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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities      
Net Income $ 531,415 $ 868,573 $ 412,680
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 16,458 (24,227) (8,681)
Equity Method Investments, Including Gain on Sale 3,038 1,105 (1,636)
Equity-Based and Other Deferred Compensation 467,339 422,210 367,438
Net Loss on Sale and Wind-down of Operations in Mexico in 2020 and Release of Cumulative Foreign Exchange Losses 0 1,250 35,247
Noncash Lease Expense 41,534 40,761 38,626
Depreciation, Amortization and Accretion 28,651 28,655 30,002
Bad Debt Expense 5,513 (60) 6,878
Deferred Taxes (855) 29,078 13,824
Decrease (Increase) in Operating Assets:      
Investment Securities (1,777) (1,960) 3,559
Financial Instruments Owned and Pledged as Collateral at Fair Value 0 0 (1,516)
Securities Purchased Under Agreements to Resell 0 0 (399)
Accounts Receivable (46,084) 16,028 (78,573)
Receivable from Employees and Related Parties 3,188 (1,622) (1,170)
Other Assets (116,838) (4,649) (19,043)
(Decrease) Increase in Operating Liabilities:      
Accrued Compensation and Benefits (353,201) 191,223 82,364
Accounts Payable and Accrued Expenses (1,093) (5,497) (796)
Securities Sold Under Agreements to Repurchase 0 0 1,935
Payables to Employees and Related Parties 12,642 6,065 (7,980)
Taxes Payable (11,138) 5,634 11,946
Other Liabilities (47,416) (187,669) 93,666
Net Cash Provided by Operating Activities 531,376 1,384,898 978,371
Cash Flows From Investing Activities      
Investments Purchased (80) (6,660) (143)
Proceeds from Redemption and Sale of Investments 18,300 20,967 0
Distributions of Private Equity Investments 238 827 650
Investment Securities:      
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity 3,160,061 2,669,500 555,624
Purchases of Investment Securities and Futures Contracts Activity (2,850,658) (3,219,975) (1,201,617)
Maturity of Certificates of Deposit 281,386 121,912 214,266
Purchase of Certificates of Deposit (272,757) (264,492) 0
Purchase of Furniture, Equipment and Leasehold Improvements (23,187) (27,971) (53,330)
Proceeds from Sale of Business, Net of Cash Sold 0 0 679
Net Cash Provided by (Used In) Investing Activities 313,303 (705,892) (483,871)
Cash Flows From Financing Activities      
Issuance of Noncontrolling Interests 300 2,179 540
Distributions to Noncontrolling Interests (45,548) (67,865) (44,915)
Payments Under Tax Receivable Agreement (10,944) (10,825) (9,425)
Payment of Notes Payable (67,000) (38,000) 0
Issuance of Notes Payable 67,000 38,000 0
Debt Issuance Costs and Make-Whole Amount (1,826) (355) 0
Purchase of Treasury Stock and Noncontrolling Interests (550,293) (729,693) (147,411)
Dividends (127,257) (118,762) (106,582)
Net Cash Provided by (Used in) Financing Activities (735,568) (925,321) (307,793)
Effect of Exchange Rate Changes on Cash (24,281) (4,616) 7,631
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 84,830 (250,931) 194,338
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 587,293 838,224 643,886
Cash, Cash Equivalents and Restricted Cash – End of Period 672,123 587,293 838,224
SUPPLEMENTAL CASH FLOW DISCLOSURE      
Payments for Interest 16,857 17,332 23,748
Payments for Income Taxes 217,696 191,970 111,319
Accrued Dividends 15,236 14,332 13,734
Amounts Due for Purchase of Noncontrolling Interest 0 48,297 851
Settlement of Sale of Trilantic VI 9,188 0 0
Settlement of Contingent Consideration 1,083 0 0
Receipt of Equity Securities in Settlement of Accounts Receivable $ 0 $ 1,955 $ 0