XML 45 R10.htm IDEA: XBRL DOCUMENT 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 $ 462,258 $ 475,467 $ 546,593
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 35,300 33,657 33,481
Amortization 38,669 54,280 59,152
Equity in earnings of unconsolidated affiliates (126,930) (120,667) (137,572)
Partner distributions received from unconsolidated affiliate 121,582 120,849 131,170
Stock-based compensation 31,308 39,403 41,451
Provision for losses on receivables (238) (701) 502
Deferred income tax benefit (33,496) (46,489) (7,831)
Net (gain) loss from investments (2,757) 3,078 366
Change in other long-term liabilities 901 285 824
Change in other assets 1,273 (6,039) 68
Contract costs capitalized, net of amortization (2,293) (1,692) (2,455)
Write off of fixed assets and capitalized software 5,613 0 0
Other (780) (4,638) 1,538
Decrease (increase) in:      
Receivables from investment products 6,128 (2,978) (3,765)
Receivables (43,635) (15,663) (53,944)
Other current assets (5,714) (5,194) (4,202)
Advances due from unconsolidated affiliate (760) 3,063 (3,083)
Increase (decrease) in:      
Accounts payable (2,665) 2,971 249
Accrued liabilities (37,083) 32,166 27,016
Deferred revenue 349 4,961 3,543
Total adjustments (15,228) 90,652 86,508
Net cash provided by operating activities 447,030 566,119 633,101
Cash flows from investing activities:      
Additions to property and equipment (24,835) (39,191) (26,499)
Additions to capitalized software (33,958) (35,293) (26,037)
Purchases of marketable securities (143,389) (178,217) (216,260)
Prepayments and maturities of marketable securities 121,095 160,981 194,769
Sales of marketable securities 893 179 327
Cash paid for acquisitions, net of cash acquired (56,435) 0 (80,159)
Proceeds from insurance settlements 0 4,388 0
Other investing activities (4,914) (2,656) (11,024)
Net cash used in investing activities (141,543) (89,809) (164,883)
Cash flows from financing activities:      
Payments under revolving credit facility 0 (40,000) 0
Borrowings under revolving credit facility 0 0 40,000
Payment of contingent consideration (8,799) (868) (3,965)
Purchase and retirement of common stock (308,854) (344,723) (408,069)
Proceeds from issuance of common stock 101,166 58,186 55,231
Payment of dividends (114,837) (109,830) (105,516)
Net cash used in financing activities (331,324) (437,235) (422,319)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 7,476 (17,474) (1,868)
Net (decrease) increase in cash, cash equivalents and restricted cash (18,361) 21,601 44,031
Cash, cash equivalents and restricted cash, beginning of year 853,359 831,758 787,727
Cash, cash equivalents and restricted cash, end of year 834,998 853,359 831,758
Interest paid 703 815 554
Income taxes paid 145,973 192,514 154,268
Non-cash investing and financing activities      
Acquisition of businesses in current assets, property and equipment, current liabilities and other long-term liabilities 59,972 0 76,621
Dividends declared but not paid $ 61,104 $ 58,051 $ 55,452