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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense | The following reflects the expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and PIPRs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Share-based incentive awards: |  |  |  |  |
RSUs | $ | 165,435 |  |  | $ | 125,664 |  |  | $ | 124,895 |
PRSUs | 2,488 |  |  | 2,011 |  |  | 6,136 |
RSAs | 25,073 |  |  | 23,923 |  |  | 17,765 |
PIPRs | 55,712 |  |  | 86,810 |  |  | 83,046 |
DSUs | 1,862 |  |  | 2,233 |  |  | 2,116 |
Total | $ | 250,570 |  |  | $ | 240,641 |  |  | $ | 233,958 |
Summary 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 year ended December 31, 2023:
| Prepaid Compensation Asset |  | Compensation Liability
Balance, January 1, 2023 | $ | 112,124 |  |  | $ | 326,282 |
Granted | 159,981 |  |  | 159,981 |
Settled | – |  |  | (171,738) |
Amortization and the impact of forfeitures | (156,254) |  |  | 8,103 |
Change in fair value of underlying investments | – |  |  | 41,463 |
Other | 121 |  |  | 1,329 |
Balance, December 31, 2023 | $ | 115,972 |  |  | $ | 365,420 |
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Amortization and the impact of forfeitures | $ | 164,357 |  |  | $ | 154,878 |  |  | $ | 151,604 |
Change in the fair value of underlying investments | 41,463 |  |  | (44,261) |  |  | 35,494 |
Total | $ | 205,820 |  |  | $ | 110,617 |  |  | $ | 187,098 |
RSUs, PRSUs 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, PRSUs and DSUs for the year ended December 31, 2023:
| RSUs |  | PRSUs |  | DSUs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2023 | 9,022,917 |  | $ | 37.97 |  |  | 94,690 |  | $ | 39.27 |  |  | 400,820 |  | $ | 37.66 |
Granted (including 711,673 RSUs relating to dividend participation) | 5,700,485 |  | $ | 36.49 |  |  | – |  | $ | – |  |  | 62,654 |  | $ | 29.71 |
Forfeited | (282,967) |  | $ | 35.37 |  |  | – |  | $ | – |  |  | - |  | $ | – |
Settled | (3,372,084) |  | $ | 41.65 |  |  | – |  | $ | – |  |  | (134,744) |  | $ | 36.21 |
PRSUs performance units earned (a) |  |  |  |  | 30,775 |  | $ | 46.63 |  |  |  |  |
Balance, December 31, 2023 | 11,068,351 |  | $ | 36.15 |  |  | 125,465 |  | $ | 41.07 |  |  | 328,730 |  | $ | 36.74 |
_____________________ (a)Represents PRSUs earned during the fiscal year under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.
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 year ended December 31, 2023:
| RSAs |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2023 | 1,266,424 |  | $ | 36.99 |
Granted (including 94,985 relating to dividend participation) | 670,064 |  | $ | 37.60 |
Forfeited | (15,897) |  | $ | 39.14 |
Settled | (684,645) |  | $ | 39.13 |
Balance, December 31, 2023 | 1,235,946 |  | $ | 36.10 |
PIPRs |
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 PIPRs during the year ended December 31, 2023:
| Ordinary PIPRs (a) |  | P-PIPRs |  | SP-PIPRs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2023 | 1,684,404 |  | $ | 39.96 |  |  | 2,447,224 |  | $ | 40.29 |  |  | – |  | $ | – |
Granted | 1,521,458 |  | $ | 34.50 |  |  | – |  | $ | – |  |  | 2,250,000 |  | $ | 15.06 |
Forfeited | (16,695) |  | $ | 43.23 |  |  | – |  | $ | – |  |  | – |  | $ | – |
Settled | (548,398) |  | $ | 42.89 |  |  | (973,222) |  | $ | 41.76 |  |  | – |  | $ | – |
Performance units earned (b) |  |  |  |  | 484,827 |  | $ | 46.63 |  |  |  |  |
Balance, December 31, 2023 | 2,640,769 |  | $ | 36.19 |  |  | 1,958,829 |  | $ | 41.12 |  |  | 2,250,000 |  | $ | 15.06 |
_____________________ (a)Includes PIPR awards with only service-based vesting conditions. (b)Represents P-PIPRs earned during the fiscal year under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.

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