XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 23.8 $ 40.4
Less: Income from discontinued operations, net of tax 0.0 (21.9)
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:    
Loss on extinguishment of debt 3.2 0.0
Loss on sale of subsidiary 0.0 1.3
Depreciation and other amortization 5.3 5.5
Amortization of debt-related costs 2.7 1.1
Amortization and revaluation of non-cash compensation awards (4.2) 1.6
Net earnings from Affiliate accounted for using the equity method 0.0 (1.1)
Distributions received from equity method Affiliate 0.0 1.1
Distributions from discontinued operations 0.0 20.3
Deferred income taxes 0.8 2.3
(Gains) losses on other investments 1.2 (2.7)
Changes in operating assets and liabilities (excluding discontinued operations):    
(Increase) decrease in investment advisory fees receivable 52.7 (6.0)
Decrease in other receivables, prepayments, deposits and other assets 0.4 11.2
Decrease in accrued incentive compensation, operating lease liabilities and other liabilities (92.2) (49.2)
Decrease in accounts payable, accrued expenses and accrued income taxes (8.1) (11.2)
Net cash flows from operating activities of continuing operations (14.4) (7.3)
Net cash flows from operating activities of discontinued operations 0.0 (13.0)
Total net cash flows from operating activities (14.4) (20.3)
Cash flows from investing activities:    
Additions of fixed assets, excluding discontinued operations (4.0) (3.5)
Purchase of investment securities (4.8) (2.0)
Sale of investment securities 4.8 6.1
Net cash flows from investing activities of continuing operations (4.0) 0.6
Net cash flows from investing activities of discontinued operations 0.0 2.2
Total net cash flows from investing activities (4.0) 2.8
Cash flows from financing activities:    
Proceeds from revolving credit facility 125.0 95.0
Repayment of third party borrowings and revolving credit facility (162.0) (14.0)
Payment for debt issuance costs (0.9) (0.4)
Payment to OM plc for co-investment redemptions (1.1) (1.3)
Dividends paid to stockholders (0.3) (0.6)
Dividends paid to related parties (0.1) (0.3)
Repurchases of common stock (103.2) 0.0
Withholding tax payments related to stock option exercise (2.3) 0.0
Net cash flows from financing activities of continuing operations (144.9) 78.4
Net cash flows from financing activities of discontinued operations 0.0 0.4
Total net cash flows from financing activities (144.9) 78.8
Effect of foreign exchange rate changes on cash and cash equivalents 0.0 0.0
Net increase (decrease) in cash and cash equivalents (163.3) 61.3
Cash and cash equivalents at beginning of period 252.1 372.9
Cash and cash equivalents at beginning of period classified within assets held for sale 0.0 31.2
Cash and cash equivalents at end of period 88.8 465.4
Less: cash and cash equivalents at end of period classified within assets held for sale 0.0 (20.7)
Cash and cash equivalents at end of period from continuing operations 88.8 444.7
Supplemental disclosure of cash flow information:    
Interest paid 8.0 8.2
Income taxes paid $ 3.0 $ 0.3