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Condensed Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands
9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Cash Flows From Operating Activities    
Net Income $ 157,228 $ 227,961
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 3,471 (9,330)
Equity Method Investments 2,341 2,516
Equity-Based and Other Deferred Compensation 271,145 278,422
Gain on Sale of ECB Trust Business (1,355) 0
Noncash Lease Expense 28,564 22,736
Depreciation, Amortization and Accretion 22,440 26,438
Bad Debt Expense 5,888 2,569
Deferred Taxes (260) (14,621)
Decrease (Increase) in Operating Assets:    
Investment Securities 2,250 (459)
Financial Instruments Owned and Pledged as Collateral at Fair Value (2,859) (1,351)
Securities Purchased Under Agreements to Resell 2,753 1,299
Accounts Receivable 4,037 (1,567)
Receivable from Employees and Related Parties (3,503) 3,153
Other Assets 24,576 (25,491)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (213,817) (389,446)
Accounts Payable and Accrued Expenses 283 4,059
Securities Sold Under Agreements to Repurchase 109 18
Payables to Employees and Related Parties (10,194) (3,147)
Taxes Payable (1,125) (32,868)
Other Liabilities (8,777) 64
Net Cash Provided by Operating Activities 283,195 90,955
Cash Flows From Investing Activities    
Investments Purchased (143) (3,822)
Distributions of Private Equity Investments 650 1,698
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity 554,141 376,934
Purchases of Investment Securities and Futures Contracts Activity (247,920) (570,783)
Maturity of Certificates of Deposit 214,266 100,000
Purchase of Certificates of Deposit 0 (211,861)
Purchase of Furniture, Equipment and Leasehold Improvements (41,580) (46,155)
Proceeds from Sale of Business 1,830 0
Net Cash Provided by (Used In) Investing Activities 481,244 (353,989)
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 540 600
Distributions to Noncontrolling Interests (23,262) (44,947)
Short-Term Borrowings 0 30,000
Repayment of Short-Term Borrowings 0 (30,000)
Issuance of Notes Payable 0 205,718
Debt Issuance Costs 0 (2,032)
Purchase of Treasury Stock and Noncontrolling Interests (144,338) (304,078)
Dividends (81,297) (73,875)
Net Cash Provided by (Used in) Financing Activities (248,357) (218,614)
Effect of Exchange Rate Changes on Cash (1,302) (4,869)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 514,780 (486,517)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period 643,886 800,096
Cash, Cash Equivalents and Restricted Cash-End of Period 1,158,666 313,579
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 18,110 14,750
Payments for Income Taxes 42,777 120,929
Accrued Dividends 10,266 10,903
Noncash Purchase of Noncontrolling Interest $ 851 $ 2,701