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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net Income $ 78,200 $ 109,736
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration (6,207) (210)
Equity Method Investments (910) (384)
Equity-Based and Other Deferred Compensation 96,951 67,626
Depreciation, Amortization and Accretion 16,614 6,712
Bad Debt Expense 1,353 1,025
Deferred Taxes (6,598) (438)
Decrease (Increase) in Operating Assets:    
Marketable Securities (49) (101)
Financial Instruments Owned and Pledged as Collateral at Fair Value 5,741 (972)
Securities Purchased Under Agreements to Resell (5,887) 799
Accounts Receivable (47,194) (37,303)
Receivable from Employees and Related Parties 1,654 (3,708)
Other Assets (3,382) 614
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (519,492) (177,635)
Accounts Payable and Accrued Expenses (1,257) 2,468
Securities Sold Under Agreements to Repurchase 119 169
Payables to Employees and Related Parties 13,141 13,640
Taxes Payable (32,606) (11,988)
Other Liabilities (2,939) (10,735)
Net Cash Provided by (Used in) Operating Activities (412,748) (40,685)
Cash Flows From Investing Activities    
Investments Purchased (2,440) 0
Distributions of Private Equity Investments 364 270
Marketable Securities:    
Proceeds from Sales and Maturities 136,606 23,347
Purchases (138,493) (54,840)
Maturity of Certificates of Deposit 100,000 63,527
Purchase of Furniture, Equipment and Leasehold Improvements (15,644) (4,151)
Net Cash Provided by Investing Activities 80,393 28,153
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 0 60
Distributions to Noncontrolling Interests (17,984) (13,193)
Short-Term Borrowings 30,000 30,000
Repayment of Short-Term Borrowings 0 (30,000)
Repayment of Subordinated Borrowings 0 (6,700)
Purchase of Treasury Stock and Noncontrolling Interests (107,693) (155,597)
Dividends (27,471) (16,538)
Net Cash Provided by (Used in) Financing Activities (123,148) (191,968)
Effect of Exchange Rate Changes on Cash 3,868 3,473
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (451,635) (201,027)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period 800,096 617,385
Cash, Cash Equivalents and Restricted Cash-End of Period 348,461 416,358
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 6,297 6,868
Payments for Income Taxes 50,736 19,833
Accrued Dividends 3,336 2,631
Purchase of Noncontrolling Interest $ 0 $ 9,164