v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities      
Net Income $ 285,223 $ 531,415 $ 868,573
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (34,671) 16,458 (24,227)
Equity Method Investments, Including Gain on Sale (192) 3,038 1,105
Equity-Based and Other Deferred Compensation 515,381 467,339 422,210
Release of Cumulative Foreign Exchange Losses 0 0 1,250
Noncash Lease Expense 42,153 41,534 40,761
Depreciation, Amortization and Accretion, net 2,388 28,651 28,655
Bad Debt Expense 5,559 5,513 (60)
Deferred Taxes (2,894) (855) 29,078
Decrease (Increase) in Operating Assets:      
Investment Securities 11,635 (1,777) (1,960)
Accounts Receivable 11,273 (46,084) 16,028
Receivable from Employees and Related Parties (3,758) 3,188 (1,622)
Other Assets (4,759) (116,838) (4,649)
(Decrease) Increase in Operating Liabilities:      
Accrued Compensation and Benefits (325,732) (353,201) 191,223
Accounts Payable and Accrued Expenses (966) (1,093) (5,497)
Payables to Employees and Related Parties (8,734) 12,642 6,065
Taxes Payable (4,557) (11,138) 5,634
Other Liabilities (29,395) (47,416) (187,669)
Net Cash Provided by Operating Activities 457,954 531,376 1,384,898
Cash Flows From Investing Activities      
Investments Purchased (37) (80) (6,660)
Proceeds from Redemption and Sale of Investments 0 18,300 20,967
Distributions of Private Equity Investments 105 238 827
Investment Securities:      
Proceeds from Sales and Maturities of Investment Securities 3,279,088 3,160,061 2,669,500
Purchases of Investment Securities (3,313,200) (2,850,658) (3,219,975)
Maturity of Certificates of Deposit 177,446 281,386 121,912
Purchase of Certificates of Deposit (107,733) (272,757) (264,492)
Purchase of Furniture, Equipment and Leasehold Improvements (20,048) (23,187) (27,971)
Net Cash Provided by (Used in) Investing Activities 15,621 313,303 (705,892)
Cash Flows From Financing Activities      
Issuance of Noncontrolling Interests 733 300 2,179
Distributions to Noncontrolling Interests (27,293) (45,548) (67,865)
Payments Under Tax Receivable Agreement (10,843) (10,944) (10,825)
Payment of Notes Payable 0 (67,000) (38,000)
Issuance of Notes Payable 0 67,000 38,000
Debt Issuance Costs and Make-Whole Amount 0 (1,826) (355)
Purchase of Treasury Stock and Noncontrolling Interests (391,964) (550,293) (729,693)
Dividends (127,864) (127,257) (118,762)
Net Cash Provided by (Used in) Financing Activities (557,231) (735,568) (925,321)
Effect of Exchange Rate Changes on Cash 17,017 (24,281) (4,616)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (66,639) 84,830 (250,931)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 672,123 587,293 838,224
Cash, Cash Equivalents and Restricted Cash – End of Period 605,484 672,123 587,293
SUPPLEMENTAL CASH FLOW DISCLOSURE      
Payments for Interest 16,181 16,857 17,332
Payments for Income Taxes 74,639 217,696 191,970
Accrued Dividends 17,054 15,236 14,332
Amounts Due for Purchase of Noncontrolling Interest 0 0 48,297
Settlement of Sale of Trilantic VI 0 9,188 0
Settlement of Contingent Consideration 0 1,083 0
Receipt of Equity Securities in Settlement of Accounts Receivable $ 0 $ 0 $ 1,955