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Incentive Plans (Tables)

12 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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