XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 527,260 $ 318,938
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 297,014 269,987
Amortization of financing costs 7,371 8,302
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets (131,062) (134,775)
Net realized and unrealized gains from investments (9,069) (8,453)
Gain on disposition of real estate held for investment   (9,901)
Equity income from unconsolidated subsidiaries (158,236) (116,902)
Provision for doubtful accounts 7,442 6,805
Compensation expense for equity awards 68,975 43,346
Proceeds from sale of mortgage loans 11,316,041 10,075,850
Origination of mortgage loans (11,441,884) (9,917,310)
Increase (decrease) in warehouse lines of credit 161,600 (131,690)
Distribution of earnings from unconsolidated subsidiaries 17,612 19,982
Tenant concessions received 14,739 7,667
Purchase of trading securities (61,813) (76,136)
Proceeds from sale of trading securities 53,251 84,234
(Increase) decrease in receivables (90,526) 46,289
Increase in prepaid expenses and other assets (82,673) (101,916)
Decrease in real estate held for sale and under development 10,784 2,870
Decrease in accounts payable and accrued expenses (4,876) (125,471)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (224,798) (210,670)
Increase in income taxes receivable/payable (10,631) (66,589)
Increase in other liabilities 1,162 8,807
Other operating activities, net (20,415) (46,453)
Net cash provided by (used in) operating activities 247,268 (53,189)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (101,606) (134,357)
Acquisition of businesses (other than Global Workplace Solutions (GWS)), including net assets acquired, intangibles and goodwill, net of cash acquired (59,394) (22,066)
Acquisition of GWS, including net assets acquired, intangibles and goodwill   (10,477)
Contributions to unconsolidated subsidiaries (36,659) (57,295)
Distributions from unconsolidated subsidiaries 177,506 119,539
Net proceeds from disposition of real estate held for investment   44,326
Increase in restricted cash (11,020) (1,623)
Purchase of available for sale securities (29,408) (31,413)
Proceeds from the sale of available for sale securities 25,618 29,560
Other investing activities, net 1,156 24,185
Net cash used in investing activities (33,807) (39,621)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior term loans   (23,125)
Proceeds from revolving credit facility 911,000 2,195,000
Repayment of revolving credit facility (911,000) (2,112,000)
Proceeds from notes payable on real estate held for investment 79 7,274
Repayment of notes payable on real estate held for investment (1,324) (33,516)
Proceeds from notes payable on real estate held for sale and under development 3,341 15,110
Repayment of notes payable on real estate held for sale and under development (10,777) (4,102)
Units repurchased for payment of taxes on equity awards (29,549) (27,796)
Non-controlling interest contributions 3,410 1,478
Non-controlling interest distributions (6,643) (12,800)
Payment of financing costs (21) (5,601)
Other financing activities, net (2,673) (761)
Net cash used in financing activities (44,157) (839)
Effect of currency exchange rate changes on cash and cash equivalents 23,725 (408)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 193,029 (94,057)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 762,576 540,403
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 955,605 446,346
Cash paid during the period for:    
Interest 111,826 118,272
Income taxes, net $ 204,228 $ 225,129