XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 208,085 $ 226,291
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 177,262 140,451
Amortization and write-off of financing costs on extinguished debt 5,204 7,264
Gain on sale of loans, servicing rights and other assets (73,404) (74,135)
Net realized and unrealized gain from investments (7,097) (18)
Equity income from unconsolidated subsidiaries (92,230) (22,144)
Provision for doubtful accounts 4,926 4,412
Compensation expense related to equity awards 28,554 29,132
Distribution of earnings from unconsolidated subsidiaries 14,544 13,174
Tenant concessions received 2,339 6,262
Purchase of trading securities (57,985) (42,653)
Proceeds from sale of trading securities 62,497 35,596
Decrease in receivables 72,160 113,769
Increase in prepaid expenses and other assets (74,672) (43,118)
Decrease in accounts payable and accrued expenses (111,699) (9,767)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (332,454) (390,333)
Increase in income taxes receivable/payable (53,095) (14,125)
Increase (decrease) in other liabilities 21,122 (4,971)
Other operating activities, net (4,074) (17,278)
Net cash used in operating activities (210,017) (42,191)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (79,058) (50,388)
Acquisition of Global Workplace Solutions (GWS), including net assets acquired, intangibles and goodwill (21,900)  
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired (16,569) (94,975)
Contributions to unconsolidated subsidiaries (27,431) (27,571)
Distributions from unconsolidated subsidiaries 93,912 27,269
Proceeds from the sale of servicing rights and other assets 15,071 12,615
Increase in restricted cash (478) (38,678)
Purchase of available for sale securities (23,984) (23,453)
Proceeds from the sale of available for sale securities 22,061 24,563
Other investing activities, net (1,142) (219)
Net cash used in investing activities (39,518) (170,837)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior term loans   500,000
Repayment of senior term loans (14,375) (648,738)
Proceeds from revolving credit facility 1,356,000 831,000
Repayment of revolving credit facility (1,200,000) (835,512)
Proceeds from notes payable on real estate held for sale and under development 13,315 4,404
Repayment of notes payable on real estate held for sale and under development (4,102)  
(Repayment of) proceeds from short-term borrowings and other loans, net (447) 569
Shares repurchased for payment of taxes on equity awards (5,112) (5,113)
Proceeds from exercise of stock options 814 3,214
Non-controlling interest contributions 821 4,405
Non-controlling interest distributions (3,517) (10,637)
Payment of financing costs (5,529) (22,225)
Other financing activities, net 3,620 (1,836)
Net cash (used in) provided by financing activities 141,488 (180,469)
Effect of currency exchange rate changes on cash and cash equivalents (588) (10,965)
NET DECREASE IN CASH AND CASH EQUIVALENTS (108,635) (404,462)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 540,403 740,884
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 431,768 336,422
Cash paid during the period for:    
Interest 63,420 43,123
Income taxes, net $ 160,353 $ 148,011