XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities    
Net Income $ 378,624 $ 518,602
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 27,305 (12,067)
Equity Method Investments, Including Gain on Sale 3,291 3,292
Equity-Based and Other Deferred Compensation 357,401 309,204
Noncash Lease Expense 27,096 30,368
Depreciation, Amortization and Accretion 21,579 21,360
Bad debt expense, net of reversals 4,905 15
Deferred Taxes (11,300) 9,364
Decrease (Increase) in Operating Assets:    
Investment Securities (1,541) (1,971)
Accounts Receivable 30,729 (31,122)
Receivable from Employees and Related Parties 1,817 2,091
Other Assets (15,036) (49,736)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (636,901) (144,111)
Accounts Payable and Accrued Expenses 3,475 8,814
Payables to Employees and Related Parties 5,826 9,076
Taxes Payable (12,537) (13,505)
Other Liabilities (27,560) (129,770)
Net Cash Provided by Operating Activities 157,173 529,904
Cash Flows From Investing Activities    
Investments Purchased 0 (3,862)
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 2022 18,300 11,779
Distributions of Private Equity Investments 238 316
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 2,326,799 1,565,429
Purchases of Investment Securities (1,893,948) (1,640,970)
Maturity of Certificates of Deposit 217,837 73,995
Purchase of Certificates of Deposit (231,639) (191,498)
Purchase of Furniture, Equipment and Leasehold Improvements (19,072) (23,417)
Net Cash Provided by (Used In) Investing Activities 418,515 (208,228)
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 300 2,063
Distributions to Noncontrolling Interests (38,970) (45,768)
Payment of Notes Payable (67,000) (38,000)
Issuance of Notes Payable 67,000 38,000
Debt Issuance Costs and Make-Whole Amount (1,826) (355)
Purchase of Treasury Stock and Noncontrolling Interests (491,936) (533,737)
Dividends (99,082) (91,922)
Net Cash Provided by (Used in) Financing Activities (631,514) (669,719)
Effect of Exchange Rate Changes on Cash (49,296) (2,306)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (105,122) (350,349)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 587,293 838,224
Cash, Cash Equivalents and Restricted Cash – End of Period 482,171 487,875
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 10,954 12,454
Payments for Income Taxes 165,021 118,892
Accrued Dividends 11,245 10,718
Settlement of Sale of Trilantic VI 9,188 0
Settlement of Contingent Consideration 1,083 0
Receipt of Equity Securities in Settlement of Accounts Receivable $ 0 $ 1,955