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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May 31, 2016
May 31, 2015
Cash flows from operating activities:    
Net earnings (loss) $ (112,827) $ 72,735
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:    
Depreciation and amortization (2,945) 6,144
(Income) loss on loans to and investments in related parties 31,252 (49,146)
Distributions received on investments in related parties 8,108 58,408
Other adjustments 17,085 (74,394)
Net change in assets and liabilities:    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (85,446) 1,046,324
Receivables:    
Brokers, dealers and clearing organizations (339,496) (322,270)
Customers 94,471 33,933
Fees, interest and other (89,147) (140,263)
Securities borrowed (604,046) (988,097)
Financial instruments owned 1,388,017 (228,076)
Investments in managed funds (124,398) 16,525
Securities purchased under agreements to resell 612,660 137,998
Other assets (346,691) (58,691)
Payables:    
Brokers, dealers and clearing organizations (246,180) (728,172)
Customers (367,505) (1,785,772)
Securities loaned (28,625) 1,098,339
Financial instruments sold, not yet purchased 1,201,318 325,114
Securities sold under agreements to repurchase (1,531,853) 463,962
Accrued expenses and other liabilities 82,055 (144,355)
Net cash used in operating activities (444,193) (1,259,754)
Cash flows from investing activities:    
Contributions to loans to and investments in related parties (163,560) (916,094)
Distributions from loans to and investments in related parties 313,411 934,313
Net payments on premises and equipment (35,181) (32,433)
Payment on purchase of aircraft (27,500) 0
Deconsolidation of asset management entity (39) 0
Cash received from contingent consideration 826 1,706
Net cash provided by (used in) investing activities 87,957 (12,508)
Cash flows from financing activities:    
Excess tax benefits from the issuance of share-based awards 277 423
Proceeds from short-term borrowings 4,840,438 9,700,000
Payments on short-term borrowings (4,753,891) (9,350,000)
Proceeds from secured credit facility 0 903,000
Payments on secured credit facility 0 (873,000)
Net proceeds from (payments on) other secured financings (122,789) 103,743
Net proceeds from issuance of long-term debt, net of issuance costs 127,941 0
Repayment of long-term debt (350,600) 0
Net change in bank overdrafts (54,508) 0
Net proceeds from noncontrolling interests 3,937 0
Net cash provided by (used in) financing activities (309,195) 484,166
Effect of exchange rate changes on cash and cash equivalents (5,903) (3,114)
Net decrease in cash and cash equivalents (671,334) (791,210)
Cash and cash equivalents at beginning of period 3,510,163 4,079,968
Cash and cash equivalents at end of period 2,838,829 3,288,758
Cash paid (received) during the period for:    
Interest 422,558 396,667
Income taxes, net $ (7,596) $ 1,425