XML 51 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows From Operating Activities    
Net Income $ 68,262 $ 48,643
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration (904) (2,790)
Equity Method Investments 5,620 4,041
Equity-Based and Other Deferred Compensation 82,857 92,313
Depreciation, Amortization and Accretion 12,716 12,237
Bad Debt Expense 1,582 417
Deferred Taxes 15,984 1,608
Decrease (Increase) in Operating Assets:    
Marketable Securities 400 166
Financial Instruments Owned and Pledged as Collateral at Fair Value (40,853) 35,540
Securities Purchased Under Agreements to Resell 13,803 (7,333)
Accounts Receivable (24,583) 28,172
Receivable from Employees and Related Parties (2,973) (5,018)
Other Assets (29,279) (17,955)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (47,708) (31,204)
Accounts Payable and Accrued Expenses 11,638 272
Securities Sold Under Agreements to Repurchase 27,050 (28,228)
Payables to Employees and Related Parties (6,998) 1,989
Taxes Payable (4,145) (12,440)
Other Liabilities 6,782 (1,628)
Net Cash Provided by Operating Activities 89,251 118,802
Cash Flows From Investing Activities    
Investments Purchased (10,783) (2,327)
Distributions of Private Equity Investments 216 1,175
Marketable Securities:    
Proceeds from Sales and Maturities 31,999 26,739
Purchases (16,549) (29,141)
Cash Acquired from Acquisitions 0 66
Purchase of Furniture, Equipment and Leasehold Improvements (10,223) (1,988)
Net Cash Provided by (Used in) Investing Activities (5,340) (5,476)
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 2,135 3,189
Distributions to Noncontrolling Interests (8,553) (17,341)
Cash Paid for Deferred and Contingent Consideration (2,255) 0
Short-Term Borrowing 75,000 0
Repayment of Short-Term Borrowing (75,000) 0
Purchase of Treasury Stock and Noncontrolling Interests (137,443) (99,730)
Excess Tax Benefits Associated with Equity-Based Awards 33,045 7,720
Dividends - Class A Stockholders (27,911) (21,214)
Net Cash Provided by (Used in) Financing Activities (140,982) (127,376)
Effect of Exchange Rate Changes on Cash (2,313) (1,583)
Net Increase (Decrease) in Cash and Cash Equivalents (59,384) (15,633)
Cash and Cash Equivalents-Beginning of Period 298,453 259,431
Cash and Cash Equivalents-End of Period 239,069 243,798
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 11,518 10,767
Payments for Income Taxes 14,640 50,187
Furniture, Equipment and Leasehold Improvements Accrued 857 621
Increase in Fair Value of Redeemable Noncontrolling Interest 14,616 123
Dividend Equivalents Issued 4,481 4,409
Notes Exchanged for Equity in Subsidiary 0 1,042
Settlement of Contingent Consideration 7,232 2,494
Receipt of Marketable Securities in Settlement of Accounts Receivable 2,083 1,730
Purchase of Noncontrolling Interest 7,100 0
Contingent Consideration Accrued 2,162 0
Adjustments to Redeemable Noncontrolling Interest $ 31,268 $ 0