XML 49 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows From Operating Activities    
Net Income $ 22,279 $ 43,078
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:    
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration 2,313 (1,916)
Equity Method Investments 3,118 6,024
Equity-Based and Other Deferred Compensation 106,139 57,640
Depreciation, Amortization and Accretion 13,846 8,339
Bad Debt Expense 141 716
Deferred Taxes 9,557 10,883
Decrease (Increase) in Operating Assets:    
Marketable Securities 310 203
Financial Instruments Owned and Pledged as Collateral at Fair Value 48,004 (20,006)
Securities Purchased Under Agreements to Resell (26,962) 19,063
Accounts Receivable 9,618 (17,169)
Receivable from Employees and Related Parties 195 (222)
Other Assets (18,618) (32,721)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (113,581) (90,898)
Accounts Payable and Accrued Expenses (963) 7,498
Securities Sold Under Agreements to Repurchase (21,135) 925
Payables to Employees and Related Parties 12,062 (3,606)
Taxes Payable 448 (475)
Other Liabilities (437) (30)
Net Cash Provided by (Used in) Operating Activities 46,334 (12,674)
Cash Flows From Investing Activities    
Investments Purchased (224) (8,107)
Distributions of Private Equity Investments 6,593 108
Marketable Securities:    
Proceeds from Sales and Maturities 20,369 20,839
Purchases (15,704) (11,743)
Loans Receivable (3,500) 0
Purchase of Furniture, Equipment and Leasehold Improvements (7,695) (5,971)
Net Cash Provided by (Used in) Investing Activities (161) (4,874)
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 307 49
Distributions to Noncontrolling Interests (10,291) (6,414)
Short-Term Borrowing 45,000 50,000
Repayment of Short-Term Borrowing (45,000) (50,000)
Purchase of Treasury Stock and Noncontrolling Interests (123,639) (94,459)
Excess Tax Benefits Associated with Equity-Based Awards 8,877 29,460
Dividends - Class A Stockholders (22,703) (17,878)
Net Cash Provided by (Used in) Financing Activities (147,449) (89,242)
Effect of Exchange Rate Changes on Cash (805) 1,433
Net Increase (Decrease) in Cash and Cash Equivalents (102,081) (105,357)
Cash and Cash Equivalents-Beginning of Period 352,160 298,453
Cash and Cash Equivalents-End of Period 250,079 193,096
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 8,661 6,400
Payments for Income Taxes 16,841 7,740
Increase (Decrease) in Fair Value of Redeemable Noncontrolling Interest (610) 3,530
Dividend Equivalents Issued 3,295 3,096
Settlement of Contingent Consideration 0 7,232
Receipt of Securities in Settlement of Accounts Receivable 1,079 63
Purchase of Noncontrolling Interest 1,123 7,100
Contingent Consideration Accrued 5,039 2,243
Reclassification from Redeemable Noncontrolling Interest to Noncontrolling Interest $ 0 $ 27,477