XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 150,125 $ 138,926
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 108,165 94,037
Amortization and write-off of financing costs on extinguished debt 29,733 2,439
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets (45,078) (37,939)
Net realized and unrealized losses (gains) from investments 4,280 (4,115)
Equity income from unconsolidated subsidiaries (40,179) (15,018)
Provision for (recovery of) doubtful accounts 5,601 (928)
Compensation expense for equity awards 29,570 15,411
Proceeds from sale of mortgage loans 2,910,181 3,259,597
Origination of mortgage loans (3,132,008) (2,662,747)
Increase (decrease) in warehouse lines of credit 237,239 (583,200)
Distribution of earnings from unconsolidated subsidiaries 45,182 12,326
Tenant concessions received 12,634 3,776
Purchase of equity securities (23,569) (22,986)
Proceeds from sale of equity securities 20,001 15,270
Decrease in receivables, prepaid expenses and other assets (including contract assets) 71,161 141,737
Decrease in accounts payable and accrued expenses and other liabilities (including contract liabilities) (146,221) (195,617)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing (483,031) (494,558)
Increase in income taxes receivable/payable 4,668 13,193
Other operating activities, net (8,412) (1,002)
Net cash used in operating activities (249,958) (321,398)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (46,724) (23,735)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired   (12,861)
Contributions to unconsolidated subsidiaries (10,611) (14,567)
Distributions from unconsolidated subsidiaries 15,216 6,875
Purchase of equity securities (10,219) (3,375)
Proceeds from sale of equity securities 4,367 3,415
Purchase of available for sale debt securities (12,066) (3,914)
Proceeds from sale of available for sale debt securities 2,264 3,805
Other investing activities, net (6,439) 1,080
Net cash used in investing activities (64,212) (43,277)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior term loans 550,000  
Proceeds from revolving credit facility 898,000 266,000
Repayment of revolving credit facility (435,000) (146,000)
Repayment of 5.00% senior notes (including premium) (820,000)  
Proceeds from notes payable on real estate held for investment 49  
Repayment of notes payable on real estate held for investment (462) (435)
Proceeds from notes payable on real estate held for sale and under development 775 1,711
Repayment of notes payable on real estate held for sale and under development   (2,744)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date) (8,049) (8,343)
Units repurchased for payment of taxes on equity awards (4,550) (1,900)
Non-controlling interest contributions 1,595 1,574
Non-controlling interest distributions (1,025) (744)
Other financing activities, net 12 308
Net cash provided by financing activities 181,345 109,427
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash 29,819 16,163
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (103,006) (239,085)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD 824,819 831,412
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD 721,813 592,327
Cash paid during the period for:    
Interest 48,994 52,027
Income taxes, net $ 37,219 $ 37,333