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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 131,503 $ 84,640
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 94,037 86,994
Amortization of financing costs 2,439 2,648
Gain on sale of loans, servicing rights and other assets (37,939) (29,010)
Net realized and unrealized gain from investments (4,115) (3,215)
Equity income from unconsolidated subsidiaries (15,018) (57,301)
(Recovery of) provision for doubtful accounts (928) 3,420
Compensation expense for equity awards 15,411 12,594
Distribution of earnings from unconsolidated subsidiaries 3,206 11,017
Tenant concessions received 3,776 1,755
Purchase of trading securities (22,986) (20,815)
Proceeds from sale of trading securities 15,270 22,688
Decrease in receivables 146,191 145,976
Increase in prepaid expenses and other assets (50,164) (29,731)
Decrease in accounts payable and accrued expenses (133,231) (148,316)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (491,251) (385,314)
Decrease (increase) in income taxes receivable/payable 13,193 (34,159)
(Decrease) increase in other liabilities (7,876) 8,195
Other operating activities, net (3,548) (706)
Net cash used in operating activities (342,030) (328,640)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (23,735) (33,468)
Acquisition of businesses (other than Global Workplace Solutions (GWS)), including net assets acquired, intangibles and goodwill (21,204) (3,298)
Acquisition of GWS, including net assets acquired, intangibles and goodwill   (21,900)
Contributions to unconsolidated subsidiaries (14,567) (10,923)
Distributions from unconsolidated subsidiaries 15,995 55,571
Proceeds from the sale of servicing rights and other assets 11,365 5,603
Decrease in restricted cash 10,463 9,771
Purchase of available for sale securities (7,289) (7,716)
Proceeds from the sale of available for sale securities 7,220 9,969
Other investing activities, net 1,227 (2,303)
Net cash (used in) provided by investing activities (20,525) 1,306
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior term loans   (5,625)
Proceeds from revolving credit facility 266,000 565,000
Repayment of revolving credit facility (146,000) (285,000)
Repayment of notes payable on real estate held for investment (435)  
Proceeds from notes payable on real estate held for sale and under development 1,711 12,427
Repayment of notes payable on real estate held for sale and under development (2,744) (4,102)
Units repurchased for payment of taxes on equity awards (1,900) (4,252)
Non-controlling interest contributions 1,574 27
Non-controlling interest distributions (744) (1,138)
Payment of financing costs   (4,787)
Other financing activities, net 308 (236)
Net cash provided by financing activities 117,770 272,314
Effect of currency exchange rate changes on cash and cash equivalents 15,490 3,846
NET DECREASE IN CASH AND CASH EQUIVALENTS (229,295) (51,174)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 762,576 540,403
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 533,281 489,229
Cash paid during the period for:    
Interest 52,027 54,205
Income taxes, net $ 37,333 $ 82,978