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INCENTIVE PLANS (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense
The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2024 and 2023:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Share-based incentive awards:
RSUs$57,611 $46,978 $186,150 $159,633 
PRSUs318 569 1,037 1,920 
PIPRs17,655 10,815 47,942 48,077 
Total$75,584 $58,362 $235,129 $209,630 
Schedule of LFI and Other Similar Deferred Compensation Arrangements
The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2024:
Prepaid
Compensation
Asset
Compensation
Liability
Balance, January 1, 2024$115,972 $365,420 
Granted40,227 40,227 
Settled– (142,519)
Amortization and the impact of forfeitures(84,550)(3,448)
Change in fair value of underlying investments– 24,904 
Other(73)384 
Balance, September 30, 2024$71,576 $284,968 
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2024 and 2023:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Amortization and the impact of forfeitures$22,997 $41,368 $81,102 $133,454 
Change in the fair value of underlying investments16,732 (10,598)24,904 15,530 
Total$39,729 $30,770 $106,006 $148,984 
RSUs and PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to RSUs and PRSUs during the nine month period ended September 30, 2024:
RSUsPRSUs
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 202412,633,027$36.16 125,465$41.07 
Granted (including 608,673 RSUs relating to dividend participation)
8,921,474$38.75 $– 
Forfeited(882,108)$36.66 $– 
Settled(4,156,648)$38.54 (63,169)$46.63 
Balance, September 30, 202416,515,745$36.93 62,296$35.44 
PIPRs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to all PIPRs during the nine month period ended September 30, 2024:
Ordinary PIPRs (a)P-PIPRsSP-PIPRs
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20242,640,769$36.19 1,958,829$41.12 2,250,000$15.06 
Granted1,368,964$38.26 $– $– 
Forfeited(61,878)$35.85 $– $– 
Settled(601,433)$43.23 (995,169)$46.63 $– 
Balance, September 30, 20243,346,422$35.78 963,660$35.44 2,250,000$15.06 
__________________________
(a)Includes PIPR awards with only service-based vesting conditions.