Guarantor and Nonguarantor Financial Statements | 9 Months Ended |
Sep. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Guarantor and Nonguarantor Financial Statements | ' |
15. Guarantor and Nonguarantor Financial Statements |
The following condensed consolidating financial information includes: |
(1) Condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012; condensed consolidating statements of operations for the three and nine months ended September 30, 2013 and 2012; condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012; and condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2012, of (a) CBRE Group, Inc. as the parent, (b) CBRE as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the nonguarantor subsidiaries and (e) CBRE Group, Inc. on a consolidated basis; and |
(2) Elimination entries necessary to consolidate CBRE Group, Inc. as the parent, with CBRE and its guarantor and nonguarantor subsidiaries. |
Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions. |
|
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
| | | Subsidiaries | | Subsidiaries | | | Total |
Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5 | | | $ | 65,916 | | | $ | 114,183 | | | $ | 322,517 | | | $ | — | | | $ | 502,621 | |
Restricted cash | | | — | | | | 6,866 | | | | 3,673 | | | | 37,515 | | | | — | | | | 48,054 | |
Receivables, net | | | — | | | | 3 | | | | 491,820 | | | | 742,177 | | | | — | | | | 1,234,000 | |
Warehouse receivables (a) | | | — | | | | — | | | | 144,606 | | | | 82,959 | | | | — | | | | 227,565 | |
Trading securities | | | — | | | | — | | | | 102 | | | | 70,559 | | | | — | | | | 70,661 | |
Income taxes receivable | | | 12,249 | | | | 24,094 | | | | — | | | | 38,284 | | | | (21,393 | ) | | | 53,234 | |
Prepaid expenses | | | — | | | | 180 | | | | 49,236 | | | | 48,088 | | | | — | | | | 97,504 | |
Deferred tax assets, net | | | — | | | | — | | | | 156,338 | | | | 53,588 | | | | — | | | | 209,926 | |
Real estate and other assets held for sale | | | — | | | | — | | | | — | | | | 42,472 | | | | — | | | | 42,472 | |
Real estate under development | | | — | | | | — | | | | — | | | | 16,169 | | | | — | | | | 16,169 | |
Other current assets | | | — | | | | — | | | | 39,803 | | | | 16,951 | | | | — | | | | 56,754 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Current Assets | | | 12,254 | | | | 97,059 | | | | 999,761 | | | | 1,471,279 | | | | (21,393 | ) | | | 2,558,960 | |
Property and equipment, net | | | — | | | | — | | | | 281,785 | | | | 112,478 | | | | — | | | | 394,263 | |
Goodwill | | | — | | | | — | | | | 1,043,966 | | | | 855,618 | | | | — | | | | 1,899,584 | |
Other intangible assets, net | | | — | | | | — | | | | 468,329 | | | | 332,248 | | | | — | | | | 800,577 | |
Investments in unconsolidated subsidiaries | | | — | | | | — | | | | 136,367 | | | | 71,834 | | | | — | | | | 208,201 | |
Investments in consolidated subsidiaries | | | 2,208,596 | | | | 2,166,302 | | | | 1,304,917 | | | | — | | | | (5,679,815 | ) | | | — | |
Intercompany loan receivable | | | — | | | | 1,805,936 | | | | 700,000 | | | | — | | | | (2,505,936 | ) | | | — | |
Real estate under development | | | — | | | | — | | | | 812 | | | | — | | | | — | | | | 812 | |
Real estate held for investment | | | — | | | | — | | | | 1,503 | | | | 107,504 | | | | — | | | | 109,007 | |
Available for sale securities | | | — | | | | — | | | | 53,128 | | | | 5,540 | | | | — | | | | 58,668 | |
Other assets, net | | | — | | | | 43,517 | | | | 77,145 | | | | 26,601 | | | | — | | | | 147,263 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 2,220,850 | | | $ | 4,112,814 | | | $ | 5,067,713 | | | $ | 2,983,102 | | | $ | (8,207,144 | ) | | $ | 6,177,335 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | $ | — | | | $ | 14,601 | | | $ | 140,014 | | | $ | 382,128 | | | $ | — | | | $ | 536,743 | |
Compensation and employee benefits payable | | | — | | | | 626 | | | | 245,748 | | | | 170,273 | | | | — | | | | 416,647 | |
Accrued bonus and profit sharing | | | — | | | | — | | | | 242,596 | | | | 160,191 | | | | — | | | | 402,787 | |
Securities sold, not yet purchased | | | — | | | | — | | | | — | | | | 8,242 | | | | — | | | | 8,242 | |
Income taxes payable | | | — | | | | — | | | | 21,393 | | | | — | | | | (21,393 | ) | | | — | |
Short-term borrowings: | | | | | | | | | | | | | | | | | | | | | | | | |
Warehouse lines of credit (a) | | | — | | | | — | | | | 143,831 | | | | 80,565 | | | | — | | | | 224,396 | |
Revolving credit facility | | | — | | | | 10,521 | | | | — | | | | 79,414 | | | | — | | | | 89,935 | |
Other | | | — | | | | — | | | | 16 | | | | 4,845 | | | | — | | | | 4,861 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total short-term borrowings | | | — | | | | 10,521 | | | | 143,847 | | | | 164,824 | | | | — | | | | 319,192 | |
Current maturities of long-term debt | | | — | | | | 39,650 | | | | 2,543 | | | | 29 | | | | — | | | | 42,222 | |
Notes payable on real estate | | | — | | | | — | | | | — | | | | 58,570 | | | | — | | | | 58,570 | |
Liabilities related to real estate and other assets held for sale | | | — | | | | — | | | | — | | | | 26,206 | | | | — | | | | 26,206 | |
Other current liabilities | | | — | | | | — | | | | 29,283 | | | | 2,835 | | | | — | | | | 32,118 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Current Liabilities | | | — | | | | 65,398 | | | | 825,424 | | | | 973,298 | | | | (21,393 | ) | | | 1,842,727 | |
Long-Term Debt: | | | | | | | | | | | | | | | | | | | | | | | | |
5.00% senior notes | | | — | | | | 800,000 | | | | — | | | | — | | | | — | | | | 800,000 | |
Senior secured term loans | | | — | | | | 655,525 | | | | — | | | | — | | | | — | | | | 655,525 | |
6.625% senior notes | | | — | | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | |
Other long-term debt | | | — | | | | — | | | | 4,108 | | | | 83 | | | | — | | | | 4,191 | |
Intercompany loan payable | | | 462,819 | | | | — | | | | 1,709,905 | | | | 333,212 | | | | (2,505,936 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Long-Term Debt | | | 462,819 | | | | 1,805,525 | | | | 1,714,013 | | | | 333,295 | | | | (2,505,936 | ) | | | 1,809,716 | |
Notes payable on real estate | | | — | | | | — | | | | — | | | | 68,805 | | | | — | | | | 68,805 | |
Deferred tax liabilities, net | | | — | | | | — | | | | 138,575 | | | | 73,181 | | | | — | | | | 211,756 | |
Non-current tax liabilities | | | — | | | | — | | | | 79,504 | | | | 4,220 | | | | — | | | | 83,724 | |
Pension liability | | | — | | | | — | | | | — | | | | 60,822 | | | | — | | | | 60,822 | |
Other liabilities | | | — | | | | 33,295 | | | | 143,895 | | | | 86,288 | | | | — | | | | 263,478 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 462,819 | | | | 1,904,218 | | | | 2,901,411 | | | | 1,599,909 | | | | (2,527,329 | ) | | | 4,341,028 | |
Commitments and contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Equity: | | | | | | | | | | | | | | | | | | | | | | | | |
CBRE Group, Inc. Stockholders’ Equity | | | 1,758,031 | | | | 2,208,596 | | | | 2,166,302 | | | | 1,304,917 | | | | (5,679,815 | ) | | | 1,758,031 | |
Non-controlling interests | | | — | | | | — | | | | — | | | | 78,276 | | | | — | | | | 78,276 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Equity | | | 1,758,031 | | | | 2,208,596 | | | | 2,166,302 | | | | 1,383,193 | | | | (5,679,815 | ) | | | 1,836,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | | $ | 2,220,850 | | | $ | 4,112,814 | | | $ | 5,067,713 | | | $ | 2,983,102 | | | $ | (8,207,144 | ) | | $ | 6,177,335 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
(a) | Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 6.625% senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan Chase Bank, N.A. (JP Morgan), Capital One, N.A. (Capital One), Bank of America (BofA) and TD Bank, N.A. (TD Bank) lines of credit are pledged to JP Morgan, Capital One, BofA and TD Bank, and accordingly, are not included as collateral for these notes or our other outstanding debt. | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
| | | Subsidiaries | | Subsidiaries | | | Total |
Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5 | | | $ | 18,312 | | | $ | 680,112 | | | $ | 390,868 | | | $ | — | | | $ | 1,089,297 | |
Restricted cash | | | — | | | | 6,863 | | | | 4,155 | | | | 62,658 | | | | — | | | | 73,676 | |
Receivables, net | | | — | | | | 5 | | | | 465,226 | | | | 797,592 | | | | — | | | | 1,262,823 | |
Warehouse receivables (a) | | | — | | | | — | | | | 602,425 | | | | 445,915 | | | | — | | | | 1,048,340 | |
Trading securities | | | — | | | | — | | | | 113 | | | | 101,218 | | | | — | | | | 101,331 | |
Income taxes receivable | | | 17,637 | | | | 6,580 | | | | — | | | | 49,233 | | | | (55,603 | ) | | | 17,847 | |
Prepaid expenses | | | — | | | | — | | | | 47,071 | | | | 54,546 | | | | — | | | | 101,617 | |
Deferred tax assets, net | | | — | | | | — | | | | 149,959 | | | | 55,787 | | | | — | | | | 205,746 | |
Real estate and other assets held for sale | | | — | | | | — | | | | — | | | | 130,499 | | | | — | | | | 130,499 | |
Available for sale securities | | | — | | | | — | | | | 679 | | | | — | | | | — | | | | 679 | |
Other current assets | | | — | | | | — | | | | 30,674 | | | | 22,021 | | | | — | | | | 52,695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Current Assets | | | 17,642 | | | | 31,760 | | | | 1,980,414 | | | | 2,110,337 | | | | (55,603 | ) | | | 4,084,550 | |
Property and equipment, net | | | — | | | | — | | | | 263,661 | | | | 115,515 | | | | — | | | | 379,176 | |
Goodwill | | | — | | | | — | | | | 1,023,842 | | | | 865,760 | | | | — | | | | 1,889,602 | |
Other intangible assets, net | | | — | | | | — | | | | 463,487 | | | | 323,306 | | | | — | | | | 786,793 | |
Investments in unconsolidated subsidiaries | | | — | | | | — | | | | 119,402 | | | | 87,396 | | | | — | | | | 206,798 | |
Investments in consolidated subsidiaries | | | 1,912,207 | | | | 2,529,531 | | | | 1,329,992 | | | | — | | | | (5,771,730 | ) | | | — | |
Intercompany loan receivable | | | — | | | | 1,521,065 | | | | 700,000 | | | | — | | | | (2,221,065 | ) | | | — | |
Real estate under development | | | — | | | | — | | | | 799 | | | | 26,517 | | | | — | | | | 27,316 | |
Real estate held for investment | | | — | | | | — | | | | 4,006 | | | | 231,039 | | | | — | | | | 235,045 | |
Available for sale securities | | | — | | | | — | | | | 53,980 | | | | 3,141 | | | | — | | | | 57,121 | |
Other assets, net | | | — | | | | 41,035 | | | | 67,099 | | | | 35,007 | | | | — | | | | 143,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 1,929,849 | | | $ | 4,123,391 | | | $ | 6,006,682 | | | $ | 3,798,018 | | | $ | (8,048,398 | ) | | $ | 7,809,542 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | $ | — | | | $ | 8,956 | | | $ | 122,598 | | | $ | 450,740 | | | $ | — | | | $ | 582,294 | |
Compensation and employee benefits payable | | | — | | | | 626 | | | | 252,365 | | | | 187,200 | | | | — | | | | 440,191 | |
Accrued bonus and profit sharing | | | — | | | | — | | | | 298,591 | | | | 241,553 | | | | — | | | | 540,144 | |
Securities sold, not yet purchased | | | — | | | | — | | | | — | | | | 54,103 | | | | — | | | | 54,103 | |
Income taxes payable | | | — | | | | — | | | | 55,603 | | | | — | | | | (55,603 | ) | | | — | |
Short-term borrowings: | | | | | | | | | | | | | | | | | | | | | | | | |
Warehouse lines of credit (a) | | | — | | | | — | | | | 588,813 | | | | 437,568 | | | | — | | | | 1,026,381 | |
Revolving credit facility | | | — | | | | 10,557 | | | | — | | | | 62,407 | | | | — | | | | 72,964 | |
Other | | | — | | | | — | | | | 16 | | | | — | | | | — | | | | 16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total short-term borrowings | | | — | | | | 10,557 | | | | 588,829 | | | | 499,975 | | | | — | | | | 1,099,361 | |
Current maturities of long-term debt | | | — | | | | 46,000 | | | | 2,439 | | | | 24,717 | | | | — | | | | 73,156 | |
Notes payable on real estate | | | — | | | | — | | | | — | | | | 35,212 | | | | — | | | | 35,212 | |
Liabilities related to real estate and other assets held for sale | | | — | | | | — | | | | — | | | | 104,627 | | | | — | | | | 104,627 | |
Other current liabilities | | | — | | | | — | | | | 40,989 | | | | 2,216 | | | | — | | | | 43,205 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Current Liabilities | | | — | | | | 66,139 | | | | 1,361,414 | | | | 1,600,343 | | | | (55,603 | ) | | | 2,972,293 | |
Long-Term Debt: | | | | | | | | | | | | | | | | | | | | | | | | |
Senior secured term loans | | | — | | | | 1,306,500 | | | | — | | | | 250,569 | | | | — | | | | 1,557,069 | |
11.625% senior subordinated notes, net | | | — | | | | 440,523 | | | | — | | | | — | | | | — | | | | 440,523 | |
6.625% senior notes | | | — | | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | |
Other long-term debt | | | — | | | | — | | | | 6,752 | | | | 105 | | | | — | | | | 6,857 | |
Intercompany loan payable | | | 390,638 | | | | — | | | | 1,779,055 | | | | 51,372 | | | | (2,221,065 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Long-Term Debt | | | 390,638 | | | | 2,097,023 | | | | 1,785,807 | | | | 302,046 | | | | (2,221,065 | ) | | | 2,354,449 | |
Notes payable on real estate | | | — | | | | — | | | | — | | | | 189,258 | | | | — | | | | 189,258 | |
Deferred tax liabilities, net | | | — | | | | — | | | | 119,896 | | | | 72,066 | | | | — | | | | 191,962 | |
Non-current tax liabilities | | | — | | | | — | | | | 77,451 | | | | 4,424 | | | | — | | | | 81,875 | |
Pension liability | | | — | | | | — | | | | — | | | | 63,528 | | | | — | | | | 63,528 | |
Other liabilities | | | — | | | | 48,022 | | | | 132,583 | | | | 93,760 | | | | — | | | | 274,365 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 390,638 | | | | 2,211,184 | | | | 3,477,151 | | | | 2,325,425 | | | | (2,276,668 | ) | | | 6,127,730 | |
Commitments and contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Equity: | | | | | | | | | | | | | | | | | | | | | | | | |
CBRE Group, Inc. Stockholders’ Equity | | | 1,539,211 | | | | 1,912,207 | | | | 2,529,531 | | | | 1,329,992 | | | | (5,771,730 | ) | | | 1,539,211 | |
Non-controlling interests | | | — | | | | — | | | | — | | | | 142,601 | | | | — | | | | 142,601 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Equity | | | 1,539,211 | | | | 1,912,207 | | | | 2,529,531 | | | | 1,472,593 | | | | (5,771,730 | ) | | | 1,681,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | | $ | 1,929,849 | | | $ | 4,123,391 | | | $ | 6,006,682 | | | $ | 3,798,018 | | | $ | (8,048,398 | ) | | $ | 7,809,542 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
(a) | Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 11.625% senior subordinated notes, our 6.625% senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under the JP Morgan Master Repurchase Agreement, BofA, Capital One, TD Bank, JP Morgan and Fannie Mae As Soon As Pooled lines of credit are pledged to JP Morgan, BofA, Capital One, TD Bank and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
| | | | Subsidiaries | | Subsidiaries | | | Total |
Revenue | | $ | — | | | $ | — | | | $ | 1,045,380 | | | $ | 688,486 | | | $ | — | | | $ | 1,733,866 | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services | | | — | | | | — | | | | 654,432 | | | | 377,916 | | | | — | | | | 1,032,348 | |
Operating, administrative and other | | | 13,782 | | | | 2,661 | | | | 241,964 | | | | 238,208 | | | | — | | | | 496,615 | |
Depreciation and amortization | | | — | | | | — | | | | 27,129 | | | | 20,395 | | | | — | | | | 47,524 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses | | | 13,782 | | | | 2,661 | | | | 923,525 | | | | 636,519 | | | | — | | | | 1,576,487 | |
Gain on disposition of real estate | | | — | | | | — | | | | 1 | | | | 739 | | | | — | | | | 740 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (13,782 | ) | | | (2,661 | ) | | | 121,856 | | | | 52,706 | | | | — | | | | 158,119 | |
Equity income from unconsolidated subsidiaries | | | — | | | | — | | | | 11,873 | | | | 1,474 | | | | — | | | | 13,347 | |
Other income | | | — | | | | — | | | | 2,403 | | | | 2,722 | | | | — | | | | 5,125 | |
Interest income | | | — | | | | 28,218 | | | | 421 | | | | 1,060 | | | | (28,215 | ) | | | 1,484 | |
Interest expense | | | — | | | | 24,557 | | | | 23,417 | | | | 8,024 | | | | (28,215 | ) | | | 27,783 | |
Royalty and management service (income) expense | | | — | | | | — | | | | (2,687 | ) | | | 2,687 | | | | — | | | | — | |
Income from consolidated subsidiaries | | | 103,088 | | | | 102,461 | | | | 25,957 | | | | — | | | | (231,506 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income before (benefit of) provision for income taxes | | | 89,306 | | | | 103,461 | | | | 141,780 | | | | 47,251 | | | | (231,506 | ) | | | 150,292 | |
(Benefit of) provision for income taxes | | | (5,138 | ) | | | 373 | | | | 39,319 | | | | 21,572 | | | | — | | | | 56,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 94,444 | | | | 103,088 | | | | 102,461 | | | | 25,679 | | | | (231,506 | ) | | | 94,166 | |
Less: Net loss attributable to non-controlling interests | | | — | | | | — | | | | — | | | | (278 | ) | | | — | | | | (278 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to CBRE Group, Inc. | | $ | 94,444 | | | $ | 103,088 | | | $ | 102,461 | | | $ | 25,957 | | | $ | (231,506 | ) | | $ | 94,444 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
| | | Subsidiaries | | Subsidiaries | | | Total |
Revenue | | $ | — | | | $ | — | | | $ | 918,453 | | | $ | 638,694 | | | $ | — | | | $ | 1,557,147 | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services | | | — | | | | — | | | | 565,031 | | | | 350,214 | | | | — | | | | 915,245 | |
Operating, administrative and other | | | 14,452 | | | | 1,778 | | | | 220,119 | | | | 246,013 | | | | — | | | | 482,362 | |
Depreciation and amortization | | | — | | | | — | | | | 20,123 | | | | 19,979 | | | | — | | | | 40,102 | |
Non-amortizable intangible asset impairment | | | — | | | | — | | | | — | | | | 19,826 | | | | — | | | | 19,826 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses | | | 14,452 | | | | 1,778 | | | | 805,273 | | | | 636,032 | | | | — | | | | 1,457,535 | |
Gain on disposition of real estate | | | — | | | | — | | | | — | | | | 3,983 | | | | — | | | | 3,983 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (14,452 | ) | | | (1,778 | ) | | | 113,180 | | | | 6,645 | | | | — | | | | 103,595 | |
Equity income (loss) from unconsolidated subsidiaries | | | — | | | | — | | | | 3,142 | | | | (267 | ) | | | — | | | | 2,875 | |
Other income (loss) | | | — | | | | — | | | | 201 | | | | (50 | ) | | | — | | | | 151 | |
Interest income | | | — | | | | 23,673 | | | | 789 | | | | 1,098 | | | | (23,665 | ) | | | 1,895 | |
Interest expense | | | — | | | | 35,822 | | | | 23,046 | | | | 8,448 | | | | (23,665 | ) | | | 43,651 | |
Royalty and management service (income) expense | | | — | | | | — | | | | (8,366 | ) | | | 8,366 | | | | — | | | | — | |
Income (loss) from consolidated subsidiaries | | | 48,779 | | | | 57,520 | | | | (3,776 | ) | | | — | | | | (102,523 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before (benefit of) provision for income taxes | | | 34,327 | | | | 43,593 | | | | 98,856 | | | | (9,388 | ) | | | (102,523 | ) | | | 64,865 | |
(Benefit of) provision for income taxes | | | (5,382 | ) | | | (5,186 | ) | | | 41,336 | | | | (8,608 | ) | | | — | | | | 22,160 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 39,709 | | | | 48,779 | | | | 57,520 | | | | (780 | ) | | | (102,523 | ) | | | 42,705 | |
Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 2,996 | | | | — | | | | 2,996 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to CBRE Group, Inc. | | $ | 39,709 | | | $ | 48,779 | | | $ | 57,520 | | | $ | (3,776 | ) | | $ | (102,523 | ) | | $ | 39,709 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries | Total |
Revenue | | $ | — | | | $ | — | | | $ | 2,934,601 | | | $ | 2,016,342 | | | $ | — | | | $ | 4,950,943 | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services | | | — | | | | — | | | | 1,822,138 | | | | 1,090,253 | | | | — | | | | 2,912,391 | |
Operating, administrative and other | | | 32,860 | | | | 5,695 | | | | 713,948 | | | | 713,111 | | | | — | | | | 1,465,614 | |
Depreciation and amortization | | | — | | | | — | | | | 77,082 | | | | 60,324 | | | | — | | | | 137,406 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses | | | 32,860 | | | | 5,695 | | | | 2,613,168 | | | | 1,863,688 | | | | — | | | | 4,515,411 | |
Gain on disposition of real estate | | | — | | | | — | | | | 7,474 | | | | 3,911 | | | | — | | | | 11,385 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (32,860 | ) | | | (5,695 | ) | | | 328,907 | | | | 156,565 | | | | — | | | | 446,917 | |
Equity income (loss) from unconsolidated subsidiaries | | | — | | | | — | | | | 29,659 | | | | (19 | ) | | | — | | | | 29,640 | |
Other (loss) income | | | — | | | | (7 | ) | | | 5,300 | | | | 4,059 | | | | — | | | | 9,352 | |
Interest income | | | — | | | | 93,479 | | | | 1,728 | | | | 3,263 | | | | (93,468 | ) | | | 5,002 | |
Interest expense | | | — | | | | 96,121 | | | | 84,753 | | | | 20,304 | | | | (93,468 | ) | | | 107,710 | |
Write-off of financing costs | | | — | | | | 56,295 | | | | — | | | | — | | | | — | | | | 56,295 | |
Royalty and management service (income) expense | | | — | | | | — | | | | (27,420 | ) | | | 27,420 | | | | — | | | | — | |
Income from consolidated subsidiaries | | | 222,503 | | | | 263,048 | | | | 60,318 | | | | — | | | | (545,869 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations before (benefit of) provision for income taxes | | | 189,643 | | | | 198,409 | | | | 368,579 | | | | 116,144 | | | | (545,869 | ) | | | 326,906 | |
(Benefit of) provision for income taxes | | | (12,249 | ) | | | (24,094 | ) | | | 105,531 | | | | 51,757 | | | | — | | | | 120,945 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 201,892 | | | | 222,503 | | | | 263,048 | | | | 64,387 | | | | (545,869 | ) | | | 205,961 | |
Income from discontinued operations, net of income taxes | | | — | | | | — | | | | — | | | | 24,294 | | | | — | | | | 24,294 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 201,892 | | | | 222,503 | | | | 263,048 | | | | 88,681 | | | | (545,869 | ) | | | 230,255 | |
Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 28,363 | | | | — | | | | 28,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to CBRE Group, Inc. | | $ | 201,892 | | | $ | 222,503 | | | $ | 263,048 | | | $ | 60,318 | | | $ | (545,869 | ) | | $ | 201,892 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries | Total |
Revenue | | $ | — | | | $ | — | | | $ | 2,626,061 | | | $ | 1,882,192 | | | $ | — | | | $ | 4,508,253 | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services | | | — | | | | — | | | | 1,611,880 | | | | 999,064 | | | | — | | | | 2,610,944 | |
Operating, administrative and other | | | 35,073 | | | | 4,088 | | | | 644,143 | | | | 722,157 | | | | — | | | | 1,405,461 | |
Depreciation and amortization | | | — | | | | — | | | | 58,324 | | | | 66,571 | | | | — | | | | 124,895 | |
Non-amortizable intangible asset impairment | | | — | | | | — | | | | — | | | | 19,826 | | | | — | | | | 19,826 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses | | | 35,073 | | | | 4,088 | | | | 2,314,347 | | | | 1,807,618 | | | | — | | | | 4,161,126 | |
Gain on disposition of real estate | | | — | | | | — | | | | — | | | | 5,231 | | | | — | | | | 5,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (35,073 | ) | | | (4,088 | ) | | | 311,714 | | | | 79,805 | | | | — | | | | 352,358 | |
Equity income from unconsolidated subsidiaries | | | — | | | | — | | | | 19,597 | | | | 273 | | | | — | | | | 19,870 | |
Other income | | | — | | | | — | | | | 1,465 | | | | 3,170 | | | | — | | | | 4,635 | |
Interest income | | | — | | | | 70,335 | | | | 2,490 | | | | 3,259 | | | | (70,301 | ) | | | 5,783 | |
Interest expense | | | — | | | | 107,556 | | | | 68,495 | | | | 26,293 | | | | (70,301 | ) | | | 132,043 | |
Royalty and management service (income) expense | | | — | | | | — | | | | (24,778 | ) | | | 24,778 | | | | — | | | | — | |
Income from consolidated subsidiaries | | | 164,570 | | | | 190,497 | | | | 16,203 | | | | — | | | | (371,270 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income before (benefit of) provision for income taxes | | | 129,497 | | | | 149,188 | | | | 307,752 | | | | 35,436 | | | | (371,270 | ) | | | 250,603 | |
(Benefit of) provision for income taxes | | | (13,060 | ) | | | (15,382 | ) | | | 117,255 | | | | 13,540 | | | | — | | | | 102,353 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 142,557 | | | | 164,570 | | | | 190,497 | | | | 21,896 | | | | (371,270 | ) | | | 148,250 | |
Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 5,693 | | | | — | | | | 5,693 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to CBRE Group, Inc. | | $ | 142,557 | | | $ | 164,570 | | | $ | 190,497 | | | $ | 16,203 | | | $ | (371,270 | ) | | $ | 142,557 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries | Total |
Net income | | $ | 94,444 | | | $ | 103,088 | | | $ | 102,461 | | | $ | 25,679 | | | $ | (231,506 | ) | | $ | 94,166 | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation gain | | | — | | | | — | | | | — | | | | 45,684 | | | | — | | | | 45,684 | |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | | | — | | | | (242 | ) | | | — | | | | 73 | | | | — | | | | (169 | ) |
Unrealized (losses) gains on available for sale securities, net | | | — | | | | — | | | | (316 | ) | | | 339 | | | | — | | | | 23 | |
Other, net | | | — | | | | — | | | | (1,106 | ) | | | 254 | | | | — | | | | (852 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive (loss) income | | | — | | | | (242 | ) | | | (1,422 | ) | | | 46,350 | | | | — | | | | 44,686 | |
Comprehensive income | | | 94,444 | | | | 102,846 | | | | 101,039 | | | | 72,029 | | | | (231,506 | ) | | | 138,852 | |
Less: Comprehensive loss attributable to non-controlling interests | | | — | | | | — | | | | — | | | | (296 | ) | | | — | | | | (296 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to CBRE Group, Inc. | | $ | 94,444 | | | $ | 102,846 | | | $ | 101,039 | | | $ | 72,325 | | | $ | (231,506 | ) | | $ | 139,148 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
| | | Subsidiaries | | Subsidiaries | | | Total |
Net income (loss) | | $ | 39,709 | | | $ | 48,779 | | | $ | 57,520 | | | $ | (780 | ) | | $ | (102,523 | ) | | $ | 42,705 | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation gain | | | — | | | | — | | | | — | | | | 15,422 | | | | — | | | | 15,422 | |
Unrealized losses on interest rate swaps and interest rate caps, net | | | — | | | | (1,918 | ) | | | — | | | | (20 | ) | | | — | | | | (1,938 | ) |
Unrealized gains on available for sale securities, net | | | — | | | | — | | | | 312 | | | | 11 | | | | — | | | | 323 | |
Other, net | | | — | | | | — | | | | (164 | ) | | | — | | | | — | | | | (164 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive (loss) income | | | — | | | | (1,918 | ) | | | 148 | | | | 15,413 | | | | — | | | | 13,643 | |
Comprehensive income | | | 39,709 | | | | 46,861 | | | | 57,668 | | | | 14,633 | | | | (102,523 | ) | | | 56,348 | |
Less: Comprehensive income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 3,071 | | | | — | | | | 3,071 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to CBRE Group, Inc. | | $ | 39,709 | | | $ | 46,861 | | | $ | 57,668 | | | $ | 11,562 | | | $ | (102,523 | ) | | $ | 53,277 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries | Total |
Net income | | $ | 201,892 | | | $ | 222,503 | | | $ | 263,048 | | | $ | 88,681 | | | $ | (545,869 | ) | | $ | 230,255 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation loss | | | — | | | | — | | | | — | | | | (1,631 | ) | | | — | | | | (1,631 | ) |
Unrealized gains on interest rate swaps and interest rate caps, net | | | — | | | | 8,910 | | | | — | | | | 39 | | | | — | | | | 8,949 | |
Unrealized (losses) gains on available for sale securities, net | | | — | | | | — | | | | (413 | ) | | | 52 | | | | — | | | | (361 | ) |
Other, net | | | — | | | | — | | | | 90 | | | | 254 | | | | — | | | | 344 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive income (loss) | | | — | | | | 8,910 | | | | (323 | ) | | | (1,286 | ) | | | — | | | | 7,301 | |
Comprehensive income | | | 201,892 | | | | 231,413 | | | | 262,725 | | | | 87,395 | | | | (545,869 | ) | | | 237,556 | |
Less: Comprehensive income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 27,587 | | | | — | | | | 27,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to CBRE Group, Inc. | | $ | 201,892 | | | $ | 231,413 | | | $ | 262,725 | | | $ | 59,808 | | | $ | (545,869 | ) | | $ | 209,969 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries | Total |
Net income | | $ | 142,557 | | | $ | 164,570 | | | $ | 190,497 | | | $ | 21,896 | | | $ | (371,270 | ) | | $ | 148,250 | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation loss | | | — | | | | — | | | | — | | | | (6,237 | ) | | | — | | | | (6,237 | ) |
Unrealized losses on interest rate swaps and interest rate caps, net | | | — | | | | (6,234 | ) | | | — | | | | (64 | ) | | | — | | | | (6,298 | ) |
Unrealized gains (losses) on available for sale securities, net | | | — | | | | — | | | | 304 | | | | (167 | ) | | | — | | | | 137 | |
Other, net | | | — | | | | — | | | | (331 | ) | | | — | | | | — | | | | (331 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss | | | — | | | | (6,234 | ) | | | (27 | ) | | | (6,468 | ) | | | — | | | | (12,729 | ) |
Comprehensive income | | | 142,557 | | | | 158,336 | | | | 190,470 | | | | 15,428 | | | | (371,270 | ) | | | 135,521 | |
Less: Comprehensive income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 5,381 | | | | — | | | | 5,381 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to CBRE Group, Inc. | | $ | 142,557 | | | $ | 158,336 | | | $ | 190,470 | | | $ | 10,047 | | | $ | (371,270 | ) | | $ | 130,140 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Consolidated | | | | | |
Subsidiaries | Subsidiaries | Total | | | | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | | $ | 22,853 | | | $ | (16,429 | ) | | $ | 100,934 | | | $ | 127,282 | | | $ | 234,640 | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | — | | | | (55,289 | ) | | | (23,454 | ) | | | (78,743 | ) | | | | |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | | | — | | | | — | | | | (17,193 | ) | | | (46,410 | ) | | | (63,603 | ) | | | | |
Contributions to unconsolidated subsidiaries | | | — | | | | — | | | | (33,353 | ) | | | 422 | | | | (32,931 | ) | | | | |
Distributions from unconsolidated subsidiaries | | | — | | | | — | | | | 28,750 | | | | 10,097 | | | | 38,847 | | | | | |
Net proceeds from disposition of real estate held for investment | | | — | | | | — | | | | — | | | | 110,818 | | | | 110,818 | | | | | |
Additions to real estate held for investment | | | — | | | | — | | | | — | | | | (2,412 | ) | | | (2,412 | ) | | | | |
Proceeds from the sale of servicing rights and other assets | | | — | | | | — | | | | 12,620 | | | | 13,606 | | | | 26,226 | | | | | |
(Increase) decrease in restricted cash | | | — | | | | (3 | ) | | | 482 | | | | 21,655 | | | | 22,134 | | | | | |
Purchase of available for sale securities | | | — | | | | — | | | | (53,387 | ) | | | — | | | | (53,387 | ) | | | | |
Proceeds from the sale of available for sale securities | | | — | | | | — | | | | 52,719 | | | | — | | | | 52,719 | | | | | |
Other investing activities, net | | | — | | | | — | | | | 4,515 | | | | 2,079 | | | | 6,594 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | — | | | | (3 | ) | | | (60,136 | ) | | | 86,401 | | | | 26,262 | | | | | |
| | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from senior secured term loans | | | — | | | | 715,000 | | | | — | | | | — | | | | 715,000 | | | | | |
Repayment of senior secured term loans | | | — | | | | (1,372,325 | ) | | | — | | | | (256,780 | ) | | | (1,629,105 | ) | | | | |
Proceeds from revolving credit facility | | | — | | | | 311,000 | | | | — | | | | 88,127 | | | | 399,127 | | | | | |
Repayment of revolving credit facility | | | — | | | | (311,000 | ) | | | — | | | | (71,414 | ) | | | (382,414 | ) | | | | |
Proceeds from issuance of 5.00% senior notes | | | — | | | | 800,000 | | | | — | | | | — | | | | 800,000 | | | | | |
Repayment of 11.625% senior subordinated notes | | | — | | | | (450,000 | ) | | | — | | | | — | | | | (450,000 | ) | | | | |
Proceeds from notes payable on real estate held for investment | | | — | | | | — | | | | — | | | | 2,473 | | | | 2,473 | | | | | |
Repayment of notes payable on real estate held for investment | | | — | | | | — | | | | — | | | | (73,580 | ) | | | (73,580 | ) | | | | |
Proceeds from notes payable on real estate held for sale and under development | | | — | | | | — | | | | — | | | | 6,015 | | | | 6,015 | | | | | |
Repayment of notes payable on real estate held for sale and under development | | | — | | | | — | | | | — | | | | (112,828 | ) | | | (112,828 | ) | | | | |
Proceeds from short-term borrowings | | | — | | | | — | | | | — | | | | 4,724 | | | | 4,724 | | | | | |
Shares repurchased for payment of taxes on stock awards | | | (16,628 | ) | | | — | | | | — | | | | — | | | | (16,628 | ) | | | | |
Proceeds from exercise of stock options | | | 4,924 | | | | — | | | | — | | | | — | | | | 4,924 | | | | | |
Incremental tax benefit from stock options exercised | | | 9,336 | | | | — | | | | — | | | | — | | | | 9,336 | | | | | |
Non-controlling interests contributions | | | — | | | | — | | | | — | | | | 462 | | | | 462 | | | | | |
Non-controlling interests distributions | | | — | | | | — | | | | — | | | | (84,918 | ) | | | (84,918 | ) | | | | |
Payment of financing costs | | | — | | | | (28,995 | ) | | | — | | | | (327 | ) | | | (29,322 | ) | | | | |
(Increase) decrease in intercompany receivables, net | | | (20,485 | ) | | | 400,356 | | | | (603,853 | ) | | | 223,982 | | | | — | | | | | |
Other financing activities, net | | | — | | | | — | | | | (2,874 | ) | | | (36 | ) | | | (2,910 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (22,853 | ) | | | 64,036 | | | | (606,727 | ) | | | (274,100 | ) | | | (839,644 | ) | | | | |
Effect of currency exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | — | | | | (7,934 | ) | | | (7,934 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | — | | | | 47,604 | | | | (565,929 | ) | | | (68,351 | ) | | | (586,676 | ) | | | | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | | | 5 | | | | 18,312 | | | | 680,112 | | | | 390,868 | | | | 1,089,297 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | | $ | 5 | | | $ | 65,916 | | | $ | 114,183 | | | $ | 322,517 | | | $ | 502,621 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | $ | — | | | $ | 84,987 | | | $ | 450 | | | $ | 10,801 | | | $ | 96,238 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income tax payments, net | | $ | — | | | $ | — | | | $ | 76,234 | | | $ | 60,808 | | | $ | 137,042 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 |
(Dollars in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | CBRE | | | Guarantor | | | Nonguarantor | | | Consolidated | | | | | |
Subsidiaries | Subsidiaries | Total | | | | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | | $ | 22,640 | | | $ | (11,305 | ) | | $ | (37,687 | ) | | $ | (93,584 | ) | | $ | (119,936 | ) | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | — | | | | (44,883 | ) | | | (35,704 | ) | | | (80,587 | ) | | | | |
Acquisition of business, including net assets acquired, intangibles and goodwill, net of cash acquired | | | — | | | | — | | | | — | | | | (17,595 | ) | | | (17,595 | ) | | | | |
Contributions to unconsolidated subsidiaries | | | — | | | | — | | | | (18,974 | ) | | | (36,026 | ) | | | (55,000 | ) | | | | |
Distributions from unconsolidated subsidiaries | | | — | | | | — | | | | 10,255 | | | | 4,400 | | | | 14,655 | | | | | |
Net proceeds from disposition of real estate held for investment | | | — | | | | — | | | | — | | | | 32,200 | | | | 32,200 | | | | | |
Additions to real estate held for investment | | | — | | | | — | | | | — | | | | (5,783 | ) | | | (5,783 | ) | | | | |
Proceeds from the sale of servicing rights and other assets | | | — | | | | — | | | | 19,310 | | | | 4,620 | | | | 23,930 | | | | | |
(Increase) decrease in restricted cash | | | — | | | | (18 | ) | | | (2,624 | ) | | | 6,340 | | | | 3,698 | | | | | |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | | | — | | | | — | | | | — | | | | (73,187 | ) | | | (73,187 | ) | | | | |
Purchases of available for sale securities | | | — | | | | — | | | | (33,692 | ) | | | — | | | | (33,692 | ) | | | | |
Proceeds from the sale of available for sale securities | | | — | | | | — | | | | 31,143 | | | | — | | | | 31,143 | | | | | |
Other investing activities, net | | | — | | | | — | | | | 6,706 | | | | — | | | | 6,706 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | (18 | ) | | | (32,759 | ) | | | (120,735 | ) | | | (153,512 | ) | | | | |
| | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Repayment of senior secured term loans | | | — | | | | (34,500 | ) | | | — | | | | (16,532 | ) | | | (51,032 | ) | | | | |
Proceeds from revolving credit facility | | | — | | | | — | | | | — | | | | 41,270 | | | | 41,270 | | | | | |
Repayment of revolving credit facility | | | — | | | | — | | | | — | | | | (15,230 | ) | | | (15,230 | ) | | | | |
Proceeds from notes payable on real estate held for investment | | | — | | | | — | | | | — | | | | 4,652 | | | | 4,652 | | | | | |
Repayment of notes payable on real estate held for investment | | | — | | | | — | | | | — | | | | (36,613 | ) | | | (36,613 | ) | | | | |
Proceeds from notes payable on real estate held for sale and under development | | | — | | | | — | | | | — | | | | 14,711 | | | | 14,711 | | | | | |
Repayment of notes payable on real estate held for sale and under development | | | — | | | | — | | | | — | | | | (7,625 | ) | | | (7,625 | ) | | | | |
Proceeds from exercise of stock options | | | 16,401 | | | | — | | | | — | | | | — | | | | 16,401 | | | | | |
Incremental tax benefit from stock options exercised | | | 167 | | | | — | | | | — | | | | — | | | | 167 | | | | | |
Non-controlling interests contributions | | | — | | | | — | | | | — | | | | 15,956 | | | | 15,956 | | | | | |
Non-controlling interests distributions | | | — | | | | — | | | | — | | | | (29,211 | ) | | | (29,211 | ) | | | | |
Payment of financing costs | | | — | | | | (25 | ) | | | — | | | | (174 | ) | | | (199 | ) | | | | |
(Increase) decrease in intercompany receivables, net | | | (38,938 | ) | | | (202,336 | ) | | | 88,382 | | | | 152,892 | | | | — | | | | | |
Other financing activities, net | | | (47 | ) | | | — | | | | (953 | ) | | | (22 | ) | | | (1,022 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (22,417 | ) | | | (236,861 | ) | | | 87,429 | | | | 124,074 | | | | (47,775 | ) | | | | |
Effect of currency exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | — | | | | 4,301 | | | | 4,301 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | 223 | | | | (248,184 | ) | | | 16,983 | | | | (85,944 | ) | | | (316,922 | ) | | | | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | | | 5 | | | | 298,370 | | | | 351,455 | | | | 443,352 | | | | 1,093,182 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | | $ | 228 | | | $ | 50,186 | | | $ | 368,438 | | | $ | 357,408 | | | $ | 776,260 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | $ | — | | | $ | 82,790 | | | $ | 19 | | | $ | 20,164 | | | $ | 102,973 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income tax payments, net | | $ | — | | | $ | — | | | $ | 109,639 | | | $ | 71,272 | | | $ | 180,911 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |