v3.26.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 547,574 $ 543,186
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 21,446 23,077
Amortization 57,175 33,071
Equity in earnings of unconsolidated affiliates (110,989) (94,290)
Distributions received from unconsolidated affiliates 121,734 104,768
Stock-based compensation 46,809 41,985
Provision for losses on receivables (655) 765
Deferred income tax benefit (2,150) 33,134
Net loss (gain) from investments (4,387) (4,244)
Net gain from business divestiture 0 (94,412)
Change in other long-term liabilities 947 2,711
Change in other assets (10,117) (6,029)
Contract costs capitalized, net of amortization (5,609) (3,653)
Contingent consideration fair value adjustments 0 (4,054)
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 1,900 (898)
Change in current assets and liabilities:    
Receivables from investment products 4,039 3,555
Receivables (143,374) (112,214)
Other current assets (8,920) (6,986)
Advances due from unconsolidated affiliate 54,269 51,738
Accounts payable 8,501 (5,210)
Accrued liabilities (16,114) (19,742)
Deferred revenue 341 560
Consolidated variable interest entities related:    
Net gain from investments (11,363) (1,845)
Total adjustments 17,753 (61,922)
Net cash provided by operating activities 565,327 481,264
Cash flows from investing activities:    
Additions to property and equipment (24,698) (21,069)
Additions to capitalized software (17,186) (22,828)
Purchases of marketable securities (152,089) (123,708)
Prepayments and maturities of marketable securities 156,962 93,367
Purchases of interest in limited partnerships 0 (1,114)
Cash paid for acquisitions, net of cash acquired (11,901) 0
Return of deposits on canceled acquisitions 17,594 0
Proceeds from fixed asset dispositions 0 3,293
Proceeds from business divestiture 0 116,020
Other investing activities (769) (3,464)
Net cash (used in) provided by investing activities (32,087) 40,497
Cash flows from financing activities:    
Purchase and retirement of common stock (532,846) (527,491)
Proceeds from issuance of common stock 147,728 115,888
Payment of dividends (126,336) (123,341)
Distributions to non-controlling interest holders (1,812) 0
Net cash used in financing activities (512,509) (516,474)
Effect of exchange rate changes on cash and cash equivalents (6,103) 11,953
Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 14,628 17,240
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 399,766  
Non-cash investing activities:    
Application of previously funded acquisition deposits toward purchase consideration 62,257 0
Consolidated VIEs    
Consolidated variable interest entities related:    
Change from investment security transactions 12,380 (3,808)
Net gain from investments (11,363) (1,770)
Change in other assets and liabilities 1,890 24
Cash flows from financing activities:    
Non-controlling interest capital raised, net 757 18,470
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 $ 485,223 $ 857,433