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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,027.0 $ 1,424.0 $ 1,842.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 622.0 613.0 526.0
Amortization and write-off of financing costs on extinguished debt 6.0 8.0 8.0
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets (102.0) (203.0) (143.0)
Gain associated with remeasuring our investment in a previously unconsolidated subsidiary to fair value as of the date we acquired the remaining interest (34.0) 0.0 0.0
Gain on disposition of real estate assets (27.0) 0.0 0.0
Asset impairments 0.0 58.7 0.0
Net realized and unrealized (gains) losses, primarily from investments (6.0) 30.0 (42.0)
Provision for doubtful accounts 16.0 17.0 24.0
Net compensation expense for equity awards 96.0 160.0 185.0
Equity income from unconsolidated subsidiaries (248.0) (229.0) (619.0)
Gain recognized upon deconsolidation of SPAC 0.0 0.0 (187.0)
Distribution of earnings from unconsolidated subsidiaries 256.0 389.0 520.0
Proceeds from sale of mortgage loans 9,714.0 14,527.0 17,195.0
Origination of mortgage loans (9,905.0) (13,652.0) (17,016.0)
Increase (decrease) in warehouse lines of credit 218.0 (830.0) (107.0)
Tenant concessions received 12.0 12.0 31.0
Purchase of equity securities (15.0) (28.0) (7.0)
Proceeds from sale of equity securities 14.0 30.0 9.0
Decrease (increase) in real estate under development 81.0 95.0 (55.0)
Increase in receivables, prepaid expenses and other assets (including contract and lease assets) (860.0) (503.0) (766.0)
Increase in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities) 22.0 64.0 105.0
(Decrease) increase in compensation and employee benefits payable and accrued bonus and profit sharing (173.0) (2.0) 730.0
(Increase) decrease in net income taxes receivable/payable (97.0) (133.0) 248.0
Other operating activities, net (137.0) (219.0) (117.0)
Net cash provided by operating activities 480.0 1,629.0 2,364.0 Close
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (305.0) (260.0) (210.0)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired (203.0) (173.0) (781.0)
Contributions to unconsolidated subsidiaries (127.0) (385.0) (335.0)
Distributions from unconsolidated subsidiaries 54.0 87.0 76.0
Acquisition and development of real estate assets (171.0) 0.0 0.0
Proceeds from disposition of real estate assets 77.0 0.0 0.0
Investment in VTS 0.0 (101.0) 0.0
Investment in Altus Power, Inc. Class A stock 0.0 0.0 (220.0)
Proceeds from sale of marketable securities - special purpose acquisition company trust account 0.0 0.0 213.0
Other investing activities, net (6.0) 0.0 (24.0)
Net cash used in investing activities (681.0) (832.0) (1,281.0) Close
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 4,006.0 1,833.0 27.0
Repayment of revolving credit facility (4,184.0) (1,655.0) 0.0
Proceeds from senior term loans 748.0 0.0 0.0
Repayment of senior term loans (437.0) 0.0 (300.0)
Proceeds from notes payable on real estate 76.0 39.0 78.0
Repayment of notes payable on real estate (43.0) (28.0) (109.0)
Repurchase of common stock (665.0) (1,850.0) (369.0)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date) (145.0) (34.0) (17.0)
Units repurchased for payment of taxes on equity awards (72.0) (38.0) (39.0)
Non-controlling interest contributions 6.0 2.0 1.0
Non-controlling interest distributions (42.0) (1.0) (5.0)
Redemption of non-controlling interest-special purpose acquisition company and payment of deferred underwriting commission 0.0 0.0 (205.0)
Other financing activities, net (69.0) (34.0) (44.0)
Net cash provided by (used in) financing activities 154.0 (1,766.0) (490.0) Close
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash 13.0 (166.0) (92.0) Close
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (34.0) (1,135.0) 501.0 Close
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF YEAR 1,405.0 2,540.0 2,039.0
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR 1,371.0 1,405.0 2,540.0
Cash paid during the year for:      
Interest 191.0 89.0 41.0
Income tax payments, net 467.0 604.0 330.0
Non-cash investing and financing activities:      
Deferred and/or contingent consideration 54.0 0.0 485.0
Non-controlling interest as part of Turner & Townsend Acquisition 0.0 0.0 774.0
Investment in alignment shares and private placement warrants of Altus Power, Inc. 0.0 0.0 142.0
Reduction in redeemable non-controlling interest - special purpose acquisition company 0.0 0.0 212.0
Reduction of trust account - special purpose acquisition company 0.0 0.0 190.0
5.950% Senior Notes | Senior Notes      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance 975.0 0.0 0.0
2.500% Senior Notes | Senior Notes      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance $ 0.0 $ 0.0 $ 492.0