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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net Income $ 165,551 $ 38,880
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (7,605) 24,767
Equity Method Investments 349 (1,291)
Equity-Based and Other Deferred Compensation 94,211 77,910
Noncash Lease Expense 10,058 9,065
Depreciation, Amortization and Accretion 6,751 8,526
Bad Debt Expense (1,738) 474
Deferred Taxes 4,502 2,105
Decrease (Increase) in Operating Assets:    
Investment Securities (1,950) 634
Financial Instruments Owned and Pledged as Collateral at Fair Value 0 (13,099)
Securities Purchased Under Agreements to Resell 0 12,831
Accounts Receivable 14,265 42,009
Receivable from Employees and Related Parties 523 (2,344)
Other Assets 17,550 (11,564)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (535,197) (359,947)
Accounts Payable and Accrued Expenses 2,397 (6,070)
Securities Sold Under Agreements to Repurchase 0 266
Payables to Employees and Related Parties 22,736 4,152
Taxes Payable (13,537) (2,829)
Other Liabilities (108,977) 1,219
Net Cash Provided by (Used In) Operating Activities (330,111) (174,306)
Cash Flows From Investing Activities    
Investments Purchased (159) 0
Distributions of Private Equity Investments 5 0
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 888,534 332,819
Purchases of Investment Securities and Futures Contracts Activity (616,624) (209,602)
Maturity of Certificates of Deposit 0 214,266
Purchase of Certificates of Deposit (73,877) 0
Purchase of Furniture, Equipment and Leasehold Improvements (7,714) (12,661)
Net Cash Provided by Investing Activities 190,165 324,822
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 1,107 30
Distributions to Noncontrolling Interests (12,894) (11,068)
Payment of Notes Payable (38,000) 0
Issuance of Notes Payable 38,000 0
Purchase of Treasury Stock and Noncontrolling Interests (231,296) (141,014)
Dividends (37,414) (33,781)
Net Cash Provided by (Used in) Financing Activities (280,497) (185,833)
Effect of Exchange Rate Changes on Cash 1,816 (8,429)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (418,627) (43,746)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period 838,224 643,886
Cash, Cash Equivalents and Restricted Cash-End of Period 419,597 600,140
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 4,469 5,667
Payments for Income Taxes 27,331 20,896
Accrued Dividends 3,411 3,531
Noncash Purchase of Noncontrolling Interest 3,170 1,703
Receipt of Equity Securities in Settlement of Accounts Receivable 1,955 0
Debt Issuance Costs Accrued $ 355 $ 0