XML 29 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow from (used in) operating activities:      
Net income $ 906.1 $ 1,388.1 $ 890.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:      
Intangible amortization and impairments 48.3 51.6 35.7
Depreciation and other amortization 13.0 15.8 16.6
Deferred income tax expense 31.4 32.0 91.2
Equity method income (net) (280.0) (338.1) (242.5)
Distributions received from equity method investments 490.8 393.5 337.5
Affiliate Transaction gains (133.1) (641.9) 0.0
Share-based compensation and Affiliate equity compensation expense 112.1 113.8 126.7
Net realized and unrealized gains on investment securities (84.2) (103.5) (108.7)
Other non-cash items (10.8) 17.8 44.2
Changes in assets and liabilities:      
Purchases of securities by consolidated Affiliate sponsored investment products (45.0) (46.7) (109.6)
Sales of securities by consolidated Affiliate sponsored investment products 54.3 33.8 58.0
Decrease (increase) in receivables (48.4) 87.0 31.7
Decrease in other assets 9.2 41.6 23.8
Increase (decrease) in payables, accrued liabilities, and other liabilities (189.4) 9.9 64.5
Cash flow from operating activities 874.3 1,054.7 1,259.2
Cash flow from (used in) investing activities:      
Investments in Affiliates, net of cash acquired (294.7) (291.1) (562.6)
Proceeds from Affiliate Transactions 294.0 223.6 0.0
Return of capital from equity method investments 0.2 0.8 4.4
Purchase of fixed assets (12.4) (11.4) (8.4)
Purchase of investment securities (731.1) (312.0) (73.5)
Maturities and sales of investment securities 1,008.5 280.2 56.4
Cash flow from (used in) investing activities 264.5 (109.9) (583.7)
Cash flow from (used in) financing activities:      
Borrowings of senior bank debt 25.0 0.0 200.0
Repayments of senior bank debt and junior convertible securities (25.0) (60.8) (33.0)
Repurchase of common stock (net) (341.9) (713.8) (595.3)
Dividends paid on common stock (1.5) (1.6) (1.7)
Distributions to non-controlling interests (271.3) (341.9) (334.3)
Affiliate equity purchases (67.4) (61.5) (150.5)
Affiliate equity issuances 13.4 15.2 117.7
Subscriptions (redemptions) to consolidated Affiliate sponsored investment products, net (12.6) 13.0 40.9
Settlement of deferred payments, net (21.7) (201.0) (21.7)
Other financing items (55.3) (50.5) (20.4)
Cash flow used in financing activities (758.3) (1,402.9) (798.3)
Effect of foreign currency exchange rate changes on cash and cash equivalents 6.9 (22.6) (0.8)
Net (decrease) increase in cash and cash equivalents 387.4 (480.7) (123.6)
Cash and cash equivalents at beginning of period 429.2 908.5 1,039.7
Effect of (deconsolidation) consolidation of Affiliates and Affiliate sponsored investment products (3.0) 1.4 (7.6)
Cash and cash equivalents at end of period 813.6 429.2 908.5
Supplemental disclosure of cash flow information:      
Income taxes paid, net 314.5 120.2 87.1
Interest paid 110.4 109.4 103.0
Lease liabilities paid 37.7 41.8 38.8
Supplemental disclosure of non-cash investing and financing activities:      
Payables recorded for investments in Affiliates and contingent payment obligations 57.6 31.2 287.8
Right-of-use assets obtained in exchange for new operating leases 17.5 69.4 26.3
Stock issued upon vesting of restricted stock units and exercise of stock options 55.0 41.2 82.6
Stock received for tax withholdings on share-based payments 31.4 19.4 19.9
Shares received for settlement of accelerated share repurchase agreement 0.0 0.0 14.1
Payables recorded for share repurchases 12.0 0.0 16.7
Payables recorded for Affiliate equity purchases 43.0 27.2 11.0
EQT ordinary shares received from BPEA Transaction 0.0 515.2 0.0
Other investments from BPEA Transaction $ 0.0 $ 51.7 $ 0.0