XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 318,938 $ 376,282
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 269,987 215,498
Gain on sale of loans, servicing rights and other assets (134,775) (105,178)
Amortization and write-off of financing costs on extinguished debt 8,302 9,703
Net realized and unrealized (gains) losses from investments (8,453) 4,927
Gain on disposition of real estate held for investment (9,901) (8,573)
Equity income from unconsolidated subsidiaries (116,902) (39,386)
Provision for doubtful accounts 6,805 7,039
Compensation expense for equity awards 43,346 48,119
Incremental tax benefit from stock options exercised   (2,270)
Distribution of earnings from unconsolidated subsidiaries 19,982 22,900
Tenant concessions received 7,667 6,770
Purchase of trading securities (76,136) (64,442)
Proceeds from sale of trading securities 84,234 57,901
Decrease (increase) in receivables 46,275 (3,022)
Increase in prepaid expenses and other assets (101,916) (71,762)
Decrease (increase) in real estate held for sale and under development 2,870 (11,542)
(Decrease) increase in accounts payable and accrued expenses (125,471) 4,490
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (210,670) (269,396)
Increase in income taxes receivable/payable (66,589) (4,584)
Increase (decrease) in other liabilities 8,807 (12,800)
Other operating activities, net (19,589) (18,264)
Net cash (used in) provided by operating activities (53,189) 142,410
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (134,357) (85,324)
Acquisition of Global Workplace Solutions (GWS), including net assets acquired, intangibles and goodwill, net of cash acquired (10,477) (1,421,663)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired (22,066) (103,140)
Contributions to unconsolidated subsidiaries (57,295) (45,792)
Distributions from unconsolidated subsidiaries 119,539 42,738
Net proceeds from disposition of real estate held for investment 44,326 3,584
Proceeds from the sale of servicing rights and other assets 27,159 21,434
Increase in restricted cash (1,623) (41,864)
Purchase of available for sale securities (31,413) (31,919)
Proceeds from the sale of available for sale securities 29,560 33,063
Other investing activities, net (2,974) (3,063)
Net cash used in investing activities (39,621) (1,631,946)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior term loans   900,000
Repayment of senior term loans (23,125) (651,863)
Proceeds from revolving credit facility 2,195,000 2,107,500
Repayment of revolving credit facility (2,112,000) (1,711,512)
Proceeds from issuance of 4.875% senior notes, net   595,440
Proceeds from notes payable on real estate held for investment 7,274  
Repayment of notes payable on real estate held for investment (33,516) (1,173)
Proceeds from notes payable on real estate held for sale and under development 15,110 12,584
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 (483) 15,862
Shares repurchased for payment of taxes on equity awards (27,796) (24,517)
Proceeds from exercise of stock options 915 6,755
Incremental tax benefit from stock options exercised   2,270
Non-controlling interest contributions 1,478 4,691
Non-controlling interest distributions (12,800) (13,595)
Payment of financing costs (5,601) (30,130)
Other financing activities, net (1,193) (2,142)
Net cash (used in) provided by financing activities (839) 1,210,170
Effect of currency exchange rate changes on cash and cash equivalents (408) (21,161)
NET DECREASE IN CASH AND CASH EQUIVALENTS (94,057) (300,527)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 540,403 740,884
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 446,346 440,357
Cash paid during the period for:    
Interest 118,272 80,822
Income taxes, net $ 225,129 210,634
4.875% Senior Notes [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of 4.875% senior notes, net   $ 595,440