View Filing Data

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2016	Apr. 29, 2016
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		89,010,829

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Commission	$ 436,727	$ 523,399
Advisory	319,432	342,112
Asset-based	136,251	120,632
Transaction and fee	102,690	101,695
Interest income, net of interest expense	5,330	4,578
Other	4,875	16,886
Total net revenues	1,005,305	1,109,302
EXPENSES:
Commission and advisory	636,011	741,247
Compensation and benefits	114,055	112,280
Promotional	35,684	35,692
Depreciation, Depletion and Amortization	18,962	16,429
Amortization of Intangible Assets	9,525	9,637
Occupancy and equipment	21,837	20,882
Professional services	17,155	14,044
Brokerage, clearing and exchange	13,589	12,741
Communications and data processing	10,497	11,614
Restructuring charges	0	3,924
Other	19,500	32,122
Total operating expenses	896,815	1,010,612
Non-operating interest expense	23,890	14,015
INCOME BEFORE PROVISION FOR INCOME TAXES	84,600	84,675
PROVISION FOR INCOME TAXES	34,208	33,997
NET INCOME	$ 50,392	$ 50,678
EARNINGS PER SHARE (NOTE 11)
Earnings per share, basic	$ 0.57	$ 0.52
Earnings per share, diluted	$ 0.56	$ 0.52
Weighted-average shares outstanding, basic	88,964	96,551
Weighted-average shares outstanding, diluted	89,621	98,227

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 50,392	$ 50,678
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $96 and $287 for the three months ended March 31, 2016 and 2015, respectively	150	452
Reclassification adjustment for realized gain on cash flow hedges included in professional services in the condensed consolidated statements of income, net of tax expense of $63 and $85 for the three months ended March 31, 2016 and 2015, respectively	(100)	(135)
Total other comprehensive income, net of tax	50	317
TOTAL COMPREHENSIVE INCOME	$ 50,442	$ 50,995

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ 96	$ 287
Tax expense on adjustment for items reclassified to earnings	$ 63	$ 85

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 775,368	$ 724,529
Cash and securities segregated under federal and other regulations	686,457	671,339
Restricted cash	30,966	27,839
Receivables from:
Clients, net of allowance of $1,609 at March 31, 2016 and $1,464 at December 31, 2015	294,838	339,089
Product sponsors, broker-dealers, and clearing organizations	168,040	161,224
Advisor loans, net of allowance of $697 at March 31, 2016 and $697 at December 31, 2015	153,701	148,978
Others, net of allowance of $10,600 at March 31, 2016 and $9,856 at December 31, 2015	182,249	180,161
Securities owned:
Trading — at fair value	12,358	11,995
Held-to-maturity — at amortized cost	7,847	9,847
Securities borrowed	7,465	6,001
Fixed assets, net of accumulated depreciation and amortization of $346,871 at March 31, 2016 and $328,880 at December 31, 2015	288,955	275,419
Goodwill	1,365,838	1,365,838
Intangible assets, net of accumulated amortization of $352,263 at March 31, 2016 and $342,740 at December 31, 2015	382,507	392,031
Other assets	215,783	206,771
Total assets	4,572,372	4,521,061
LIABILITIES:
Drafts payable	182,460	189,083
Payables to clients	789,543	747,421
Payables to broker-dealers and clearing organizations	38,411	48,032
Accrued commission and advisory expenses payable	117,041	129,512
Accounts payable and accrued liabilities	312,808	332,492
Income taxes payable	35,978	8,680
Unearned revenue	76,726	65,480
Securities sold, but not yet purchased — at fair value	279	268
Senior secured credit facilities, net of unamortized debt issuance cost of $25,575 at March 31, 2016 and $26,797 at December 31, 2015	2,185,043	2,188,240
Leasehold Financing Obligation	74,761	59,940
Deferred income taxes, net	36,263	36,303
Total liabilities	3,849,313	3,805,451
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 119,691,739 shares issued at March 31, 2016 and 119,572,352 shares issued at December 31, 2015	120	119
Additional paid-in capital	1,422,794	1,418,298
Treasury stock, at cost — 30,682,767 shares at March 31, 2016 and 30,048,027 shares at December 31, 2015	(1,196,978)	(1,172,490)
Accumulated other comprehensive income	603	553
Retained earnings	496,520	469,130
Total stockholders' equity	723,059	715,610
Total liabilities and stockholders' equity	$ 4,572,372	$ 4,521,061

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accumulated depreciation and amortization, Fixed assets	$ 346,871	$ 328,880
Accumulated amortization, Intangible assets	352,263	342,740
Debt Issuance Costs, Net	$ 25,575	$ 26,797
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	119,691,739	119,572,352
Treasury stock, shares	30,682,767	30,048,027
Receivables from clients [Member]
Allowances on receivables	$ 1,609	$ 1,464
Receivables from others [Member]
Allowances on receivables	10,600	9,856
Advisor Loans [Member]
Allowances on receivables	$ 697	$ 697

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2014	$ 971,600	$ 118	$ 1,355,085	$ (780,661)	$ 937	$ 396,121
BEGINNING BALANCE, shares at Dec. 31, 2014		118,235,000		21,090,000
Net income and other comprehensive income (loss), net of tax expense	50,995				317	50,678
Issuance of common stock to settle restricted stock units, net	(1,752)			$ (1,752)
Issuance of common stock to settle restricted stock units, net, shares		110,000		38,000
Treasury stock purchases	(30,014)			$ (30,014)
Treasury stock purchases, shares				680,000
Cash dividends on common stock	(24,156)					(24,156)
Stock option exercises and other (in shares)		146,000		(15,000)
Stock option exercises and other	4,720		4,176	$ 532		12
Share-based compensation	7,193		7,193
Excess tax benefits from share-based compensation	972		972
ENDING BALANCE at Mar. 31, 2015	979,558	$ 118	1,367,426	$ (811,895)	1,254	422,655
ENDING BALANCE, shares at Mar. 31, 2015		118,491,000		21,793,000
BEGINNING BALANCE at Dec. 31, 2015	715,610	$ 119	1,418,298	$ (1,172,490)	553	469,130
BEGINNING BALANCE, shares at Dec. 31, 2015		119,572,000		30,048,000
Net income and other comprehensive income (loss), net of tax expense	50,442				50	50,392
Issuance of common stock to settle restricted stock units, net	(730)	$ 1		$ (731)
Issuance of common stock to settle restricted stock units, net, shares		101,000		35,000
Treasury stock purchases	$ (25,013)			$ (25,013)
Treasury stock purchases, shares	634,651			635,000
Cash dividends on common stock	$ (22,243)					(22,243)
Stock option exercises and other (in shares)	19,013,000	19,000		(35,000)
Stock option exercises and other	$ 936		439	$ 1,256		(759)
Share-based compensation	5,020		5,020
Excess tax benefits from share-based compensation	(963)		(963)
ENDING BALANCE at Mar. 31, 2016	$ 723,059	$ 120	$ 1,422,794	$ (1,196,978)	$ 603	$ 496,520
ENDING BALANCE, shares at Mar. 31, 2016		119,692,000		30,683,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 50,392	$ 50,678
Noncash items:
Depreciation and amortization	18,962	16,429
Amortization of Intangible Assets	9,525	9,637
Amortization of debt issuance costs	1,442	733
Share-based compensation	5,020	7,193
Excess tax benefits related to share-based compensation	(9)	(1,156)
Provision for bad debts	876	469
Deferred income tax provision	(74)	(1,800)
Loan forgiveness	10,571	8,529
Other	(1,975)	1,206
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	(15,119)	52,580
Deposit of restricted cash related to captive insurance subsidiary	(5,285)	(15,908)
Release of restricted cash related to captive insurance subsidiary	713	0
Receivables from clients	44,107	40,919
Receivables from product sponsors, broker-dealers and clearing organizations	(6,817)	4,757
Advisor loans	(15,293)	(24,358)
Receivables from others	(2,832)	(11,365)
Securities owned	275	(2,875)
Securities borrowed	(1,464)	(2,858)
Other assets	(11,541)	(3,599)
Drafts payable	(6,623)	(9,887)
Payables to clients	42,122	(22,778)
Payables to broker-dealers and clearing organizations	(9,621)	(769)
Accrued commission and advisory expenses payable	(9,917)	(11,620)
Accounts payable and accrued liabilities	(17,034)	3,475
Income taxes receivable/payable	27,307	26,548
Unearned revenue	11,246	15,780
Securities sold, but not yet purchased	11	(225)
Net cash provided by operating activities	118,965	129,735
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(20,109)	(13,918)
Purchase of securities classified as held-to-maturity	0	(1,506)
Proceeds from maturity of securities classified as held-to-maturity	2,000	750
Release of restricted cash	1,445	57
Net cash used in investing activities	(16,664)	(14,617)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	0	120,000
Repayments of revolving credit facility	0	(110,000)
Repayment of senior secured term loans	(4,419)	(2,710)
Tax payments related to settlement of restricted stock units	(731)	(1,752)
Repurchase of common stock	(25,013)	(30,014)
Dividends on common stock	(22,243)	(24,156)
Excess tax benefits related to share-based compensation	9	1,156
Proceeds from stock option exercises and other	935	4,720
Net cash used in financing activities	(51,462)	(42,756)
NET INCREASE IN CASH AND CASH EQUIVALENTS	50,839	72,362
CASH AND CASH EQUIVALENTS - Beginning of period	724,529	412,332
CASH AND CASH EQUIVALENTS - End of period	775,368	484,694
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	23,973	8,175
Income taxes paid	7,930	9,449
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	8,813	6,535
Finance obligation related to real estate project	$ 14,821	$ 0

Organization and Description of the Company	3 Months Ended
Organization and Description of the Company	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”). Description of Subsidiaries LPL Holdings, Inc. (“LPLH”), a Massachusetts holding corporation, owns 100% of the issued and outstanding common stock or other ownership interest in each of LPL Financial LLC (“LPL Financial”), Fortigent Holdings Company, Inc., Independent Advisers Group Corporation (“IAG”), LPL Insurance Associates, Inc. (“LPLIA”), LPL Independent Advisor Services Group LLC (“IASG”), and UVEST Financial Services Group, Inc. (“UVEST”). LPLH is also the majority stockholder in PTC Holdings, Inc. (“PTCH”), and owns 100% of the issued and outstanding voting common stock. Each member of PTCH's board of directors meets the direct equity ownership interest requirements that are required by the Office of the Comptroller of the Currency. The Company has established a wholly-owned series captive insurance entity that underwrites insurance for various legal and regulatory risks. LPL Financial, with primary offices in Boston, San Diego, and Charlotte, is a clearing broker-dealer and an investment advisor that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Fortigent Holdings Company, Inc. and its subsidiaries (“Fortigent”), acquired in April 2012, provides solutions and consulting services to registered investment advisors, banks, and trust companies serving high-net-worth clients. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial. IAG is a registered investment adviser that offers an investment advisory platform for clients of advisors working for other financial institutions. LPLIA operates as an insurance brokerage general agency that offers life, long-term care, and disability insurance products and services for LPL Financial advisors.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2015, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company’s significant accounting policies are included in Note 2. Summary of Significant Accounting Policies, in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2015. There have been no significant changes to these accounting policies during the first three months of 2016. Consolidation These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates. Reportable Segment Management has determined that the Company operates in one segment, given the similar characteristics between our operations and the common nature of our products and services, production and distribution processes, and regulatory environment. Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 3. Fair Value Measurements, for additional detail regarding the Company’s fair value measurements. As of March 31, 2016, the carrying amount and fair value of the Company’s indebtedness was approximately $2,210.6 million and $2,179.0 million, respectively. As of December 31, 2015, the carrying amount and fair value was approximately 2,215.0 million and $2,200.0 million, respectively. Recently Issued Accounting Pronouncements In December 2015, the Company early adopted Accounting Standards Update ("ASU") 2015-03, Interest—Imputation of Interest, which simplifies the presentation of debt issuance costs on the balance sheet by presenting debt issuance costs as a direct deduction from the carrying amount of the related debt liability. Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Interest costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility. The adoption of ASU 2015-03 did not have a material impact on the Company's condensed consolidated financial statements. In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-14, Revenue From Contracts with Customers (Topic 606), Deferral of the Effective Date, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) to January 1, 2018 for the Company, with early adoption permitted as of January 1, 2017. The new guidance requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the available transition methods and the potential impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The guidance will be effective for the Company on January 1, 2019, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and results of operations. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact that ASU 2016-08 will have on its consolidated financial statements and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which affects entities that issue share-based payment awards to their employees. The ASU is designed to identify areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The guidance will be effective for the Company on January 1, 2017, and early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and results of operations.

Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date under current market conditions. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

There have been no transfers of assets or liabilities between these fair value measurement classifications during the three months ended March 31, 2016.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At March 31, 2016, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:

Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets.

Securities Owned and Securities Sold, But Not Yet Purchased — The Company's trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasury obligations, mutual funds, certificates of deposit, and traded equity and debt securities.

The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At March 31, 2016, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data; and (3) cash flow hedges, which are measured using quoted prices for similar cash flow hedges, taking into account counterparty credit risk and the Company's own non-performance risk.

Accounts Payable and Accrued Liabilities — The Company's accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs.

Level 3 Recurring Fair Value Measurements

The Company determines the fair value for its contingent consideration obligations using an income approach whereby the Company assesses the expected future performance of the acquired assets. The contingent payment is estimated using a discounted cash flow of the expected payment amount to calculate the fair value as of the valuation date. The Company then discounts these expected payment amounts to calculate the fair value as of the valuation date. The Company's management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management's expectations.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2016 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	127,228	$	—	$	—	$	127,228
Securities owned — trading:
Money market funds	396		—		—		396
Mutual funds	6,901		—		—		6,901
Equity securities	575		—		—		575
Debt securities	—		176		—		176
U.S. treasury obligations	4,310		—		—		4,310
Total securities owned — trading	12,182		176		—		12,358
Other assets	113,204		2,081		—		115,285
Total assets at fair value	$	252,614	$	2,257	$	—	$	254,871
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	30	$	—	$	—	$	30
Equity securities	201		—		—		201
Debt securities	—		48		—		48
Total securities sold, but not yet purchased	231		48		—		279
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	231	$	48	$	527	$	806

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	252,393	$	—	$	—	$	252,393
Securities owned — trading:
Money market funds	261		—		—		261
Mutual funds	7,267		—		—		7,267
Equity securities	56		—		—		56
Debt securities	—		103		—		103
U.S. treasury obligations	4,308		—		—		4,308
Total securities owned — trading	11,892		103		—		11,995
Other assets	99,962		3,350		—		103,312
Total assets at fair value	$	364,247	$	3,453	$	—	$	367,700
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	1	$	—	$	—	$	1
Equity securities	267		—		—		267
Total securities sold, but not yet purchased	268		—		—		268
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	268	$	—	$	527	$	795

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Held-to-Maturity Securities

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities, primarily U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield.

The amortized cost, gross unrealized gain or loss, and fair value of securities held-to-maturity were as follows (in thousands):



	March 31, 2016		December 31, 2015
Amortized cost	$	7,847	$	9,847
Gross unrealized gain (loss)	20		(26		)
Fair value	$	7,867	$	9,821

At March 31, 2016, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	3,998	$	3,349	$	500	$	7,847
U.S. government notes — at fair value	$	4,000	$	3,352	$	515	$	7,867

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In May 2013, in conjunction with its Service Value Commitment initiative, the Company entered into a long-term contractual obligation (the “Agreement”) with a third-party provider to enhance the quality, speed, and cost of processes by outsourcing certain functions. The Agreement enables the third-party provider to use the services of its affiliates in India to provide services to the Company and provides for the Company to settle the cost of its contractual obligation to the third-party provider in U.S. dollars each month. However, the Agreement provides that on each annual anniversary date of the signing of the Agreement, the price for services (denominated in U.S. dollars) is to be adjusted for the then-current exchange rate between the U.S. dollar (“USD”) and the Indian rupee (“INR”). The Agreement provides that once an annual adjustment is calculated, there are no further modifications to the amounts paid by the Company to the third-party provider for fluctuations in the exchange rate between the USD and the INR until the reset on the next anniversary date of the signing of the Agreement.

The third-party provider bore the risk of currency movement from the date of signing the Agreement until the reset on the first anniversary of its signing, and bears such risk during each period until the next annual reset date. The Company bears the risk of currency movement at each of the annual reset dates following the first anniversary.

To mitigate foreign currency risk arising from these annual reset events, the Company entered into four non-deliverable foreign currency contracts, all of which have been designated as cash flow hedges. The first cash flow hedge, with a notional amount of 560.4 million INR, or $8.5 million, settled in June 2014. The Company received a settlement of $1.0 million, which was reclassified out of accumulated other comprehensive income and was recognized in net income ratably over the 12-month period ending May 31, 2015 to match the timing of the underlying hedged item. The second cash flow hedge, with a notional amount of 560.4 million INR, or $8.1 million, settled in June 2015. The Company received a settlement of $0.7 million, which will be reclassified out of accumulated other comprehensive income and recognized in net income ratably over a 12-month period ending May 31, 2016 to match the timing of the underlying hedged item.

The details related to the remaining non-deliverable foreign currency contracts at March 31, 2016 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	15.3

The fair value of the derivative instruments, which are included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	March 31, 2016		December 31, 2015
Cash flow hedges	$	1,004	$	741

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The balances in goodwill and intangible assets were a result of various acquisitions. See Note 8. Goodwill and Other Intangible Assets, in the Company's audited consolidated financial statements and the related notes for a discussion of the components of goodwill and additional information regarding intangible assets.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

Senior Secured Credit Facilities

In November 2015, LPLFH and LPLH entered into a third amendment, extension, and incremental assumption agreement (the "Credit Agreement") for purposes of raising capital, increasing the leverage allowable under the Credit Agreement, and extending the maturity of a portion of the existing Term Loan B.

The Company’s outstanding borrowings as of the dates below were as follows (dollars in thousands):



		March 31, 2016					December 31, 2015
Senior Secured Credit Facilities	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	9/30/2019	459,375		2.93	%	(1)	459,375		2.74	%
2019 Term Loan B	3/29/2019	423,584		3.25	%	(2)	424,676		3.25	%
2021 Term Loan B	3/29/2021	629,409		4.25	%	(3)	630,986		4.25	%
2022 Term Loan B	11/20/2022	698,250		4.75	%	(4)	700,000		4.75	%
Total borrowings		2,210,618					2,215,037
Less Unamortized Debt Issuance Cost		25,575					26,797
Long-term borrowings — net of unamortized debt issuance cost		$	2,185,043				$	2,188,240

_____________________


(1)	The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a leverage based grid)


(2)	The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)


(3)	The variable interest rate per annum is either (a) 250 bps over the base rate or (b) 350 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)


(4)	The variable interest rate per annum is either (a) 300 bps over the base rate or (b) 400 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)

The Company also has a revolving credit facility with borrowing capacity of $400.0 million maturing on September 30, 2019.

As of March 31, 2016, the Company also had $18.0 million of irrevocable letters of credit, with an applicable interest rate margin of 2.50%, which were supported by the Company's revolving credit facility.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of March 31, 2016, the Company was in compliance with such covenants.

Bank Loans Payable

The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200 million limit, and allows for both collateralized and uncollateralized borrowings. The lines were not utilized during the three months ended March 31, 2016 or 2015. There were no balances outstanding at March 31, 2016 or December 31, 2015.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases office space and equipment under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases. Total rental expense for all operating leases was approximately $6.2 million and $6.6 million for the three months ended March 31, 2016 and 2015, respectively. Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings. The Company also has contractual obligations related to the development of a real estate project in Fort Mill, South Carolina for office space. Under development and agency contracts the Company expects to pay a pro rata share equal to 27.5% of the design and construction costs. The remaining amounts will be paid by the landlord. The Company’s share of these costs is expected to be approximately $74.7 million, incurred through 2017. Additionally, the Company has entered into lease agreements for the office space once developed. These leases have an initial lease term of 20 years that commence once the development is complete and the Company takes occupancy of the buildings. Guarantees The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. Loan Commitments From time to time, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no such significant unfunded commitments at March 31, 2016. Legal & Regulatory Matters The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation costs. Assessing the probability of a loss occurring and the amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company's assessment process considers a variety of factors and assumptions, which may include: the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; potential opportunities for settlement and the status of any settlement discussions; as well as the potential for insurance coverage and indemnification, if available. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated, except as otherwise covered by third-party insurance or self-insurance through its captive insurance subsidiary, as discussed below. A putative class action lawsuit has been filed against the Company and certain of its executive officers in federal district court alleging certain misstatements and omissions related to the Company’s share repurchases and financial performance in late 2015. The Company intends to defend vigorously against the lawsuit. Third-Party Insurance The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving client claims. With respect to client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies. Self-Insurance Liabilities The Company has self-insurance for certain potential liabilities, including various errors and omissions liabilities, through a wholly-owned captive insurance subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and other actuarial assumptions. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends. As of March 31, 2016, these self-insurance liabilities are included in accounts payable and accrued liabilities in the unaudited condensed consolidated balance sheet. Self-insurance related charges are included in other expenses in the unaudited condensed consolidated statements of income for the three months ended March 31, 2016. Other Commitments As of March 31, 2016, the Company had approximately $219.9 million of client margin loans that were collateralized with securities having a fair value of approximately $307.9 million that it can re-pledge, loan, or sell. Of these securities, approximately $32.7 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of March 31, 2016 there were no restrictions that materially limited the Company's ability to re-pledge, loan, or sell the remaining $275.2 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $4.3 million and $4.3 million pledged to clearing organizations at March 31, 2016 and December 31, 2015, respectively. The Company is involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it serves as the construction agent on behalf of the landlord. Under such arrangement, the Company has obligations to fund cost over-runs in its capacity as the construction agent, and accordingly has determined that under lease accounting standards it bears substantially all of the risks and rewards of ownership as measured under GAAP. The Company is therefore required to report the landlord's costs of construction on its balance sheet as a fixed asset during the construction period as if the Company owned such asset. As of March 31, 2016, the Company has recorded $74.8 million in fixed assets in connection with this arrangement and an equal and off-setting leasehold financing obligation on the unaudited condensed consolidated statement of financial condition.

Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Company's board of directors ("Board of Directors") as well as certain limits under the Company's credit facilities. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data):



	2016				2015
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	22.2	$	0.25	$	24.2

Share Repurchases

The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. Purchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company's management within the constraints of the Credit Agreement and general liquidity needs.

On October 25, 2015 the Board of Directors authorized an increase to the share repurchase program of up to $500.0 million of shares of common stock. During the three months ended March 31, 2016, the Company purchased a total of 634,651 shares of its common stock at a weighted-average price of $39.41 for a total cost of $25.0 million. As of March 31, 2016 the Company was authorized to purchase up to an additional $225.0 million of shares pursuant to share repurchase programs approved by the Board of Directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stockholders' Equity

Share-Based Compensation

Certain employees, advisors, institutions, officers, and directors of the Company participate in various long-term incentive plans, which provide for granting stock options, warrants, restricted stock awards, and restricted stock units. Stock options and warrants outstanding generally vest in equal increments over a three- to five-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and restricted stock units outstanding generally vest over a one- to four-year period.

In November 2010, the Company adopted a 2010 Omnibus Equity Incentive Plan (as amended and restated in May 2015, the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, and other equity-based compensation. The 2010 Plan serves as the successor to the 2005 Stock Option Plan for Incentive Stock Options, the 2005 Stock Option Plan for Non-qualified Stock Options, the 2008 Advisor and Institution Incentive Plan, the 2008 Stock Option Plan, and the Director Restricted Stock Plan (collectively, the “Predecessor Plans”). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans; however, awards previously granted under the Predecessor Plans remain outstanding until exercised or forfeited.

There were 20,055,945 shares authorized for grant under the 2010 Plan after the amendment and restatement of the plan in May 2015. There were 7,239,782 shares reserved for issuance upon exercise or conversion of outstanding awards granted, and 9,883,553 shares remaining available for future issuance under the 2010 Plan as of March 31, 2016.

Stock Options and Warrants

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the three months ended March 31, 2016:



Expected life (in years)	5.26
Expected stock price volatility	33.34		%
Expected dividend yield	2.84		%
Risk-free interest rate	1.16		%
Fair value of options	$	4.57

The fair value of each stock option or warrant awarded to advisors and financial institutions is estimated on the date of the grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions used during the three months ended March 31, 2016:



Expected life (in years)	6.15
Expected stock price volatility	33.65		%
Expected dividend yield	3.74		%
Risk-free interest rate	1.51		%
Fair value of options	$	4.50

The following table summarizes the Company’s stock option and warrant activity for the three months ended March 31, 2016:



	Number of Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2015	5,716,488		$	34.31
Granted	2,058,550		$	19.85
Exercised	(19,013	)	$	23.09
Forfeited	(109,384	)	$	33.25
Outstanding — March 31, 2016	7,646,641		$	30.46	6.97	$	13,292
Exercisable — March 31, 2016	4,146,007		$	32.00	5.20	$	3,184
Exercisable and expected to vest — March 31, 2016	7,260,465		$	30.79	6.82	$	11,733

The following table summarizes information about outstanding stock options and warrants at March 31, 2016:



	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$18.04 - $23.02	2,957,547	$	20.32	7.84	915,532	$	21.35
$23.41 - $30.00	1,223,910	$	28.25	4.70	964,314	$	28.16
$31.60 - $32.33	1,038,469	$	31.88	6.43	784,716	$	31.89
$34.01 - $39.60	886,055	$	34.60	4.95	847,158	$	34.50
$42.60 - $54.81	1,540,660	$	48.34	8.63	634,287	$	50.04
	7,646,641	$	30.46	6.97	4,146,007	$	32.00

The Company recognizes share-based compensation for stock options awarded to employees, officers, and directors based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized share-based compensation related to the vesting of these awards of $4.0 million and $4.1 million during the three months ended March 31, 2016 and 2015, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of March 31, 2016, total unrecognized compensation cost related to non-vested stock options granted to employees, officers, and directors was $14.6 million, which is expected to be recognized over a weighted-average period of 2.04 years.

During 2011 and 2012 the Company granted stock options and warrants to its advisors and financial institutions. Share-based compensation for these awards is based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of ($0.3) million and $0.6 million during the three months ended March 31, 2016 and 2015, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of March 31, 2016, total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $0.9 million, which is expected to be recognized over a weighted-average period of 1.42 years.

Restricted Stock

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the three months ended March 31, 2016:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested — December 31, 2015	41,476		$	43.99	636,701		$	43.32
Granted	—		$	—	389,168		$	18.68
Vested	(5,610	)	$	53.47	(100,374	)	$	43.61
Forfeited	—		$	—	(14,083	)	$	36.94
Nonvested — March 31, 2016	35,866		$	42.51	911,412		$	32.87
Expected to vest — March 31, 2016	35,803		$	42.51	811,581		$	33.52

The Company grants restricted stock awards to its directors and restricted stock units to its employees and officers. Both restricted stock awards and restricted stock units must vest or are subject to forfeiture; however, restricted stock awards are included in our shares outstanding upon grant and have the same dividend and voting rights as our common stock. Share-based compensation is based on the grant date fair value and recognized over the requisite service period of the award, which generally equals the vesting period. The Company recognized $2.3 million and $2.0 million of share-based compensation related to the vesting of these restricted stock awards and restricted stock units during the three months ended March 31, 2016 and 2015, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of March 31, 2016, total unrecognized compensation cost for restricted stock awards and restricted stock units granted to employees, officers, and directors was $15.2 million, which is expected to be recognized over a weighted-average remaining period of 2.19 years.

The Company grants restricted stock units to its advisors and to financial institutions. Share-based compensation is based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of ($1.1) million and $0.4 million related to the vesting of these restricted stock units during the three months ended March 31, 2016 and 2015, respectively, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of March 31, 2016, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $2.9 million, which is expected to be recognized over a weighted-average remaining period of 1.78 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Earnings per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share is as follows (in thousands, except per share data):



	Three Months Ended March 31,
	2016		2015
Net income	$	50,392	$	50,678

Basic weighted-average number of shares outstanding	88,964		96,551
Dilutive common share equivalents	657		1,676
Diluted weighted-average number of shares outstanding	89,621		98,227

Basic earnings per share	$	0.57	$	0.52
Diluted earnings per share	$	0.56	$	0.52

The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the three months ended March 31, 2016 and 2015, stock options, warrants, and restricted stock units representing common share equivalents of 4,885,765 shares and 1,595,614 shares, respectively, were anti-dilutive.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 35.0%, primarily as a result of state taxes, settlement contingencies, and expenses that are not deductible for tax purposes. These items resulted in effective tax rates of 40.4% and 40.1% for the three months ended March 31, 2016 and 2015. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with certain portfolio companies of TPG Capital, a 9.9% shareholder of the Company's common stock and a firm of which two of our directors previously served as a partner. During the three months ended March 31, 2016 and 2015, the Company recognized revenue for services provided to these portfolio companies of TPG Capital of $0 and $0.3 million, respectively. The Company incurred expenses for services provided by certain of the TPG portfolio companies of $0 and $1.2 million during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and 2015, receivables and payables from the TPG Capital portfolio companies were not material. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company's local communities. During the three months ended March 31, 2016 and 2015, the Company had no material revenues or expenses recognized for services provided to or received from the LPL Financial Foundation.

Net Capital and Regulatory Requirements	3 Months Ended
Net Capital and Regulatory Requirements	Mar. 31, 2016
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments and require compliance with various financial and customer-related regulations. The consequences of noncompliance can include substantial monetary and non-monetary sanctions. In addition, the Company is also subject to comprehensive examinations and supervision by various governmental and self-regulatory agencies. These regulatory agencies generally have broad discretion to prescribe greater limitations on the operations of a regulated entity for the protection of investors or public interest. Furthermore, where the agencies determine that such operations are unsafe or unsound, fail to comply with applicable law, or are otherwise inconsistent with the laws and regulations or with the supervisory policies, greater restrictions may be imposed. The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital, as defined. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and had net capital of $110.7 million with a minimum net capital requirement of $5.9 million as of March 31, 2016. The Company's subsidiary, PTC, operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC's operations. As of March 31, 2016 and December 31, 2015, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2016
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor's client, subject to various regulatory and internal margin requirements, collateralized by cash or securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors' clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities that are recorded on the unaudited condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation	Consolidation These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similar characteristics between our operations and the common nature of our products and services, production and distribution processes, and regulatory environment.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 3. Fair Value Measurements, for additional detail regarding the Company’s fair value measurements. As of March 31, 2016, the carrying amount and fair value of the Company’s indebtedness was approximately $2,210.6 million and $2,179.0 million, respectively. As of December 31, 2015, the carrying amount and fair value was approximately 2,215.0 million and $2,200.0 million, respectively.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2015, the Company early adopted Accounting Standards Update ("ASU") 2015-03, Interest—Imputation of Interest, which simplifies the presentation of debt issuance costs on the balance sheet by presenting debt issuance costs as a direct deduction from the carrying amount of the related debt liability. Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Interest costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility. The adoption of ASU 2015-03 did not have a material impact on the Company's condensed consolidated financial statements. In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-14, Revenue From Contracts with Customers (Topic 606), Deferral of the Effective Date, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) to January 1, 2018 for the Company, with early adoption permitted as of January 1, 2017. The new guidance requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the available transition methods and the potential impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The guidance will be effective for the Company on January 1, 2019, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and results of operations. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact that ASU 2016-08 will have on its consolidated financial statements and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which affects entities that issue share-based payment awards to their employees. The ASU is designed to identify areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The guidance will be effective for the Company on January 1, 2017, and early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and results of operations.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Financial assets and financial liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2016 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	127,228	$	—	$	—	$	127,228
Securities owned — trading:
Money market funds	396		—		—		396
Mutual funds	6,901		—		—		6,901
Equity securities	575		—		—		575
Debt securities	—		176		—		176
U.S. treasury obligations	4,310		—		—		4,310
Total securities owned — trading	12,182		176		—		12,358
Other assets	113,204		2,081		—		115,285
Total assets at fair value	$	252,614	$	2,257	$	—	$	254,871
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	30	$	—	$	—	$	30
Equity securities	201		—		—		201
Debt securities	—		48		—		48
Total securities sold, but not yet purchased	231		48		—		279
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	231	$	48	$	527	$	806

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	252,393	$	—	$	—	$	252,393
Securities owned — trading:
Money market funds	261		—		—		261
Mutual funds	7,267		—		—		7,267
Equity securities	56		—		—		56
Debt securities	—		103		—		103
U.S. treasury obligations	4,308		—		—		4,308
Total securities owned — trading	11,892		103		—		11,995
Other assets	99,962		3,350		—		103,312
Total assets at fair value	$	364,247	$	3,453	$	—	$	367,700
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	1	$	—	$	—	$	1
Equity securities	267		—		—		267
Total securities sold, but not yet purchased	268		—		—		268
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	268	$	—	$	527	$	795

Held-to-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, gross unrealized gain (loss), and fair value of securities held-to-maturity

The amortized cost, gross unrealized gain or loss, and fair value of securities held-to-maturity were as follows (in thousands):



	March 31, 2016		December 31, 2015
Amortized cost	$	7,847	$	9,847
Gross unrealized gain (loss)	20		(26		)
Fair value	$	7,867	$	9,821

Maturities of securities held-to-maturity

At March 31, 2016, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	3,998	$	3,349	$	500	$	7,847
U.S. government notes — at fair value	$	4,000	$	3,352	$	515	$	7,867

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of non-deliverable foreign currency contracts

The details related to the remaining non-deliverable foreign currency contracts at March 31, 2016 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	15.3

Schedule of the fair value of the derivative instruments

The fair value of the derivative instruments, which are included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	March 31, 2016		December 31, 2015
Cash flow hedges	$	1,004	$	741

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Outstanding borrowings

Senior Secured Credit Facilities

The Company’s outstanding borrowings as of the dates below were as follows (dollars in thousands):



		March 31, 2016					December 31, 2015
Senior Secured Credit Facilities	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	9/30/2019	459,375		2.93	%	(1)	459,375		2.74	%
2019 Term Loan B	3/29/2019	423,584		3.25	%	(2)	424,676		3.25	%
2021 Term Loan B	3/29/2021	629,409		4.25	%	(3)	630,986		4.25	%
2022 Term Loan B	11/20/2022	698,250		4.75	%	(4)	700,000		4.75	%
Total borrowings		2,210,618					2,215,037
Less Unamortized Debt Issuance Cost		25,575					26,797
Long-term borrowings — net of unamortized debt issuance cost		$	2,185,043				$	2,188,240

_____________________


(1)	The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a leverage based grid)


(2)	The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)


(3)	The variable interest rate per annum is either (a) 250 bps over the base rate or (b) 350 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)


(4)	The variable interest rate per annum is either (a) 300 bps over the base rate or (b) 400 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Dividends Declared [Table Text Block]

Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data):



	2016				2015
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	22.2	$	0.25	$	24.2

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted-average assumptions used for calculating the fair value of stock options and warrants with the Black-Scholes valuation model



Expected life (in years)	5.26
Expected stock price volatility	33.34		%
Expected dividend yield	2.84		%
Risk-free interest rate	1.16		%
Fair value of options	$	4.57



Expected life (in years)	6.15
Expected stock price volatility	33.65		%
Expected dividend yield	3.74		%
Risk-free interest rate	1.51		%
Fair value of options	$	4.50

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity for the three months ended March 31, 2016:



	Number of Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2015	5,716,488		$	34.31
Granted	2,058,550		$	19.85
Exercised	(19,013	)	$	23.09
Forfeited	(109,384	)	$	33.25
Outstanding — March 31, 2016	7,646,641		$	30.46	6.97	$	13,292
Exercisable — March 31, 2016	4,146,007		$	32.00	5.20	$	3,184
Exercisable and expected to vest — March 31, 2016	7,260,465		$	30.79	6.82	$	11,733

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants at March 31, 2016:



	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$18.04 - $23.02	2,957,547	$	20.32	7.84	915,532	$	21.35
$23.41 - $30.00	1,223,910	$	28.25	4.70	964,314	$	28.16
$31.60 - $32.33	1,038,469	$	31.88	6.43	784,716	$	31.89
$34.01 - $39.60	886,055	$	34.60	4.95	847,158	$	34.50
$42.60 - $54.81	1,540,660	$	48.34	8.63	634,287	$	50.04
	7,646,641	$	30.46	6.97	4,146,007	$	32.00

Summary of restricted stock awards and restricted stock units activity

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the three months ended March 31, 2016:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested — December 31, 2015	41,476		$	43.99	636,701		$	43.32
Granted	—		$	—	389,168		$	18.68
Vested	(5,610	)	$	53.47	(100,374	)	$	43.61
Forfeited	—		$	—	(14,083	)	$	36.94
Nonvested — March 31, 2016	35,866		$	42.51	911,412		$	32.87
Expected to vest — March 31, 2016	35,803		$	42.51	811,581		$	33.52

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

The calculation of basic and diluted earnings per share is as follows (in thousands, except per share data):



	Three Months Ended March 31,
	2016		2015
Net income	$	50,392	$	50,678

Basic weighted-average number of shares outstanding	88,964		96,551
Dilutive common share equivalents	657		1,676
Diluted weighted-average number of shares outstanding	89,621		98,227

Basic earnings per share	$	0.57	$	0.52
Diluted earnings per share	$	0.56	$	0.52

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2016
Lpl Financial Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50
Ptc Holdings Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%

Summary of Significant Accounting Policies Reportable Segment (Details)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	$ 2,210,618	$ 2,215,000
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 2,179,000	$ 2,200,000

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 12,358	$ 11,995
Securities sold, but not yet purchased	279	268
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	127,228	252,393
Securities owned — trading	12,358	11,995
Other assets	115,285	103,312
Total assets at fair value	254,871	367,700
Securities sold, but not yet purchased	279	268
Accounts payable and accrued liabilities	527	527
Total liabilities at fair value	806	795
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	127,228	252,393
Securities owned — trading	12,182	11,892
Other assets	113,204	99,962
Total assets at fair value	252,614	364,247
Securities sold, but not yet purchased	231	268
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	231	268
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	176	103
Other assets	2,081	3,350
Total assets at fair value	2,257	3,453
Securities sold, but not yet purchased	48	0
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	48	0
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	527	527
Total liabilities at fair value	527	527
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	30	1
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	30	1
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	201	267
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	201	267
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	48
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	48
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	396	261
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	396	261
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	6,901	7,267
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	6,901	7,267
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	575	56
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	575	56
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	176	103
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	176	103
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	4,310	4,308
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	4,310	4,308
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 7,847	$ 9,847
U.S. government notes
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	7,847	9,847
Gross unrealized gain	20
Gross unrealized loss		(26)
U.S. government notes - at fair value, Total	7,867	$ 9,821
Fair Value, Inputs, Level 1 [Member] \| U.S. government notes
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at fair value, Total	$ 7,867

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 7,847	$ 9,847
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,998
U.S. government notes - at amortized cost, After one but within five years	3,349
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost, Total	7,847	9,847
U.S. government notes - at fair value, Total	7,867	$ 9,821
Fair Value, Inputs, Level 1 [Member] \| U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at fair value, Within one year	4,000
U.S. government notes - at fair value, After one but within five years	3,352
U.S. government notes - at fair value, After five through ten years	515
U.S. government notes - at fair value, Total	$ 7,867

Derivative Financial Instruments (Details) ₨ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016 INR (₨)	Mar. 31, 2016 USD ($)	Jun. 30, 2014 INR (₨)	Jun. 30, 2014 USD ($)
Derivative [Line Items]
Derivative, Notional Amount		$ 15.3
Cash Flow Hedge 1 [Member]
Derivative [Line Items]
Derivative, Notional Amount	₨ 560.4	8.1	₨ 560.4	$ 8.5
Cash Flow Hedge 3 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2016
Derivative, Notional Amount	₨ 560.4	$ 7.8
Contractual INR/USD Foreign Exchange Rate	72.21	72.21
Cash Flow Hedge 4 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2017
Derivative, Notional Amount	₨ 560.4	$ 7.5
Contractual INR/USD Foreign Exchange Rate	74.20	74.20

Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of cash flow hedges	$ 1,004	$ 741

Derivative Financial Instruments (Details Textuals) ₨ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2016 INR (₨)	Mar. 31, 2016 USD ($)	Jun. 30, 2014 INR (₨)	Jun. 30, 2014 USD ($)
Derivative [Line Items]
Number of cash flow hedges entered into by the Company	4
Cash received on settlement of Cash Flow Hedge 1	$ 0.7	$ 1.0
Derivative, Notional Amount				$ 15.3
Cash Flow Hedge 1 [Member]
Derivative [Line Items]
Derivative, Notional Amount			₨ 560.4	$ 8.1	₨ 560.4	$ 8.5

Debt (Credit Agreement Outstanding)(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 2,185,043	$ 2,188,240
Debt Issuance Costs, Net	25,575	26,797
Long-term Debt, Gross	2,210,618	2,215,000
Secured Debt [Member] \| Term Loan A [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 459,375	$ 459,375
Interest Rate	2.93%	2.74%
Secured Debt [Member] \| Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 423,584	$ 424,676
Interest Rate	3.25%	3.25%
Secured Debt [Member] \| Extended Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 629,409	$ 630,986
Interest Rate	4.25%	4.25%
Secured Debt [Member] \| New Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 698,250	$ 700,000
Interest Rate	4.75%	4.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Base Rate [Member] \| Secured Debt [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	15000.00%
Base Rate [Member] \| Secured Debt [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	15000.00%
Base Rate [Member] \| Secured Debt [Member] \| Extended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	25000.00%
Base Rate [Member] \| Secured Debt [Member] \| New Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	30000.00%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	25000.00%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	25000.00%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| Extended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	35000.00%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| New Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	40000.00%
Alternative Base Rate [Member] \| Secured Debt [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	7500.00%
Alternative Base Rate [Member] \| Secured Debt [Member] \| Extended Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	7500.00%
Alternative Base Rate [Member] \| Secured Debt [Member] \| New Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	7500.00%

Debt (Credit Agreement Textuals)(Details) $ in Millions	3 Months Ended
Debt (Credit Agreement Textuals)(Details) $ in Millions	Mar. 31, 2016 USD ($)
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 400.0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	2.50%
Letters of credit, amount outstanding	$ 18.0

Debt Debt (Bank Loans Payable Textuals) (Details)	3 Months Ended
Debt Debt (Bank Loans Payable Textuals) (Details)	Mar. 31, 2016 USD ($)
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 400,000,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	$ 0
Total number of uncommitted lines of credit	3
Number of uncommitted lines of credit with an unspecified limit	2
Line of credit, maximum borrowing capacity	$ 200,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Leases, Operating [Abstract]
Rent expense, operating leases	$ 6.2	$ 6.6

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Brokers and Dealers [Abstract]
Portion of Design and Construction Costs Company is Obligated to Pay	27.50%
Other Commitment	$ 74,700
Lessee Leasing Arrangements, Operating Leases, Term of Contract	20 years
Collateral Securities Repledged, Delivered, or Used	$ 219,900
Collateral security	307,900
Amount pledged with client-owned securities	32,700
Remaining collateral securities that can be re-pledged, loaned, or sold	275,200
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4,300	$ 4,300
Leasehold Financing Obligation	$ 74,761	$ 59,940

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25
Dividends	$ 22,200	$ 24,200
Total cash dividends paid during the quarter	$ 22,243	$ 24,156

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Oct. 25, 2015
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			500,000,000
Shares Purchased	634,651
Weighted-Average Price Paid Per Share	$ 39.41
Total Cost	$ 25,013	$ 30,014
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	225,000,000
January 2016 [Member]
Equity, Class of Treasury Stock [Line Items]
Total Cost	$ 25,012

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945
Authorized unissued shares	7,239,782
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	9,883,553
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Minimum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Employees, officers, and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 4.0	$ 4.1
Share-based compensation cost unrecognized	$ 14.6
Non-vested compensation cost weighted-average period	2 years 15 days
Employees, officers, and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation	$ 2.3	2.0
Share-based compensation cost unrecognized	$ 15.2
Non-vested compensation cost weighted-average period	2 years 2 months 10 days
Advisors and Financial Institutions [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ (0.3)	0.6
Share-based compensation cost unrecognized	$ 0.9
Non-vested compensation cost weighted-average period	1 year 5 months 2 days
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	$ (1.1)	$ 0.4
Share-based compensation cost unrecognized	$ 2.9
Non-vested compensation cost weighted-average period	1 year 9 months 12 days

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member]	3 Months Ended
	Mar. 31, 2016 $ / shares
Advisors and Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	6 years 1 month 25 days
Expected stock price volatility	33.65%
Expected dividend yield	3.74%
Risk-free interest rate	1.51%
Fair value of options	$ 4.50
Employees, officers, and directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 3 months 5 days
Expected stock price volatility	33.34%
Expected dividend yield	2.84%
Risk-free interest rate	1.16%
Fair value of options	$ 4.57

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	5,716,488
Number of Shares, Granted	2,058,550
Number of Shares, Exercised	(19,013)
Number of Shares, Forfeited	(109,384)
Number of Shares Outstanding, Ending Balance	7,646,641
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	7,260,465
Number of Shares Exercisable, Ending Balance	4,146,007
Weighted-Average Exercise Price, Granted	$ 19.85
Weighted-Average Exercise Price, Exercised	23.09
Weighted-Average Exercise Price, Forfeited	33.25
Weighted-Average Exercise Price, Outstanding, Ending Balance	30.46	$ 34.31
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 32.00
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 11 months 20 days
Weighted-Average Remaining Contractual Term, Options Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 13,292
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 3,184
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 30.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	6 years 9 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 11,733

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Mar. 31, 2016 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	7,646,641
Weighted-average remaining life (years), Outstanding	6 years 11 months 18 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 30.46
Number of shares, Exercisable \| shares	4,146,007
Weighted-average exercise price, Exercisable \| $ / shares	$ 32.00
$18.04 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	2,957,547
Weighted-average remaining life (years), Outstanding	7 years 10 months 1 day
Weighted-average exercise price, Outstanding \| $ / shares	$ 20.32
Number of shares, Exercisable \| shares	915,532
Weighted-average exercise price, Exercisable \| $ / shares	$ 21.35
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,223,910
Weighted-average remaining life (years), Outstanding	4 years 8 months 12 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 28.25
Number of shares, Exercisable \| shares	964,314
Weighted-average exercise price, Exercisable \| $ / shares	$ 28.16
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,038,469
Weighted-average remaining life (years), Outstanding	6 years 5 months 4 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 31.88
Number of shares, Exercisable \| shares	784,716
Weighted-average exercise price, Exercisable \| $ / shares	$ 31.89
$34.01 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	886,055
Weighted-average remaining life (years), Outstanding	4 years 11 months 12 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 34.60
Number of shares, Exercisable \| shares	847,158
Weighted-average exercise price, Exercisable \| $ / shares	$ 34.50
$42.60 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,540,660
Weighted-average remaining life (years), Outstanding	8 years 7 months 18 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 48.34
Number of shares, Exercisable \| shares	634,287
Weighted-average exercise price, Exercisable \| $ / shares	$ 50.04

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 42.51
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	41,476
Number of Shares, Granted	0
Number of Shares, Vested	(5,610)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	35,866
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			35,803
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 42.51		$ 42.51	$ 43.99
Weighted-Average Grant-Date Fair Value, Granted	0.00
Weighted-Average Grant-Date Fair Value, Vested	53.47
Weighted-Average Grant-Date Fair Value, Forfeited	0.00
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 42.51
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	636,701
Number of Shares, Granted	389,168
Number of Shares, Vested	(100,374)
Number of Shares, Forfeited	(14,083)
Number of Shares, Ending Balance	911,412
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			811,581
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 32.87		$ 32.87	$ 43.32
Weighted-Average Grant-Date Fair Value, Granted	18.68
Weighted-Average Grant-Date Fair Value, Vested	43.61
Weighted-Average Grant-Date Fair Value, Forfeited	36.94
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 32.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 33.52
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ (1.1)	$ 0.4
Employees, officers, and directors [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2.3	$ 2.0

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 50,392	$ 50,678
Basic weighted-average number of shares outstanding	88,964	96,551
Dilutive common share equivalents	657	1,676
Diluted weighted-average number of shares outstanding	89,621	98,227
Basic earnings per share	$ 0.57	$ 0.52
Diluted earnings per share	$ 0.56	$ 0.52

Earnings per Share (Textuals) (Details) - shares	3 Months Ended
Earnings per Share (Textuals) (Details) - shares	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	4,885,765	1,595,614

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%
Effective income tax rate	40.40%	40.10%

Related Party Transactions (Details) - TPG Capital [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	9.90%
Revenue from related party transactions	$ 0.0	$ 0.3
Related party transactions expenses	$ 0.0	$ 1.2

Net Capital and Regulatory Requirements (Details) $ in Millions	Mar. 31, 2016 USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 110.7
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 5.9