v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net Income $ 193,175 $ 378,624
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (18,160) 27,305
Equity Method Investments, Including Gain on Sale 769 3,291
Equity-Based and Other Deferred Compensation 393,633 357,401
Noncash Lease Expense 31,599 27,096
Depreciation, Amortization and Accretion, net 7,061 21,579
Bad Debt Expense 5,007 4,905
Deferred Taxes (4,613) (11,300)
Decrease (Increase) in Operating Assets:    
Investment Securities 8,315 (1,541)
Accounts Receivable 48,680 30,729
Receivable from Employees and Related Parties (4,499) 1,817
Other Assets 37,931 (15,036)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (622,834) (636,901)
Accounts Payable and Accrued Expenses 2,085 3,475
Payables to Employees and Related Parties (11,916) 5,826
Taxes Payable (6,983) (12,537)
Other Liabilities (16,926) (27,560)
Net Cash Provided by Operating Activities 42,324 157,173
Cash Flows From Investing Activities    
Investments Purchased (37) 0
Proceeds from Sale of Investments 0 18,300
Distributions of Private Equity Investments 72 238
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 2,894,653 2,326,799
Purchases of Investment Securities (2,624,225) (1,893,948)
Maturity of Certificates of Deposit 129,974 217,837
Purchase of Certificates of Deposit (91,414) (231,639)
Purchase of Furniture, Equipment and Leasehold Improvements (18,558) (19,072)
Net Cash Provided by Investing Activities 290,465 418,515
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 733 300
Distributions to Noncontrolling Interests (23,019) (38,970)
Maturities of Senior Debt 0 (67,000)
Issuance of Notes Payable 0 67,000
Debt Issuance Costs and Make-Whole Amount 0 (1,826)
Purchase of Treasury Stock and Noncontrolling Interests (389,262) (491,936)
Dividends (99,056) (99,082)
Net Cash Provided by (Used in) Financing Activities (510,604) (631,514)
Effect of Exchange Rate Changes on Cash 7,144 (49,296)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (170,671) (105,122)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 672,123 587,293
Cash, Cash Equivalents and Restricted Cash – End of Period 501,452 482,171
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 9,889 10,954
Payments for Income Taxes 69,479 165,021
Accrued Dividends 12,717 11,245
Settlement of Sale of Trilantic VI 0 9,188
Settlement of Contingent Consideration $ 0 $ 1,083