XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net income $ 291,891 $ 334,365
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,891 23,773
Amortization of loans and advances to financial advisors and other employees 69,955 65,539
Amortization of premium on investment portfolio 5,037 6,920
Provision for credit losses and allowance for loans and advances to financial advisors and other employees 12,744 21,025
Amortization of intangible assets 9,070 10,578
Deferred income taxes (4,789) 351
Stock-based compensation 75,878 75,193
(Gains)/losses on sale of investments (1,363) 14,468
Other, net 3,060 340
Receivables:    
Brokerage clients 29,485 (191,268)
Brokers, dealers, and clearing organizations 113,658 196,515
Securities purchased under agreements to resell (194,420) (28,185)
Financial instruments owned, including those pledged (413,146) (114,028)
Loans originated as held for sale (484,273) (413,357)
Proceeds from mortgages held for sale 500,067 345,525
Loans and advances to financial advisors and other employees (81,128) (83,150)
Other assets (52,896) (54,412)
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients 109,875 (105,866)
Brokers, dealers, and clearing organizations 51,856 14,806
Drafts (16,064) (41,648)
Financial instruments sold, but not yet purchased 210,670 55,752
Other liabilities and accrued expenses (270,368) (372,052)
Net cash provided by operating activities (6,310) (238,816)
Cash Flows From Investing Activities:    
Principal paydowns, calls, and maturities of available-for-sale securities 79,339 145,373
Calls and principal paydowns of held-to-maturity securities 38,800 108,789
Sale or maturity of investments 1,794 10,092
Decrease/(increase) in loans held for investment, net 30,655 (2,375,896)
Payments for:    
Purchase of fixed assets (26,749) (26,722)
Purchase of available-for-sale securities (18,444) (102,917)
Purchase of held-to-maturity securities 0 (642,356)
Purchase of investments (11,554) (546)
Acquisitions, net of cash received (60,285) 0
Net cash provided by/(used in) investing activities 33,556 (2,889,102)
Cash Flows From Financing Activities:    
Payment of contingent consideration (919) (5,974)
Increase/(decrease) in securities sold under agreements to repurchase 106,310 (35,322)
(Decrease)/increase in bank deposits, net (112,304) 2,728,952
Increase in securities loaned 42,071 81,103
Tax payments related to shares withheld for stock-based compensation plans (80,656) (85,606)
Repurchase of common stock (181,342) (30,666)
Cash dividends on preferred stock (18,640) (18,641)
Cash dividends paid to common stock and equity-award holders (85,856) (68,516)
Net cash (used in)/provided by financing activities (331,336) 2,565,330
Effect of exchange rate changes on cash 4,386 20,769
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes (299,704) (541,819)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Beginning Balance 2,229,002 2,149,657
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance 1,929,298 1,607,838
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds 95,244 111,840
Cash paid for interest 352,657 38,009
Noncash financing activities:    
Unit grants, net of forfeitures $ 168,545 $ 184,188