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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net Income $ 329,480 $ 106,108
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments and Investment Securities (22,193) 11,780
Equity Method Investments 5,038 3,309
Equity-Based and Other Deferred Compensation 202,186 176,968
Noncash Lease Expense 20,311 18,284
Depreciation, Amortization and Accretion 14,129 15,989
Bad Debt Expense (1,766) 5,331
Deferred Taxes 3,982 2,112
Decrease (Increase) in Operating Assets:    
Investment Securities (1,946) 2,601
Financial Instruments Owned and Pledged as Collateral at Fair Value 0 (6,486)
Securities Purchased Under Agreements to Resell 0 6,334
Accounts Receivable 42,638 (25,778)
Receivable from Employees and Related Parties 4,558 (612)
Other Assets (20,482) 33,968
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (359,317) (241,190)
Accounts Payable and Accrued Expenses 6,001 62
Securities Sold Under Agreements to Repurchase 0 149
Payables to Employees and Related Parties 23,791 5,529
Taxes Payable (10,537) 380
Other Liabilities (121,415) 3,932
Net Cash Provided by Operating Activities 114,458 118,770
Cash Flows From Investing Activities    
Investments Purchased (1,355) 0
Proceeds from Redemption of G5 Debt Security 11,779 0
Distributions of Private Equity Investments 171 234
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity 992,836 543,251
Purchases of Investment Securities and Futures Contracts Activity (852,579) (244,470)
Maturity of Certificates of Deposit 0 214,266
Purchase of Certificates of Deposit (122,510) 0
Purchase of Furniture, Equipment and Leasehold Improvements (16,374) (29,665)
Net Cash Provided by Investing Activities 11,968 483,616
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 1,107 540
Distributions to Noncontrolling Interests (29,642) (14,009)
Payment of Notes Payable (38,000) 0
Issuance of Notes Payable 38,000 0
Payments of Debt Issuance Costs (355) 0
Purchase of Treasury Stock and Noncontrolling Interests (423,188) (143,412)
Dividends (65,139) (57,529)
Net Cash Provided by (Used in) Financing Activities (517,217) (214,410)
Effect of Exchange Rate Changes on Cash 3,558 (6,842)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (387,233) 381,134
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 838,224 643,886
Cash, Cash Equivalents and Restricted Cash – End of Period 450,991 1,025,020
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 8,912 12,856
Payments for Income Taxes 70,772 23,646
Accrued Dividends 7,096 6,918
Noncash Purchase of Noncontrolling Interest 0 851
Receipt of Equity Securities in Settlement of Accounts Receivable $ 1,955 $ 0