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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities      
Net Income $ 640,707 $ 417,737 $ 285,223
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:      
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (24,082) (33,682) (34,671)
Equity Method Investments, Including (Gains) Losses on Sales and Redemptions (112) 7,385 (192)
Equity-Based and Other Deferred Compensation 675,100 569,734 515,381
Noncash Lease Expense 49,798 41,792 42,153
Depreciation, Amortization and Accretion, net 10,537 (387) 2,388
Bad Debt Expense 5,635 2,334 5,559
Deferred Taxes 15,086 8,074 (2,894)
Decrease (Increase) in Operating Assets:      
Investment Securities 23,918 30,839 11,635
Accounts Receivable (124,587) (54,589) 11,273
Receivable from Employees and Related Parties (4,916) (7,919) (3,758)
Other Assets (131,447) 6,797 (4,759)
(Decrease) Increase in Operating Liabilities:      
Accrued Compensation and Benefits 176,881 17,754 (325,732)
Accounts Payable and Accrued Expenses 14,489 1,743 (966)
Payables to Employees and Related Parties 16,053 5,446 (8,734)
Taxes Payable 11,161 (643) (4,557)
Other Liabilities (97,757) (24,264) (29,395)
Net Cash Provided by Operating Activities 1,256,464 988,151 457,954
Cash Flows From Investing Activities      
Investments Purchased (1,000) (22) (37)
Proceeds from Sale of Investments 0 18,113 0
Distributions of Private Equity Investments 1,887 0 105
Investment Securities:      
Proceeds from Sales and Maturities of Investment Securities 3,247,890 3,066,469 3,279,088
Purchases of Investment Securities (3,310,862) (3,108,767) (3,313,200)
Maturity of Certificates of Deposit 202,950 172,297 177,446
Purchase of Certificates of Deposit (177,348) (185,420) (107,733)
Cash Acquired for Acquisitions, net of Cash Paid 12,160 0 0
Purchase of Furniture, Equipment and Leasehold Improvements (74,002) (30,101) (20,048)
Net Cash Provided by (Used in) Investing Activities (98,325) (67,431) 15,621
Cash Flows From Financing Activities      
Issuance of Noncontrolling Interests 1,331 85 733
Distributions to Noncontrolling Interests (30,731) (30,848) (27,293)
Payments Under Tax Receivable Agreement (11,371) (11,427) (10,843)
Payment of Notes Payable (38,000) 0 0
Issuance of Notes Payable 250,000 0 0
Debt Issuance Costs (662) 0 0
Purchase of Treasury Stock and Noncontrolling Interests (661,780) (450,530) (391,964)
Dividends (144,410) (135,832) (127,864)
Net Cash Provided by (Used in) Financing Activities (635,623) (628,552) (557,231)
Effect of Exchange Rate Changes on Cash 31,517 (15,545) 17,017
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 554,033 276,623 (66,639)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 882,107 605,484 672,123
Cash, Cash Equivalents and Restricted Cash – End of Period 1,436,140 882,107 605,484
SUPPLEMENTAL CASH FLOW DISCLOSURE      
Payments for Interest 19,896 16,214 16,181
Payments for Income Taxes 117,312 98,201 74,639
Accrued Dividends 15,537 16,159 17,054
Redemption of Luminis Interest 0 7,305 0
Contingent Consideration Accrued 24,521 0 0
Shares Issued as Consideration for Acquisitions 95,767 0 0
Deferred Purchase Price Payable in Shares or Cash for Acquisitions 94,893 0  
Assets Acquired in Acquisitions 27,906 0 0
Liabilities Assumed in Acquisitions $ 27,906 $ 0 $ 0