XML 25 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net Income $ 227,961 $ 250,695
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (9,330) (26)
Equity Method Investments 2,516 2,535
Equity-Based and Other Deferred Compensation 278,422 208,858
Depreciation, Amortization and Accretion 49,174 21,432
Bad Debt Expense 2,569 2,244
Deferred Taxes (14,621) (1,091)
Decrease (Increase) in Operating Assets:    
Investment Securities (459) 242
Financial Instruments Owned and Pledged as Collateral at Fair Value (1,351) (2,142)
Securities Purchased Under Agreements to Resell 1,299 7,457
Accounts Receivable (1,567) (51,341)
Receivable from Employees and Related Parties 3,153 (6,878)
Other Assets (25,491) (59,145)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (389,446) (51,246)
Accounts Payable and Accrued Expenses 4,059 5,379
Securities Sold Under Agreements to Repurchase 18 (5,303)
Payables to Employees and Related Parties (3,147) 3,001
Taxes Payable (32,868) (11,267)
Other Liabilities 64 (2,758)
Net Cash Provided by Operating Activities 90,955 310,646
Cash Flows From Investing Activities    
Investments Purchased (3,822) (45)
Distributions of Private Equity Investments 1,698 2,143
Investment Securities:    
Proceeds from Sales and Maturities 376,934 162,318
Purchases (570,783) (304,950)
Maturity of Certificates of Deposit 100,000 63,527
Purchase of Certificates of Deposit (211,861) (100,000)
Purchase of Furniture, Equipment and Leasehold Improvements (46,155) (11,881)
Net Cash Provided by (Used in) Investing Activities (353,989) (188,888)
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 600 1,165
Distributions to Noncontrolling Interests (44,947) (30,374)
Short-Term Borrowings 30,000 30,000
Repayment of Short-Term Borrowings (30,000) (30,000)
Repayment of Subordinated Borrowings 0 (6,799)
Issuance of Notes Payable 205,718 0
Debt Issuance Costs (2,032) 0
Purchase of Treasury Stock and Noncontrolling Interests (304,078) (212,959)
Dividends (73,875) (57,448)
Net Cash Provided by (Used in) Financing Activities (218,614) (306,415)
Effect of Exchange Rate Changes on Cash (4,869) 1,711
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (486,517) (182,946)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period 800,096 617,385
Cash, Cash Equivalents and Restricted Cash-End of Period 313,579 434,439
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 14,750 16,008
Payments for Income Taxes 120,929 47,989
Accrued Dividends 10,903 9,092
Purchase of Noncontrolling Interest $ 2,701 $ 0