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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May. 31, 2015
May. 31, 2014
Cash flows from operating activities:    
Net earnings $ 72,735 $ 177,206
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 5,832 (10,052)
Income on loans to and investments in related parties (49,146) (37,893)
Distributions received on investments in related parties 58,408 41,260
Other adjustments (74,394) (9,588)
Net change in assets and liabilities:    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 1,046,324 329,559
Receivables:    
Brokers, dealers and clearing organizations (322,270) (497,178)
Customers 33,933 (726,552)
Fees, interest and other (140,263) (39,072)
Securities borrowed (988,097) (732,449)
Financial instruments owned (228,076) (661,495)
Investments in managed funds 16,525 12,469
Securities purchased under agreements to resell 137,998 (852,859)
Other assets (58,379) (31,835)
Payables:    
Brokers, dealers and clearing organizations (728,172) 205,669
Customers (1,785,772) 392,939
Securities loaned 1,098,339 390,165
Financial instruments sold, not yet purchased 325,114 1,071,678
Securities sold under agreements to repurchase 463,962 878,120
Accrued expenses and other liabilities (144,355) (88,488)
Net cash used in operating activities (1,259,754) (188,396)
Cash flows from investing activities:    
Contributions to loans to and investments in related parties (916,094) (941,725)
Distributions from loans to and investments in related parties 934,313 1,131,661
Net payments on premises and equipment (32,433) (59,595)
Deconsolidation of asset management entity 0 (137,856)
Cash received from contingent consideration 1,706 3,979
Net cash used in investing activities (12,508) (3,536)
Cash flows from financing activities:    
Excess tax benefits from the issuance of share-based awards 423 1,364
Proceeds from short-term borrowings 9,700,000 6,081,157
Payments on short-term borrowings (9,350,000) (6,081,157)
Proceeds from secured credit facility 903,000 655,000
Payments on secured credit facility (873,000) (790,000)
Net proceeds from other secured financings 103,743 5,577
Net proceeds from issuance of senior notes, net of issuance costs 0 681,222
Proceeds from contributions of noncontrolling interests 0 31,076
Net cash provided by financing activities 484,166 584,239
Effect of exchange rate changes on cash and cash equivalents (3,114) 4,862
Net (decrease) increase in cash and cash equivalents (791,210) 397,169
Cash and cash equivalents at beginning of period 4,079,968 3,561,119
Cash and cash equivalents at end of period 3,288,758 3,958,288
Cash paid during the period for:    
Interest 396,667 460,219
Income taxes, net $ 1,425 $ 60,220