v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 376,327 $ 378,600
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 14,327 15,592
Amortization 37,491 21,159
Equity in earnings of unconsolidated affiliates (71,170) (62,387)
Distributions received from unconsolidated affiliates 73,950 67,130
Stock-based compensation 30,809 28,029
Provision for losses on receivables (170) 521
Deferred income tax benefit (2,932) (498)
Net loss (gain) from investments (3,181) (2,252)
Net gain from business divestiture 0 (94,412)
Change in other long-term liabilities 323 1,189
Change in other assets (12,500) (3,456)
Contract costs capitalized, net of amortization (3,622) (1,758)
Contingent consideration fair value adjustments 0 (2,354)
Insurance rebates received for Health and Welfare Benefit Plan Trust 0 14,500
Insurance rebates transferred to Health and Welfare Benefit Plan Trust 0 (14,500)
Other 695 (1,423)
Change in current assets and liabilities:    
Receivables from investment products 2,782 5,023
Receivables (75,739) (79,422)
Other current assets (11,404) (6,321)
Advances due from unconsolidated affiliate 61,390 47,485
Accounts payable 5,141 3
Accrued liabilities (73,442) (68,279)
Deferred revenue 2,411 836
Consolidated variable interest entities related:    
Net gain from investments (9,554) 0
Total adjustments (28,960) (135,595)
Net cash provided by operating activities 347,367 243,005
Cash flows from investing activities:    
Additions to property and equipment (15,029) (12,451)
Additions to capitalized software (11,132) (14,466)
Purchases of marketable securities (81,568) (85,681)
Prepayments and maturities of marketable securities 105,985 65,168
Purchases of interest in limited partnerships 0 (566)
Return of deposits on canceled acquisitions 17,594 0
Proceeds from fixed asset dispositions 0 1,165
Proceeds from business divestiture 0 116,020
Other investing activities 1,013 (3,921)
Net cash provided by investing activities 16,863 65,268
Cash flows from financing activities:    
Purchase and retirement of common stock (320,654) (383,304)
Proceeds from issuance of common stock 90,466 87,381
Payment of dividends (126,268) (123,297)
Distributions to non-controlling interest holders (1,351) 0
Net cash used in financing activities (356,918) (419,220)
Effect of exchange rate changes on cash and cash equivalents (5,406) 17,103
Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 (93,844)
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 399,804  
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period 395,664  
Non-cash investing activities:    
Application of previously funded acquisition deposits toward purchase consideration 60,431 0
Consolidated VIEs    
Consolidated variable interest entities related:    
Change from investment security transactions 5,394 0
Net gain from investments (9,554) 0
Change in other assets and liabilities 41 0
Cash flows from financing activities:    
Non-controlling interest capital raised, net 889 0
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 472,501 $ 746,349