XML 47 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows used for operating activities:      
Net income $ 334.4 $ 446.3 $ 388.0
Reconciliation of net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 141.8 108.1 94.4
Equity in earnings from real estate ventures (33.8) (77.4) (48.3)
(Gain) loss on sale of assets (10.3) (0.7) 3.1
Distributions of earnings from real estate ventures 30.9 51.2 19.5
Provision for loss on receivables and other assets 21.3 14.5 8.2
Amortization of deferred compensation 30.1 22.7 20.2
(Gain) Loss on Mortgage Servicing Rights and Derivatives (23.5) 0.8 0.0
Other 20.0 2.4 (3.9)
Accretion of interest and amortization of debt issuance costs 7.8 7.0 8.9
Change in:      
Receivables (335.0) (400.7) (264.0)
Prepaid expenses and other assets (68.2) (44.9) (48.8)
Deferred tax assets, net (1.5) 3.4 19.8
Accounts payable, accrued liabilities, and accrued compensation 100.5 243.1 301.8
Net cash provided by operating activities 214.5 375.8 498.9
Cash flows used for investing activities:      
Net capital additions - property and equipment (216.2) (147.8) (132.7)
Acquisition of investment properties (less than wholly-owned) (99.8) (1.3) (24.2)
Proceeds from Sales of Assets 34.0 7.4 1.2
Business Acquisitions, net of cash acquired 483.9 391.6 38.2
Capital contributions to real estate ventures (96.4) (47.6) (56.4)
Distributions of capital from real estate ventures 58.3 49.2 62.4
Restricted cash and other 2.0 (52.9) 0.0
Net cash used in investing activities (802.0) (584.6) (187.9)
Cash flows provided by (used in) financing activities:      
Proceeds from borrowings under credit facility 3,145.0 2,173.0 1,664.0
Repayments of borrowings under credit facility (2,456.0) (1,889.2) (1,827.8)
Payments of deferred business acquisition obligations and earn-outs (53.9) (51.8) (39.3)
Shares repurchased for payment of employee taxes on stock awards (7.0) (10.1) (16.0)
Common stock issued under compensation plans including tax benefit 2.8 12.0 12.1
Payment of dividends (29.4) (25.6) (21.9)
Noncontrolling interest (distributions) contributions, net 11.3 (1.5) 11.4
Other, net 23.6 (15.2) 14.5
Net cash provided by (used in) financing activities 636.4 191.6 (203.0)
Effect of Exchange Rate on Cash and Cash Equivalents (7.0) (16.6) (10.3)
Net increase (decrease) in cash and cash equivalents 41.9 (33.8) 97.7
Cash and cash equivalents, beginning of period 216.6 250.4 152.7
Cash and cash equivalents, end of period 258.5 216.6 250.4
Cash paid during the period for:      
Interest (34.8) (21.7) (20.2)
Income taxes, net of refunds (143.6) (155.6) (88.5)
Non-cash investing activities      
Business Acquisitions, Contingent Consideration 103.3 105.1 10.3
Capital Leases 9.8 6.7 21.2
Deconsolidation of investment properties (less than wholly-owned) 63.4 0.0 0.0
Non-cash financing activities:      
Deferred business acquisition obligations 62.7 23.1 21.5
Redeemable Noncontrolling Interest 0.0 0.0 14.2
Deconsolidation of noncontrolling interest and related debt $ 65.2 $ 0.0 $ 0.0