XML 23 R10.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Cash flows from operating activities:    
Net earnings $ 470,748 $ 492,118
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 144,434 141,584
Share-based compensation 67,810 47,949
Net bad debt expense 16,931 48,305
Income on investments in and loans to related parties (54,270) (62,187)
Distributions received on investments in related parties 71,368 36,048
Gain on sale of subsidiaries and investments in related parties 0 (58,452)
Loss on assets held for sale 12,566 0
Other adjustments 434,110 208,693
Receivables:    
Brokers, dealers and clearing organizations (193,514) (188,454)
Customers (533,734) (356,045)
Fees, interest and other (60,040) (59,530)
Securities borrowed (945,232) 158,071
Financial instruments owned (1,712,385) (2,145,820)
Securities purchased under agreements to resell (1,664,568) (975,592)
Other assets (266,563) (421,913)
Payables:    
Brokers, dealers and clearing organizations (26,372) 663,467
Customers 374,518 (62,089)
Securities loaned (62,979) 691,548
Financial instruments sold, not yet purchased 1,260,915 985,256
Securities sold under agreements to repurchase (312,049) (1,387,996)
Lease liabilities (48,280) (56,408)
Accrued expenses and other liabilities (432,723) 451,355
Net cash used in operating activities from continuing operations (3,459,309) (1,850,092)
Net cash used in operating activities from discontinued operations 0 (68,789)
Cash flows from investing activities:    
Contributions to investments in and loans to related parties (466,338) (108,484)
Capital distributions from investments and repayments of loans from related parties 379,193 1,406
Originations and purchases of automobile loans, notes and other receivables 0 (89,540)
Principal collections of automobile loans, notes and other receivables 0 83,268
Net payments on premises and equipment (151,425) (180,654)
Proceeds from assets held for sale 26,843 0
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold 0 610,843
Net cash (used in) provided by investing activities from continuing operations (211,727) 316,839
Cash flows from financing activities:    
Proceeds from short-term borrowings 7,170,583 3,826,758
Payments on short-term borrowings (6,363,688) (3,058,475)
Proceeds from issuance of long-term debt, net of issuance costs 3,852,721 4,646,993
Repayment of long-term debt (1,758,422) (1,763,572)
Proceeds from conversion of common to preferred shares 0 9,844
Purchase of common shares for treasury (58,486) (44,311)
Dividends paid to common and preferred shareholders (280,589) (221,392)
Net proceeds from other secured financings 497,768 434,285
Net change in bank overdrafts (22,050) (33,795)
Proceeds from contributions of noncontrolling interests 18,909 9,426
Payments on distributions to noncontrolling interests (8,084) (12,565)
Other 9,573 7,871
Net cash provided by financing activities from continuing operations 3,058,235 3,801,067
Net cash used in financing activities from discontinued operations 0 (170,631)
Supplemental Cash Flow Elements [Abstract]    
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 17,281 18,901
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale 0 (13,224)
Net (decrease) increase in cash, cash equivalents, and restricted cash (595,520) 2,047,295
Cash, cash equivalents, and restricted cash at beginning of period 13,165,612 9,830,758
Cash, cash equivalents, and restricted cash at end of period 12,570,092 11,864,829
Cash paid during the period for:    
Interest 2,588,490 2,535,591
Income taxes, net [1] 235,549 167,796
Investment tax credit 149,700 149,700
Non-cash investing activities related to donated land with a fair market value 5,700  
Non-cash investing activities 400 $ 600
Distributions $ 6,700  
[1] Includes the purchase of investment tax credits in the aggregate of $149.7 million.