| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
116,965 | 182,812 | 144,209 | 158,109 | 237,578 | 313,331 | 252,998 | 150,952 | 175,459 | 156,959 | 105,505 | 96,163 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
19,970 | 28,278 | 20,983 | 18,359 | 16,050 | 14,754 | 13,681 | 15,093 | 16,332 | 13,834 | 13,476 | 12,969 |
Write-down of impaired assets | |||||||||||
12,841 | 1,538 | 1,500 | 9,749 | - | 7,900 | - | 42,373 | - | - | - | - |
Other than temporary impairment of investments in affiliated mutual funds | |||||||||||
- | - | - | - | - | - | - | - | - | - | 3,686 | - |
Amortization of deferred sales commissions | |||||||||||
1,892 | 3,348 | 4,855 | 23,601 | 43,074 | 64,380 | 57,931 | 53,863 | 53,855 | 58,381 | 42,771 | 62,560 |
Share-based compensation | |||||||||||
46,613 | 51,565 | 57,716 | 51,514 | 47,518 | 54,144 | 53,179 | 49,993 | 46,473 | 40,338 | 30,973 | 29,762 |
Excess tax benefits from share-based payment arrangements | |||||||||||
- | - | - | - | - | 19,135 | 12,992 | 6,791 | 8,020 | 6,128 | 2,787 | 7,471 |
Investments and derivatives loss (gain), net of collateral | |||||||||||
35,466 | -26,449 | 17,104 | 12,075 | -12,412 | 7,496 | 18,257 | 3,163 | 2,258 | 2,893 | 2,623 | - |
Net purchases, maturities, and sales of trading and equity securities | |||||||||||
21,550 | 30,237 | 43,714 | -24,352 | -75,160 | -38,662 | -25,959 | -27,470 | 59,034 | -60,623 | 7,864 | -26,885 |
(Gain) loss on trading securities | |||||||||||
- | - | - | - | - | - | - | 5,470 | -1,231 | 5,101 | 4,779 | -6,072 |
Goodwill impairment | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 7,222 |
Loss on sale and retirement of property and equipment | |||||||||||
- | - | - | - | - | - | - | -5,326 | -2,059 | -201 | -1,009 | -433 |
Capital gains and dividends reinvested | |||||||||||
- | - | - | - | - | - | - | - | - | 365 | 1,141 | 1,880 |
Deferred income taxes | |||||||||||
-3,009 | 783 | 20,481 | 1,982 | -6,188 | 728 | -2,982 | -6,236 | 2,395 | -5,200 | 4,093 | -2,040 |
Pension and postretirement plan benefits | |||||||||||
10,675 | -15,380 | -17,714 | 3,166 | 18,390 | - | - | - | - | - | - | - |
Net change in equity securities and trading debt securities held by consolidated sponsored funds | |||||||||||
-14,399 | -81,119 | 101,457 | 79,065 | - | - | - | - | - | - | - | - |
Other | |||||||||||
-1,786 | -1,158 | -3,276 | 2,523 | 4,133 | 1,774 | 493 | - | - | - | - | - |
Changes in assets and liabilities: | |||||||||||
Cash and cash equivalents - restricted | |||||||||||
- | - | - | - | -9,715 | -44,824 | 28,439 | 42,812 | -30,628 | 8,256 | 24,228 | -51,173 |
Customer and other receivables | |||||||||||
-55,418 | 20,407 | 3,013 | -92,565 | 3,817 | 75,428 | 5,690 | 29,422 | 32,260 | -94,678 | 117,820 | -19,629 |
Payable to investment companies for securities and payable to customers | |||||||||||
-64,828 | 76,017 | -26,357 | -97,459 | -5,964 | 17,283 | 24,818 | 63,828 | -2,006 | - | - | - |
Receivables from funds and separate accounts | |||||||||||
-2,945 | -7,552 | -1,517 | -7,218 | -4,711 | 2,643 | 2,581 | 2,044 | 4,608 | -7,714 | 1,409 | -10,063 |
Other assets | |||||||||||
-20,020 | -2,194 | -10,134 | -2,255 | 25,111 | 5,568 | 1,139 | -2,872 | 512 | 4,245 | 1,480 | 2,943 |
Deferred sales commissions | |||||||||||
- | - | - | - | - | 40,958 | 68,470 | 54,430 | 57,933 | 58,968 | 54,711 | 69,453 |
Accounts payable and payable to third party brokers | |||||||||||
-9,299 | -18,007 | 4,395 | -22,948 | -17,510 | 21,640 | 8,613 | 6,969 | 2,219 | - | - | - |
Accounts payable and payable to investment companies | |||||||||||
- | - | - | - | - | - | - | - | - | -88,946 | 139,528 | -73,534 |
Other liabilities | |||||||||||
-3,389 | -21,767 | -8,856 | -42,192 | -17,615 | -5,826 | 41,712 | 20,004 | 1,051 | 9,263 | 17,252 | 12,071 |
Net cash provided by (used in) operating activities | |||||||||||
165,983 | 357,015 | 50,851 | 87,904 | 233,950 | 345,042 | 286,916 | 233,435 | 283,139 | 140,643 | 155,179 | 123,911 |
Cash flows from investing activities: | |||||||||||
Purchases of available for sale and equity method securities | |||||||||||
162,378 | 113,975 | 365,770 | 72,096 | 27,388 | 166,302 | 241,644 | - | - | - | - | - |
Proceeds from sales of available for sale and equity method securities | |||||||||||
19,667 | 1,157 | 160,158 | 156,965 | 36,657 | 164,247 | 262,171 | - | - | - | - | - |
Proceeds from maturities of available for sale securities | |||||||||||
141,613 | 125,727 | - | - | - | - | - | 49,809 | 92,282 | 26,463 | 15,052 | 1,750 |
Purchases of sponsored investment securities | |||||||||||
- | - | - | - | - | - | - | 51,676 | 102,451 | 76,961 | 21,364 | 100 |
Additions to property and equipment | |||||||||||
5,753 | 2,566 | 6,783 | 15,691 | 29,610 | 35,606 | 16,905 | 15,262 | 20,073 | 17,313 | 30,861 | 26,079 |
Net cash of sponsored funds on consolidation | |||||||||||
- | - | - | 6,887 | - | - | - | - | - | - | - | - |
Disposition of companies | |||||||||||
- | - | - | - | - | - | 22,000 | - | - | - | - | - |
Other | |||||||||||
- | - | - | 194 | 2,254 | 1,447 | - | - | - | - | - | - |
Proceeds from sales of property and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | 5 | 7,685 | 466 |
Net cash provided by (used in) investing activities | |||||||||||
-6,851 | 10,343 | -212,395 | 75,871 | -22,595 | -39,108 | 25,622 | -17,129 | -30,242 | -67,806 | -29,488 | -23,963 |
Cash flows from financing activities: | |||||||||||
Debt repayment | |||||||||||
- | - | - | - | - | - | - | - | - | -10,000 | - | - |
Dividends paid | |||||||||||
74,291 | 81,215 | 154,042 | 152,830 | 143,959 | 115,263 | 96,018 | 171,267 | 68,766 | 65,194 | 65,018 | 63,738 |
Repurchase of common stock | |||||||||||
155,807 | 133,378 | 35,768 | 49,753 | 80,335 | 131,030 | 72,132 | 48,688 | 65,463 | 65,872 | 43,565 | 105,315 |
Repayment of short-term debt, net of debt issuance costs | |||||||||||
- | 94,925 | - | - | - | - | - | - | - | - | - | - |
Net subscriptions (redemptions, distributions and deconsolidations) of redeemable noncontrolling interests in sponsored funds | |||||||||||
-5,769 | 2,270 | -926 | 3,473 | - | - | - | - | - | - | - | - |
Exercise of stock options | |||||||||||
- | - | - | - | - | - | 135 | 105 | 5,080 | 13,057 | 14,136 | 8,048 |
Excess tax benefits from share-based payment arrangements | |||||||||||
- | - | - | - | - | 19,135 | 12,992 | 6,791 | 8,020 | 6,128 | 2,787 | 7,471 |
Other | |||||||||||
-218 | - | 174 | 3,145 | 4,813 | - | - | - | - | - | - | - |
Net cash used in financing activities | |||||||||||
-224,547 | -311,788 | -188,710 | -202,911 | -219,481 | -227,158 | -155,023 | -213,059 | -121,129 | -121,881 | -91,660 | -153,534 |
Net decrease in cash, cash equivalents and restricted cash | |||||||||||
-65,415 | 55,570 | -350,254 | -39,136 | -8,126 | 78,776 | 157,515 | 3,247 | 131,768 | -49,044 | 34,031 | -53,586 |
Cash paid for: | |||||||||||
Income taxes, net | |||||||||||
53,022 | 59,147 | 85,299 | 76,982 | 152,262 | 165,189 | 124,196 | 98,181 | 105,080 | 92,038 | 50,369 | 53,146 |
Interest | |||||||||||
5,503 | 7,948 | 10,299 | 10,289 | 10,297 | 10,291 | 10,297 | 10,286 | 10,426 | 10,920 | 12,266 | 11,965 |