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INCENTIVE PLANS (Tables)
6 Months Ended
Jun. 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 “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2023 and 2022:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Share-based incentive awards:
RSUs$52,111 $34,292 $95,687 $60,951 
PRSUs562 644 1,351 889 
RSAs8,449 7,841 15,375 12,777 
Profits interest participation rights18,200 28,244 37,262 49,692 
DSUs1,412 1,728 1,593 1,877 
Total$80,734 $72,749 $151,268 $126,186 
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 six month period ended June 30, 2023:
Prepaid
Compensation
Asset
Compensation
Liability
Balance, January 1, 2023$112,124 $326,282 
Granted159,981 159,981 
Settled(144,964)
Forfeited2,752 (2,622)
Amortization(89,660)
Change in fair value related to:
Change in fair value of underlying investments26,128 
Adjustment for estimated forfeitures7,800 
Other137 305 
Balance, June 30, 2023$185,334 $372,910 
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 six month periods ended June 30, 2023 and 2022:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Amortization, net of forfeitures$57,558 $47,629 $92,086 $83,254 
Change in the fair value of underlying investments9,675 (35,098)26,128 (49,421)
Total$67,233 $12,531 $118,214 $33,833 
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 six month period ended June 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 352,254 RSUs relating to dividend participation)
4,996,312$36.75 53,997$29.50 
Forfeited(35,473)$37.06 -$
Settled(2,833,196)$42.48 (74,363)$35.85 
Balance, June 30, 202311,150,560$36.28 380,454$36.85 
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 six month period ended June 30, 2023:
RSAsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20231,266,424$36.99 
Granted (including 50,754 relating to dividend participation)
625,833$37.69 
Forfeited(10,173)$38.68 
Settled(473,359)$39.87 
Balance, June 30, 20231,408,725$36.32 
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 six month period ended June 30, 2023:
PRSUsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 202394,690$39.27 
Balance, June 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 profits interest participation rights, including PRPUs, during the six month period ended June 30, 2023:
Profits Interest Participation RightsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20234,131,628$40.15 
Granted1,238,074$35.94 
Forfeited(16,695)$43.23 
Settled(1,521,620)$42.17 
Balance, June 30, 2023 (a)3,831,387$37.98 
__________________________

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