XML 19 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 329,899 $ 208,085
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 194,423 177,262
Amortization of financing costs 4,912 5,204
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets (80,893) (73,404)
Net realized and unrealized gains from investments (7,301) (7,097)
Equity income from unconsolidated subsidiaries (90,402) (92,230)
Provision for doubtful accounts 5,578 4,926
Compensation expense for equity awards 48,283 28,554
Proceeds from sale of mortgage loans 7,071,928 6,748,833
Origination of mortgage loans (6,848,102) (5,821,981)
Decrease in warehouse lines of credit (199,683) (911,486)
Distribution of earnings from unconsolidated subsidiaries 12,981 14,544
Tenant concessions received 7,436 2,339
Purchase of trading securities (43,525) (57,985)
Proceeds from sale of trading securities 34,476 62,497
Decrease in receivables 60,947 71,666
Increase in prepaid expenses and other assets (88,576) (74,672)
Decrease in real estate held for sale and under development 9,787 4,440
Decrease in accounts payable and accrued expenses (55,029) (111,699)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (487,997) (332,454)
Increase in income taxes receivable/payable (47,384) (53,095)
(Decrease) increase in other liabilities (7,067) 21,122
Other operating activities, net (15,428) (23,386)
Net cash used in operating activities (190,737) (210,017)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (59,863) (79,058)
Acquisition of businesses (other than Global Workplace Solutions (GWS)), including net assets acquired, intangibles and goodwill, net of cash acquired (40,452) (16,569)
Acquisition of GWS, including net assets acquired, intangibles and goodwill   (21,900)
Contributions to unconsolidated subsidiaries (32,660) (27,431)
Distributions from unconsolidated subsidiaries 96,941 93,912
Increase in restricted cash (3,022) (478)
Purchase of available for sale securities (19,734) (23,984)
Proceeds from the sale of available for sale securities 17,277 22,061
Other investing activities, net 2,608 13,929
Net cash used in investing activities (38,905) (39,518)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior term loans   (14,375)
Proceeds from revolving credit facility 911,000 1,356,000
Repayment of revolving credit facility (911,000) (1,200,000)
Proceeds from notes payable on real estate held for sale and under development 2,137 13,315
Repayment of notes payable on real estate held for sale and under development (9,189) (4,102)
Units repurchased for payment of taxes on equity awards (1,900) (5,112)
Non-controlling interest contributions 1,941 821
Non-controlling interest distributions (3,904) (3,517)
Payment of financing costs   (5,529)
Other financing activities, net (3,666) 3,987
Net cash (used in) provided by financing activities (14,581) 141,488
Effect of currency exchange rate changes on cash and cash equivalents 17,328 (588)
NET DECREASE IN CASH AND CASH EQUIVALENTS (226,895) (108,635)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 762,576 540,403
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 535,681 431,768
Cash paid during the period for:    
Interest 59,490 63,420
Income taxes, net $ 163,885 $ 160,353