Description of Business and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Description of Business and Significant Accounting Policies

Schedule of effects of the change in accounting on the consolidated statements of income and consolidated balance sheets

		Three months ended March 31, 2017
		Previously Reported	Expense Reclassification	ASU 2017-07	Adjusted
Income Statement Information:		(amounts in thousands, except for share and margin data)
Total Operating Revenues	$	286,564	—	—	286,564
Operating Expenses
Distribution		149,863	(41,426)	—	108,437
Compensation and benefits		48,570	17,582	883	67,035
General and administrative		25,724	(3,529)	—	22,195
Technology		—	16,977	—	16,977
Occupancy		—	7,785	—	7,785
Marketing and advertising		—	2,611	—	2,611
Depreciation		5,221	—	—	5,221
Subadvisory fees		2,697	—	—	2,697
Intangible asset impairment		600	—	—	600
Total Operating Expenses	$	232,675	—	883	233,558
Operating Income		53,889	—	(883)	53,006
Investment and other income (loss)		2,129	—	883	3,012
Interest expense		(2,786)	—	—	(2,786)
Income before provision for income taxes		53,232	—	—	53,232
Provision for income taxes		18,881	—	—	18,881
Net income	$	34,351	—	—	34,351
Net income attributable to redeemable noncontrolling interests		480	—	—	480
Net income attributable to Waddell & Reed Financial, Inc.	$	33,871	—	—	33,871
Net income per share attributable to Waddell & Reed Financial, Inc. common shareholders, basic and diluted	$	0.40	—	—	0.40
Weighted average shares outstanding, basic and diluted		84,077			84,077
Operating margin		18.8%			18.5%