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Condensed Parent Only Financial Statements (Notes)
 12 Months Ended
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Schedule I
INTL FCStone Inc.
Condensed Balance Sheets
Parent Company Only
(in millions)
September 30,
2019
 
September 30,
2018
ASSETS
 
 
 
Cash and cash equivalents
$
2.0

 
$
1.8

Receivable from subsidiaries, net
17.6

 
23.3

Receivable from clients
0.5

 
—

Notes receivable, net
2.8

 
1.8

Income taxes receivable
15.7

 
14.9

Investment in subsidiaries(1)
399.4

 
318.0

Financial instruments owned, at fair value
0.0
 
4.4

Deferred income taxes, net
8.2
 
8.8

Property and equipment, net
26.9
 
25.9

Other assets
13.0

 
7.6

Total assets
$
486.1

 
$
406.5

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable and other accrued liabilities
$
29.4

 
$
23.0

Payable to clients
0.3

 
1.7

Payable to lenders under loans
70.4

 
209.4

Senior term loan
167.6

 
—

Financial instruments sold, not yet purchased, at fair value
84.5

 
59.3

Total liabilities
352.2

 
293.4

 
 
 
 
Equity:
 
 
 
INTL FCStone Inc. (Parent Company Only) stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding
—

 
—

Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,297,317 issued and 19,075,360 outstanding at September 30, 2019 and 21,030,497 issued and 18,908,540 outstanding at September 30, 2018
0.2

 
0.2

Common stock in treasury, at cost - 2,221,957 shares at September 30, 2019 and 2,121,957 shares at September 30, 2018
(50.1
)
 
(46.3
)
Additional paid-in capital
276.8

 
267.5

Retained earnings(1)
(93.0
)
 
(108.3
)
Total INTL FCStone Inc. (Parent Company Only) stockholders’ equity
133.9

 
113.1

Total liabilities and equity
$
486.1

 
$
406.5



(1) Within the Condensed Balance Sheets and Condensed Statements of Operations of INTL FCStone Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries are not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries were presented under the equity method of accounting, investment in subsidiaries and retained earnings would each increase by $495.1 million as of September 30, 2019, respectively, and $425.3 million, as of September 30, 2018, respectively.
Schedule I
INTL FCStone Inc.
Condensed Statements of Operations
Parent Company Only
 
Year Ended September 30,
(in millions)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Management fees from affiliates
$
43.2

 
$
40.4

 
$
39.1

Trading losses, net
—

 
—

 
(1.0
)
Consulting fees
0.1

 
—

 
—

Interest income
1.5

 
2.3

 
1.2

Dividend income from subsidiaries(2)
85.7

 
41.9

 
52.7

Total revenues
130.5

 
84.6

 
92.0

Interest expense
19.7

 
15.7

 
14.4

Net revenues
110.8

 
68.9

 
77.6

Non-interest expenses:
 
 
 
 
 
Compensation and benefits
79.7

 
73.0

 
60.3

Clearing and related expenses
0.9

 
1.1

 
1.2

Trade systems and market information(3)
6.4

 
5.8

 
6.4

Occupancy and equipment rental
3.4

 
2.6

 
2.5

Professional fees
7.3

 
6.7

 
3.7

Travel and business development
2.9

 
2.6

 
2.7

Non-trading technology and support(3)
12.5

 
9.1

 
7.4

Depreciation and amortization
5.2

 
4.8

 
3.3

Communications(3)
0.8

 
0.9

 
0.9

Management services fees to affiliates
0.5

 
—

 
—

Other(3)
5.8

 
6.9

 
5.6

Total non-interest expenses
125.4

 
113.5

 
94.0

Other gains
5.3

 
—

 
—

Loss from operations, before tax
(9.3
)
 
(44.6
)
 
(16.4
)
Income tax benefit
24.6

 
7.4

 
26.8

Net (loss) income
$
15.3

 
$
(37.2
)
 
$
10.4


(2) Within the Condensed Balance Sheets and Condensed Statements of Operations of INTL FCStone Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries are not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries were presented under the equity method of accounting, revenues would include income from investment in subsidiaries of $69.8 million and $92.7 million for the years ended September 30, 2019 and 2018, respectively, and a loss from investment in subsidiaries of $4.0 million for the year ended September 30, 2017.

(3) During the year ended September 30, 2018, the Company separately classified non-trading technology and support costs that were previously included within ‘Other’ on the Condensed Statements of Operations of INTL FCStone Inc. - Parent Company Only. Additionally, during the year ended September 30, 2018, the Company separately classified communications related expenses separately from trading systems and market information related costs. In performing these reclassifications, the Company has made immaterial, retrospective adjustments to conform to the current period presentation. For the year ended September 30, 2017, ‘Other’ expenses included $7.4 million of expenses that are now included within ‘Non-trading technology and support’ on the Condensed Statements of Operations of INTL FCStone Inc. - Parent Company Only. For the year ended September 30, 2017, ‘Trading systems and market information’ included $0.9 million of expenses that are now included within ‘Communications’ on the Condensed Statements of Operations of INTL FCStone Inc. - Parent Company Only.
Schedule I
INTL FCStone Inc.
Condensed Statements of Cash Flows
Parent Company Only

 
Year Ended September 30,
(in millions)
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
15.3

 
$
(37.2
)
 
$
10.4

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
Depreciation and amortization
5.2

 
4.8

 
3.3

Deferred income taxes
0.6

 
18.0

 
(10.7
)
Amortization and extinguishment of debt issuance costs
1.2

 
0.7

 
1.7

Amortization of share-based compensation expense
7.1

 
6.1

 
5.5

Gain on acquisition
(5.4
)
 
—

 
—

Changes in operating assets and liabilities:
 
 
 
 
 
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties
—

 
—

 
2.9

Receivables from subsidiaries, net
—

 
(0.8
)
 
(0.3
)
Due to/from subsidiaries
8.3

 
(68.6
)
 
27.0

Receivables from clients, net
(0.5
)
 
—

 
—

Notes receivable, net
(1.0
)
 
2.9

 
2.1

Income taxes receivable
(0.8
)
 
(6.6
)
 
5.4

Financial instruments owned, at fair value
4.4

 
(4.4
)
 
1.3

Other assets
(4.4
)
 
(0.7
)
 
7.8

Accounts payable and other accrued liabilities
4.6

 
8.6

 
(7.8
)
Payable to clients
(1.4
)
 
(0.3
)
 
(2.5
)
Financial instruments sold, not yet purchased, at fair value
25.2

 
34.0

 
(10.6
)
Net cash provided by (used in) operating activities
58.4

 
(43.5
)
 
35.5

Cash flows from investing activities:
 
 
 
 
 
Capital contribution in affiliates
(75.8
)
 
(4.5
)
 
—

Purchase of property and equipment
(6.2
)
 
(5.9
)
 
(6.1
)
Net cash used in investing activities
(82.0
)
 
(10.4
)
 
(6.1
)
Cash flows from financing activities:
 
 
 
 
 
Net change in lenders under loans
(138.2
)
 
58.2

 
13.5

Payments of notes payable
(0.8
)
 
(0.8
)
 
(0.8
)
Repayment of senior unsecured notes
—

 
—

 
(45.5
)
Proceeds from issuance of senior secured term loan
175.0

 
—

 
—

Repayments of senior secured term loan
(6.6
)
 
—

 
—

Deferred payments on acquisitions
—

 
(5.5
)
 
—

Share repurchase
(3.8
)
 
—

 
—

Debt issuance costs
(3.0
)
 
—

 
—

Exercise of stock options
1.2

 
2.6

 
3.4

Withholding taxes on stock option exercises
—

 
(0.8
)
 
—

Income tax benefit on stock options and awards
—

 
—

 
0.7

Net cash provided by (used in) financing activities
23.8

 
53.7

 
(28.7
)
Net increase (decrease) in cash and cash equivalents
0.2

 
(0.2
)
 
0.7

Cash and cash equivalents at beginning of period
1.8

 
2.0

 
1.3

Cash and cash equivalents at end of period
$
2.0

 
$
1.8

 
$
2.0

Supplemental disclosure of cash flow information:
 
 
 
 
 
Cash paid for interest
$
18.9

 
$
15.0

 
$
8.2

Income taxes (received) paid, net of cash refunds
$
(23.9
)
 
$
(18.4
)
 
$
(22.3
)
Supplemental disclosure of non-cash investing and financing activities:
 
 
 
 
 
Additional consideration payable related to acquisitions
$
1.8

 
$
—

 
$
(0.2
)