XML 20 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net income $ 92,336 $ 176,067 $ 162,013
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 36,715 29,280 33,988
Amortization of loans and advances to financial advisors and other employees 53,913 64,735 64,930
Amortization of premium on investment portfolio 2,750 5,847 8,321
Provision for loan losses and allowance for loans and advances to financial advisors and other employees 14,694 9,713 10,618
Amortization of intangible assets 10,423 12,366 12,131
Deferred income taxes (2,578) 5,256 (26,389)
Excess tax benefits from stock-based compensation (14,741) (19,858) (12,018)
Stock-based compensation 165,641 94,006 137,447
Losses on sale of investments 9,255 22 13,319
Gain on acquisition     (7,566)
Other, net (13,159) (9,778) (3,640)
Decrease/(increase) in operating assets, net of assets acquired:      
Cash segregated for regulatory purposes (178,081) (45,343) 128,142
Receivables:      
Brokerage clients, net (1,003,257) 58,917 (42,627)
Brokers, dealers, and clearing organizations 82,960 (263,391) (30,634)
Securities purchased under agreements to resell (105,345) 169,997 (66,380)
Financial instruments owned, including those pledged 90,716 26,280 70,053
Loans originated as held for sale (1,855,714) (1,132,671) (1,275,647)
Proceeds from mortgages held for sale 1,814,168 1,112,318 1,372,552
Loans and advances to financial advisors and other employees (187,234) (79,216) (71,857)
Other assets 100,670 (2,509) 79,662
Increase/(decrease) in operating liabilities, net of liabilities assumed:      
Brokerage clients 678,926 2,554 23,433
Brokers, dealers, and clearing organizations 98,301 (8,198) 3,976
Drafts 108,659 488 (15,723)
Financial instruments sold, but not yet purchased (65,521) 106,051 85,127
Other liabilities and accrued expenses (261,326) (62,664) 48,988
Net cash provided by/(used in) operating activities (326,829) 250,269 702,219
Cash Flows From Investing Activities:      
Sale of bank foreclosed assets 75    
Increase in bank loans, net (517,563) (668,354) (249,018)
Payments for:      
Purchase of available-for-sale securities (991,954) (416,851) (1,314,290)
Purchase of held-to-maturity securities (802,668) (7,959) (16,438)
Purchase of investments (45,151) (48,834) (71,777)
Purchase of fixed assets (69,822) (26,632) (32,278)
Acquisitions, net of cash acquired (604,659) (80,378) (88,592)
Net cash used in investing activities (1,973,265) (392,936) (1,106,274)
Maturities, calls, sales, and principal paydowns of available-for-sale securities 866,899 698,895 435,827
Calls and principal paydowns of held-to-maturity securities 126,258 96,618 93,703
Sale or maturity of investments 65,320 60,428 90,265
Sale of aircraft     45,951
Sale of other real estate owned   131 373
Cash Flows from Financing Activities:      
Repayments of short-term borrowings (126,637) (55,700) (249,000)
Proceeds from issuance of senior notes, net 297,042 295,638  
Increase/(decrease) in securities sold under agreements to repurchase 239,494 (224,629) 123,463
Increase in bank deposits, net 1,848,275 126,758 881,794
Increase/(decrease) in securities loaned 325,707 (35,914) 20,948
Excess tax benefits from stock-based compensation 14,741 19,858 12,018
Issuance of common stock for stock option exercises 660 317 650
Proceeds from advances from the Federal Home Loan Bank 148,000    
Repurchase of common stock (117,752)   (13,670)
Repayment of non-recourse debt     (58,992)
Repayment of Senior Notes (175,000)    
Contingent consideration (29,598)    
Extinguishment of subordinated debt   (3,131) (2,187)
Net cash provided by financing activities 2,424,932 123,197 715,024
Effect of exchange rate changes on cash (3,601) (7,308) 1,650
Increase/(decrease) in cash and cash equivalents 121,237 (26,778) 312,619
Cash and cash equivalents at beginning of year 689,782 716,560 403,941
Cash and cash equivalents at end of year 811,019 689,782 716,560
Supplemental disclosure of cash flow information:      
Cash paid for interest 41,801 40,471 46,360
Cash paid for income taxes, net of refunds 59,356 107,009 5,803
Noncash investing and financing activities:      
Unit grants, net of forfeitures 267,769 190,003 228,230
Issuance of common stock for acquisitions 80,981 $ 19,183 265,066
Shares surrendered into treasury $ 223    
Stone & Youngberg contingent earn-out     $ 3,266