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INCENTIVE PLANS (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense
The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and profits interest participation rights, including PRPUs and SPRPUs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2023 and 2022:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Share-based incentive awards:
RSUs$41,085 $37,061 $136,772 $98,012 
PRSUs569 498 1,920 1,387 
RSAs5,742 6,420 21,117 19,197 
Profits interest participation rights10,815 30,762 48,077 80,454 
DSUs151 175 1,744 2,052 
Total$58,362 $74,916 $209,630 $201,102 
Schedule of LFI and Other Similar Deferred Compensation Arrangements
The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2023:
Prepaid
Compensation
Asset
Compensation
Liability
Balance, January 1, 2023$112,124 $326,282 
Granted159,981 159,981 
Settled(167,526)
Amortization and the impact of forfeitures(126,169)7,285 
Change in fair value of underlying investments15,530 
Other109 (969)
Balance, September 30, 2023$146,045 $340,583 
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2023 and 2022:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Amortization and the impact of forfeitures$41,368 $41,956 $133,454 $125,210 
Change in the fair value of underlying investments(10,598)(16,180)15,530 (65,601)
Total$30,770 $25,776 $148,984 $59,609 
RSUs and DSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2023:
RSUsDSUs
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20239,022,917$37.97 400,820$37.66 
Granted (including 515,420 RSUs relating to dividend participation)
5,496,350$36.51 58,414$29.87 
Forfeited(127,546)$33.34 -$
Settled(3,359,950)$41.65 (134,744)$36.21 
Balance, September 30, 202311,031,771$36.17 324,490$36.86 
RSAs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity related to RSAs associated with compensation arrangements during the nine month period ended September 30, 2023:
RSAsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20231,266,424$36.99 
Granted (including 71,900 relating to dividend participation)
646,979$37.65 
Forfeited(12,447)$38.35 
Settled(660,282)$39.27 
Balance, September 30, 20231,240,674$36.10 
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2023:
PRSUsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 202394,690$39.27 
Balance, September 30, 202394,690$39.27 
Profits interest participation rights  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to all profits interest participation rights, including PRPUs and SPRPUs, during the nine month period ended September 30, 2023:
Profits Interest Participation RightsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20234,131,628$40.15 
Granted3,488,074$22.47 
Forfeited(16,695)$43.23 
Settled(1,521,620)$42.17 
Balance, September 30, 2023 (a)6,081,387$29.50 
__________________________

(a)Table includes 1,474,002 PRPUs and 2,250,000 SPRPUs as of September 30, 2023. This includes 2,447,224 PRPUs as of January 1, 2023, net of 973,222 PRPUs settled and 2,250,000 SPRPUs granted during the nine month period ended September 30, 2023. The balance as of September 30, 2023 reflects the target number of PRPUs granted in February 2021 and March 2022. There were no PRPUs granted during the nine month period ended September 30, 2023. The
weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2023 were $40.29 and $39.96, respectively. The weighted average grant date fair values for SPRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2023 was $15.06 and $35.94, respectively. The weighted average grant date fair values for other profits interest participation rights forfeited during the nine month period ended September 30, 2023 was $43.23. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the nine month period ended September 30, 2023 were $41.76 and $42.89, respectively. The weighted average grant date fair values for PRPUs, SPRPUs and other profits interest participation rights outstanding as of September 30, 2023 were $39.31, $15.06 and $37.14, respectively.