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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities    
Net Income $ 174,857 $ 134,402
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (20,757) (23,856)
Equity Method Investments 176 1,437
Equity-Based and Other Deferred Compensation 288,412 272,363
Noncash Lease Expense 19,886 21,377
Depreciation, Amortization and Accretion, net 1,079 6,109
Bad Debt Expense 971 5,297
Deferred Taxes (606) (9,232)
Decrease (Increase) in Operating Assets:    
Investment Securities 16,214 3,105
Accounts Receivable 8,475 60,781
Receivable from Employees and Related Parties 72 3,092
Other Assets 19,923 38,497
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (475,693) (715,222)
Accounts Payable and Accrued Expenses 8,973 2,637
Payables to Employees and Related Parties 21,489 5,534
Taxes Payable (3,193) (4,138)
Other Liabilities 6,989 (7,732)
Net Cash Provided by (Used in) Operating Activities 67,267 (205,549)
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 1,633,347 2,227,084
Purchases of Investment Securities (1,179,299) (1,804,833)
Maturity of Certificates of Deposit 54,462 124,728
Purchase of Certificates of Deposit (115,814) (54,267)
Purchase of Furniture, Equipment and Leasehold Improvements (8,918) (12,374)
Net Cash Provided by Investing Activities 383,778 480,373
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 85 733
Distributions to Noncontrolling Interests (15,973) (15,651)
Payments Under Tax Receivable Agreement (607) 0
Purchase of Treasury Stock and Noncontrolling Interests (320,347) (348,264)
Dividends (74,145) (70,279)
Net Cash Provided by (Used in) Financing Activities (410,987) (433,461)
Effect of Exchange Rate Changes on Cash (5,084) 15,988
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 34,974 (142,649)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 605,484 672,123
Cash, Cash Equivalents and Restricted Cash – End of Period 640,458 529,474
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 8,096 8,099
Payments for Income Taxes 46,212 54,874
Accrued Dividends $ 8,030 $ 8,659