XML 46 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flow from operating activities:    
Net income $ 93.0 $ 89.4
Adjustments to reconcile Net income to net cash flow from operating activities:    
Amortization of intangible assets 30.4 22.1
Amortization of issuance costs 1.8 2.6
Depreciation and other amortization 3.4 3.8
Deferred income tax provision 13.4 9.6
Imputed interest expense and contingent payment arrangements (2.5) 8.3
Income from equity method investments, net of amortization (14.5) (10.2)
Distributions received from equity method investments 36.8 64.9
Tax benefit from exercise of stock options 0.4 0.8
Share-based compensation 8.2 6.1
Affiliate equity expense 2.2 3.5
Other adjustments (6.0) (2.4)
Changes in assets and liabilities:    
(Increase) decrease in investment advisory fees receivable (12.5) 3.0
Increase in prepaids and other current assets (9.1) (2.5)
Increase in other assets (0.5) (1.6)
Increase in unsettled fund shares receivable (45.2) (60.7)
Increase in unsettled fund shares payable 41.6 54.5
Decrease in accounts payable, accrued liabilities and other long-term liabilities (88.4) (62.9)
Cash flow from operating activities 52.5 128.3
Cash flow from (used in) investing activities:    
Investments in Affiliates   (13.3)
Purchase of fixed assets (1.3) (1.7)
Purchase of investment securities (9.5) (6.6)
Sale of investment securities 12.9 10.3
Cash flow from (used in) investing activities 2.1 (11.3)
Cash flow used in financing activities:    
Repayments of senior bank debt   (120.0)
Issuance of common stock 15.1 15.2
Repurchase of common stock (32.7)  
Issuance costs   (7.7)
Excess tax benefit from exercise of stock options 3.5 4.9
Settlement of treasury lock   4.0
Note payments (0.2) 0.3
Distributions to non-controlling interests (82.0) (68.6)
Affiliate equity issuances and repurchases (16.9) (7.8)
Cash flow used in financing activities (113.2) (179.7)
Effect of foreign exchange rate changes on cash and cash equivalents 2.8 2.2
Net decrease in cash and cash equivalents (55.8) (60.5)
Cash and cash equivalents at beginning of period 449.5 313.3
Cash and cash equivalents at end of period 393.7 252.8
Supplemental disclosure of non-cash financing activities:    
Notes received for Affiliate equity sales 1.0 9.5
Payables recorded for Affiliate equity purchases $ 11.2 $ 7.0