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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net Income (Loss) $ 2,038,962 $ 2,087,086
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:    
Equity-Based Compensation 357,200 368,318
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings (1,543,476) (997,679)
Net Accretion and Amortization (84,654) (40,942)
Other Non-Cash Amounts 346,152 97,174
Cash Flows Due to Changes in Operating Assets and Liabilities:    
Change in Consolidation (145) 77,519
Change in Due from / to Affiliates (138,947) (270,892)
Change in Other Assets (631,335) (441,937)
Change in Accrued Expenses and Other Liabilities 1,630,187 1,658,023
Net Cash Provided (Used) by Operating Activities 2,988,482 4,885,275
Investing Activities    
Purchases of Fixed Assets (88,207) (43,768)
Net Cash Provided (Used) by Investing Activities (5,037,403) (11,675,396)
Financing Activities    
Series D Mandatory Convertible Preferred Stock Dividends (37,736) 0
Common Stock Dividends (320,248) (301,322)
Distributions to Redeemable Noncontrolling Interests (18,800) (10,405)
Contributions from Redeemable Noncontrolling Interests 364,629 624,121
Distributions to Noncontrolling Interests (1,929,065) (4,038,461)
Contributions from Noncontrolling Interests 1,896,925 3,392,401
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs) 2,543,404 0
2024 GA Acquisition - Cash consideration (See Note 1) 0 (2,622,230)
Net Delivery of Common Stock (Equity Incentive Plans) (106,773) (92,946)
Repurchases of Common Stock (3,362) 0
Proceeds from Debt Obligations 9,618,398 13,870,893
Repayment of Debt Obligations (9,565,013) (11,969,531)
Financing Costs Paid (20,237) (13,871)
Net Cash Provided (Used) by Financing Activities 4,593,923 2,106,070
Effect of exchange rate changes on cash, cash equivalents and restricted cash 143,218 (54,298)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash 2,688,220 (4,738,349)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 15,367,953 20,808,120
Cash, Cash Equivalents and Restricted Cash, End of Period 18,056,173 16,069,771
Supplemental Disclosures of Cash Flow Information    
Payments for Interest 1,287,890 1,482,365
Payments for Income Taxes 525,704 374,725
Payments for Operating Lease Liabilities 31,847 32,181
Supplemental Disclosures of Non-Cash Investing and Financing Activities    
Non-Cash Contribution from Noncontrolling Interests 150 3,879
Non-Cash Distribution to Redeemable Noncontrolling Interests (14,077) 0
Non-Cash Repayment of Debt Obligations (100,000) 0
Debt Obligations - Net Gains (Losses), Translation and Other (1,646,482) 380,456
Investments Acquired through Reinsurance Agreements 0 11,393,248
Contractholder Deposit Funds Acquired through Reinsurance Agreements 0 2,039,960
Change in Consolidation    
Other Assets (2,147) 15,285
Accrued Expenses and Other Liabilities (19) 6,923
Noncontrolling Interests 2,391,392 1,067,974
Asset Management and Strategic Holdings    
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:    
Net Realized (Gains) Losses - Asset Management and Strategic Holdings (290,849) (33,150)
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings (1,543,476) (997,679)
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings (2,069,837) (2,001,067)
Cash Flows Due to Changes in Operating Assets and Liabilities:    
Investments Purchased - Asset Management and Strategic Holdings (17,929,110) (21,360,831)
Proceeds from Investments - Asset Management and Strategic Holdings 16,533,820 21,343,106
Financing Activities    
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 8,673,996 8,510,491
Cash, Cash Equivalents and Restricted Cash, End of Period 10,781,060 7,998,209
Change in Consolidation    
Investments - Asset Management and Strategic Holdings 2,391,477 982,263
Insurance    
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:    
Equity-Based Compensation 44,063 64,389
Net Investment and Policy Liability-Related (Gains) Losses - Insurance 2,347,869 1,373,769
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance 2,395,584 1,929,802
Cash Flows Due to Changes in Operating Assets and Liabilities:    
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance 87,399 652,163
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance 337,647 1,056,920
Change in Deferred Policy Acquisition Costs - Insurance (483,726) (351,746)
Change in Policy Liabilities and Accruals, Net - Insurance 85,741 (260,361)
Investing Activities    
Investments Purchased - Insurance (44,677,353) (39,519,739)
Proceeds from Investments - Insurance 39,712,618 27,874,362
Other Investing Activities, Net - Insurance 15,539 13,749
Financing Activities    
Additions to Contractholder Deposit Funds - Insurance 12,950,302 15,290,576
Withdrawals from Contractholder Deposit Funds - Insurance (10,878,878) (11,264,240)
Reinsurance Transactions, Net of Cash Provided - Insurance 0 48,109
Other Financing Activity, Net - Insurance 100,377 (807,024)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 6,693,957 12,297,629
Cash, Cash Equivalents and Restricted Cash, End of Period $ 7,275,113 $ 8,071,562