XML 23 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Net income $ 662,155 $ 824,858 $ 503,472
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 50,615 45,574 40,863
Amortization of loans and advances to financial advisors and other employees 132,012 114,690 103,983
Amortization of premium on investment portfolio 12,156 17,042 20,739
Provision for credit losses and allowance for loans and advances to financial advisors and other employees 33,506 (11,502) 33,925
Amortization of intangible assets 19,595 18,188 19,620
Deferred income taxes 12,693 32,104 (39,071)
Stock-based compensation 135,505 119,384 108,217
Unrealized losses on investments 11,892 2,999 18,908
Other, net 8,852 26,222 (10,326)
Receivables:      
Brokerage clients, net 228,492 (214,033) 415,286
Brokers, dealers, and clearing organizations 156,165 (8,496) 78,298
Securities purchased under agreements to resell 231,704 (266,801) 167,078
Financial instruments owned, including those pledged 425,252 (271,475) 278,904
Loans originated as held for sale (576,153) (1,997,561) (3,019,290)
Proceeds from mortgages held for sale 593,086 2,313,934 2,894,742
Loans and advances to financial advisors and other employees (132,384) (172,553) (179,995)
Other assets (66,020) (96,700) (117,471)
Increase/(decrease) in operating liabilities, net of liabilities assumed:      
Brokerage clients (201,588) (92,015) 323,493
Brokers, dealers, and clearing organizations (81,661) 6,535 (71,144)
Drafts (20,405) 4,880 (2,021)
Financial instruments sold, but not yet purchased (301,333) 229,708 (224,874)
Other liabilities and accrued expenses (176,721) 247,112 318,480
Net cash provided by operating activities 1,157,415 872,094 1,661,816
Cash Flows From Investing Activities:      
Principal paydowns, calls, maturities, and sales of available-for-sale securities 330,049 562,352 896,746
Calls and principal paydowns of held-to-maturity securities 114,741 1,751,313 159,964
Sale of fixed assets 0 148,375 0
Sale or maturity of investments 20,753 19,606 2,139
Disposition of business 0 0 37,000
Increase in loans held for investment, net (3,822,654) (5,609,314) (1,441,303)
Payments for:      
Purchase of available-for-sale securities (103,339) (813,657) (864,200)
Purchase of held-to-maturity securities (754,306) (2,668,221) (384,700)
Purchase of investments (15,551) (23,309) (21,317)
Purchase of fixed assets (82,327) (188,176) (73,364)
Acquisitions, net of cash received (11,903) (144,471) (280)
Net cash used in investing activities (4,324,537) (6,965,502) (1,689,315)
Cash Flows from Financing Activities:      
Increase/(decrease) in securities sold under agreements to repurchase (173,517) 135,588 (200,679)
Increase in bank deposits, net 3,836,763 5,883,851 2,063,916
Increase/(decrease) in securities loaned (81,114) 4,095 (463,210)
Tax payments related to shares withheld for stock-based compensation plans (102,546) (78,565) (75,838)
Repurchase of common stock (105,831) (172,741) (58,261)
Cash dividends on preferred stock (37,281) (35,587) (27,261)
Cash dividends paid to common stock and equity-award holders (133,747) (66,336) (46,497)
Payment of contingent consideration (11,313) (16,798) (28,221)
Other financing, net 0 140,888 34,924
Net cash provided by financing activities 3,191,414 5,794,395 1,198,873
Effect of exchange rate changes on cash 55,053 (3,536) 6,862
Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes 79,345 (302,549) 1,178,236
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of year 2,149,657 2,452,206 1,273,970
Cash, cash equivalents, and cash segregated for regulatory purposes at end of year 2,229,002 2,149,657 2,452,206
Supplemental disclosure of cash flow information:      
Cash paid for income taxes, net of refunds 217,133 288,950 160,007
Cash paid for interest 220,851 62,510 84,821
Noncash investing and financing activities:      
Unit grants, net of forfeitures 194,741 156,535 125,033
Issuance of common stock for acquisitions $ 0 $ 90,000 $ 0