XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 70.2 $ 857.2
Less: Income from discontinued operations, net of tax 0.0 (76.5)
Adjustments to reconcile net income to net cash flows from operating activities from continuing operations:    
Amortization of acquired intangibles 0.1 0.1
Gain on disposal of discontinued operations, net of tax 0.0 (694.6)
Loss on extinguishment of debt 3.2 0.0
Gain on sale of subsidiaries 0.0 (33.3)
Depreciation and other amortization 14.8 16.7
Amortization of debt-related costs 4.6 3.4
Amortization and revaluation of non-cash compensation awards (27.4) 23.8
Net earnings from Affiliate accounted for using the equity method 0.0 (2.6)
Distributions received from equity method Affiliate 0.0 4.4
Distributions from discontinued operations 0.0 52.7
Deferred income taxes 8.6 3.3
(Gains) losses on other investments 5.3 (6.6)
Changes in operating assets and liabilities (excluding discontinued operations):    
(Increase) decrease in investment advisory fees receivable 75.9 (33.7)
Increase in other receivables, prepayments, deposits and other assets (4.9) (0.1)
Decrease in accrued incentive compensation, operating lease liabilities and other liabilities (65.1) (3.5)
Decrease in accounts payable, accrued expenses and accrued income taxes (22.0) (88.4)
Net cash flows from operating activities of continuing operations 63.3 22.3
Net cash flows from operating activities of discontinued operations 0.0 (7.2)
Total net cash flows from operating activities 63.3 15.1
Cash flows from investing activities:    
Additions of fixed assets, excluding discontinued operations (12.7) (11.1)
Cash proceeds from sale of discontinued operations 0.0 950.2
Cash proceeds from sale of subsidiaries 0.0 46.2
Purchase of investment securities (5.3) (2.3)
Sale of investment securities 8.7 26.0
Net cash flows from investing activities of continuing operations (9.3) 1,009.0
Net cash flows from investing activities of discontinued operations 0.0 3.1
Total net cash flows from investing activities (9.3) 1,012.1
Cash flows from financing activities:    
Proceeds from revolving credit facility 202.0 176.0
Repayment of third party borrowings and revolving credit facility (298.0) (143.0)
Payment for debt issuance costs (0.9) (0.4)
Proceeds from stock issuance 0.0 0.2
Payment to OM plc for co-investment redemptions (1.1) (1.5)
Dividends paid to stockholders (0.8) (1.5)
Dividends paid to related parties (0.4) (0.9)
Repurchases of common stock (103.2) 0.0
Withholding tax payments related to stock option exercise (2.3) (8.9)
Net cash flows from financing activities of continuing operations (204.7) 20.0
Net cash flows from financing activities of discontinued operations 0.0 (27.2)
Total net cash flows from financing activities (204.7) (7.2)
Effect of foreign exchange rate changes on cash and cash equivalents 0.0 0.0
Net increase (decrease) in cash and cash equivalents (150.7) 1,020.0
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 from continuing operations 101.4 1,424.1
Supplemental disclosure of cash flow information:    
Interest paid 15.7 18.0
Income taxes paid $ 34.7 $ 114.0