XML 20 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities    
Net Income $ 518,602 $ 157,228
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Net (Gains) Losses on Investments and Investment Securities (12,067) 3,471
Equity Method Investments 3,292 2,341
Equity-Based and Other Deferred Compensation 309,204 271,145
Gain on Sale of ECB Trust Business 0 (1,355)
Noncash Lease Expense 30,368 28,564
Depreciation, Amortization and Accretion 21,360 22,440
Bad Debt Expense 15 5,888
Deferred Taxes 9,364 (260)
Decrease (Increase) in Operating Assets:    
Investment Securities (1,971) 2,250
Financial Instruments Owned and Pledged as Collateral at Fair Value 0 (2,859)
Securities Purchased Under Agreements to Resell 0 2,753
Accounts Receivable (31,122) 4,037
Receivable from Employees and Related Parties 2,091 (3,503)
Other Assets (49,736) 24,576
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (144,111) (213,817)
Accounts Payable and Accrued Expenses 8,814 283
Securities Sold Under Agreements to Repurchase 0 109
Payables to Employees and Related Parties 9,076 (10,194)
Taxes Payable (13,505) (1,125)
Other Liabilities (129,770) (8,777)
Net Cash Provided by Operating Activities 529,904 283,195
Cash Flows From Investing Activities    
Investments Purchased (3,862) (143)
Proceeds from Redemption of G5 Debt Security 11,779 0
Distributions of Private Equity Investments 316 650
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity 1,565,429 554,141
Purchases of Investment Securities and Futures Contracts Activity (1,640,970) (247,920)
Maturity of Certificates of Deposit 73,995 214,266
Purchase of Certificates of Deposit (191,498) 0
Purchase of Furniture, Equipment and Leasehold Improvements (23,417) (41,580)
Proceeds from Sale of Business 0 1,830
Net Cash Provided by (Used in) Investing Activities (208,228) 481,244
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 2,063 540
Distributions to Noncontrolling Interests (45,768) (23,262)
Payment of Notes Payable (38,000) 0
Issuance of Notes Payable 38,000 0
Debt Issuance Costs (355) 0
Purchase of Treasury Stock and Noncontrolling Interests (533,737) (144,338)
Dividends (91,922) (81,297)
Net Cash Provided by (Used in) Financing Activities (669,719) (248,357)
Effect of Exchange Rate Changes on Cash (2,306) (1,302)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (350,349) 514,780
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 838,224 643,886
Cash, Cash Equivalents and Restricted Cash – End of Period 487,875 1,158,666
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 12,454 18,110
Payments for Income Taxes 118,892 42,777
Accrued Dividends 10,718 10,266
Noncash Purchase of Noncontrolling Interest 0 851
Receipt of Equity Securities in Settlement of Accounts Receivable $ 1,955 $ 0