XML 17 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows From Operating Activities:    
Net income $ 27,055 $ 43,097
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 10,629 7,952
Amortization of loans and advances to financial advisors and other employees 18,995 15,769
Amortization of premium on investment portfolio 1,622 1,192
Provision for loan losses and allowance for loans and advances to financial advisors and other employees 4,571 2,200
Amortization of intangible assets 2,974 1,942
Deferred income taxes 72,979 49,469
Excess tax benefits/(tax deficit) from stock-based compensation 4,215 (11,768)
Stock-based compensation 30,450 22,356
(Gains)/losses on sale of investments 3,826 (5,669)
Other, net (2,524) 3,382
Decrease/(increase) in operating assets, net of assets acquired:    
Cash segregated for regulatory purposes and restricted cash 190,676 49,519
Receivables:    
Brokerage clients 216,856 (58,082)
Brokers, dealers, and clearing organizations (117,959) 200,414
Securities purchased under agreements to resell (47,523) (143,534)
Financial instruments owned, including those pledged (279,338) (24,309)
Loans originated as held for sale (419,601) (464,087)
Proceeds from mortgages held for sale 472,886 394,751
Loans and advances to financial advisors and other employees (25,417) (10,782)
Other assets (133,412) (32,614)
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients 76,992 10,791
Brokers, dealers, and clearing organizations (3,792) (1,624)
Drafts (109,354) (20,357)
Financial instruments sold, but not yet purchased 153,097 (42,384)
Other liabilities and accrued expenses (246,487) (288,049)
Net cash used in operating activities (97,584) (300,425)
Cash Flows From Investing Activities:    
Maturities and principal paydowns of available-for-sale securities 31,303 72,290
Calls and principal paydowns of held-to-maturity securities 37,577 23,186
Sale or maturity of investments 12,978 35,858
Increase in bank loans, net (327,931) (190,183)
Payments for:    
Purchase of available-for-sale securities (529,707) (199)
Purchase of held-to-maturity securities (210,677)  
Purchase of investments (1,313) (19,262)
Purchase of fixed assets (9,270) (20,996)
Acquisitions, net of cash acquired (68,680) (961)
Net cash used in investing activities (1,065,720) (100,267)
Cash Flows From Financing Activities:    
Proceeds from borrowings 238,497 20,500
Proceeds from Federal Home Loan Bank advances 352,000  
Increase in securities sold under agreements to repurchase 12,055 216,678
Increase in bank deposits, net 579,744 43,959
Increase/(decrease) in securities loaned (151,319) 442
Excess tax benefits/(tax deficit) from stock-based compensation (4,215) 11,768
Issuance of common stock for stock option exercises 175 200
Repurchase of common stock (95,116)  
Repayment of senior notes   (175,000)
Net cash provided by financing activities 931,821 118,547
Effect of exchange rate changes on cash (2,186) (3,881)
Decrease in cash and cash equivalents (233,669) (286,026)
Cash and cash equivalents at beginning of period 811,019 689,782
Cash and cash equivalents at end of period 577,350 403,756
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds 20,061 30,936
Cash paid for interest 13,630 10,135
Noncash financing activities:    
Unit grants, net of forfeitures 98,876 53,045
Issuance of common stock for acquisitions $ 11,427  
Shares surrendered into treasury   $ 223