XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net Income $ 93,124 $ 92,241
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (14,708) (9,509)
Equity Method Investments 22 (890)
Equity-Based and Other Deferred Compensation 139,337 130,242
Noncash Lease Expense 9,928 11,045
Depreciation, Amortization and Accretion, net 1,911 5,287
Bad Debt Expense (567) 3,734
Deferred Taxes (47) (2,514)
Decrease (Increase) in Operating Assets:    
Investment Securities 12,346 1,676
Accounts Receivable 39,573 83,422
Receivable from Employees and Related Parties (4,070) 1,268
Other Assets 53,051 82,271
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (628,439) (767,197)
Accounts Payable and Accrued Expenses 3,507 (1,132)
Payables to Employees and Related Parties 20,389 4,788
Taxes Payable (2,807) (6,217)
Other Liabilities (3,771) (13,252)
Net Cash Provided by (Used in) Operating Activities (281,221) (384,737)
Cash Flows From Investing Activities    
Investments Purchased 0 (37)
Distributions of Private Equity Investments 0 72
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 1,272,891 1,409,643
Purchases of Investment Securities (701,428) (851,103)
Maturity of Certificates of Deposit 54,462 82,759
Purchase of Certificates of Deposit (48,317) (5,222)
Purchase of Furniture, Equipment and Leasehold Improvements (1,105) (4,858)
Net Cash Provided by Investing Activities 576,503 631,254
Cash Flows From Financing Activities    
Distributions to Noncontrolling Interests (9,438) (9,202)
Payments Under Tax Receivable Agreement (607) 0
Purchase of Treasury Stock and Noncontrolling Interests (265,322) (286,592)
Dividends (43,236) (41,193)
Net Cash Provided by (Used in) Financing Activities (318,603) (336,987)
Effect of Exchange Rate Changes on Cash (3,767) 6,472
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (27,088) (83,998)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 605,484 672,123
Cash, Cash Equivalents and Restricted Cash – End of Period 578,396 588,125
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 1,790 1,790
Payments for Income Taxes 15,305 33,255
Accrued Dividends $ 4,028 $ 4,205