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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
8 Months Ended 9 Months Ended
Aug. 31, 2010
Aug. 31, 2011
Cash flows from operating activities:    
Net earnings $ 162,817 $ 240,755
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 27,490 53,786
Bargain purchase gain   (52,509)
Fees related to assigned management agreements (2,589) (2,728)
Interest on mandatorily redeemable preferred interests of consolidated subsidiaries (26) 6,183
Accruals related to various benefit plans and stock issuances, net of estimated forfeitures 30,821 56,601
Increase in cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (248,032) (555,008)
(Increase) decrease in receivables:    
Brokers, dealers and clearing organizations 226,379 (840,670)
Customers (216,894) 185,110
Fees, interest and other 7,625 (56,909)
Decrease in securities borrowed 283,616 375,677
Increase in financial instruments owned (4,687,754) (1,124,290)
(Increase) decrease in other investments 22,359 (353,053)
Decrease (increase) in investments in managed funds (9,672) 57,685
(Increase) decrease in securities purchased under agreements to resell 324,488 (1,229,802)
Increase in other assets (118,625) (153,776)
Increase (decrease) in payables:    
Brokers, dealers and clearing organizations 816,626 810,130
Customers (75,927) 610,233
Increase (decrease) in securities loaned (408,214) 197,357
Increase in financial instruments sold, not yet purchased 2,429,942 797,320
Increase in securities sold under agreements to repurchase 1,361,466 219,933
Decrease in accrued expenses and other liabilities (18,579) (251,027)
Net cash used in operating activities (92,683) (1,009,002)
Cash flows from investing activities:    
Net payments on premises and equipment (24,678) (60,275)
Cash paid for acquisition during the period, net of cash acquired   (318,196)
Cash received from contingent consideration 1,927 2,733
Cash paid for contingent consideration (8,101) (754)
Net cash used in investing activities (30,852) (376,494)
Cash flows from financing activities:    
Excess tax benefits from the issuance of share-based awards 2,148 33,311
Gross proceeds from short-term borrowings 2,296,000 2,881,000
Gross payments on short-term borrowings (2,296,000) (2,829,027)
Net proceeds from (payments on):    
Issuance of common shares   494,895
Issuance of senior notes, net of issuance costs 543,510 794,587
Mandatorily redeemable preferred interest of consolidated subsidiaries (17,077) (8,973)
Noncontrolling interest (12,577) (20,343)
Repurchase of common stock (114,893) (96,929)
Dividends (38,709) (43,417)
Exercise of stock options, not including tax benefits 108 95
Net cash provided by financing activities 362,510 1,205,199
Effect of foreign currency translation on cash and cash equivalents (2,202) 6,247
Net (decrease) increase in cash and cash equivalents 236,773 (174,048)
Cash and cash equivalents at beginning of period 1,853,167 2,188,998
Cash and cash equivalents at end of period 2,089,940 2,014,950
Cash paid during the year for:    
Interest 428,903 667,376
Income taxes, net 180,420 143,058
Acquisitions:    
Fair value of assets acquired   4,703,533
Liabilities assumed   (4,229,011)
Bargain purchase gain   (52,509)
Total purchase price   422,013
Anticipated cash payment for acquisition subsequent to August 31, 2011   (2,474)
Cash acquired   (101,343)
Cash paid for acquisition during the period, net of cash acquired   $ 318,196