |
Partnership loans outstanding at Dec. 31, 2012 | 170,264 | 0 | 0 | 170,264 |
Issuance of partnership interests | 133,746 | 0 | 31,466 | 102,280 |
Redemption of partnership interests | -116,018 | -10,465 | -10,617 | -94,936 |
Income allocated to partners | 674,338 | 78,105 | 73,166 | 523,067 |
Distributions | -379,557 | -30,595 | -49,090 | -299,872 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -214,522 | 0 | -126 | -214,396 |
Reserve for anticipated withdrawals at Dec. 31, 2013 | -222,583 | -47,510 | -24,076 | -150,997 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2013 | 1,857,915 | 640,270 | 304,432 | 913,213 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2013 | 2,295,020 | 687,780 | 328,634 | 1,278,606 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2013 | $2,080,498 | $687,780 | $328,508 | $1,064,210 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $0 | $0 | $0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Income before allocations to partners | 674,338 | 555,020 | 481,783 |
Depreciation and amortization | 82,095 | 80,148 | 90,609 |
Changes in assets and liabilities: | ' | ' | ' |
Cash and investments segregated under federal regulations | -720,435 | -3,242,116 | -858,363 |
Securities purchased under agreements to resell | 66,181 | -416,138 | 278,761 |
Net payable to clients | 487,429 | 3,435,028 | 1,085,328 |
Net receivable from brokers, dealers and clearing organizations | 54,782 | -100,084 | 8,124 |
Receivable from mutual funds, insurance companies and other | -49,502 | -55,500 | -8,922 |
Securities owned, net | -74,201 | 7,453 | -3,700 |
Other assets | 3,868 | 305 | -5,113 |
Accrued compensation and employee benefits | 176,939 | 125,093 | 34,195 |
Accounts payable and accrued expenses | 9,314 | -41,975 | -21,974 |
Net cash provided by operating activities | 710,808 | 347,234 | 1,080,728 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of equipment, property and improvements, net | -84,233 | -36,903 | -54,230 |
Net cash used in investing activities | -84,233 | -36,903 | -54,230 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of long-term debt | -1,073 | -997 | -59,897 |
Repayment of subordinated liabilities | -50,000 | -50,000 | -53,700 |
Issuance of partnership interests (net of partnership loans) | 38,549 | 45,121 | 270,839 |
Redemption of partnership interests | -116,018 | -99,170 | -97,191 |
Distributions from partnership capital | -550,203 | -434,614 | -359,467 |
Issuance of partnership loans | -11,203 | 0 | 0 |
Repayment of partnership loans | 62,142 | 10,759 | 4,840 |
Net cash used in financing activities | -627,806 | -528,901 | -294,576 |
Net (decrease) increase in cash and cash equivalents | -1,231 | -218,570 | 731,922 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of year | 600,936 | 819,506 | 87,584 |
End of year | 599,705 | 600,936 | 819,506 |
Cash paid for interest | 58,817 | 62,524 | 67,904 |
Cash paid for taxes (Note 12) | 7,460 | 4,132 | 5,087 |
NON-CASH ACTIVITIES: | ' | ' | ' |
Additions of equipment, property and improvements in accounts payable and accrued expenses | 3,914 | 516 | 1,371 |
Issuance of general partnership interests through partnership loans in current period | $95,197 | $94,170 | $91,693 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Partnership’s Business and Basis of Accounting. The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership”). All material intercompany balances and transactions have been eliminated in consolidation. Non-controlling minority interests are accounted for under the equity method. The results of the Partnership’s subsidiaries in Canada are included in the Partnership’s Consolidated Financial Statements for the twelve month periods ended November 30, 2013, 2012 and 2011 because of the timing of the Partnership’s financial reporting process. | |
The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is comprised of two registered broker-dealers primarily serving individual investors in the United States (“U.S.”) and, through a subsidiary, Canada. Edward Jones primarily derives its revenues from the retail brokerage business through the sale of listed and unlisted securities and insurance products, investment banking, principal transactions, distribution of mutual fund shares, and through fees related to assets held by and account services provided to its clients. The Partnership conducts business throughout the U.S. and Canada with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the years ended December 31, 2013, 2012 and 2011, see Note 16 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“EJTC”), a wholly-owned subsidiary of the Partnership. | |
The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the U.S. (“GAAP”) which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. | |
Under the terms of the Partnership’s Eighteenth Amended and Restated Partnership Agreement (the “Partnership Agreement”), a partner’s capital is required to be redeemed by the Partnership in the event of the partner’s death or withdrawal from the Partnership, subject to compliance with ongoing regulatory capital requirements. In the event of a partner’s death, the Partnership must generally redeem the partner’s capital within six months. The Partnership has withdrawal restrictions in place limiting the amount of capital that can be withdrawn at the discretion of the partner. Under the terms of the Partnership Agreement, limited partners withdrawing from the Partnership are to be repaid their capital in three equal annual installments beginning the month after their withdrawal. The capital of general partners withdrawing from the Partnership is converted to subordinated limited partnership capital or, at the discretion of the Managing Partner, redeemed by the Partnership. Subordinated limited partners are repaid their capital in six equal annual installments beginning the month after their request for withdrawal of contributed capital. The Partnership’s Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. All current and future partnership capital is subordinate to all current and future liabilities of the Partnership. | |
Revenue Recognition. The Partnership’s commissions, principal transactions and investment banking revenues are recorded on a trade date basis. Other forms of revenue are recorded on an accrual basis. Due to the timing of receipt of information, the Partnership must use estimates in recording the accruals related to certain asset-based fees. These accruals are based on historical trends and are adjusted to reflect market conditions for the period covered. The Partnership classifies its revenue into the following categories: | |
Commissions revenue consists of charges to clients for the purchase or sale of mutual fund shares, listed and unlisted securities and insurance products. | |
Principal transactions revenue is the result of the Partnership’s participation in market-making activities in municipal obligations, over-the-counter corporate obligations, government obligations, unit investment trusts, mortgage-backed securities and certificates of deposit. | |
Investment banking revenue is derived from the Partnership’s distribution of unit investment trusts, corporate and municipal obligations, and government sponsored enterprise obligations. | |
Asset-based fee revenue is derived from fees determined by the underlying value of client assets and includes advisory programs, service fees and revenue sharing. Most asset-based fee revenue is generated from fees for investment advisory services within the Partnership’s advisory programs, including Edward Jones Advisory Solutions (“Advisory Solutions”), Edward Jones Managed Account Program (“MAP”) and, in Canada, Edward Jones Portfolio Program and Guided Portfolios Program. The Partnership also earns asset-based fee revenue through service fees received under agreements with mutual fund and insurance companies, including revenue related to the Partnership’s ownership interest in Passport Research Ltd., the investment adviser to the Edward Jones money market funds. In addition, the Partnership earns revenue sharing from certain mutual fund and insurance companies. In most cases, this is additional compensation paid by investment advisers, insurance companies or distributors based on a percentage of average assets held by the Partnership’s clients. | |
Account and activity fee revenue includes fees received from mutual fund companies for sub-transfer agent accounting services performed by the Partnership and retirement account fees primarily consisting of self-directed IRA custodian account fees. This revenue category also includes other activity-based fee revenue from clients, mutual fund companies and insurance companies. | |
Interest and dividends revenue is earned on client margin (loan) account balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell, partnership loans, inventory securities and investment securities. | |
The Partnership derived from one mutual fund company 19% of its total revenue for each of the years ended December 31, 2013, 2012 and 2011. The revenue generated from this company related to business conducted with the Partnership’s U.S. segment. Significant reductions in revenue due to regulatory reform or other changes to the Partnership’s relationship with this mutual fund company could have a material impact on the Partnership’s results of operations. | |
Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Foreign exchange gains and losses are included in other revenue on the Consolidated Statements of Income. | |
Fair Value. Substantially all of the Partnership’s financial assets and financial liabilities covered under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, Fair Value Measurement and Disclosure (“ASC 820”), are carried at fair value or contracted amounts which approximate fair value. Upon the adoption of fair value guidance set forth in FASB ASC No. 825, Financial Instruments, the Partnership elected not to take the fair value option on all debt and liabilities subordinated to the claims of general creditors. | |
Fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, also known as the “exit price.” Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The Partnership’s financial assets and financial liabilities recorded at fair value in the Consolidated Statements of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 with the related amount of subjectivity associated with the inputs to value these assets and liabilities at fair value for each level, are as follows: | |
Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
The types of assets and liabilities categorized as Level I generally are U.S. treasuries, investments in publicly traded mutual funds, equities listed in active markets, government and agency obligations, and unit investment trusts with quoted market prices. | |
Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with related market data at the measurement date and for the duration of the instrument’s anticipated life. The Partnership uses the market approach valuation technique which incorporates third-party pricing services and other relevant observable information (such as market interest rates, yield curves, prepayment risk and credit risk generated by market transactions involving identical or comparable assets or liabilities) in valuing these types of investments. When third-party pricing services are used, the methods and assumptions used are reviewed by the Partnership. | |
The types of assets and liabilities categorized as Level II generally are certificates of deposit, state and municipal obligations and corporate bonds and notes. | |
Level III – Inputs are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the inputs to the model. | |
The Partnership did not have any assets or liabilities categorized as Level III during the periods ended December 31, 2013 and 2012. In addition, there were no transfers into or out of Levels I, II or III during these periods. | |
The Partnership estimates the fair value of long-term debt and the liabilities subordinated to claims of general creditors based on the present value of future principal and interest payments associated with the debt, using current interest rates for debt of a similar nature as that of the Partnership (Level II input). | |
Cash and Cash Equivalents. The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | |
Cash and Investments Segregated under Federal Regulations. Cash of $7,056,047 and $6,607,714 and investments of $1,379,030 and $1,106,928 as of December 31, 2013 and 2012, respectively, were segregated in special reserve bank accounts for the benefit of U.S. clients under Rule 15c3-3 of the Securities and Exchange Commission (“SEC”). | |
Securities Purchased Under Agreements to Resell. The Partnership participates in short-term resale agreements collateralized by government and agency securities. These transactions are reported as collateralized financing. The fair value of the underlying collateral as determined daily, plus accrued interest, must equal or exceed 102% of the carrying amount of the transaction in U.S. agreements and must equal or exceed 100% in Canada agreements. It is the Partnership’s policy to have such underlying resale agreement collateral delivered to the Partnership or deposited in its accounts at its custodian banks. Resale agreements are carried at the amount at which the securities will be subsequently resold, as specified in the agreements. The Partnership considers these financing receivables to be of good credit quality and, as a result, has not recorded a related allowance for credit loss. In addition, the Partnership considers risk related to these securities to be minimal due to the fact that these securities are fully collateralized. | |
Securities Borrowing and Lending Activities. Securities borrowed and securities loaned transactions are reported as collateralized financings. Securities borrowed transactions require the Partnership to deposit cash with the lender. In securities loaned transactions, the Partnership receives collateral in the form of cash. Collateral for both securities borrowed and securities loaned is based on 102% of the fair value of the underlying securities loaned in U.S. agreements and 100% in Canada agreements. The Partnership monitors the fair value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Securities borrowed and securities loaned are included in receivable from and payable to brokers, dealers and clearing organizations, respectively, in the Consolidated Statements of Financial Condition. | |
Collateral. The Partnership reports as assets collateral it has pledged in secured borrowings and other arrangements when the secured party cannot sell or repledge the assets or the Partnership can substitute collateral or otherwise redeem it on short notice. The Partnership does not report collateral it has received in secured lending and other arrangements as an asset when the debtor has the right to redeem or substitute the collateral on short notice. | |
Securities Owned and Sold, Not Yet Purchased. Securities owned and sold, not yet purchased, including inventory securities and investment securities, are recorded at fair value which is determined by using quoted market or dealer prices. The Partnership records the related unrealized gains and losses for inventory securities and certain investment securities in principal transactions revenue in the Consolidated Statements of Income. The unrealized gains and losses for investment securities related to the nonqualified deferred compensation plan are recorded in other revenue in the Consolidated Statements of Income (see below). | |
Equipment, Property and Improvements. Equipment, including furniture and fixtures, is recorded at cost and depreciated using straight-line and accelerated methods over estimated useful lives of three to seven years. Buildings are depreciated using the straight-line method over their useful lives, which are estimated at thirty years. Leasehold improvements are amortized based on the term of the lease or the economic useful life of the improvement, whichever is less. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the respective category and any related gain or loss is recorded as other revenue in the Consolidated Statements of Income. The cost of maintenance and repairs is charged against income as incurred, whereas significant enhancements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be fully recoverable. If impairment is indicated, the asset value is written down to its fair value. | |
Nonqualified Deferred Compensation Plan. The Partnership has a nonqualified deferred compensation plan for certain financial advisors. The Partnership has recorded a liability for the future payments due to financial advisors participating in the nonqualified deferred compensation plan. As the future amounts due to financial advisors change in accordance with plan requirements, the Partnership records the change in future amounts owed to financial advisors as an increase or decrease in accrued compensation in the Consolidated Statements of Financial Condition and compensation and benefits expense in the Consolidated Statements of Income. The Partnership has chosen to hedge this future liability by purchasing securities in an amount similar to the future liability expected to be due in accordance with the plan. These securities are included in investment securities in the Consolidated Statements of Financial Condition and the unrealized gains and losses are recorded in other revenue in the Consolidated Statements of Income. Each period, the net impact of the change in future amounts owed to financial advisors in the nonqualified deferred compensation plan and the change in investment securities are approximately the same, resulting in minimal net impact on the Partnership’s financial results. | |
Lease Accounting. The Partnership enters into lease agreements for certain home office facilities as well as branch office locations. The associated lease expense is recognized on a straight-line basis over the minimum lease terms. | |
Income Taxes. Income taxes have not been provided for in the Consolidated Financial Statements in most jurisdictions as the Partnership is organized as a partnership and each partner is liable for its own tax payments. For the jurisdictions in which the Partnership is liable for its own tax payments, the income tax provisions are immaterial (see Note 12). | |
Reclassification. Certain prior year balances have been reclassified to conform to the current year presentation. | |
Partnership Capital Subject to Mandatory Redemption. FASB ASC No. 480, Distinguishing Liabilities from Equity (“ASC 480”), established standards for classifying and measuring certain financial instruments with characteristics of both liabilities and equity. Under the provisions of ASC 480, the obligation to redeem a partner’s capital in the event of a partner’s death is one of the criteria requiring capital to be classified as a liability. | |
Since the Partnership Agreement obligates the Partnership to redeem a partner’s capital after a partner’s death, ASC 480 requires all of the Partnership’s equity capital to be classified as a liability. In accordance with ASC 480, income allocable to limited, subordinated limited and general partners is classified as a reduction of income before allocations to partners, which results in a presentation of $0 net income for the years ended December 31, 2013, 2012 and 2011. The financial statement presentations required to comply with ASC 480 do not alter the Partnership’s treatment of income, income allocations or capital for any other purposes. | |
Net income, as defined in the Partnership Agreement, is equivalent to income before allocations to partners on the Consolidated Statements of Income. Such income, if any, for each calendar year is allocated to the Partnership’s three classes of capital in accordance with the formulas prescribed in the Partnership Agreement. Income allocations are based upon partner capital contributions including capital contributions financed with loans from the Partnership. First, limited partners are allocated net income (as defined in the Partnership Agreement) in accordance with the prescribed formula for their share of net income. Limited partners do not share in the net loss in any year in which there is a net loss and the Partnership is not dissolved or liquidated. Thereafter, subordinated limited partners and general partners are allocated any remaining net income or net loss based on formulas as defined in the Partnership Agreement. | |
Recently Adopted Accounting Standards. In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which established requirements for an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 was adopted on January 1, 2013 and adoption did not have a material impact on the Partnership’s Consolidated Statement of Financial Condition (see Note 19). |
RECEIVABLE_FROM_AND_PAYABLE_TO
RECEIVABLE FROM AND PAYABLE TO CLIENTS | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
RECEIVABLE FROM AND PAYABLE TO CLIENTS | ' |
NOTE 2 – RECEIVABLE FROM AND PAYABLE TO CLIENTS | |
Receivable from and payable to clients include margin balances and amounts due on cash transactions. The value of securities owned by clients and held as collateral for these receivables is not reflected in the Consolidated Financial Statements. The Partnership considers these financing receivables to be of good credit quality due to the fact that these receivables are primarily collateralized by the related client investments and, as a result, the Partnership considers risk related to these receivables to be minimal. Substantially all amounts payable to clients are subject to withdrawal upon client request. The Partnership pays interest on certain credit balances in client accounts. |
RECEIVABLE_FROM_MUTUAL_FUNDS_I
RECEIVABLE FROM MUTUAL FUNDS, INSURANCE COMPANIES, AND OTHER | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
RECEIVABLE FROM MUTUAL FUNDS, INSURANCE COMPANIES, AND OTHER | ' |
NOTE 3 – RECEIVABLE FROM MUTUAL FUNDS, INSURANCE COMPANIES, AND OTHER | |
Receivable from mutual funds, insurance companies and other is primarily composed of amounts due to the Partnership for asset-based fees and fees for sub-transfer agent accounting services from the mutual fund companies and insurance companies as well as a receivable from a retirement account trustee. The retirement account trustee receivable represents deposits held with the trustee as required by Canadian regulations for the Partnership’s clients’ retirement account funds held in Canada. |
RECEIVABLE_FROM_AND_PAYABLE_TO1
RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS | ' | ||||||||
NOTE 4 – RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS | |||||||||
The following table shows the components of receivable from and payable to brokers, dealers and clearing organizations as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Receivable from money market funds | $ | 62,317 | $ | 88,084 | |||||
Deposits with clearing organizations | 49,110 | 49,154 | |||||||
Receivable from clearing organizations | 26,889 | 24,208 | |||||||
Securities failed to deliver | 3,703 | 2,582 | |||||||
Other | 6,084 | 25,091 | |||||||
Total receivable from brokers, dealers and clearing organizations | $ | 148,103 | $ | 189,119 | |||||
Payable to clearing organizations | $ | 65,949 | $ | 53,874 | |||||
Securities failed to receive | 10,245 | 10,723 | |||||||
Payable to brokers, dealers and carrying brokers | 3,049 | 880 | |||||||
Total payable to brokers, dealers and clearing organizations | $ | 79,243 | $ | 65,477 | |||||
FAIR_VALUE
FAIR VALUE | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||
NOTE 5 – FAIR VALUE | |||||||||||||||||
The following table shows the Partnership’s financial instruments measured at fair value: | |||||||||||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,154,030 | $ | — | $ | — | $ | 1,154,030 | |||||||||
Certificates of deposit | — | 225,000 | — | 225,000 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,154,030 | $ | 225,000 | $ | — | $ | 1,379,030 | |||||||||
Securities owned: | |||||||||||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | — | $ | 66,777 | $ | — | $ | 66,777 | |||||||||
Equities | 27,138 | — | — | 27,138 | |||||||||||||
Corporate bonds and notes | — | 2,433 | — | 2,433 | |||||||||||||
Certificates of deposit | — | 1,922 | — | 1,922 | |||||||||||||
Unit investment trusts | 1,903 | — | — | 1,903 | |||||||||||||
Other | 391 | 931 | — | 1,322 | |||||||||||||
Total inventory securities | $ | 29,432 | $ | 72,063 | $ | — | $ | 101,495 | |||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 116,523 | $ | — | $ | — | $ | 116,523 | |||||||||
Government and agency obligations | 19,110 | — | — | 19,110 | |||||||||||||
Equities | 4,609 | — | — | 4,609 | |||||||||||||
Other | — | 852 | — | 852 | |||||||||||||
Total investment securities | $ | 140,242 | $ | 852 | $ | — | $ | 141,094 | |||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 1,871 | $ | — | $ | 1,871 | |||||||||
Equities | 1,023 | — | — | 1,023 | |||||||||||||
Other | 301 | 1,064 | — | 1,365 | |||||||||||||
Total securities sold, not yet purchased | $ | 1,324 | $ | 2,935 | $ | — | $ | 4,259 | |||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,006,928 | $ | — | $ | — | $ | 1,006,928 | |||||||||
Certificates of deposit | — | 100,000 | — | 100,000 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,006,928 | $ | 100,000 | $ | — | $ | 1,106,928 | |||||||||
Securities owned: | |||||||||||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | — | $ | 46,705 | $ | — | $ | 46,705 | |||||||||
Equities | 17,845 | — | — | 17,845 | |||||||||||||
Certificates of deposit | — | 4,236 | — | 4,236 | |||||||||||||
Corporate bonds and notes | — | 3,183 | — | 3,183 | |||||||||||||
Other | 1,166 | 1,417 | — | 2,583 | |||||||||||||
Total inventory securities | $ | 19,011 | $ | 55,541 | $ | — | $ | 74,552 | |||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 89,743 | $ | — | $ | — | $ | 89,743 | |||||||||
Government and agency obligations | 14,678 | — | — | 14,678 | |||||||||||||
Equities | 6,184 | — | — | 6,184 | |||||||||||||
Other | — | 1,299 | — | 1,299 | |||||||||||||
Total investment securities | $ | 110,605 | $ | 1,299 | $ | — | $ | 111,904 | |||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Mutual funds | $ | 12,014 | $ | — | $ | — | $ | 12,014 | |||||||||
Equities | 5,133 | — | — | 5,133 | |||||||||||||
Certificates of deposit | — | 2,774 | — | 2,774 | |||||||||||||
Corporate bonds and notes | — | 1,492 | — | 1,492 | |||||||||||||
Other | 314 | 600 | — | 914 | |||||||||||||
Total securities sold, not yet purchased | $ | 17,461 | $ | 4,866 | $ | — | $ | 22,327 | |||||||||
The Partnership attempts to reduce its exposure to market price fluctuations of its inventory securities through the sale of U.S. government securities and, to a limited extent, the sale of fixed income futures contracts. The amount of the securities purchased or sold fluctuates on a daily basis due to changes in inventory securities owned, interest rates and market conditions. Futures contracts are settled daily, and any gain or loss is recognized as a component of net inventory gains, which are included in principal transactions revenue. The notional amounts of futures contracts outstanding were $9,000 and $2,000 at December 31, 2013 and 2012, respectively. The average notional amounts of futures contracts outstanding throughout the years ended December 31, 2013 and 2012 were approximately $6,900 and $4,700, respectively. The underlying assets of these contracts are not reflected in the Partnership’s Consolidated Financial Statements; however, the related mark-to-market adjustment gains of $31 and $7 are included in investment securities in the Consolidated Statements of Financial Condition as of December 31, 2013 and 2012, respectively. The total gains or losses related to these assets, recorded within the Consolidated Statements of Income, were gains of $419 and losses of $410 and $1,129 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The following table shows the estimated fair values of long-term debt and liabilities subordinated to claims of general creditors as of December 31, 2013 and 2012: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Long-term debt | $ | 4,824 | $ | 6,091 | |||||||||||||
Liabilities subordinated to claims of general creditors | 50,000 | 103,396 | |||||||||||||||
Total | $ | 54,824 | $ | 109,487 | |||||||||||||
See Notes 8 and 9 for the carrying values of long-term debt and liabilities subordinated to claims of general creditors, respectively. |
EQUIPMENT_PROPERTY_AND_IMPROVE
EQUIPMENT, PROPERTY AND IMPROVEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
EQUIPMENT, PROPERTY AND IMPROVEMENTS | ' | ||||||||
NOTE 6 – EQUIPMENT, PROPERTY AND IMPROVEMENTS | |||||||||
The following table shows equipment, property and improvements as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 18,745 | $ | 18,745 | |||||
Buildings and improvements | 812,868 | 793,655 | |||||||
Equipment, furniture and fixtures | 611,051 | 613,568 | |||||||
Equipment, property and improvements, Gross | 1,442,664 | 1,425,968 | |||||||
Accumulated depreciation and amortization | (900,079 | ) | (888,919 | ) | |||||
Equipment, property and improvements, Net | $ | 542,585 | $ | 537,049 | |||||
Depreciation and amortization expense on equipment, property and improvements of $82,095, $80,148 and $90,609 is included in the Consolidated Statements of Income within the communications and data processing and occupancy and equipment categories for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The Partnership has recorded $3,914 and $516 of accrued costs which are included in equipment, property and improvements in the Consolidated Financial Statements as of December 31, 2013 and 2012, respectively. | |||||||||
The Partnership has purchased Industrial Revenue Bonds issued by St. Louis County related to certain self-constructed and purchased real and personal property. This provides for potential property tax benefits over the life of the bonds (generally 10 years). The Partnership is therefore both the bondholder and the debtor/lessee for these properties. The Partnership has exercised its right to offset the amounts invested in and the obligations for these bonds and has therefore excluded any bond related balances in the Consolidated Statements of Financial Condition. |
LINES_OF_CREDIT
LINES OF CREDIT | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
LINES OF CREDIT | ' | ||||||||||
NOTE 7 – LINES OF CREDIT | |||||||||||
The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of December 31, 2013 and 2012: | |||||||||||
2013 | 2012 | ||||||||||
2013 Credit Facility | $ | 400,000 | $ | — | |||||||
2011 Credit Facility | — | 395,000 | |||||||||
Uncommitted secured credit facilities | 415,000 | 415,000 | |||||||||
Total lines of credit | $ | 815,000 | $ | 810,000 | |||||||
In March 2011, the Partnership entered into an agreement with 10 banks for a three-year $395,000 committed unsecured revolving line of credit (“2011 Credit Facility”), with an expiration date of March 18, 2014. In November 2013, the Partnership replaced the 2011 Credit Facility with an agreement with 12 banks for a five-year $400,000 committed unsecured revolving line of credit (“2013 Credit Facility”). The 2013 Credit Facility is intended to provide short-term liquidity to the Partnership should the need arise. The 2013 Credit Facility has a tiered interest rate margin based on the Partnership’s leverage ratio (ratio of total debt to total capitalization). Borrowings made with a three-day advance notice will have a rate of LIBOR plus a margin ranging from 1.25% to 2.00%. Same day borrowings, which are subject to certain borrowing notification cutoff times, will have a rate consisting of a margin ranging from 0.25% to 1.00% plus the greater of the prime rate, the federal funds effective rate plus 1.00% or the one-month LIBOR rate plus 1.00%. In accordance with the terms of the 2013 Credit Facility, the Partnership is required to maintain a leverage ratio of no more than 35% and minimum partnership capital, net of reserve for anticipated withdrawals, of at least $1,381,577 plus 50% of subsequent issuances of partnership capital. As of December 31, 2013, the Partnership was in compliance with all covenants related to the 2013 Credit Facility. As of the date of this filing, the Partnership has not borrowed against the 2013 Credit Facility. | |||||||||||
The Partnership’s uncommitted lines of credit are subject to change at the discretion of the banks and, therefore, due to credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. Actual borrowing availability on the uncommitted lines of credit is based on client margin securities and Partnership securities, which would serve as collateral in the event the Partnership borrowed against these lines. | |||||||||||
There were no amounts outstanding on the lines of credit as of December 31, 2013 and 2012. In addition, the Partnership did not have any draws against these lines of credit during the years ended December 31, 2013, 2012 and 2011. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
NOTE 8 – LONG-TERM DEBT | |||||||||
The following table shows the Partnership’s long-term debt as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Note payable, collateralized by real estate, fixed rate of 7.28%, principal and interest due in fluctuating monthly installments, with a final installment on June 1, 2017 | $ | 4,430 | $ | 5,503 | |||||
$ | 4,430 | $ | 5,503 | ||||||
Scheduled annual principal payments as of December 31, 2013 are as follows: | |||||||||
2014 | $ | 1,153 | |||||||
2015 | 1,240 | ||||||||
2016 | 1,333 | ||||||||
2017 | 704 | ||||||||
2018 | — | ||||||||
Thereafter | — | ||||||||
Total | $ | 4,430 | |||||||
In 2002, the Partnership entered into a $13,100 fixed rate mortgage on a home office building located on its Tempe, Arizona campus location. The note payable is collateralized by the building, which has a cost of $15,758 and a carrying value of $9,269 as of December 31, 2013. |
LIABILITIES_SUBORDINATED_TO_CL
LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS | ' | ||||||||
NOTE 9 – LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS | |||||||||
Liabilities subordinated to claims of general creditors as of December 31, 2013 and 2012 consist of: | |||||||||
2013 | 2012 | ||||||||
Capital notes 7.33%, due in annual installments of $50,000 commencing on June 12, 2010 with a final installment on June 12, 2014 | $ | 50,000 | $ | 100,000 | |||||
$ | 50,000 | $ | 100,000 | ||||||
The Partnership paid the annual scheduled installments of $50,000 in 2013, 2012 and 2011. The final required annual payment of $50,000 is due on June 12, 2014. | |||||||||
The capital note agreements contain restrictions which, among other things, require Edward Jones to maintain certain financial ratios, restrict encumbrance of assets and creation of indebtedness and limit the withdrawal of its partnership capital. As of December 31, 2013, Edward Jones was required, under the capital note agreements, to maintain minimum partnership capital subject to mandatory redemption of $400,000 and regulatory net capital of $158,016. Edward Jones was in compliance with all restrictions as of and for the years ended December 31, 2013 and 2012. | |||||||||
The liabilities subordinated to claims of general creditors are subject to cash subordination agreements approved by Financial Industry Regulatory Authority (“FINRA”) and, therefore, are included in Edward Jones’ computation of net capital under the SEC’s Uniform Net Capital Rule. |
PARTNERSHIP_CAPITAL_SUBJECT_TO
PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION | ' | ||||||||
NOTE 10 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION | |||||||||
The following table shows the Partnership’s capital subject to mandatory redemption as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Partnership capital outstanding: | |||||||||
Limited partnership capital | $ | 640,270 | $ | 650,735 | |||||
Subordinated limited partnership capital | 304,558 | 283,709 | |||||||
General partnership capital | 1,127,609 | 1,048,067 | |||||||
Total partnership capital outstanding | 2,072,437 | 1,982,511 | |||||||
Partnership loans outstanding: | |||||||||
Partnership loans outstanding at beginning of period | (170,264 | ) | (86,853 | ) | |||||
Partnership loans issued during the period | (106,400 | ) | (94,170 | ) | |||||
Repayment of partnership loans during the period | 62,142 | 10,759 | |||||||
Total partnership loans outstanding | (214,522 | ) | (170,264 | ) | |||||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,857,915 | 1,812,247 | |||||||
Reserve for anticipated withdrawals | 222,583 | 170,646 | |||||||
Partnership capital subject to mandatory redemption | $ | 2,080,498 | $ | 1,982,893 | |||||
The Partnership makes loans available to those general partners (other than members of the Executive Committee, which consists of the executive officers of the Partnership) who require financing for some or all of their partnership capital contributions. In limited circumstances a general partner may withdraw from the Partnership and become a subordinated limited partner while he or she still has an outstanding partnership loan. Loans made by the Partnership to partners are generally for a period of one year but are expected to be renewed and bear interest at the prime rate, as defined in the loan documents. The Partnership recognizes interest income for the interest received related to these loans. The outstanding amount of partner loans financed through the Partnership is reflected as a reduction to total partnership capital in the Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption. As of December 31, 2013 and 2012, the outstanding amount of partner loans financed through the Partnership was $214,522 and $170,264, respectively. Interest income from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $7,604, $5,717 and $2,888 for the years ended December 31, 2013, 2012 and 2011, respectively. Partnership loans issued during the year ended December 31, 2013 consisted of $95,197 of new capital contributions and $11,203 of partnership loans issued in connection with paying off bank loans, as further discussed below. | |||||||||
On January 18, 2013, the Partnership paid, through earnings on behalf of the general and subordinated limited partners, the $35,393 outstanding balance on partnership administered bank loans related to capital contributions of general or subordinated limited partners. The maturity date of these loans was February 22, 2013. In connection with this payoff, the Partnership issued $11,203 of partnership loans. It is anticipated that all future general and subordinated limited partnership capital contributions (other than for Executive Committee members) requiring financing will be financed through partnership loans. | |||||||||
The limited partnership capital subject to mandatory redemption is held by current and former employees and general partners of the Partnership. Limited partners participate in the Partnership’s profits and are paid a minimum 7.5% annual return on the face amount of their capital, in accordance with the Partnership Agreement. The minimum 7.5% annual return totaled $48,380, $49,181 and $50,137 for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income. | |||||||||
The subordinated limited partnership capital subject to mandatory redemption is held by current and former general partners of the Partnership. Subordinated limited partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The subordinated limited partnership capital subject to mandatory redemption is subordinated to the limited partnership capital. | |||||||||
The general partnership capital subject to mandatory redemption is held by current general partners of the Partnership. General partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The general partnership capital subject to mandatory redemption is subordinated to the limited partnership capital and the subordinated limited partnership capital. |
NET_CAPITAL_REQUIREMENTS
NET CAPITAL REQUIREMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
NET CAPITAL REQUIREMENTS | ' | ||||||||
NOTE 11 – NET CAPITAL REQUIREMENTS | |||||||||
As a result of its activities as a broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934 (“Exchange Act”) and capital compliance rules of the FINRA Rule 4110. Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $250 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if 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. | |||||||||
The Partnership’s Canada broker-dealer is a registered securities dealer regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”). Under the regulations prescribed by IIROC, the Partnership is required to maintain prescribed/minimum levels of risk-adjusted capital, which are dependent on the nature of the Partnership’s assets and operations. | |||||||||
The following table shows the Partnership’s net capital figures for its U.S. and Canada broker-dealers as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
U.S.: | |||||||||
Net capital | $ | 872,592 | $ | 711,894 | |||||
Net capital in excess of the minimum required | $ | 830,455 | $ | 670,072 | |||||
Net capital as a percentage of aggregate debit items | 41.4 | % | 34 | % | |||||
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 24.8 | % | 18.5 | % | |||||
Canada: | |||||||||
Regulatory risk adjusted capital | $ | 34,131 | $ | 38,488 | |||||
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $ | 27,093 | $ | 27,567 | |||||
Net capital and the related capital percentages may fluctuate on a daily basis. In addition, EJTC was in compliance with its regulatory capital requirements. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
NOTE 12 – INCOME TAXES | |
The Partnership is a pass through entity for federal and state income tax purposes and generally does not incur income taxes. Instead, its earnings and losses are included in the income tax returns of the general and limited partners. However, the Partnership structure does include certain subsidiaries which are corporations that are subject to income tax. As of December 31, 2013 and 2012, the Partnership’s tax basis of assets and liabilities exceeds book basis by $102,968 and $82,925, respectively. The primary difference between financial statement basis and tax basis is related to the deferral for tax purposes in deducting accrued expenses until they are paid. Since the Partnership is treated as a pass through entity for federal and state income tax purposes, the difference between the tax basis and the book basis of assets and liabilities will impact the future tax liabilities of the partners. The tax differences will not impact the net income of the Partnership. | |
ASC No. 740, Income Taxes, requires the Partnership to determine whether a tax position is greater than fifty percent likely of being realized upon settlement with the applicable taxing authority, which could result in the Partnership recording a tax liability that would reduce net partnership capital. The Partnership did not have any significant uncertain tax positions as of December 31, 2013 and 2012 and is not aware of any tax positions that will significantly change during the next twelve months. Edward Jones is subject to examination by the Internal Revenue Service (“IRS”) and by various state and foreign taxing authorities in the jurisdictions in which Edward Jones conducts business. In 2012, the IRS began an examination of Edward Jones’ income tax returns for the years ended 2009 and 2010. This examination is on-going and is not expected to have a material impact to the Partnership. With the exception of the IRS examination noted above, tax years prior to 2010 are generally no longer subject to examination by U.S. federal, state, local or foreign tax authorities. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
NOTE 13 – EMPLOYEE BENEFIT PLANS | |
The Partnership maintains a Profit Sharing and Deferred Compensation plan covering all eligible U.S. employees and a Group Registered Retirement Savings Plan and a Deferred Profit Sharing Plan covering all eligible Canada employees. Contributions to the plans are at the discretion of the Partnership. Additionally, participants may contribute on a voluntary basis. The Partnership contributed approximately $161,500, $133,300 and $115,600 to the plans for the years ended December 31, 2013, 2012 and 2011, respectively. |
COMMITMENTS_GUARANTEES_AND_RIS
COMMITMENTS, GUARANTEES AND RISKS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS, GUARANTEES AND RISKS | ' | ||||
NOTE 14 – COMMITMENTS, GUARANTEES AND RISKS | |||||
The Partnership leases home office and branch office space under numerous operating leases. Branch offices are leased generally for terms of three to five years. Rent expense is recognized on a straight-line basis over the minimum lease term. Rent and other lease-related expenses were approximately $234,000, $229,300, and $227,500 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
The Partnership’s non-cancelable lease commitments greater than one year as of December 31, 2013, are summarized below: | |||||
2014 | $ | 132,026 | |||
2015 | 34,228 | ||||
2016 | 22,936 | ||||
2017 | 16,022 | ||||
2018 | 11,760 | ||||
Thereafter | 32,361 | ||||
Total | $ | 249,333 | |||
The Partnership’s annual rent expense is greater than its annual future lease commitments because the annual future lease commitments include only non-cancelable lease payments greater than one year. | |||||
In addition to the commitments discussed above, the Partnership has a revolving unsecured line of credit outstanding as of December 31, 2013 (see Note 7), as well as would have incurred termination fees of approximately $146,000 as of December 31, 2013 in the event the Partnership terminated existing contractual commitments with certain vendors providing ongoing services primarily for information technology, operations and marketing. These termination fees will decrease over the related contract periods, which generally expire within the next three years. | |||||
The Partnership provides margin loans to its clients in accordance with Regulation T and FINRA, which loans are collateralized by securities in the client’s account. The Partnership could be liable for the margin requirement of its client margin securities transactions. To mitigate this risk, the Partnership monitors required margin levels and requires clients to deposit additional collateral or reduce positions to meet minimum collateral requirements. | |||||
The Partnership’s securities activities involve execution, settlement and financing of various securities transactions for clients. The Partnership may be exposed to risk of loss in the event clients, other brokers and dealers, banks, depositories or clearing organizations are unable to fulfill contractual obligations. For transactions in which it extends credit to clients, the Partnership seeks to control the risks associated with these activities by requiring clients to maintain margin collateral in compliance with various regulatory and internal guidelines. Therefore, the potential to make payments under these client transactions is remote and accordingly, no liability has been recognized for these transactions. | |||||
Cash balances held at various major U.S. financial institutions, which typically exceed Federal Deposit Insurance Corporation insurance coverage limits, subject the Partnership to a concentration of credit risk. Additionally, the Partnership’s Canada broker-dealer may also have cash deposits in excess of the applicable insured amounts. The Partnership regularly monitors the credit ratings of these financial institutions in order to help mitigate the credit risk that exists with the deposits in excess of insured amounts. The Partnership has credit exposure to U.S. government and agency securities which are held as collateral for its resell agreements, investment securities and segregated investments. The Partnership’s primary exposure on resell agreements is with the counterparty and the Partnership would only have exposure in the event of the counterparty’s default on the resell agreements. | |||||
The Partnership 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 Partnership’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Partnership to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
NOTE 15 – CONTINGENCIES | |
In the normal course of business, the Partnership has been named as a defendant in various legal actions, including arbitrations, class actions and other litigation. Certain of these legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. The Partnership is also involved from time to time in investigations and proceedings by governmental and self-regulatory agencies, certain of which may result in adverse judgments, fines or penalties. In addition, the Partnership provides for potential losses that may arise related to other contingencies. | |
The Partnership assesses its liabilities and contingencies utilizing available information. For those matters where it is probable the Partnership will incur a potential loss and the amount of the loss is reasonably estimable, in accordance with FASB ASC No. 450, Contingencies, an accrued liability has been established. These reserves represent the Partnership’s aggregate estimate of the potential loss contingency at December 31, 2013 and are believed to be sufficient. Such liability may be adjusted from time to time to reflect any relevant developments. | |
For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is $5,000 to $45,000. This range of reasonably possible loss does not necessarily represent the Partnership’s maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters. | |
Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established reserves at December 31, 2013 are adequate and the liabilities arising from such proceedings will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership’s future consolidated operating results for a particular period or periods. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||
NOTE 16 – SEGMENT INFORMATION | |||||||||||||
An operating segment is defined as a component of an entity that has all of the following characteristics: it engages in business activities from which it may earn revenues and incur expenses; its operating results are regularly reviewed by the entity’s chief operating decision-maker (or decision-making group) for resource allocation and to assess performance; and discrete financial information is available. Operating segments may be combined in certain circumstances into reportable segments for financial reporting. The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. | |||||||||||||
Each segment, in its own geographic location, primarily derives revenue from the retail brokerage business from the purchase or sale of mutual fund shares, listed and unlisted securities and insurance products, as well as from principal transactions, investment banking, and fees related to assets held by and account services provided to its clients. | |||||||||||||
The Partnership evaluates segment performance based upon income (loss) before allocations to partners, as well as income (loss) before variable compensation. Variable compensation is determined at the Partnership level for profit sharing and home office and branch employee bonus amounts, and therefore is allocated to each geographic segment independent of that segment’s individual income before variable compensation. Financial advisor bonuses are determined by the overall Partnership’s profitability, as well as the performance of the individual financial advisors. Both income (loss) before allocations to partners and income (loss) before variable compensation are considered in evaluating segment performance. Long-lived assets are not disclosed because the balances are not used for evaluating segment performance and deciding how to allocate resources to segments. However, total assets for each segment are provided for informational purposes. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 1 – Summary of Significant Accounting Policies. For computation of segment information, the Partnership allocates costs incurred by the U.S. entity in support of Canada operations to the Canada segment. Canada segment information is based upon the Consolidated Financial Statements of the Partnership’s Canada operations without eliminating intercompany items, such as management fees paid to affiliated entities. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. This is consistent with how management reviews the segments in order to assess performance. | |||||||||||||
The following table shows financial information for the Partnership’s reportable segments for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net revenue: | |||||||||||||
U.S. | $ | 5,457,479 | $ | 4,789,850 | $ | 4,324,451 | |||||||
Canada | 199,427 | 175,325 | 185,410 | ||||||||||
Total net revenue | $ | 5,656,906 | $ | 4,965,175 | $ | 4,509,861 | |||||||
Net interest and dividends revenue: | |||||||||||||
U.S. | $ | 70,557 | $ | 66,912 | $ | 57,647 | |||||||
Canada | 4,424 | 4,314 | 4,862 | ||||||||||
Total net interest and dividends revenue | $ | 74,981 | $ | 71,226 | $ | 62,509 | |||||||
Pre-variable income (loss): | |||||||||||||
U.S. | $ | 1,310,285 | $ | 1,055,550 | $ | 855,862 | |||||||
Canada | 7,192 | (3,482 | ) | 4,189 | |||||||||
Total pre-variable income | $ | 1,317,477 | $ | 1,052,068 | $ | 860,051 | |||||||
Variable compensation: | |||||||||||||
U.S. | $ | 625,979 | $ | 485,196 | $ | 366,663 | |||||||
Canada | 17,160 | 11,852 | 11,605 | ||||||||||
Total variable compensation | $ | 643,139 | $ | 497,048 | $ | 378,268 | |||||||
Income (loss) before allocations to partners: | |||||||||||||
U.S. | $ | 684,306 | $ | 570,354 | $ | 489,199 | |||||||
Canada | (9,968 | ) | (15,334 | ) | (7,416 | ) | |||||||
Total income before allocations to partners | $ | 674,338 | $ | 555,020 | $ | 481,783 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 81,329 | $ | 35,845 | $ | 52,437 | |||||||
Canada | 2,904 | 1,058 | 1,793 | ||||||||||
Total capital expenditures | $ | 84,233 | $ | 36,903 | $ | 54,230 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 80,026 | $ | 78,226 | $ | 88,118 | |||||||
Canada | 2,069 | 1,922 | 2,491 | ||||||||||
Total depreciation and amortization | $ | 82,095 | $ | 80,148 | $ | 90,609 | |||||||
Total assets: | |||||||||||||
U.S. | $ | 13,340,985 | $ | 12,617,643 | $ | 9,158,882 | |||||||
Canada | 453,776 | 424,600 | 424,704 | ||||||||||
Total assets | $ | 13,794,761 | $ | 13,042,243 | $ | 9,583,586 | |||||||
Financial advisors at year end: | |||||||||||||
U.S. | 12,483 | 11,822 | 11,622 | ||||||||||
Canada | 675 | 641 | 620 | ||||||||||
Total financial advisors | 13,158 | 12,463 | 12,242 | ||||||||||
RELATED_PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTIES | ' |
NOTE 17 – RELATED PARTIES | |
Edward Jones owns a 49.5% limited partnership interest in the investment adviser to the Edward Jones money market funds. The Partnership does not have management responsibility with regard to the adviser. Approximately 0.1%, 0.2% and 0.2% of the Partnership’s total revenues were derived from this limited partnership interest in the adviser to the Fund during 2013, 2012 and 2011, respectively. | |
As of December 31, 2013, Edward Jones leases approximately 10% of its branch office space from its financial advisors. Rent expense related to these leases approximated $22,700, $20,000 and $20,000 for the years ended December 31, 2013, 2012 and 2011, respectively. These leases are executed and maintained in a similar manner as those entered into with third parties. | |
In the normal course of business, partners and employees of the Partnership and its affiliates use the brokerage services and trust services of the Partnership for the same services as unrelated third parties, with certain discounts on commissions and fees for certain services. The Partnership has included balances arising from such transactions in the Consolidated Statements of Financial Condition on the same basis as other clients. | |
The Partnership recognizes interest income for the interest earned from partners who elect to finance a portion or all of their partnership capital contributions through loans made available from the Partnership (see Note 10). |
QUARTERLY_INFORMATION
QUARTERLY INFORMATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
QUARTERLY INFORMATION | ' | ||||||||||||||||
NOTE 18 – QUARTERLY INFORMATION | |||||||||||||||||
(Unaudited) | |||||||||||||||||
2013 Quarters Ended | |||||||||||||||||
29-Mar | 28-Jun | 27-Sep | 31-Dec | ||||||||||||||
Total revenue | $ | 1,350,661 | $ | 1,431,733 | $ | 1,431,720 | $ | 1,501,537 | |||||||||
Income before allocations to partners | $ | 148,779 | $ | 172,140 | $ | 167,757 | $ | 185,662 | |||||||||
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 26.72 | $ | 30.92 | $ | 30.13 | $ | 33.35 | |||||||||
2012 Quarters Ended | |||||||||||||||||
30-Mar | 29-Jun | 28-Sep | 31-Dec | ||||||||||||||
Total revenue | $ | 1,222,446 | $ | 1,230,238 | $ | 1,269,435 | $ | 1,305,299 | |||||||||
Income before allocations to partners | $ | 138,565 | $ | 138,962 | $ | 130,861 | $ | 146,632 | |||||||||
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 27.42 | $ | 27.5 | $ | 25.9 | $ | 29.02 | |||||||||
In accordance with FASB ASC 480, the Partnership presents net income of $0 on its Consolidated Statement of Income (see Note 1). |
OFFSETTING_ASSETS_AND_LIABILIT
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
OFFSETTING ASSETS AND LIABILITIES | ' | ||||||||||||||||||||||||
NOTE 19 – OFFSETTING ASSETS AND LIABILITIES | |||||||||||||||||||||||||
The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy. | |||||||||||||||||||||||||
The following table shows the Partnership’s securities purchased under agreements to resell as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Gross | Gross amounts | Net amounts | Gross amounts not offset | ||||||||||||||||||||||
in the Consolidated | |||||||||||||||||||||||||
amounts of | offset in the | presented in the | Statements of Financial | ||||||||||||||||||||||
Condition | |||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
recognized | Financial | Financial | Financial | Securities | Net | ||||||||||||||||||||
assets | Condition | Condition | instruments | collateral(1) | amount | ||||||||||||||||||||
31-Dec-13 | $ | 1,026,405 | — | 1,026,405 | — | (1,026,405 | ) | $ | — | ||||||||||||||||
31-Dec-12 | $ | 1,092,586 | — | 1,092,586 | — | (1,092,586 | ) | $ | — | ||||||||||||||||
-1 | Actual collateral was greater than 102% of the related assets in U.S. agreements and greater than 100% in Canada agreements for all periods presented. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
NOTE 20 – SUBSEQUENT EVENT | |
The Partnership filed a Registration Statement on Form S-8 with the SEC on January 17, 2014 to register $350 million in securities in preparation for its anticipated 2014 Limited Partnership offering. The Partnership intends to offer approximately $300 million in Interests to eligible financial advisors, branch office administrators and home office associates. The remaining $50 million may be issued in the discretion of the Executive Committee, which may include issuances to financial advisors who complete a retirement transition plan in future years and who may be considered for additional limited partnership interest. The 2014 Limited Partnership offering is expected to close early next year. Limited partners participate in the Partnership’s profits and are paid a minimum 7.5% annual return on the face amount of their capital. |
Parent_Company_Only_Financial_
Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Only Financial Statements | ' | ||||||||||||
Schedule I | |||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
(Dollars in thousands) | December 31, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 252,057 | $ | 285,384 | |||||||||
Investment securities | 8,764 | 12,576 | |||||||||||
Investment in subsidiaries | 1,809,349 | 1,673,619 | |||||||||||
Other assets | 11,849 | 11,699 | |||||||||||
TOTAL ASSETS | $ | 2,082,019 | $ | 1,983,278 | |||||||||
LIABILITIES: | |||||||||||||
Accounts payable and accrued expenses | $ | 1,521 | $ | 385 | |||||||||
Partnership capital subject to mandatory redemption | 2,080,498 | 1,982,893 | |||||||||||
TOTAL LIABILITIES | $ | 2,082,019 | $ | 1,983,278 | |||||||||
These financial statements should be read in conjunction with the notes to the | |||||||||||||
Consolidated Financial Statements of The Jones Financial Companies, L.L.L.P. | |||||||||||||
Schedule I | |||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For the Years Ended | |||||||||||||
(Dollars in thousands) | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
NET REVENUE | |||||||||||||
Subsidiary earnings | $ | 667,334 | $ | 548,308 | $ | 482,926 | |||||||
Management fee income | 76,570 | 78,016 | 78,485 | ||||||||||
Other | 9,004 | 8,606 | 1,166 | ||||||||||
Total revenue | 752,908 | 634,930 | 562,577 | ||||||||||
Interest expense | 48,380 | 49,194 | 50,231 | ||||||||||
Net revenue | 704,528 | 585,736 | 512,346 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Compensation and benefits | 28,191 | 28,836 | 28,348 | ||||||||||
Payroll and other taxes | 333 | 256 | 151 | ||||||||||
Other operating expenses | 1,666 | 1,624 | 2,064 | ||||||||||
Total operating expenses | 30,190 | 30,716 | 30,563 | ||||||||||
INCOME BEFORE ALLOCATIONS TO PARTNERS | $ | 674,338 | $ | 555,020 | $ | 481,783 | |||||||
Allocations to partners | (674,338 | ) | (555,020 | ) | (481,783 | ) | |||||||
NET INCOME | $ | — | $ | — | $ | — | |||||||
These financial statements should be read in conjunction with the notes to the | |||||||||||||
Consolidated Financial Statements of The Jones Financial Companies, L.L.L.P. | |||||||||||||
Schedule I | |||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended | |||||||||||||
(Dollars in thousands) | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | — | $ | — | $ | — | |||||||
Adjustments to reconcile net income to netcash provided by operating activities: | |||||||||||||
Income before allocations to partners | 674,338 | 555,020 | 481,783 | ||||||||||
Changes in assets and liabilities: | |||||||||||||
Investment securities | 3,812 | 2,648 | (15,224 | ) | |||||||||
Investment in subsidiaries | (135,730 | ) | 56,317 | (136,358 | ) | ||||||||
Other assets | (150 | ) | (549 | ) | (1,287 | ) | |||||||
Accounts payable and accrued expenses | 1,136 | 26 | (1,292 | ) | |||||||||
Net cash provided by operating activities | 543,406 | 613,462 | 327,622 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Issuance of partnership interests (net of partnership loans) | 38,549 | 45,121 | 270,839 | ||||||||||
Redemption of partnership interests | (116,018 | ) | (99,170 | ) | (97,191 | ) | |||||||
Distributions from partnership capital | (550,203 | ) | (434,614 | ) | (359,467 | ) | |||||||
Issuance of partnership loans | (11,203 | ) | — | — | |||||||||
Repayment of partnership loans | 62,142 | 10,759 | 4,840 | ||||||||||
Net cash used in financing activities | (576,733 | ) | (477,904 | ) | (180,979 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (33,327 | ) | 135,558 | 146,643 | |||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||
Beginning of year | 285,384 | 149,826 | 3,183 | ||||||||||
End of year | $ | 252,057 | $ | 285,384 | $ | 149,826 | |||||||
These financial statements should be read in conjunction with the notes to the | |||||||||||||
Consolidated Financial Statements of The Jones Financial Companies, L.L.L.P. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
The Partnership's Business and Basis of Accounting | ' |
The Partnership’s Business and Basis of Accounting. The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership”). All material intercompany balances and transactions have been eliminated in consolidation. Non-controlling minority interests are accounted for under the equity method. The results of the Partnership’s subsidiaries in Canada are included in the Partnership’s Consolidated Financial Statements for the twelve month periods ended November 30, 2013, 2012 and 2011 because of the timing of the Partnership’s financial reporting process. | |
The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is comprised of two registered broker-dealers primarily serving individual investors in the United States (“U.S.”) and, through a subsidiary, Canada. Edward Jones primarily derives its revenues from the retail brokerage business through the sale of listed and unlisted securities and insurance products, investment banking, principal transactions, distribution of mutual fund shares, and through fees related to assets held by and account services provided to its clients. The Partnership conducts business throughout the U.S. and Canada with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the years ended December 31, 2013, 2012 and 2011, see Note 16 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“EJTC”), a wholly-owned subsidiary of the Partnership. | |
The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the U.S. (“GAAP”) which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. | |
Under the terms of the Partnership’s Eighteenth Amended and Restated Partnership Agreement (the “Partnership Agreement”), a partner’s capital is required to be redeemed by the Partnership in the event of the partner’s death or withdrawal from the Partnership, subject to compliance with ongoing regulatory capital requirements. In the event of a partner’s death, the Partnership must generally redeem the partner’s capital within six months. The Partnership has withdrawal restrictions in place limiting the amount of capital that can be withdrawn at the discretion of the partner. Under the terms of the Partnership Agreement, limited partners withdrawing from the Partnership are to be repaid their capital in three equal annual installments beginning the month after their withdrawal. The capital of general partners withdrawing from the Partnership is converted to subordinated limited partnership capital or, at the discretion of the Managing Partner, redeemed by the Partnership. Subordinated limited partners are repaid their capital in six equal annual installments beginning the month after their request for withdrawal of contributed capital. The Partnership’s Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. All current and future partnership capital is subordinate to all current and future liabilities of the Partnership. | |
Revenue Recognition | ' |
Revenue Recognition. The Partnership’s commissions, principal transactions and investment banking revenues are recorded on a trade date basis. Other forms of revenue are recorded on an accrual basis. Due to the timing of receipt of information, the Partnership must use estimates in recording the accruals related to certain asset-based fees. These accruals are based on historical trends and are adjusted to reflect market conditions for the period covered. The Partnership classifies its revenue into the following categories: | |
Commissions revenue consists of charges to clients for the purchase or sale of mutual fund shares, listed and unlisted securities and insurance products. | |
Principal transactions revenue is the result of the Partnership’s participation in market-making activities in municipal obligations, over-the-counter corporate obligations, government obligations, unit investment trusts, mortgage-backed securities and certificates of deposit. | |
Investment banking revenue is derived from the Partnership’s distribution of unit investment trusts, corporate and municipal obligations, and government sponsored enterprise obligations. | |
Asset-based fee revenue is derived from fees determined by the underlying value of client assets and includes advisory programs, service fees and revenue sharing. Most asset-based fee revenue is generated from fees for investment advisory services within the Partnership’s advisory programs, including Edward Jones Advisory Solutions (“Advisory Solutions”), Edward Jones Managed Account Program (“MAP”) and, in Canada, Edward Jones Portfolio Program and Guided Portfolios Program. The Partnership also earns asset-based fee revenue through service fees received under agreements with mutual fund and insurance companies, including revenue related to the Partnership’s ownership interest in Passport Research Ltd., the investment adviser to the Edward Jones money market funds. In addition, the Partnership earns revenue sharing from certain mutual fund and insurance companies. In most cases, this is additional compensation paid by investment advisers, insurance companies or distributors based on a percentage of average assets held by the Partnership’s clients. | |
Account and activity fee revenue includes fees received from mutual fund companies for sub-transfer agent accounting services performed by the Partnership and retirement account fees primarily consisting of self-directed IRA custodian account fees. This revenue category also includes other activity-based fee revenue from clients, mutual fund companies and insurance companies. | |
Interest and dividends revenue is earned on client margin (loan) account balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell, partnership loans, inventory securities and investment securities. | |
The Partnership derived from one mutual fund company 19% of its total revenue for each of the years ended December 31, 2013, 2012 and 2011. The revenue generated from this company related to business conducted with the Partnership’s U.S. segment. Significant reductions in revenue due to regulatory reform or other changes to the Partnership’s relationship with this mutual fund company could have a material impact on the Partnership’s results of operations. | |
Foreign Exchange | ' |
Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Foreign exchange gains and losses are included in other revenue on the Consolidated Statements of Income. | |
Fair Value | ' |
Fair Value. Substantially all of the Partnership’s financial assets and financial liabilities covered under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, Fair Value Measurement and Disclosure (“ASC 820”), are carried at fair value or contracted amounts which approximate fair value. Upon the adoption of fair value guidance set forth in FASB ASC No. 825, Financial Instruments, the Partnership elected not to take the fair value option on all debt and liabilities subordinated to the claims of general creditors. | |
Fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, also known as the “exit price.” Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The Partnership’s financial assets and financial liabilities recorded at fair value in the Consolidated Statements of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 with the related amount of subjectivity associated with the inputs to value these assets and liabilities at fair value for each level, are as follows: | |
Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
The types of assets and liabilities categorized as Level I generally are U.S. treasuries, investments in publicly traded mutual funds, equities listed in active markets, government and agency obligations, and unit investment trusts with quoted market prices. | |
Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with related market data at the measurement date and for the duration of the instrument’s anticipated life. The Partnership uses the market approach valuation technique which incorporates third-party pricing services and other relevant observable information (such as market interest rates, yield curves, prepayment risk and credit risk generated by market transactions involving identical or comparable assets or liabilities) in valuing these types of investments. When third-party pricing services are used, the methods and assumptions used are reviewed by the Partnership. | |
The types of assets and liabilities categorized as Level II generally are certificates of deposit, state and municipal obligations and corporate bonds and notes. | |
Level III – Inputs are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the inputs to the model. | |
The Partnership did not have any assets or liabilities categorized as Level III during the periods ended December 31, 2013 and 2012. In addition, there were no transfers into or out of Levels I, II or III during these periods. | |
The Partnership estimates the fair value of long-term debt and the liabilities subordinated to claims of general creditors based on the present value of future principal and interest payments associated with the debt, using current interest rates for debt of a similar nature as that of the Partnership (Level II input). | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | |
Cash and Investments Segregated under Federal Regulations | ' |
Cash and Investments Segregated under Federal Regulations. Cash of $7,056,047 and $6,607,714 and investments of $1,379,030 and $1,106,928 as of December 31, 2013 and 2012, respectively, were segregated in special reserve bank accounts for the benefit of U.S. clients under Rule 15c3-3 of the Securities and Exchange Commission (“SEC”). | |
Securities Purchased Under Agreements to Resell | ' |
Securities Purchased Under Agreements to Resell. The Partnership participates in short-term resale agreements collateralized by government and agency securities. These transactions are reported as collateralized financing. The fair value of the underlying collateral as determined daily, plus accrued interest, must equal or exceed 102% of the carrying amount of the transaction in U.S. agreements and must equal or exceed 100% in Canada agreements. It is the Partnership’s policy to have such underlying resale agreement collateral delivered to the Partnership or deposited in its accounts at its custodian banks. Resale agreements are carried at the amount at which the securities will be subsequently resold, as specified in the agreements. The Partnership considers these financing receivables to be of good credit quality and, as a result, has not recorded a related allowance for credit loss. In addition, the Partnership considers risk related to these securities to be minimal due to the fact that these securities are fully collateralized. | |
Securities Borrowing and Lending Activities | ' |
Securities Borrowing and Lending Activities. Securities borrowed and securities loaned transactions are reported as collateralized financings. Securities borrowed transactions require the Partnership to deposit cash with the lender. In securities loaned transactions, the Partnership receives collateral in the form of cash. Collateral for both securities borrowed and securities loaned is based on 102% of the fair value of the underlying securities loaned in U.S. agreements and 100% in Canada agreements. The Partnership monitors the fair value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Securities borrowed and securities loaned are included in receivable from and payable to brokers, dealers and clearing organizations, respectively, in the Consolidated Statements of Financial Condition. | |
Collateral | ' |
Collateral. The Partnership reports as assets collateral it has pledged in secured borrowings and other arrangements when the secured party cannot sell or repledge the assets or the Partnership can substitute collateral or otherwise redeem it on short notice. The Partnership does not report collateral it has received in secured lending and other arrangements as an asset when the debtor has the right to redeem or substitute the collateral on short notice. | |
Securities Owned and Sold, Not Yet Purchased | ' |
Securities Owned and Sold, Not Yet Purchased. Securities owned and sold, not yet purchased, including inventory securities and investment securities, are recorded at fair value which is determined by using quoted market or dealer prices. The Partnership records the related unrealized gains and losses for inventory securities and certain investment securities in principal transactions revenue in the Consolidated Statements of Income. The unrealized gains and losses for investment securities related to the nonqualified deferred compensation plan are recorded in other revenue in the Consolidated Statements of Income (see below). | |
Equipment, Property and Improvements | ' |
Equipment, Property and Improvements. Equipment, including furniture and fixtures, is recorded at cost and depreciated using straight-line and accelerated methods over estimated useful lives of three to seven years. Buildings are depreciated using the straight-line method over their useful lives, which are estimated at thirty years. Leasehold improvements are amortized based on the term of the lease or the economic useful life of the improvement, whichever is less. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the respective category and any related gain or loss is recorded as other revenue in the Consolidated Statements of Income. The cost of maintenance and repairs is charged against income as incurred, whereas significant enhancements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be fully recoverable. If impairment is indicated, the asset value is written down to its fair value. | |
Nonqualified Deferred Compensation Plan | ' |
Nonqualified Deferred Compensation Plan. The Partnership has a nonqualified deferred compensation plan for certain financial advisors. The Partnership has recorded a liability for the future payments due to financial advisors participating in the nonqualified deferred compensation plan. As the future amounts due to financial advisors change in accordance with plan requirements, the Partnership records the change in future amounts owed to financial advisors as an increase or decrease in accrued compensation in the Consolidated Statements of Financial Condition and compensation and benefits expense in the Consolidated Statements of Income. The Partnership has chosen to hedge this future liability by purchasing securities in an amount similar to the future liability expected to be due in accordance with the plan. These securities are included in investment securities in the Consolidated Statements of Financial Condition and the unrealized gains and losses are recorded in other revenue in the Consolidated Statements of Income. Each period, the net impact of the change in future amounts owed to financial advisors in the nonqualified deferred compensation plan and the change in investment securities are approximately the same, resulting in minimal net impact on the Partnership’s financial results. | |
Lease Accounting | ' |
Lease Accounting. The Partnership enters into lease agreements for certain home office facilities as well as branch office locations. The associated lease expense is recognized on a straight-line basis over the minimum lease terms. | |
Income Taxes | ' |
Income Taxes. Income taxes have not been provided for in the Consolidated Financial Statements in most jurisdictions as the Partnership is organized as a partnership and each partner is liable for its own tax payments. For the jurisdictions in which the Partnership is liable for its own tax payments, the income tax provisions are immaterial (see Note 12). | |
Reclassification | ' |
Reclassification. Certain prior year balances have been reclassified to conform to the current year presentation. | |
Partnership Capital Subject to Mandatory Redemption | ' |
Partnership Capital Subject to Mandatory Redemption. FASB ASC No. 480, Distinguishing Liabilities from Equity (“ASC 480”), established standards for classifying and measuring certain financial instruments with characteristics of both liabilities and equity. Under the provisions of ASC 480, the obligation to redeem a partner’s capital in the event of a partner’s death is one of the criteria requiring capital to be classified as a liability. | |
Since the Partnership Agreement obligates the Partnership to redeem a partner’s capital after a partner’s death, ASC 480 requires all of the Partnership’s equity capital to be classified as a liability. In accordance with ASC 480, income allocable to limited, subordinated limited and general partners is classified as a reduction of income before allocations to partners, which results in a presentation of $0 net income for the years ended December 31, 2013, 2012 and 2011. The financial statement presentations required to comply with ASC 480 do not alter the Partnership’s treatment of income, income allocations or capital for any other purposes. | |
Net income, as defined in the Partnership Agreement, is equivalent to income before allocations to partners on the Consolidated Statements of Income. Such income, if any, for each calendar year is allocated to the Partnership’s three classes of capital in accordance with the formulas prescribed in the Partnership Agreement. Income allocations are based upon partner capital contributions including capital contributions financed with loans from the Partnership. First, limited partners are allocated net income (as defined in the Partnership Agreement) in accordance with the prescribed formula for their share of net income. Limited partners do not share in the net loss in any year in which there is a net loss and the Partnership is not dissolved or liquidated. Thereafter, subordinated limited partners and general partners are allocated any remaining net income or net loss based on formulas as defined in the Partnership Agreement. | |
Recently Adopted Accounting Standards | ' |
Recently Adopted Accounting Standards. In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which established requirements for an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 was adopted on January 1, 2013 and adoption did not have a material impact on the Partnership’s Consolidated Statement of Financial Condition (see Note 19). | |
Contingencies (ASC No.450) | ' |
The Partnership assesses its liabilities and contingencies utilizing available information. For those matters where it is probable the Partnership will incur a potential loss and the amount of the loss is reasonably estimable, in accordance with FASB ASC No. 450, Contingencies, an accrued liability has been established. These reserves represent the Partnership’s aggregate estimate of the potential loss contingency at December 31, 2013 and are believed to be sufficient. Such liability may be adjusted from time to time to reflect any relevant developments. |
RECEIVABLE_FROM_AND_PAYABLE_TO2
RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
Composition of Partnership's Receivable From and Payable to Brokers, Dealers and Clearing Organizations | ' | ||||||||
The following table shows the components of receivable from and payable to brokers, dealers and clearing organizations as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Receivable from money market funds | $ | 62,317 | $ | 88,084 | |||||
Deposits with clearing organizations | 49,110 | 49,154 | |||||||
Receivable from clearing organizations | 26,889 | 24,208 | |||||||
Securities failed to deliver | 3,703 | 2,582 | |||||||
Other | 6,084 | 25,091 | |||||||
Total receivable from brokers, dealers and clearing organizations | $ | 148,103 | $ | 189,119 | |||||
Payable to clearing organizations | $ | 65,949 | $ | 53,874 | |||||
Securities failed to receive | 10,245 | 10,723 | |||||||
Payable to brokers, dealers and carrying brokers | 3,049 | 880 | |||||||
Total payable to brokers, dealers and clearing organizations | $ | 79,243 | $ | 65,477 | |||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Partnership's Financial Assets at Fair Value | ' | ||||||||||||||||
The following table shows the Partnership’s financial instruments measured at fair value: | |||||||||||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,154,030 | $ | — | $ | — | $ | 1,154,030 | |||||||||
Certificates of deposit | — | 225,000 | — | 225,000 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,154,030 | $ | 225,000 | $ | — | $ | 1,379,030 | |||||||||
Securities owned: | |||||||||||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | — | $ | 66,777 | $ | — | $ | 66,777 | |||||||||
Equities | 27,138 | — | — | 27,138 | |||||||||||||
Corporate bonds and notes | — | 2,433 | — | 2,433 | |||||||||||||
Certificates of deposit | — | 1,922 | — | 1,922 | |||||||||||||
Unit investment trusts | 1,903 | — | — | 1,903 | |||||||||||||
Other | 391 | 931 | — | 1,322 | |||||||||||||
Total inventory securities | $ | 29,432 | $ | 72,063 | $ | — | $ | 101,495 | |||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 116,523 | $ | — | $ | — | $ | 116,523 | |||||||||
Government and agency obligations | 19,110 | — | — | 19,110 | |||||||||||||
Equities | 4,609 | — | — | 4,609 | |||||||||||||
Other | — | 852 | — | 852 | |||||||||||||
Total investment securities | $ | 140,242 | $ | 852 | $ | — | $ | 141,094 | |||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,006,928 | $ | — | $ | — | $ | 1,006,928 | |||||||||
Certificates of deposit | — | 100,000 | — | 100,000 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,006,928 | $ | 100,000 | $ | — | $ | 1,106,928 | |||||||||
Securities owned: | |||||||||||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | — | $ | 46,705 | $ | — | $ | 46,705 | |||||||||
Equities | 17,845 | — | — | 17,845 | |||||||||||||
Certificates of deposit | — | 4,236 | — | 4,236 | |||||||||||||
Corporate bonds and notes | — | 3,183 | — | 3,183 | |||||||||||||
Other | 1,166 | 1,417 | — | 2,583 | |||||||||||||
Total inventory securities | $ | 19,011 | $ | 55,541 | $ | — | $ | 74,552 | |||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 89,743 | $ | — | $ | — | $ | 89,743 | |||||||||
Government and agency obligations | 14,678 | — | — | 14,678 | |||||||||||||
Equities | 6,184 | — | — | 6,184 | |||||||||||||
Other | — | 1,299 | — | 1,299 | |||||||||||||
Total investment securities | $ | 110,605 | $ | 1,299 | $ | — | $ | 111,904 | |||||||||
Partnership's Financial Liabilities at Fair Value | ' | ||||||||||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 1,871 | $ | — | $ | 1,871 | |||||||||
Equities | 1,023 | — | — | 1,023 | |||||||||||||
Other | 301 | 1,064 | — | 1,365 | |||||||||||||
Total securities sold, not yet purchased | $ | 1,324 | $ | 2,935 | $ | — | $ | 4,259 | |||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Mutual funds | $ | 12,014 | $ | — | $ | — | $ | 12,014 | |||||||||
Equities | 5,133 | — | — | 5,133 | |||||||||||||
Certificates of deposit | — | 2,774 | — | 2,774 | |||||||||||||
Corporate bonds and notes | — | 1,492 | — | 1,492 | |||||||||||||
Other | 314 | 600 | — | 914 | |||||||||||||
Total securities sold, not yet purchased | $ | 17,461 | $ | 4,866 | $ | — | $ | 22,327 | |||||||||
Estimated Fair Values of Long Term Debt and Liabilities Subordinated to Claims of General Creditors | ' | ||||||||||||||||
The following table shows the estimated fair values of long-term debt and liabilities subordinated to claims of general creditors as of December 31, 2013 and 2012: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Long-term debt | $ | 4,824 | $ | 6,091 | |||||||||||||
Liabilities subordinated to claims of general creditors | 50,000 | 103,396 | |||||||||||||||
Total | $ | 54,824 | $ | 109,487 | |||||||||||||
EQUIPMENT_PROPERTY_AND_IMPROVE1
EQUIPMENT, PROPERTY AND IMPROVEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Composition of Partnership's Equipment, Property and Improvements | ' | ||||||||
The following table shows equipment, property and improvements as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 18,745 | $ | 18,745 | |||||
Buildings and improvements | 812,868 | 793,655 | |||||||
Equipment, furniture and fixtures | 611,051 | 613,568 | |||||||
Equipment, property and improvements, Gross | 1,442,664 | 1,425,968 | |||||||
Accumulated depreciation and amortization | (900,079 | ) | (888,919 | ) | |||||
Equipment, property and improvements, Net | $ | 542,585 | $ | 537,049 | |||||
LINES_OF_CREDIT_Tables
LINES OF CREDIT (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Composition of Partnership's Aggregate Bank Lines of Credit | ' | ||||||||||
The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of December 31, 2013 and 2012: | |||||||||||
2013 | 2012 | ||||||||||
2013 Credit Facility | $ | 400,000 | $ | — | |||||||
2011 Credit Facility | — | 395,000 | |||||||||
Uncommitted secured credit facilities | 415,000 | 415,000 | |||||||||
Total lines of credit | $ | 815,000 | $ | 810,000 | |||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Composition of Partnership's Long-Term Debt | ' | ||||||||
The following table shows the Partnership’s long-term debt as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Note payable, collateralized by real estate, fixed rate of 7.28%, principal and interest due in fluctuating monthly installments, with a final installment on June 1, 2017 | $ | 4,430 | $ | 5,503 | |||||
$ | 4,430 | $ | 5,503 | ||||||
Schedule of Annual Principal Payments | ' | ||||||||
Scheduled annual principal payments as of December 31, 2013 are as follows: | |||||||||
2014 | $ | 1,153 | |||||||
2015 | 1,240 | ||||||||
2016 | 1,333 | ||||||||
2017 | 704 | ||||||||
2018 | — | ||||||||
Thereafter | — | ||||||||
Total | $ | 4,430 | |||||||
LIABILITIES_SUBORDINATED_TO_CL1
LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
Liabilities Subordinated to Claims of General Creditors | ' | ||||||||
Liabilities subordinated to claims of general creditors as of December 31, 2013 and 2012 consist of: | |||||||||
2013 | 2012 | ||||||||
Capital notes 7.33%, due in annual installments of $50,000 commencing on June 12, 2010 with a final installment on June 12, 2014 | $ | 50,000 | $ | 100,000 | |||||
$ | 50,000 | $ | 100,000 | ||||||
PARTNERSHIP_CAPITAL_SUBJECT_TO1
PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Composition of Partnership's Capital Subject to Mandatory Redemption | ' | ||||||||
The following table shows the Partnership’s capital subject to mandatory redemption as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Partnership capital outstanding: | |||||||||
Limited partnership capital | $ | 640,270 | $ | 650,735 | |||||
Subordinated limited partnership capital | 304,558 | 283,709 | |||||||
General partnership capital | 1,127,609 | 1,048,067 | |||||||
Total partnership capital outstanding | 2,072,437 | 1,982,511 | |||||||
Partnership loans outstanding: | |||||||||
Partnership loans outstanding at beginning of period | (170,264 | ) | (86,853 | ) | |||||
Partnership loans issued during the period | (106,400 | ) | (94,170 | ) | |||||
Repayment of partnership loans during the period | 62,142 | 10,759 | |||||||
Total partnership loans outstanding | (214,522 | ) | (170,264 | ) | |||||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,857,915 | 1,812,247 | |||||||
Reserve for anticipated withdrawals | 222,583 | 170,646 | |||||||
Partnership capital subject to mandatory redemption | $ | 2,080,498 | $ | 1,982,893 | |||||
NET_CAPITAL_REQUIREMENTS_Table
NET CAPITAL REQUIREMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
Partnership's Net Capital Figures for U.S. and Canada Broker-Dealers | ' | ||||||||
The following table shows the Partnership’s net capital figures for its U.S. and Canada broker-dealers as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
U.S.: | |||||||||
Net capital | $ | 872,592 | $ | 711,894 | |||||
Net capital in excess of the minimum required | $ | 830,455 | $ | 670,072 | |||||
Net capital as a percentage of aggregate debit items | 41.4 | % | 34 | % | |||||
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 24.8 | % | 18.5 | % | |||||
Canada: | |||||||||
Regulatory risk adjusted capital | $ | 34,131 | $ | 38,488 | |||||
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $ | 27,093 | $ | 27,567 |
COMMITMENTS_GUARANTEES_AND_RIS1
COMMITMENTS, GUARANTEES AND RISKS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Partnership's Non-cancelable Lease Commitments Greater Than One Year | ' | ||||
The Partnership’s non-cancelable lease commitments greater than one year as of December 31, 2013, are summarized below: | |||||
2014 | $ | 132,026 | |||
2015 | 34,228 | ||||
2016 | 22,936 | ||||
2017 | 16,022 | ||||
2018 | 11,760 | ||||
Thereafter | 32,361 | ||||
Total | $ | 249,333 | |||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Financial Information for Partnership's Reportable Segments | ' | ||||||||||||
The following table shows financial information for the Partnership’s reportable segments for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net revenue: | |||||||||||||
U.S. | $ | 5,457,479 | $ | 4,789,850 | $ | 4,324,451 | |||||||
Canada | 199,427 | 175,325 | 185,410 | ||||||||||
Total net revenue | $ | 5,656,906 | $ | 4,965,175 | $ | 4,509,861 | |||||||
Net interest and dividends revenue: | |||||||||||||
U.S. | $ | 70,557 | $ | 66,912 | $ | 57,647 | |||||||
Canada | 4,424 | 4,314 | 4,862 | ||||||||||
Total net interest and dividends revenue | $ | 74,981 | $ | 71,226 | $ | 62,509 | |||||||
Pre-variable income (loss): | |||||||||||||
U.S. | $ | 1,310,285 | $ | 1,055,550 | $ | 855,862 | |||||||
Canada | 7,192 | (3,482 | ) | 4,189 | |||||||||
Total pre-variable income | $ | 1,317,477 | $ | 1,052,068 | $ | 860,051 | |||||||
Variable compensation: | |||||||||||||
U.S. | $ | 625,979 | $ | 485,196 | $ | 366,663 | |||||||
Canada | 17,160 | 11,852 | 11,605 | ||||||||||
Total variable compensation | $ | 643,139 | $ | 497,048 | $ | 378,268 | |||||||
Income (loss) before allocations to partners: | |||||||||||||
U.S. | $ | 684,306 | $ | 570,354 | $ | 489,199 | |||||||
Canada | (9,968 | ) | (15,334 | ) | (7,416 | ) | |||||||
Total income before allocations to partners | $ | 674,338 | $ | 555,020 | $ | 481,783 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 81,329 | $ | 35,845 | $ | 52,437 | |||||||
Canada | 2,904 | 1,058 | 1,793 | ||||||||||
Total capital expenditures | $ | 84,233 | $ | 36,903 | $ | 54,230 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 80,026 | $ | 78,226 | $ | 88,118 | |||||||
Canada | 2,069 | 1,922 | 2,491 | ||||||||||
Total depreciation and amortization | $ | 82,095 | $ | 80,148 | $ | 90,609 | |||||||
Total assets: | |||||||||||||
U.S. | $ | 13,340,985 | $ | 12,617,643 | $ | 9,158,882 | |||||||
Canada | 453,776 | 424,600 | 424,704 | ||||||||||
Total assets | $ | 13,794,761 | $ | 13,042,243 | $ | 9,583,586 | |||||||
Financial advisors at year end: | |||||||||||||
U.S. | 12,483 | 11,822 | 11,622 | ||||||||||
Canada | 675 | 641 | 620 | ||||||||||
Total financial advisors | 13,158 | 12,463 | 12,242 | ||||||||||
QUARTERLY_INFORMATION_Tables
QUARTERLY INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Information | ' | ||||||||||||||||
2013 Quarters Ended | |||||||||||||||||
29-Mar | 28-Jun | 27-Sep | 31-Dec | ||||||||||||||
Total revenue | $ | 1,350,661 | $ | 1,431,733 | $ | 1,431,720 | $ | 1,501,537 | |||||||||
Income before allocations to partners | $ | 148,779 | $ | 172,140 | $ | 167,757 | $ | 185,662 | |||||||||
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 26.72 | $ | 30.92 | $ | 30.13 | $ | 33.35 | |||||||||
2012 Quarters Ended | |||||||||||||||||
30-Mar | 29-Jun | 28-Sep | 31-Dec | ||||||||||||||
Total revenue | $ | 1,222,446 | $ | 1,230,238 | $ | 1,269,435 | $ | 1,305,299 | |||||||||
Income before allocations to partners | $ | 138,565 | $ | 138,962 | $ | 130,861 | $ | 146,632 | |||||||||
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 27.42 | $ | 27.5 | $ | 25.9 | $ | 29.02 | |||||||||
OFFSETTING_ASSETS_AND_LIABILIT1
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Partnership's Assets Subject to Master Netting Arrangements | ' | ||||||||||||||||||||||||
The following table shows the Partnership’s securities purchased under agreements to resell as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Gross | Gross amounts | Net amounts | Gross amounts not offset | ||||||||||||||||||||||
in the Consolidated | |||||||||||||||||||||||||
amounts of | offset in the | presented in the | Statements of Financial | ||||||||||||||||||||||
Condition | |||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
recognized | Financial | Financial | Financial | Securities | Net | ||||||||||||||||||||
assets | Condition | Condition | instruments | collateral(1) | amount | ||||||||||||||||||||
31-Dec-13 | $ | 1,026,405 | — | 1,026,405 | — | (1,026,405 | ) | $ | — | ||||||||||||||||
31-Dec-12 | $ | 1,092,586 | — | 1,092,586 | — | (1,092,586 | ) | $ | — | ||||||||||||||||
-1 | Actual collateral was greater than 102% of the related assets in U.S. agreements and greater than 100% in Canada agreements for all periods presented. |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital_Repayment | Segment | Segment | |
Segment | |||
Basis Of Presentation [Line Items] | ' | ' | ' |
Number of operating segments | 2 | 2 | 2 |
Period for partner's capital redemption in the event of death | '6 months | ' | ' |
Number of annual capital repayments for withdrawal of limited partners | 3 | ' | ' |
Number of annual capital repayments for withdrawal of subordinated limited partners | 6 | ' | ' |
Partnership's total revenue derived from one mutual fund vendor | 19.00% | 19.00% | 19.00% |
Fair value of level III, assets | $0 | $0 | ' |
Fair value of level III, liabilities | 0 | 0 | ' |
Transfers between levels I, II and III | 0 | 0 | ' |
Cash segregated under federal regulations | 7,056,047 | 6,607,714 | ' |
Investments segregated under federal regulations | 1,379,030 | 1,106,928 | ' |
Net income | $0 | $0 | $0 |
Securities Purchase Agreement [Member] | United States of America [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Fair value of underlying collateral as percentage of carrying value of transaction | 102.00% | ' | ' |
Collateral as percentage of fair value of underlying securities loaned | 102.00% | ' | ' |
Securities Purchase Agreement [Member] | Canada [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Fair value of underlying collateral as percentage of carrying value of transaction | 100.00% | ' | ' |
Collateral as percentage of fair value of underlying securities loaned | 100.00% | ' | ' |
Building [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Equipment, property and improvements estimated useful lives | '30 years | ' | ' |
Minimum [Member] | Equipment [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Equipment, property and improvements estimated useful lives | '3 years | ' | ' |
Maximum [Member] | Equipment [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Equipment, property and improvements estimated useful lives | '7 years | ' | ' |
Recovered_Sheet2
Receivable from and Payable to Brokers, Dealers and Clearing Organizations - Composition of Partnership's Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Receivable From And Payable To Brokers Dealers And Clearing Organizations [Abstract] | ' | ' |
Receivable from money market funds | $62,317 | $88,084 |
Deposits with clearing organizations | 49,110 | 49,154 |
Receivable from clearing organizations | 26,889 | 24,208 |
Securities failed to deliver | 3,703 | 2,582 |
Other | 6,084 | 25,091 |
Total receivable from brokers, dealers and clearing organizations | 148,103 | 189,119 |
Payable to clearing organizations | 65,949 | 53,874 |
Securities failed to receive | 10,245 | 10,723 |
Payable to brokers, dealers and carrying brokers | 3,049 | 880 |
Total payable to brokers, dealers and clearing organizations | $79,243 | $65,477 |
Fair_Value_Partnerships_Financ
Fair Value - Partnership's Financial Assets at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | $1,379,030 | $1,106,928 |
Inventory securities: | ' | ' |
Total inventory securities | 101,495 | 74,552 |
Investment securities: | ' | ' |
Total investment securities | 141,094 | 111,904 |
State and municipal obligations [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 66,777 | 46,705 |
Unit investment trusts [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 1,903 | ' |
Other [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 1,322 | 2,583 |
Investment securities: | ' | ' |
Total investment securities | 852 | 1,299 |
Mutual funds [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 116,523 | 89,743 |
Government and agency obligations [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 19,110 | 14,678 |
U.S. treasuries [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 1,154,030 | 1,006,928 |
Equities [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 27,138 | 17,845 |
Investment securities: | ' | ' |
Total investment securities | 4,609 | 6,184 |
Corporate bonds and notes [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 2,433 | 3,183 |
Certificates of deposit [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 225,000 | 100,000 |
Inventory securities: | ' | ' |
Total inventory securities | 1,922 | 4,236 |
Level I [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 1,154,030 | 1,006,928 |
Inventory securities: | ' | ' |
Total inventory securities | 29,432 | 19,011 |
Investment securities: | ' | ' |
Total investment securities | 140,242 | 110,605 |
Level I [Member] | State and municipal obligations [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Level I [Member] | Unit investment trusts [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 1,903 | ' |
Level I [Member] | Other [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 391 | 1,166 |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level I [Member] | Mutual funds [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 116,523 | 89,743 |
Level I [Member] | Government and agency obligations [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 19,110 | 14,678 |
Level I [Member] | U.S. treasuries [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 1,154,030 | 1,006,928 |
Level I [Member] | Equities [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 27,138 | 17,845 |
Investment securities: | ' | ' |
Total investment securities | 4,609 | 6,184 |
Level I [Member] | Corporate bonds and notes [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Level I [Member] | Certificates of deposit [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 0 | 0 |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Level II [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 225,000 | 100,000 |
Inventory securities: | ' | ' |
Total inventory securities | 72,063 | 55,541 |
Investment securities: | ' | ' |
Total investment securities | 852 | 1,299 |
Level II [Member] | State and municipal obligations [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 66,777 | 46,705 |
Level II [Member] | Unit investment trusts [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | ' |
Level II [Member] | Other [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 931 | 1,417 |
Investment securities: | ' | ' |
Total investment securities | 852 | 1,299 |
Level II [Member] | Mutual funds [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level II [Member] | Government and agency obligations [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level II [Member] | U.S. treasuries [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 0 | 0 |
Level II [Member] | Equities [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level II [Member] | Corporate bonds and notes [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 2,433 | 3,183 |
Level II [Member] | Certificates of deposit [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 225,000 | 100,000 |
Inventory securities: | ' | ' |
Total inventory securities | 1,922 | 4,236 |
Level III [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 0 | 0 |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level III [Member] | State and municipal obligations [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Level III [Member] | Unit investment trusts [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | ' |
Level III [Member] | Other [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level III [Member] | Mutual funds [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level III [Member] | Government and agency obligations [Member] | ' | ' |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level III [Member] | U.S. treasuries [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 0 | 0 |
Level III [Member] | Equities [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Investment securities: | ' | ' |
Total investment securities | 0 | 0 |
Level III [Member] | Corporate bonds and notes [Member] | ' | ' |
Inventory securities: | ' | ' |
Total inventory securities | 0 | 0 |
Level III [Member] | Certificates of deposit [Member] | ' | ' |
Investments segregated under federal regulations: | ' | ' |
Total investments segregated under federal regulations | 0 | 0 |
Inventory securities: | ' | ' |
Total inventory securities | $0 | $0 |
Fair_Value_Partnerships_Financ1
Fair Value - Partnership's Financial Liabilities at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | $4,259 | $22,327 |
Other [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,365 | 914 |
Mutual funds [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 12,014 |
Certificates of deposit [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 2,774 |
Corporate bonds and notes [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,871 | 1,492 |
Equities [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,023 | 5,133 |
Level I [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,324 | 17,461 |
Level I [Member] | Other [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 301 | 314 |
Level I [Member] | Mutual funds [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 12,014 |
Level I [Member] | Certificates of deposit [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 0 |
Level I [Member] | Corporate bonds and notes [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 0 | 0 |
Level I [Member] | Equities [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,023 | 5,133 |
Level II [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 2,935 | 4,866 |
Level II [Member] | Other [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,064 | 600 |
Level II [Member] | Mutual funds [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 0 |
Level II [Member] | Certificates of deposit [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 2,774 |
Level II [Member] | Corporate bonds and notes [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 1,871 | 1,492 |
Level II [Member] | Equities [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | Other [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | Mutual funds [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 0 |
Level III [Member] | Certificates of deposit [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | ' | 0 |
Level III [Member] | Corporate bonds and notes [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | Equities [Member] | ' | ' |
Securities sold, not yet purchased: | ' | ' |
Total securities sold, not yet purchased | $0 | $0 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mark-to-market adjustment gain (loss) | $31 | $7 | ' |
Gain related to derivative instrument | 419 | ' | ' |
Loss related to derivative instrument | ' | 410 | 1,129 |
Future [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Notional amounts of futures contracts outstanding | 9,000 | 2,000 | ' |
Average notional amounts of futures contracts outstanding | $6,900 | $4,700 | ' |
Fair_Value_Estimated_Fair_Valu
Fair Value - Estimated Fair Values of Long Term Debt and Liabilities Subordinated to Claims of General Creditors (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Long-term debt | $4,824 | $6,091 |
Liabilities subordinated to claims of general creditors | 50,000 | 103,396 |
Total | $54,824 | $109,487 |
Recovered_Sheet3
Equipment, Property and Improvements - Composition of Partnership's Equipment, Property and Improvements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, property and improvements, Gross | $1,442,664 | $1,425,968 |
Accumulated depreciation and amortization | -900,079 | -888,919 |
Equipment, property and improvements, Net | 542,585 | 537,049 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, property and improvements, Gross | 18,745 | 18,745 |
Buildings and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, property and improvements, Gross | 812,868 | 793,655 |
Equipment, furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, property and improvements, Gross | $611,051 | $613,568 |
Recovered_Sheet4
Equipment, Property and Improvements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $82,095 | $80,148 | $90,609 |
Accrued costs | $3,914 | $516 | $1,371 |
Industrial revenue bonds maturity period | '10 years | ' | ' |
Lines_of_Credit_Composition_of
Lines of Credit - Composition of Partnership's Aggregate Bank Lines of Credit (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility | $815,000 | $810,000 |
2013 Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility | 400,000 | 0 |
2011 Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility | 0 | 395,000 |
Uncommitted secured credit facilities [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility | $415,000 | $415,000 |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Unsecured revolving line of credit | $815,000 | $810,000 | ' |
Uncommitted secured credit facilities [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Unsecured revolving line of credit | 415,000 | 415,000 | ' |
Partnership draws against lines of credit | 0 | 0 | 0 |
Amount outstanding under credit facility | 0 | 0 | ' |
2011 Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Number of banks with which agreement made | 10 | ' | ' |
Number of years for unsecured revolving line of credit | '3 years | ' | ' |
Unsecured revolving line of credit | 0 | 395,000 | ' |
Expiration date of unsecured revolving line of credit | 18-Mar-14 | ' | ' |
2013 Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Number of banks with which agreement made | 12 | ' | ' |
Number of years for unsecured revolving line of credit | '5 years | ' | ' |
Unsecured revolving line of credit | 400,000 | 0 | ' |
Debt instrument basis spread on LIBOR minimum on a three day advance notice | 1.25% | ' | ' |
Debt instrument basis spread on LIBOR maximum on a three day advance notice | 2.00% | ' | ' |
Debt instrument basis spread on variable rate minimum on same day borrowing | 0.25% | ' | ' |
Debt instrument basis spread on variable rate maximum on same day borrowing | 1.00% | ' | ' |
Federal funds effective rate plus 1% | 1.00% | ' | ' |
LIBOR rate plus 1% | 1.00% | ' | ' |
Maximum leverage ratio required to be maintained by partnership | 35.00% | ' | ' |
Required minimum partnership capital, net of reserve for anticipated withdrawals | 1,381,577 | ' | ' |
Additional issuances of partnership capital | 50.00% | ' | ' |
Partnership draws against lines of credit | 0 | 0 | 0 |
Amount outstanding under credit facility | $0 | $0 | ' |
LongTerm_Debt_Composition_of_P
Long-Term Debt - Composition of Partnership's Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $4,430 | $5,503 |
7.28% Note payable collateralized by real estate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $4,430 | $5,503 |
LongTerm_Debt_Composition_of_P1
Long-Term Debt - Composition of Partnership's Long-Term Debt (Parenthetical) (Detail) (7.28% Note payable collateralized by real estate [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
7.28% Note payable collateralized by real estate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 7.28% | 7.28% |
Long-Term debt maturity date | 1-Jun-17 | ' |
LongTerm_Debt_Schedule_of_Annu
Long-Term Debt - Schedule of Annual Principal Payment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long term debt | $4,430 | $5,503 |
7.28% Note payable collateralized by real estate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 1,153 | ' |
2015 | 1,240 | ' |
2016 | 1,333 | ' |
2017 | 704 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Long term debt | $4,430 | $5,503 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2002 |
In Thousands, unless otherwise specified | Fixed rate mortgage loan [Member] | Fixed rate mortgage loan [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Fixed rate mortgage | $4,430 | $5,503 | ' | $13,100 |
Cost of building | ' | ' | 15,758 | ' |
Carrying value of building | $542,585 | $537,049 | $9,269 | ' |
Recovered_Sheet5
Liabilities Subordinated to Claims of General Creditors - Liabilities Subordinated to Claims of General Creditors (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Partnership's liabilities subordinated to claims of general creditors | ' | ' |
Total subordinated debt | $50,000 | $100,000 |
7.33% Capital notes [Member] | ' | ' |
Partnership's liabilities subordinated to claims of general creditors | ' | ' |
Total subordinated debt | $50,000 | $100,000 |
Recovered_Sheet6
Liabilities Subordinated to Claims of General Creditors - Liabilities Subordinated to Claims of General Creditors (Parenthetical) (Detail) (7.33% Capital notes [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
7.33% Capital notes [Member] | ' |
Partnership's liabilities subordinated to claims of general creditors | ' |
Interest rate | 7.33% |
Annual installment under 7.33% Capital Notes | $50,000 |
Long-Term debt maturity date | 12-Jun-14 |
Liabilities_Subordinated_to_Cl2
Liabilities Subordinated to Claims of General Creditors - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Partnership's liabilities subordinated to claims of general creditors | ' | ' | ' |
Repayment of subordinated liabilities | $50,000 | $50,000 | $53,700 |
Minimum partnership capital subject to mandatory redemption under notes agreement | 400,000 | ' | ' |
Regulatory net capital required under notes agreement | 158,016 | ' | ' |
7.33% Capital notes [Member] | ' | ' | ' |
Partnership's liabilities subordinated to claims of general creditors | ' | ' | ' |
Repayment of subordinated liabilities | 50,000 | 50,000 | 50,000 |
Long-Term debt maturity date | 12-Jun-14 | ' | ' |
Final required annual principal payment due | $50,000 | ' | ' |
Recovered_Sheet7
Partnership Capital Subject to Mandatory Redemption - Composition of Partnership's Capital Subject to Mandatory Redemption (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Partnership capital outstanding: | ' | ' | ' | ' |
Limited partnership capital | $640,270 | $650,735 | ' | ' |
Subordinated limited partnership capital | 304,558 | 283,709 | ' | ' |
General partnership capital | 1,127,609 | 1,048,067 | ' | ' |
Total partnership capital outstanding | 2,072,437 | 1,982,511 | ' | ' |
Partnership loans outstanding: | ' | ' | ' | ' |
Partnership loans outstanding at beginning of period | -170,264 | -86,853 | ' | ' |
Partnership loans issued during the period | -106,400 | -94,170 | ' | ' |
Repayment of partnership loans during the period | 62,142 | 10,759 | ' | ' |
Total partnership loans outstanding | -214,522 | -170,264 | ' | ' |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,857,915 | 1,812,247 | 1,758,365 | 1,496,725 |
Reserve for anticipated withdrawals | 222,583 | 170,646 | 147,412 | 108,248 |
Partnership capital subject to mandatory redemption | $2,080,498 | $1,982,893 | $1,905,777 | $1,604,973 |
Recovered_Sheet8
Partnership Capital Subject to Mandatory Redemption - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Liabilities [Abstract] | ' | ' | ' |
Period of loans made by Partnership to general partners | '1 year | ' | ' |
Outstanding amount of partner loans financed through the Partnership | $214,522 | $170,264 | $86,853 |
Interest income from outstanding amount of general partner loan | 7,604 | 5,717 | 2,888 |
Partnership loans issued related to new capital contributions | 95,197 | ' | ' |
Partnership loans issued in connection with paying off bank loan | 11,203 | ' | ' |
Repayment of bank loans through earnings | 35,393 | ' | ' |
Partnership administered bank loans maturity date | 22-Feb-13 | ' | ' |
Limited Partnership's minimum annual return rate | 7.50% | ' | ' |
Limited Partnership's minimum return, value | $48,380 | $49,181 | $50,137 |
Net_Capital_Requirements_Addit
Net Capital Requirements - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Net Capital Requirements [Abstract] | ' |
Percentage of aggregate debit items arising from customer transactions to maintain minimum net capital requirements | 2.00% |
Minimum net capital requirements | $250 |
Net_Capital_Requirements_Partn
Net Capital Requirements - Partnership's Net Capital Figures for U.S. and Canada Broker-Dealers (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
United States of America [Member] | ' | ' |
Regulatory Capital Requirements | ' | ' |
Net capital | $872,592 | $711,894 |
Net capital in excess of the minimum required | 830,455 | 670,072 |
Net capital as a percentage of aggregate debit items | 41.40% | 34.00% |
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 24.80% | 18.50% |
Canada [Member] | ' | ' |
Regulatory Capital Requirements | ' | ' |
Regulatory risk adjusted capital | 34,131 | 38,488 |
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $27,093 | $27,567 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Partnership's tax basis of assets and liabilities exceeds book basis | $102,968 | $82,925 |
Income tax examination, Likelihood of unfavorable settlement | 'Greater than fifty percent | ' |
Uncertain tax positions | $0 | $0 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Partnership's contribution to deferred compensation plans | $161,500 | $133,300 | $115,600 |
Recovered_Sheet9
Commitments, Guarantees and Risks - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating lease expiration minimum period | '3 years | ' | ' |
Operating lease expiration maximum period | '5 years | ' | ' |
Operating lease rental expense based on straight-line basis | $234,000 | $229,300 | $227,500 |
Termination fees | $146,000 | ' | ' |
Expiration period of termination fee | '3 years | ' | ' |
Recovered_Sheet10
Commitments, Guarantees and Risks - Partnership's Non-cancelable Lease Commitments Greater Than One Year (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $132,026 |
2015 | 34,228 |
2016 | 22,936 |
2017 | 16,022 |
2018 | 11,760 |
Thereafter | 32,361 |
Total partnerships non-cancelable lease commitments | $249,333 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Current estimated possible loss | $5,000 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Current estimated possible loss | $45,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | Segment | Segment | |
Segment Reporting [Abstract] | ' | ' | ' |
Number of operating segments | 2 | 2 | 2 |
Number of reportable Segments | 2 | ' | ' |
Segment_Information_Financial_
Segment Information - Financial Information for Partnership's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advisors | Advisors | Advisors | Advisors | Advisors | |||||||
Net revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenue | ' | ' | ' | ' | ' | ' | ' | ' | $5,656,906 | $4,965,175 | $4,509,861 |
Net interest and dividends revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net interest and dividends revenue | ' | ' | ' | ' | ' | ' | ' | ' | 74,981 | 71,226 | 62,509 |
Pre-variable income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-variable income | ' | ' | ' | ' | ' | ' | ' | ' | 1,317,477 | 1,052,068 | 860,051 |
Variable compensation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total variable compensation | ' | ' | ' | ' | ' | ' | ' | ' | 643,139 | 497,048 | 378,268 |
Income (loss) before allocations to partners: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income before allocations to partners | 185,662 | 167,757 | 172,140 | 148,779 | 146,632 | 130,861 | 138,962 | 138,565 | 674,338 | 555,020 | 481,783 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 84,233 | 36,903 | 54,230 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 82,095 | 80,148 | 90,609 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 13,794,761 | ' | ' | ' | 13,042,243 | ' | ' | ' | 13,794,761 | 13,042,243 | 9,583,586 |
Financial advisors at year end: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total financial advisors | 13,158 | ' | ' | ' | 12,463 | ' | ' | ' | 13,158 | 12,463 | 12,242 |
United States of America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,457,479 | 4,789,850 | 4,324,451 |
Net interest and dividends revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net interest and dividends revenue | ' | ' | ' | ' | ' | ' | ' | ' | 70,557 | 66,912 | 57,647 |
Pre-variable income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-variable income | ' | ' | ' | ' | ' | ' | ' | ' | 1,310,285 | 1,055,550 | 855,862 |
Variable compensation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total variable compensation | ' | ' | ' | ' | ' | ' | ' | ' | 625,979 | 485,196 | 366,663 |
Income (loss) before allocations to partners: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income before allocations to partners | ' | ' | ' | ' | ' | ' | ' | ' | 684,306 | 570,354 | 489,199 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 81,329 | 35,845 | 52,437 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 80,026 | 78,226 | 88,118 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 13,340,985 | ' | ' | ' | 12,617,643 | ' | ' | ' | 13,340,985 | 12,617,643 | 9,158,882 |
Financial advisors at year end: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total financial advisors | 12,483 | ' | ' | ' | 11,822 | ' | ' | ' | 12,483 | 11,822 | 11,622 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 199,427 | 175,325 | 185,410 |
Net interest and dividends revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net interest and dividends revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,424 | 4,314 | 4,862 |
Pre-variable income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-variable income | ' | ' | ' | ' | ' | ' | ' | ' | 7,192 | -3,482 | 4,189 |
Variable compensation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total variable compensation | ' | ' | ' | ' | ' | ' | ' | ' | 17,160 | 11,852 | 11,605 |
Income (loss) before allocations to partners: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income before allocations to partners | ' | ' | ' | ' | ' | ' | ' | ' | -9,968 | -15,334 | -7,416 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,904 | 1,058 | 1,793 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,069 | 1,922 | 2,491 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $453,776 | ' | ' | ' | $424,600 | ' | ' | ' | $453,776 | $424,600 | $424,704 |
Financial advisors at year end: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total financial advisors | 675 | ' | ' | ' | 641 | ' | ' | ' | 675 | 641 | 620 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Limited partnership interest in the investment adviser to the fund | 49.50% | ' | ' |
Percentage of Partnership's total revenues derived from the interest in the investment advisor to the fund | 0.10% | 0.20% | 0.20% |
Percentage of branch office space leased from its financial advisors | 10.00% | ' | ' |
Rent expense related to leases | $234,000 | $229,300 | $227,500 |
Related Party A [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rent expense related to leases | $22,700 | $20,000 | $20,000 |
Quarterly_Information_Summary_
Quarterly Information - Summary of Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $1,501,537 | $1,431,720 | $1,431,733 | $1,350,661 | $1,305,299 | $1,269,435 | $1,230,238 | $1,222,446 | ' | ' | ' |
Income before allocations to partners | $185,662 | $167,757 | $172,140 | $148,779 | $146,632 | $130,861 | $138,962 | $138,565 | $674,338 | $555,020 | $481,783 |
Income before allocations to partners per weighted average $1,000 equivalent limited partnership unit outstanding | $33.35 | $30.13 | $30.92 | $26.72 | $29.02 | $25.90 | $27.50 | $27.42 | $121.12 | $109.84 | $104.66 |
Quarterly_Information_Summary_1
Quarterly Information - Summary of Quarterly Information (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership unit outstanding | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Quarterly_Information_Addition
Quarterly Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' |
Net income from partnership | $0 | $0 | $0 |
Recovered_Sheet11
Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Securities Purchased Under Agreements To Resell [Abstract] | ' | ' |
Securities purchased under agreements to resell, Gross amounts of recognized assets | $1,026,405 | $1,092,586 |
Securities purchased under agreements to resell, Gross amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Securities purchased under agreements to resell, Net amounts presented in the Consolidated Statements of Financial Condition | 1,026,405 | 1,092,586 |
Securities purchased under agreements to resell, gross amounts not offset, financial instruments | 0 | 0 |
Securities purchased under agreements to resell, gross amounts not offset, securities collateral | -1,026,405 | -1,092,586 |
Securities purchased under agreements to resell, Net amount | $0 | $0 |
Recovered_Sheet12
Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Parenthetical) (Detail) (Minimum [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
United States of America [Member] | ' | ' |
Offsetting Assets And Liabilities [Line Items] | ' | ' |
Actual collateral of related assets | 102.00% | 102.00% |
Canada [Member] | ' | ' |
Offsetting Assets And Liabilities [Line Items] | ' | ' |
Actual collateral of related assets | 100.00% | 100.00% |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Subsequent Event [Line Items] | ' |
2014 Employee Limited Partnership Interest Purchase Plan offering price | $350 |
Limited Partnership's minimum annual return rate | 7.50% |
Financial Advisors, Branch Office Administrators and Home Office Associates [Member] | ' |
Subsequent Event [Line Items] | ' |
2014 Employee Limited Partnership Interest Purchase Plan offering price | 300 |
Financial Advisors [Member] | ' |
Subsequent Event [Line Items] | ' |
2014 Employee Limited Partnership Interest Purchase Plan offering price | $50 |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $599,705 | $600,936 | $819,506 | $87,584 |
Investment securities | 141,094 | 111,904 | ' | ' |
Other assets | 95,206 | 99,074 | ' | ' |
TOTAL ASSETS | 13,794,761 | 13,042,243 | 9,583,586 | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 137,562 | 124,850 | ' | ' |
Partnership capital subject to mandatory redemption | 2,080,498 | 1,982,893 | 1,905,777 | 1,604,973 |
TOTAL LIABILITIES | 13,794,761 | 13,042,243 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 252,057 | 285,384 | 149,826 | 3,183 |
Investment securities | 8,764 | 12,576 | ' | ' |
Investment in subsidiaries | 1,809,349 | 1,673,619 | ' | ' |
Other assets | 11,849 | 11,699 | ' | ' |
TOTAL ASSETS | 2,082,019 | 1,983,278 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 1,521 | 385 | ' | ' |
Partnership capital subject to mandatory redemption | 2,080,498 | 1,982,893 | ' | ' |
TOTAL LIABILITIES | $2,082,019 | $1,983,278 | ' | ' |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | $52,281 | $31,148 | $11,553 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,715,651 | 5,027,418 | 4,577,502 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 58,745 | 62,243 | 67,641 |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,656,906 | 4,965,175 | 4,509,861 |
OPERATING EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 3,793,110 | 3,285,171 | 2,940,088 |
Payroll and other taxes | ' | ' | ' | ' | ' | ' | ' | ' | 207,326 | 185,954 | 171,125 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 213,129 | 190,252 | 155,700 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,982,568 | 4,410,155 | 4,028,078 |
Income before allocations to partners | 185,662 | 167,757 | 172,140 | 148,779 | 146,632 | 130,861 | 138,962 | 138,565 | 674,338 | 555,020 | 481,783 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary earnings | ' | ' | ' | ' | ' | ' | ' | ' | 667,334 | 548,308 | 482,926 |
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 76,570 | 78,016 | 78,485 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 9,004 | 8,606 | 1,166 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 752,908 | 634,930 | 562,577 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 48,380 | 49,194 | 50,231 |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 704,528 | 585,736 | 512,346 |
OPERATING EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 28,191 | 28,836 | 28,348 |
Payroll and other taxes | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 256 | 151 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,666 | 1,624 | 2,064 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 30,190 | 30,716 | 30,563 |
Income before allocations to partners | ' | ' | ' | ' | ' | ' | ' | ' | 674,338 | 555,020 | 481,783 |
Allocations to partners | ' | ' | ' | ' | ' | ' | ' | ' | -674,338 | -555,020 | -481,783 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Schedule_I_Condensed_Statement2
Schedule I - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $0 | $0 | $0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Income before allocations to partners | 674,338 | 555,020 | 481,783 |
Changes in assets and liabilities: | ' | ' | ' |
Other assets | 3,868 | 305 | -5,113 |
Net cash provided by operating activities | 710,808 | 347,234 | 1,080,728 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of partnership interests (net of partnership loans) | 38,549 | 45,121 | 270,839 |
Redemption of partnership interests | -116,018 | -99,170 | -97,191 |
Distributions from partnership capital | -550,203 | -434,614 | -359,467 |
Issuance of partnership loans | -11,203 | 0 | 0 |
Repayment of partnership loans | 62,142 | 10,759 | 4,840 |
Net cash used in financing activities | -627,806 | -528,901 | -294,576 |
Net (decrease) increase in cash and cash equivalents | -1,231 | -218,570 | 731,922 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of year | 600,936 | 819,506 | 87,584 |
End of year | 599,705 | 600,936 | 819,506 |
Parent Company [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Income before allocations to partners | 674,338 | 555,020 | 481,783 |
Changes in assets and liabilities: | ' | ' | ' |
Investment securities | 3,812 | 2,648 | -15,224 |
Investment in subsidiaries | -135,730 | 56,317 | -136,358 |
Other assets | -150 | -549 | -1,287 |
Accounts payable and accrued expenses | 1,136 | 26 | -1,292 |
Net cash provided by operating activities | 543,406 | 613,462 | 327,622 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of partnership interests (net of partnership loans) | 38,549 | 45,121 | 270,839 |
Redemption of partnership interests | -116,018 | -99,170 | -97,191 |
Distributions from partnership capital | -550,203 | -434,614 | -359,467 |
Issuance of partnership loans | -11,203 | 0 | 0 |
Repayment of partnership loans | 62,142 | 10,759 | 4,840 |
Net cash used in financing activities | -576,733 | -477,904 | -180,979 |
Net (decrease) increase in cash and cash equivalents | -33,327 | 135,558 | 146,643 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of year | 285,384 | 149,826 | 3,183 |
End of year | $252,057 | $285,384 | $149,826 |