Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'CBG | ' | ' |
Entity Registrant Name | 'CBRE GROUP, INC. | ' | ' |
Entity Central Index Key | '0001138118 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 331,964,913 | ' |
Entity Public Float | ' | ' | $7.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $491,912 | $1,089,297 |
Restricted cash | 61,155 | 73,676 |
Receivables, less allowance for doubtful accounts of $40,262 and $35,492 at December 31, 2013 and 2012, respectively | 1,486,489 | 1,262,823 |
Warehouse receivables | 381,545 | 1,048,340 |
Trading securities | 58,442 | 101,331 |
Income taxes receivable | ' | 17,847 |
Prepaid expenses | 125,151 | 101,617 |
Deferred tax assets, net | 188,533 | 205,746 |
Real estate and other assets held for sale | ' | 130,499 |
Real estate under development | 19,133 | ' |
Available for sale securities | ' | 679 |
Other current assets | 67,452 | 52,695 |
Total Current Assets | 2,879,812 | 4,084,550 |
Property and equipment, net | 458,596 | 379,176 |
Goodwill | 2,290,474 | 1,889,602 |
Other intangible assets, net of accumulated amortization of $348,566 and $273,631 at December 31, 2013 and 2012, respectively | 841,228 | 786,793 |
Investments in unconsolidated subsidiaries | 198,696 | 206,798 |
Real estate under development | 822 | 27,316 |
Real estate held for investment | 106,999 | 235,045 |
Available for sale securities | 56,800 | 57,121 |
Other assets, net | 164,987 | 143,141 |
Total Assets | 6,998,414 | 7,809,542 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 817,519 | 582,294 |
Compensation and employee benefits payable | 486,993 | 440,191 |
Accrued bonus and profit sharing | 612,114 | 540,144 |
Securities sold, not yet purchased | ' | 54,103 |
Income taxes payable | 11,111 | ' |
Short-term borrowings: | ' | ' |
Warehouse lines of credit | 374,597 | 1,026,381 |
Revolving credit facility | 142,484 | 72,964 |
Other | 16 | 16 |
Total short-term borrowings | 517,097 | 1,099,361 |
Current maturities of long-term debt | 42,245 | 73,156 |
Notes payable on real estate | 62,017 | 35,212 |
Liabilities related to real estate and other assets held for sale | ' | 104,627 |
Other current liabilities | 56,644 | 43,205 |
Total Current Liabilities | 2,605,740 | 2,972,293 |
Long-Term Debt: | ' | ' |
Senior notes | ' | 350,000 |
Senior secured term loans | 645,613 | 1,557,069 |
Senior subordinated notes | ' | 440,523 |
Other long-term debt | 2,822 | 6,857 |
Total Long-Term Debt | 1,798,435 | 2,354,449 |
Notes payable on real estate | 68,455 | 189,258 |
Deferred tax liabilities, net | 160,777 | 191,962 |
Non-current tax liabilities | 65,520 | 81,875 |
Pension liability | 68,012 | 63,528 |
Other liabilities | 295,469 | 274,365 |
Total Liabilities | 5,062,408 | 6,127,730 |
Commitments and contingencies | ' | ' |
CBRE Group, Inc. Stockholders' Equity: | ' | ' |
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 331,927,166 and 330,082,187 shares issued and outstanding at December 31, 2013 and 2012, respectively | 3,319 | 3,301 |
Additional paid-in capital | 981,997 | 960,900 |
Accumulated earnings | 1,056,592 | 740,054 |
Accumulated other comprehensive loss | -146,123 | -165,044 |
Total CBRE Group, Inc. Stockholders' Equity | 1,895,785 | 1,539,211 |
Non-controlling interests | 40,221 | 142,601 |
Total Equity | 1,936,006 | 1,681,812 |
Total Liabilities and Equity | 6,998,414 | 7,809,542 |
5.00% senior notes [Member] | ' | ' |
Long-Term Debt: | ' | ' |
Senior notes | 800,000 | ' |
6.625% senior notes [Member] | ' | ' |
Long-Term Debt: | ' | ' |
Senior notes | $350,000 | $350,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $40,262 | $35,492 |
Other intangible assets, accumulated amortization | 348,566 | 273,631 |
Class A common stock, par value | $0.01 | $0.01 |
Class A common stock, shares authorized | 525,000,000 | 525,000,000 |
Class A common stock, shares issued | 331,927,166 | 330,082,187 |
Class A common stock, shares outstanding | 331,927,166 | 330,082,187 |
5.00% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.00% | ' |
6.625% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 6.63% | 6.63% |
11.625% senior subordinated notes [Member] | ' | ' |
11.625% senior subordinated notes, unamortized discount | ' | $9,477 |
Debt instrument, interest rate | 11.63% | 11.63% |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $7,184,794 | $6,514,099 | $5,905,411 |
Costs and expenses: | ' | ' | ' |
Cost of services | 4,189,389 | 3,742,514 | 3,457,130 |
Operating, administrative and other | 2,104,310 | 2,002,914 | 1,882,666 |
Depreciation and amortization | 190,390 | 169,645 | 115,719 |
Non-amortizable intangible asset impairment | 98,129 | 19,826 | ' |
Total costs and expenses | 6,582,218 | 5,934,899 | 5,455,515 |
Gain on disposition of real estate | 13,552 | 5,881 | 12,966 |
Operating income | 616,128 | 585,081 | 462,862 |
Equity income from unconsolidated subsidiaries | 64,422 | 60,729 | 104,776 |
Other income | 13,523 | 11,093 | 2,706 |
Interest income | 6,289 | 7,643 | 9,443 |
Interest expense | 135,082 | 175,068 | 150,249 |
Write-off of financing costs | 56,295 | ' | ' |
Income from continuing operations before provision for income taxes | 508,985 | 489,478 | 429,538 |
Provision for income taxes | 187,187 | 185,322 | 189,103 |
Income from continuing operations | 321,798 | 304,156 | 240,435 |
Income from discontinued operations, net of income taxes | 26,997 | 631 | 49,890 |
Net income | 348,795 | 304,787 | 290,325 |
Less: Net income (loss) attributable to non-controlling interests | 32,257 | -10,768 | 51,163 |
Net income attributable to CBRE Group, Inc. | 316,538 | 315,555 | 239,162 |
Basic income per share attributable to CBRE Group, Inc. shareholders | ' | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.95 | $0.97 | $0.73 |
Income from discontinued operations attributable to CBRE Group, Inc. | $0.01 | $0.01 | $0.02 |
Net income attributable to CBRE Group, Inc. | $0.96 | $0.98 | $0.75 |
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | 318,454,191 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | ' | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.94 | $0.96 | $0.72 |
Income from discontinued operations attributable to CBRE Group, Inc. | $0.01 | $0.01 | $0.02 |
Net income attributable to CBRE Group, Inc. | $0.95 | $0.97 | $0.74 |
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 | 323,723,755 |
Amounts attributable to CBRE Group, Inc. shareholders | ' | ' | ' |
Income from continuing operations, net of tax | 314,229 | 313,853 | 233,517 |
Income from discontinued operations, net of tax | 2,309 | 1,702 | 5,645 |
Net income attributable to CBRE Group, Inc. | $316,538 | $315,555 | $239,162 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $348,795 | $304,787 | $290,325 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation gain (loss) | 7,390 | -997 | -24,165 |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of $7,557 income tax for the year ended December 31, 2013 and $3,316 and $16,278 income tax benefit for the years ended December 31, 2012 and 2011, respectively | 11,512 | -4,924 | -23,623 |
Unrealized holding gains on available for sale securities, net of $756, $43 and $42 income tax for the years ended December 31, 2013, 2012 and 2011, respectively | 1,151 | 475 | 77 |
Pension liability adjustments, net of $1,409, $1,131 and $6,639 income tax benefit for the years ended December 31, 2013, 2012 and 2011, respectively | -5,638 | -947 | -19,088 |
Other, net | 3,720 | -598 | 2,022 |
Total other comprehensive income (loss) | 18,135 | -6,991 | -64,777 |
Comprehensive income | 366,930 | 297,796 | 225,548 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 31,471 | -11,154 | 50,223 |
Comprehensive income attributable to CBRE Group, Inc. | $335,459 | $308,950 | $175,325 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, income tax expense (benefit) | $7,557 | ($3,316) | ($16,278) |
Unrealized holding gains (losses) on available for sale securities, income tax expense | 756 | 43 | 42 |
Pension liability adjustments, income tax expense (benefit) | ($1,409) | ($1,131) | ($6,639) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $348,795 | $304,787 | $290,325 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 191,270 | 170,905 | 116,930 |
Amortization and write-off of financing costs | 28,871 | 9,518 | 7,453 |
Amortization of debt discount | 9,477 | ' | ' |
Non-amortizable intangible asset impairment | 98,129 | 19,826 | ' |
Write-down of impaired real estate and other assets | ' | 32,322 | 4,337 |
Gain on sale of loans, servicing rights and other assets | -93,613 | -112,613 | -74,449 |
Net realized and unrealized gains from investments | -13,523 | -11,093 | -2,706 |
Gain on disposition of real estate held for investment | -18,698 | -683 | -41,805 |
Equity income from unconsolidated subsidiaries | -64,422 | -60,729 | -104,776 |
Provision for doubtful accounts | 9,579 | 6,509 | 9,754 |
Deferred income taxes | -11,591 | 2,059 | 6,147 |
Compensation expense related to stock options and non-vested stock awards | 48,429 | 51,712 | 44,327 |
Incremental tax benefit from stock options exercised | -9,891 | -2,930 | -14,936 |
Distribution of earnings from unconsolidated subsidiaries | 33,302 | 20,199 | 20,794 |
Tenant concessions received | 14,627 | 23,260 | 45,751 |
Purchase of trading securities | -137,311 | -203,126 | -144,919 |
Proceeds from sale of trading securities | 191,121 | 190,220 | 219,739 |
Proceeds from securities sold, not yet purchased | 52,472 | 151,145 | 197,595 |
Securities purchased to cover short sales | -110,588 | -151,282 | -189,456 |
Increase in receivables | -76,946 | -142,786 | -123,669 |
Increase in prepaid expenses and other assets | -33,355 | -22,097 | -13,238 |
Decrease (increase) in real estate held for sale and under development | 168,133 | -759 | 84,731 |
Increase (decrease) in accounts payable and accrued expenses | 40,200 | 43,475 | -62,850 |
Increase (decrease) in compensation and employee benefits payable and accrued bonus and profit sharing | 102,439 | -1,155 | 81,380 |
Decrease (increase) in income taxes receivable/payable | 3,077 | -27,729 | -4,891 |
(Decrease) increase in other liabilities | -6,808 | 7,715 | 15,940 |
Other operating activities, net | -18,067 | -5,589 | -6,289 |
Net cash provided by operating activities | 745,108 | 291,081 | 361,219 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -156,358 | -150,232 | -147,980 |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | -7,680 | -580,895 |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | -504,147 | -44,898 | -49,790 |
Contributions to unconsolidated subsidiaries | -49,594 | -65,440 | -51,463 |
Distributions from unconsolidated subsidiaries | 82,230 | 62,977 | 109,547 |
Net proceeds from disposition of real estate held for investment | 113,241 | 60,805 | 231,678 |
Additions to real estate held for investment | -2,559 | -6,181 | -15,473 |
Proceeds from the sale of servicing rights and other assets | 32,016 | 40,206 | 27,035 |
Decrease (increase) in restricted cash | 8,469 | -16,205 | -1,696 |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. (see Note 3) | ' | -73,187 | ' |
Purchase of available for sale securities | -65,111 | -36,355 | -45,281 |
Proceeds from the sale of available for sale securities | 69,688 | 31,751 | 41,479 |
Other investing activities, net | 7,131 | 6,768 | 2,584 |
Net cash used in investing activities | -464,994 | -197,671 | -480,255 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | 715,000 | ' | 1,100,739 |
Repayment of senior secured term loans | -1,639,017 | -68,146 | -47,503 |
Proceeds from revolving credit facility | 610,562 | 41,270 | 1,032,624 |
Repayment of revolving credit facility | -542,150 | -15,230 | -1,005,132 |
Proceeds from issuance of 5.00% senior notes | 800,000 | ' | ' |
Repayment of 11.625% senior subordinated notes | -450,000 | ' | ' |
Proceeds from notes payable on real estate held for investment | 2,762 | 4,652 | 10,300 |
Repayment of notes payable on real estate held for investment | -74,544 | -54,036 | -186,636 |
Proceeds from notes payable on real estate held for sale and under development | 9,526 | 22,276 | 8,454 |
Repayment of notes payable on real estate held for sale and under development | -136,528 | -21,345 | -79,271 |
Stock and stock units repurchased for payment of taxes on stock awards | -16,628 | ' | ' |
Proceeds from exercise of stock options | 5,780 | 20,324 | 7,136 |
Incremental tax benefit from stock options exercised | 9,891 | 2,930 | 14,936 |
Non-controlling interests contributions | 1,092 | 16,075 | 10,231 |
Non-controlling interests distributions | -128,168 | -48,162 | -129,686 |
Payment of financing costs | -29,322 | -359 | -24,738 |
Other financing activities, net | -4,537 | -938 | -129 |
Net cash (used in) provided by financing activities | -866,281 | -100,689 | 711,325 |
Effect of currency exchange rate changes on cash and cash equivalents | -11,218 | 3,394 | -5,681 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -597,385 | -3,885 | 586,608 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 1,089,297 | 1,093,182 | 506,574 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 491,912 | 1,089,297 | 1,093,182 |
Cash paid during the period for: | ' | ' | ' |
Interest | 117,150 | 161,945 | 138,035 |
Income tax payments, net | $203,402 | $217,956 | $189,917 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
5.00% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.00% | ' |
11.625% senior subordinated notes [Member] | ' | ' |
Debt instrument, interest rate | 11.63% | 11.63% |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Class A common stock [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated earnings [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interests [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | ($49,634) | ' |
Beginning balance (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -44,968 | ' |
Beginning balance at Dec. 31, 2010 | 1,065,795 | 3,236 | ' | 814,244 | 185,337 | ' | 157,580 |
Beginning balance (in shares) at Dec. 31, 2010 | ' | ' | 323,594,919 | ' | ' | ' | ' |
Net income (loss) | 290,325 | ' | ' | ' | 239,162 | ' | 51,163 |
Pension liability adjustments, net of tax | -19,088 | ' | ' | ' | ' | ' | ' |
Pension liability adjustments, net of tax (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -19,088 | ' |
Stock options exercised (including tax benefit) | 22,073 | 18 | ' | 22,055 | ' | ' | ' |
Stock options exercised (including tax benefit) (in shares) | ' | ' | 1,822,373 | ' | ' | ' | ' |
Non-cash issuance of common stock | 179 | ' | ' | 179 | ' | ' | ' |
Non-cash issuance of common stock (in shares) | ' | ' | 7,670 | ' | ' | ' | ' |
Non-vested stock grants | 28 | 28 | ' | ' | ' | ' | ' |
Non-vested stock grants (in shares) | ' | ' | 2,803,221 | ' | ' | ' | ' |
Compensation expense for stock options and non-vested stock awards | 44,327 | ' | ' | 44,327 | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax | -23,623 | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -23,623 | ' |
Unrealized holding gains on available for sale securities, net of tax | 77 | ' | ' | ' | ' | ' | ' |
Unrealized holding gains on available for sale securities, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 77 | ' |
Foreign currency translation (loss) gain | -24,165 | ' | ' | ' | ' | ' | -940 |
Foreign currency translation (loss) gain (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -23,225 | ' |
Cancellation of non-vested stock awards | -2 | -2 | ' | ' | ' | ' | ' |
Cancellation of non-vested stock awards (in shares) | ' | ' | -256,027 | ' | ' | ' | ' |
Contributions from non-controlling interests | 10,231 | ' | ' | ' | ' | ' | 10,231 |
Distributions to non-controlling interests | -129,686 | ' | ' | ' | ' | ' | -129,686 |
Acquisition of non-controlling interests | 182,898 | ' | ' | ' | ' | ' | 182,898 |
Other | -2,206 | ' | ' | 1,336 | ' | ' | -5,564 |
Other (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 2,022 | ' |
Ending balance (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -68,722 | ' |
Ending balance (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -89,717 | ' |
Ending balance at Dec. 31, 2011 | 1,417,163 | 3,280 | ' | 882,141 | 424,499 | ' | 265,682 |
Ending balance (in shares) at Dec. 31, 2011 | ' | ' | 327,972,156 | ' | ' | ' | ' |
Net income (loss) | 304,787 | ' | ' | ' | 315,555 | ' | -10,768 |
Pension liability adjustments, net of tax | -947 | ' | ' | ' | ' | ' | ' |
Pension liability adjustments, net of tax (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -947 | ' |
Stock options exercised (including tax benefit) | 23,254 | 19 | ' | 23,235 | ' | ' | ' |
Stock options exercised (including tax benefit) (in shares) | ' | ' | 1,930,092 | ' | ' | ' | ' |
Non-cash issuance of common stock | 177 | 4 | ' | 173 | ' | ' | ' |
Non-cash issuance of common stock (in shares) | ' | ' | 441,097 | ' | ' | ' | ' |
Compensation expense for stock options and non-vested stock awards | 51,712 | ' | ' | 51,712 | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax | -4,924 | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -4,924 | ' |
Unrealized holding gains on available for sale securities, net of tax | 475 | ' | ' | ' | ' | ' | ' |
Unrealized holding gains on available for sale securities, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 475 | ' |
Foreign currency translation (loss) gain | -997 | ' | ' | ' | ' | ' | -386 |
Foreign currency translation (loss) gain (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -611 | ' |
Cancellation of non-vested stock awards | -2 | -2 | ' | ' | ' | ' | ' |
Cancellation of non-vested stock awards (in shares) | ' | ' | -261,158 | ' | ' | ' | ' |
Contributions from non-controlling interests | 16,075 | ' | ' | ' | ' | ' | 16,075 |
Distributions to non-controlling interests | -48,162 | ' | ' | ' | ' | ' | -48,162 |
Deconsolidation of CBRE Clarion U.S., L.P. (see Note 3) | -91,580 | ' | ' | ' | ' | ' | -91,580 |
Other | 14,781 | ' | ' | 3,639 | ' | ' | 11,740 |
Other (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -598 | ' |
Ending balance (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -69,669 | ' |
Ending balance (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -95,375 | ' |
Ending balance at Dec. 31, 2012 | 1,681,812 | 3,301 | ' | 960,900 | 740,054 | ' | 142,601 |
Ending balance (in shares) at Dec. 31, 2012 | ' | ' | 330,082,187 | ' | ' | ' | ' |
Net income (loss) | 348,795 | ' | ' | ' | 316,538 | ' | 32,257 |
Pension liability adjustments, net of tax | -5,638 | ' | ' | ' | ' | ' | ' |
Pension liability adjustments, net of tax (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -5,638 | ' |
Stock options exercised (including tax benefit) | 15,671 | 16 | ' | 15,655 | ' | ' | ' |
Stock options exercised (including tax benefit) (in shares) | ' | ' | 1,620,515 | ' | ' | ' | ' |
Non-cash issuance of common stock | 153 | 4 | ' | 149 | ' | ' | ' |
Non-cash issuance of common stock (in shares) | ' | ' | 478,884 | ' | ' | ' | ' |
Non-cash issuance of non-vested common stock related to acquisition | 9,205 | 4 | ' | 9,201 | ' | ' | ' |
Non-cash issuance of non-vested stock related to acquisition (in shares) | ' | ' | 362,916 | ' | ' | ' | ' |
Non-vested stock grants | 1 | 1 | ' | ' | ' | ' | ' |
Non-vested stock grants (in shares) | ' | ' | 72,580 | ' | ' | ' | ' |
Compensation expense for stock options and non-vested stock awards | 48,429 | ' | ' | 48,429 | ' | ' | ' |
Stock and stock units repurchased for payment of taxes on stock awards | -16,628 | -6 | ' | -16,622 | ' | ' | ' |
Stock and stock units repurchased for payment of taxes on stock awards (in shares) | ' | ' | -601,917 | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax | 11,512 | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 11,512 | ' |
Unrealized holding gains on available for sale securities, net of tax | 1,151 | ' | ' | ' | ' | ' | ' |
Unrealized holding gains on available for sale securities, net of tax (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 1,151 | ' |
Foreign currency translation (loss) gain | 7,390 | ' | ' | ' | ' | ' | -786 |
Foreign currency translation (loss) gain (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 8,176 | ' |
Cancellation of non-vested stock awards | -1 | -1 | ' | ' | ' | ' | ' |
Cancellation of non-vested stock awards (in shares) | ' | ' | -87,999 | ' | ' | ' | ' |
Contributions from non-controlling interests | 1,092 | ' | ' | ' | ' | ' | 1,092 |
Distributions to non-controlling interests | -128,168 | ' | ' | ' | ' | ' | -128,168 |
Acquisition of non-controlling interests | -39,830 | ' | ' | -30,300 | ' | ' | -9,530 |
Other | 1,060 | ' | ' | -5,415 | ' | ' | 2,755 |
Other (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | 3,720 | ' |
Ending balance (Minimum Pension Liability [Member]) | ' | ' | ' | ' | ' | -75,307 | ' |
Ending balance (Foreign currency translation and other [Member]) | ' | ' | ' | ' | ' | -70,816 | ' |
Ending balance at Dec. 31, 2013 | $1,936,006 | $3,319 | ' | $981,997 | $1,056,592 | ' | $40,221 |
Ending balance (in shares) at Dec. 31, 2013 | ' | ' | 331,927,166 | ' | ' | ' | ' |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
1. Nature of Operations | |
CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as the “company”, “we”, “us” and “our”), was incorporated on February 20, 2001. We are the world’s largest commercial real estate services and investment firm, based on 2013 revenue, with leading full-service operations in major metropolitan areas throughout the world. We offer a full range of services to occupiers, owners, lenders and investors in office, retail, industrial, multifamily and other types of commercial real estate. As of December 31, 2013, excluding independent affiliates, we operated in approximately 350 offices worldwide, with approximately 44,000 employees providing commercial real estate services under the “CBRE” brand name, investment management services under the “CBRE Global Investors” brand name and development services under the “Trammell Crow” brand name. Our business is focused on several competencies, including commercial property and corporate facilities management, tenant/occupier and property/agency leasing, property sales, real estate investment management, valuation, commercial mortgage origination and servicing, capital markets (structured finance and debt) solutions, development services and proprietary research. We generate revenue from management fees on a contractual and per-project basis, and from commissions on transactions. Our contractual, fee-for-services businesses, which generally involve facilities management, property management, mortgage loan servicing and investment management, represented approximately 41% of our 2013 revenue. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
2. Significant Accounting Policies | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries, as well as variable interest entities (VIEs) in which we are the primary beneficiary and other subsidiaries of which we have control. The equity attributable to non-controlling interests in subsidiaries is shown separately in the accompanying consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Variable Interest Entities | |||||||||||||
As required by the “Consolidations” Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) (Topic 810), we consolidate all VIEs in which we are the entity’s primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. The entity which satisfies these criteria is deemed to be the primary beneficiary of the VIE. | |||||||||||||
We determine if an entity is a VIE based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. | |||||||||||||
We analyze any investments in VIEs to determine if we are the primary beneficiary. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, we consider the rights of other investors to participate in those decisions, to replace the manager and to sell or liquidate the entity. | |||||||||||||
We also have several co-investments in real estate investment funds which qualify for a deferral of the qualitative approach for analyzing potential VIEs. We continue to analyze these investments under the former quantitative method incorporating various estimates, including estimated future cash flows, asset hold periods and discount rates, as well as estimates of the probabilities of various scenarios occurring. If the entity is a VIE, we then determine whether we consolidate the entity as the primary beneficiary. This determination of whether we are the primary beneficiary includes any impact of an “upside economic interest” in the form of a “promote” that we may have. A promote is an interest built into the distribution structure of the entity based on the entity’s achievement of certain return hurdles. | |||||||||||||
We consolidate any VIE of which we are the primary beneficiary (see Note 4) and disclose significant VIEs of which we are not the primary beneficiary, if any, as well as disclose our maximum exposure to loss related to VIEs that are not consolidated. We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. | |||||||||||||
Limited Partnerships, Limited Liability Companies and Other Subsidiaries | |||||||||||||
If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited partnerships, limited liability companies and other subsidiaries is based on voting control. For our general partner interests, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling general partner investments in these entities under the equity method. This treatment also applies to our managing member interests in limited liability companies. | |||||||||||||
Our determination of the appropriate accounting method for all other investments in subsidiaries is based on the amount of influence we have (including our ownership interest) in the underlying entity. Those other investments where we have the ability to exercise significant influence (but not control) over operating and financial policies of such subsidiaries (including certain subsidiaries where we have less than 20% ownership) are accounted for using the equity method. We eliminate transactions with such equity method subsidiaries to the extent of our ownership in such subsidiaries. Accordingly, our share of the earnings or losses of these equity method subsidiaries is included in consolidated net income. All of our remaining investments are carried at cost. | |||||||||||||
Under either the equity or cost method, impairment losses are recognized upon evidence of other-than-temporary losses of value. When testing for impairment on investments that are not actively traded on a public market, we generally use a discounted cash flow approach to estimate the fair value of our investments and/or look to comparable activities in the marketplace. Management judgment is required in developing the assumptions for the discounted cash flow approach. These assumptions include net asset values, internal rates of return, discount and capitalization rates, interest rates and financing terms, rental rates, timing of leasing activity, estimates of lease terms and related concessions, etc. When determining if impairment is other-than-temporary, we also look to the length of time and the extent to which fair value has been less than cost as well as the financial condition and near-term prospects of each investment. | |||||||||||||
Estimates, Risks and Uncertainties | |||||||||||||
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S.), which require management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets, liabilities, revenue and expenses we report. Such estimates include the value of goodwill, intangibles and other long-lived assets, accounts receivable, investments in unconsolidated subsidiaries and assumptions used in the calculation of income taxes, retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best judgment, and are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including consideration of the macroeconomic environment. The after-effects of the recent global financial crisis, including highly volatile credit, equity and foreign currency markets and a slow and uneven global economic recovery, have increased the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be forecast with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||||||||||||
The fair value of our goodwill and non-amortizable intangible assets is impacted by economic and capital market conditions as well as our stock price. Property sales and leasing activity is affected by economic and employment growth, capital markets liquidity, credit availability and pricing, business and investor confidence, and inflation levels. Adverse trends involving any or all of these factors could reduce transaction-based revenue as well as property values and sales and leasing volume. Such adverse economic conditions could cause declines in the estimated future discounted cash flows expected for our reporting units. A major or sustained decline in our future cash flows and/or the current economic conditions could result in impairment charges. | |||||||||||||
The recoverability of our investments in unconsolidated subsidiaries has been impacted by the global financial crisis. This was initially evident in sharply reduced property sales activity and decreasing property values throughout 2009. As liquidity subsequently improved, transaction activity has revived, to varying degrees and at a different pace in various regions around the world, over the past four years from the low levels of 2008 and 2009, but has remained well below the volume experienced in 2006 and 2007. Property values also have rebounded, but price appreciation has been most significant in top-tier assets and in the largest, most liquid markets. The assumptions utilized in our recoverability analysis reflect our belief that a gradual recovery will continue, but that a return to capital markets turmoil and negative economic growth could result in impairment charges. | |||||||||||||
The recoverability of the carrying value of our investments in real estate is impacted by general conditions in the U.S. economy and commercial real estate market. Market fundamentals in the primary property types that we develop or own weakened significantly in late 2008 and throughout 2009. Market conditions have improved, to varying degrees and at a different pace in various regions globally, over the past four years. Property sales have increased steadily as investor confidence and liquidity returned to the commercial real estate market. However, if conditions in the broader economy, capital markets, local, regional or global commercial real estate markets decline sharply once again, we may be required to record impairment charges. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents generally consist of cash and highly liquid investments with an original maturity of less than three months. Included in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 is cash and cash equivalents of $32.4 million and $94.6 million, respectively, from consolidated funds and other entities, which is not available for general corporate use. We also manage certain cash and cash equivalents as an agent for our investment and property and facilities management clients. These amounts are not included in the accompanying consolidated balance sheets (see Note 19). | |||||||||||||
Restricted Cash | |||||||||||||
Included in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 is restricted cash of $61.2 million and $73.7 million, respectively. The balances primarily include restricted cash set aside to cover funding obligations as required by contracts executed by us in the normal course of business. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Users of real estate services account for a substantial portion of trade receivables and collateral is generally not required. The risk associated with this concentration is limited due to the large number of users and their geographic dispersion. | |||||||||||||
We place substantially all of our interest-bearing investments with major financial institutions and limit the amount of credit exposure with any one financial institution. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment is stated at cost, net of accumulated depreciation. Depreciation and amortization of property and equipment is computed primarily using the straight-line method over estimated useful lives ranging up to 15 years. Leasehold improvements are amortized over the term of their associated leases, excluding options to renew, since such leases generally do not carry prohibitive penalties for non-renewal. We capitalize expenditures that materially increase the life of our assets and expense the costs of maintenance and repairs. | |||||||||||||
We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If this review indicates that such assets are considered to be impaired, the impairment is recognized in the period the changes occur and represents the amount by which the carrying value exceeds the fair value of the asset. | |||||||||||||
Certain costs related to the development or purchase of internal-use software are capitalized. Internal computer software costs that are incurred in the preliminary project stage are expensed as incurred. Direct consulting costs as well as payroll and related costs, which are incurred during the development stage of a project are generally capitalized and amortized over a three-year period (except for enterprise software development platforms, which range from five to ten years) when placed into production. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Our acquisitions require the application of purchase accounting, which results in tangible and identifiable intangible assets and liabilities of the acquired entity being recorded at fair value. The difference between the purchase price and the fair value of net assets acquired is recorded as goodwill. The majority of our goodwill balance has resulted from our acquisition of CBRE Services, Inc. (CBRE) in 2001 (the 2001 Acquisition), our acquisition of Insignia Financial Group, Inc. (Insignia) in 2003 (the Insignia Acquisition), our acquisition of the Trammell Crow Company in 2006 (the Trammell Crow Company Acquisition), our acquisition of substantially all of the ING Group N.V. (ING) Real Estate Investment Management (REIM) operations in Europe and Asia, as well as substantially all of Clarion Real Estate Securities (CRES) in 2011 (collectively referred to as the REIM Acquisitions) and our acquisition of Norland Managed Services Ltd (Norland) in 2013. Other intangible assets that have indefinite estimated useful lives and are not being amortized include certain management contracts identified in the REIM Acquisitions, a trademark, which was separately identified as a result of the 2001 Acquisition, as well as a trade name separately identified as a result of the REIM Acquisitions. The remaining other intangible assets primarily include customer relationships, loan servicing rights and management contracts, which are all being amortized over estimated useful lives ranging up to 20 years. | |||||||||||||
We are required to test goodwill and other intangible assets deemed to have indefinite useful lives for impairment annually or more often if circumstances or events indicate a change in the impairment status. The goodwill impairment analysis is a two-step process. The first step used to identify potential impairment involves comparing each reporting unit’s estimated fair value to its carrying value, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Management judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, etc. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment and the second step is performed to measure the amount of impairment. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined similar to how goodwill is calculated in a business combination, by measuring the excess of the estimated fair value of the reporting unit as calculated in step one, over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. Due to the many variables inherent in the estimation of a business’s fair value and the relative size of our goodwill, if different assumptions and estimates were used, it could have an adverse effect on our impairment analysis. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Costs incurred in connection with financing activities are generally deferred and amortized over the terms of the related debt agreements ranging up to ten years. Amortization of these costs is charged to interest expense in the accompanying consolidated statements of operations. Total deferred financing costs, net of accumulated amortization, included in other assets in the accompanying consolidated balance sheets were $42.3 million and $42.2 million as of December 31, 2013 and 2012, respectively. | |||||||||||||
During 2013, we completed a series of financing transactions, including the amendment and restatement of our credit agreement, the issuance of $800.0 million aggregate principal amount of 5.00% senior notes due March 15, 2023 and the redemption of all of the 11.625% senior subordinated notes totaling $450.0 million. During the year ended December 31, 2013, in connection with all of these financing activities, we incurred approximately $28.6 million of financing costs, of which $3.6 million was expensed. In addition, we expensed $17.8 million of previously-deferred financing costs as well as a $26.2 million early extinguishment premium and $8.7 million of unamortized original issue discount associated with the 11.625% senior subordinated notes. All of these write-offs were included in write-off of financing costs in the accompanying consolidated statements of operations. See Note 13 for additional information on activities associated with our debt. | |||||||||||||
Revenue Recognition | |||||||||||||
We record commission revenue on real estate sales generally upon close of escrow or transfer of title, except when future contingencies exist. Real estate commissions on leases are generally recorded in revenue when all obligations under the commission agreement are satisfied. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies including tenant occupancy, payment of a deposit or payment of a first month’s rent (or a combination thereof). As some of these conditions are outside of our control and are often not clearly defined, judgment must be exercised in determining when such required events have occurred in order to recognize revenue. | |||||||||||||
A typical commission agreement provides that we earn a portion of a lease commission upon the execution of the lease agreement by the tenant and landlord, with the remaining portion(s) of the lease commission earned at a later date, usually upon tenant occupancy or payment of rent. The existence of any significant future contingencies results in the delay of recognition of corresponding revenue until such contingencies are satisfied. For example, if we do not earn all or a portion of the lease commission until the tenant pays its first month’s rent, and the lease agreement provides the tenant with a free rent period, we delay revenue recognition until rent is paid by the tenant. | |||||||||||||
Property management revenues are generally based upon percentages of the revenue or base rent generated by the entities managed or the square footage managed. These fees are recognized when earned under the provisions of the related management agreements. | |||||||||||||
We account for certain reimbursements (primarily salaries and related charges) mainly related to our facilities and property management operations as revenue. Reimbursement revenue is recognized when the underlying reimbursable costs are incurred. | |||||||||||||
Investment management fees are based predominantly upon a percentage of the equity deployed on behalf of our limited partners. Fees related to our indirect investment management programs are based upon a percentage of the fair value of those investments. These fees are recognized when earned under the provisions of the related investment management agreements. Our Global Investment Management segment earns performance-based incentive fees with regard to many of its investments. Such revenue is recognized at the end of the measurement periods when the conditions of the applicable incentive fee arrangements have been satisfied and following the expiration of any potential claw back provision. With many of these investments, our Global Investment Management professionals have participation interests in such incentive fees, which are commonly referred to as carried interest. This carried interest expense is generally accrued for based upon the probability of such performance-based incentive fees being earned over the related vesting period. In addition, our Global Investment Management segment also earns success-based transaction fees with regard to buying or selling properties on behalf of certain funds and separate accounts. Such revenue is recognized at the completion of a successful transaction and is not subject to any claw back provision. | |||||||||||||
Appraisal fees are recorded after services have been rendered. Loan origination fees are recognized at the time a loan closes and we have no significant remaining obligations for performance in connection with the transaction, while loan servicing fees are recorded in revenue as monthly principal and interest payments are collected from mortgagors. Other commissions, consulting fees and referral fees are recorded as revenue at the time the related services have been performed, unless significant future contingencies exist. | |||||||||||||
Development services and project management services generate fees from development and construction management projects. Most development and construction management and project management assignments are subject to agreements that describe the calculation of fees and when we earn such fees. The earnings terms of these agreements dictate when we recognize the related revenue. Generally development fees are recognized based on the lower of the amount billed or the amount determined on a straight-line basis over the development period. We may earn incentive fees for project management services based upon achievement of certain performance criteria as set forth in the project management services agreement. We may earn incentive development fees by reaching specified timetable, leasing, budget or value creation targets, as defined in the relevant development services agreement. Certain incentive development fees allow us to share in the fair value of the developed real estate asset above cost. This sharing creates additional revenue potential to us with no exposure to loss other than opportunity cost. We recognize such fees when the specified target is attained and fees are deemed collectible. | |||||||||||||
We record deferred income to the extent that cash payments have been received in accordance with the terms of underlying agreements, but such amounts have not yet met the criteria for revenue recognition in accordance with generally accepted accounting principles. We recognize such revenues when the appropriate criteria are met. | |||||||||||||
In establishing the appropriate provisions for trade receivables, we make assumptions with respect to future collectability. Our assumptions are based on an assessment of a customer’s credit quality as well as subjective factors and trends, including the aging of receivables balances. In addition to these assessments, in general, outstanding trade accounts receivable amounts that are more than 180 days overdue are evaluated for collectability and fully provided for if deemed uncollectible. Historically, our credit losses have generally been insignificant. However, estimating losses requires significant judgment, and conditions may change or new information may become known after any periodic evaluation. As a result, actual credit losses may differ from our estimates. | |||||||||||||
Real Estate | |||||||||||||
Classification and Impairment Evaluation | |||||||||||||
We classify real estate in accordance with the criteria of the “Property, Plant and Equipment” Topic of the FASB ASC (Topic 360) as follows: (i) real estate held for sale, which includes completed assets or land for sale in its present condition that meet all of Topic 360’s “held for sale” criteria, (ii) real estate under development (current), which includes real estate that we are in the process of developing that is expected to be completed and disposed of within one year of the balance sheet date; (iii) real estate under development (non-current), which includes real estate that we are in the process of developing that is expected to be completed and disposed of more than one year from the balance sheet date; or (iv) real estate held for investment, which consists of land on which development activities have not yet commenced and completed assets or land held for disposition that do not meet the “held for sale” criteria. Any asset reclassified from real estate held for sale to real estate under development (current or non-current) or real estate held for investment is recorded individually at the lower of its fair value at the date of the reclassification or its carrying amount before it was classified as “held for sale,” adjusted (in the case of real estate held for investment) for any depreciation that would have been recognized had the asset been continuously classified as real estate held for investment. | |||||||||||||
Real estate held for sale is recorded at the lower of cost or fair value less cost to sell. If an asset’s fair value less cost to sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the asset. | |||||||||||||
Real estate under development and real estate held for investment are carried at cost less depreciation, as applicable. Buildings and improvements included in real estate held for investment are depreciated using the straight-line method over estimated useful lives, generally up to 39 years. Tenant improvements included in real estate held for investment are amortized using the straight-line method over the shorter of their estimated useful lives or terms of the respective leases. Land improvements included in real estate held for investment are depreciated over their estimated useful lives, up to 15 years. | |||||||||||||
Real estate under development and real estate held for investment are evaluated for impairment and losses are recorded when undiscounted cash flows estimated to be generated by an asset are less than the asset’s carrying amount. The amount of the impairment loss, if any, is calculated as the excess of the asset’s carrying value over its fair value, which is determined using a discounted cash flow analysis, management estimates or market comparisons. | |||||||||||||
Cost Capitalization and Allocation | |||||||||||||
When acquiring, developing and constructing real estate assets, we capitalize recoverable costs. Capitalization begins when the activities related to development have begun and ceases when activities are substantially complete and the asset is available for occupancy. Recoverable costs capitalized include pursuit costs, or pre-acquisition/pre-construction costs, taxes and insurance, interest, development and construction costs and costs of incidental operations. We do not capitalize any internal costs when acquiring, developing and constructing real estate assets. We expense transaction costs for acquisitions that qualify as a business in accordance with the “Business Combinations” Topic of the FASB ASC (Topic 805). Pursuit costs capitalized in connection with a potential development project that we have determined not to pursue are written off in the period that determination is made. | |||||||||||||
At times, we purchase bulk land that we intend to sell or develop in phases. The land basis allocated to each phase is based on the relative estimated fair value of the phases before construction. We allocate construction costs incurred relating to more than one phase between the various phases; if the costs cannot be specifically attributed to a certain phase or the improvements benefit more than one phase, we allocate the costs between the phases based on their relative estimated sales values, where practicable, or other value methods as appropriate under the circumstances. Relative allocations of the costs are revised as the sales value estimates are revised. | |||||||||||||
When acquiring real estate with existing buildings, we allocate the purchase price between land, land improvements, building and intangibles related to in-place leases, if any, based on their relative fair values. The fair values of acquired land and buildings are determined based on an estimated discounted future cash flow model with lease-up assumptions as if the building was vacant upon acquisition. The fair value of in-place leases includes the value of lease intangibles for above or below-market rents and tenant origination costs, determined on a lease by lease basis. The capitalized values for both lease intangibles and tenant origination costs are amortized over the term of the underlying leases. Amortization related to lease intangibles is recorded as either an increase to or a reduction of rental income and amortization for tenant origination costs is recorded to amortization expense. | |||||||||||||
Disposition of Real Estate | |||||||||||||
Gains on disposition of real estate are recognized upon sale of the underlying project. We evaluate each real estate sale transaction to determine if it qualifies for gain recognition under the full accrual method. If the transaction does not meet the criteria for the full accrual method of profit recognition based on our assessment, we account for a sale based on an appropriate deferral method determined by the nature and extent of the buyer’s investment and our continuing involvement. | |||||||||||||
Discontinued Operations | |||||||||||||
Topic 360 extends the reporting of a discontinued operation to a “component of an entity,” and further requires that a component be classified as a discontinued operation if the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the entity in the disposal transaction and the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. As defined in Topic 360, a “component of an entity” comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. Because each of our consolidated real estate assets is generally accounted for in a discrete subsidiary, many constitute a component of an entity under Topic 360, increasing the likelihood that the disposition of assets that we hold for sale in the ordinary course of business must be reported as a discontinued operation unless we have significant continuing involvement in the operations of the asset after its disposition. Furthermore, operating profits and losses on such assets are required to be recognized and reported as operating profits and losses on discontinued operations in the periods in which they occur. | |||||||||||||
Business Promotion and Advertising Costs | |||||||||||||
The costs of business promotion and advertising are expensed as incurred. Business promotion and advertising costs of $49.4 million, $43.7 million and $42.5 million were included in operating, administrative and other expenses for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currencies | |||||||||||||
The financial statements of subsidiaries located outside the U.S. are generally measured using the local currency as the functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The resulting translation adjustments are included in the accumulated other comprehensive loss component of equity. Gains and losses resulting from foreign currency transactions are included in the results of operations. The aggregate transaction losses included in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 were $12.6 million, $3.6 million and $0.4 million, respectively. | |||||||||||||
Derivative Financial Instruments and Hedging Activities | |||||||||||||
As required by FASB ASC Topic 815 “Derivatives and Hedging,” we record all derivatives on the balance sheet at fair value. We do not net derivatives on our balance sheet. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. In all cases, we view derivative financial instruments as a risk management tool and, accordingly, do not use derivatives for trading or speculative purposes. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive loss consists of foreign currency translation adjustments, unrealized gains (losses) on interest rate swaps and interest rate caps, unrealized holding gains on available for sale securities and other pension liability adjustments. Foreign currency translation adjustments exclude any income tax effect given that earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time (see Note 16). | |||||||||||||
Marketable Securities | |||||||||||||
We account for investments in marketable debt and equity securities in accordance with the “Investments— Debt and Equity Securities” Topic of the FASB ASC (Topic 320). We determine the appropriate classification of debt and equity securities at the time of purchase and reevaluate such designation as of each balance sheet date. Marketable securities we acquire with the intent to generate a profit from short-term movements in market prices are classified as trading securities. Debt securities are classified as held to maturity when we have the positive intent and ability to hold the securities to maturity. Marketable equity and debt securities not classified as trading or held to maturity are classified as available for sale. | |||||||||||||
Trading securities are carried at their fair value with realized and unrealized gains and losses included in net income. Available for sale securities are carried at their fair value and any difference between cost and fair value is recorded as unrealized gain or loss, net of income taxes, and is reported as accumulated other comprehensive loss in the consolidated statement of equity. Premiums and discounts are recognized in interest income using the effective interest method. Realized gains and losses and declines in value expected to be other-than-temporary on available for sale securities have not been significant. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available for sale are included in interest income. | |||||||||||||
Warehouse Receivables | |||||||||||||
Our wholly-owned subsidiary CBRE Capital Markets is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets wholly-owned subsidiary Multifamily Capital is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets wholly-owned subsidiary CBRE HMF is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At December 31, 2013 and 2012, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage backed securities that will be secured by the underlying loans. | |||||||||||||
Mortgage Servicing Rights | |||||||||||||
In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets or liabilities based on the fair value of the mortgage servicing rights on the date the loans are sold. We also assume or purchase certain servicing assets. Servicing assets are carried at the lower of amortized cost or fair value in other intangible assets in the accompanying consolidated balance sheets and are amortized in proportion to and over the estimated period that net servicing income is expected to be received based on projections and timing of estimated future net cash flows. | |||||||||||||
Our recording of mortgage servicing rights at their fair value resulted in net gains, which have been reflected in the accompanying consolidated statements of operations. The amount of mortgage servicing rights recognized during the years ended December 31, 2013 and 2012 was as follows (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, mortgage servicing rights | $ | 144,955 | $ | 95,343 | |||||||||
Mortgage servicing rights recognized | 75,269 | 83,721 | |||||||||||
Mortgage servicing rights sold | (820 | ) | (10,297 | ) | |||||||||
Amortization expense | (38,921 | ) | (23,812 | ) | |||||||||
Ending balance, mortgage servicing rights | $ | 180,483 | $ | 144,955 | |||||||||
Mortgage servicing rights do not actively trade in an open market with readily available observable prices; therefore, fair value is determined based on certain assumptions and judgments, including the estimation of the present value of future cash flows realized from servicing the underlying mortgage loans. Management’s assumptions include the benefits of servicing (servicing fee income and interest on escrow deposits), inflation, the cost of servicing, prepayment rates, delinquencies, discount rate and the estimated life of servicing cash flows. The assumptions used are subject to change based on management’s judgments and estimates of changes in future cash flows and interest rates, among other things. The key assumptions used during the years ended December 31, 2013, 2012 and 2011 in measuring fair value were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 14.81 | % | 15 | % | 15 | % | |||||||
Conditional prepayment rate | 7 | % | 7 | % | 7 | % | |||||||
Inflation | 2 | % | 2.5 | % | 2.5 | % | |||||||
Delinquencies | — | — | — | ||||||||||
The estimated fair value of our mortgage servicing rights was $203.6 million and $165.4 million as of December 31, 2013 and 2012, respectively. We did not incur any impairment charges related to our servicing rights during the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
Included in revenue in the accompanying consolidated statements of operations are contractually specified servicing fees from loans serviced for others of $55.2 million, $40.0 million and $28.2 million for the years ended December 31, 2013, 2012 and 2011, respectively and late fees/ancillary income earned from loans serviced for others of $1.9 million, $0.8 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Accounting for Broker Draws | |||||||||||||
As part of our recruitment efforts relative to new U.S. brokers, we offer a transitional broker draw arrangement. Our broker draw arrangements generally last until such time as a broker’s pipeline of business is sufficient to allow him or her to earn sustainable commissions. This program is intended to provide the broker with a minimal amount of cash flow to allow adequate time for his or her training as well as time for him or her to develop business relationships. Similar to traditional salaries, the broker draws are paid irrespective of the actual revenues generated by the broker. Often these broker draws represent the only form of compensation received by the broker. Furthermore, it is not our general policy to pursue collection of unearned broker draws paid under this arrangement. As a result, we have concluded that broker draws are economically equivalent to salaries paid and accordingly charge them to compensation as incurred. The broker is also entitled to earn a commission on completed revenue transactions. This amount is calculated as the commission that would have been payable under our full commission program, less any amounts previously paid to the broker in the form of a draw. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We account for all employee awards under the fair value recognition provisions of the “Compensation— Stock Compensation” Topic of the FASB ASC (Topic 718). Topic 718 requires the measurement of compensation cost at the grant date, based upon the estimated fair value of the award, and requires amortization of the related expense over the employee’s requisite service period. See Note 15 for additional information on our stock-based compensation plans. | |||||||||||||
Income Per Share | |||||||||||||
Basic income per share attributable to CBRE Group, Inc. is computed by dividing net income attributable to CBRE Group, Inc. shareholders by the weighted average number of common shares outstanding during each period. The computation of diluted income per share attributable to CBRE Group, Inc. generally further assumes the dilutive effect of potential common shares, which include stock options and certain contingently issuable shares. Contingently issuable shares consist of non-vested stock awards. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the asset and liability method in accordance with the “Accounting for Income Taxes” Topic of the FASB ASC (Topic 740). Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||
Self-Insurance | |||||||||||||
Our wholly-owned captive insurance company, which is subject to applicable insurance rules and regulations, insures our exposure related to workers’ compensation insurance provided to employees and we purchase excess coverage from an unrelated insurance carrier. We purchase general liability and automotive insurance through an unrelated insurance carrier. The captive insurance company reinsures the related deductibles. The captive insurance company also insures deductibles relating to professional indemnity claims. Given the nature of these types of claims, it may take several years for resolution and determination of the cost of these claims. We are required to estimate the cost of these claims in our financial statements. | |||||||||||||
The estimates that we utilize to record our potential losses on claims are inherently subjective, and actual claims could differ from amounts recorded, which could result in increased or decreased expense in future periods. As of December 31, 2013 and 2012, our reserves for claims under these insurance programs were $65.7 million and $48.4 million, respectively, which were included in other current and other long-term liabilities in the accompanying consolidated balance sheets. Of these amounts, $2.2 million and $11.9 million, respectively, represented our estimated current liabilities as of December 31, 2013 and 2012. | |||||||||||||
Non-Controlling Interests in Consolidated Limited Life Subsidiaries | |||||||||||||
As of December 31, 2013, the estimated settlement value of non-controlling interests in our consolidated limited life subsidiaries was $5.4 million, which approximates the carrying value, and which was included in non-controlling interests in the accompanying consolidated balance sheets. As of December 31, 2012, the estimated settlement value of non-controlling interests in our consolidated limited life subsidiaries was $68.4 million, as compared to the carrying value of $61.7 million, which was included in non-controlling interests in the accompanying consolidated balance sheets. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In March 2013, the FASB issued Accounting Standards Update (ASU) 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU states that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013, with early adoption permitted. We do not believe the adoption of this update will have a material effect on our consolidated financial position or results of operations. | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. This ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date, with retrospective application permitted. We do not believe the adoption of this update will have a material impact on our consolidated financial position. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the 2011 and 2012 financial statements to conform with the 2013 presentation. |
REIM_Acquisitions
REIM Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
REIM Acquisitions | ' | ||||
3. REIM Acquisitions | |||||
In 2011, we acquired the majority of the real estate investment management business of Netherlands-based ING. The acquisitions included substantially all of ING’s REIM operations in Europe and Asia, as well as substantially all of CRES, its U.S.-based global real estate listed securities business (collectively referred to as ING REIM) along with certain CRES co-investments from ING and additional interests in other funds managed by ING REIM Europe and ING REIM Asia. Upon completion of the acquisitions (collectively referred to as the REIM Acquisitions), ING REIM became part of our Global Investment Management segment (which conducts business through our indirect wholly-owned subsidiary, CBRE Global Investors, an independently operated business segment). We completed the REIM Acquisitions in order to significantly enhance our ability to meet the needs of institutional investors across global markets with a full spectrum of investment programs and strategies. | |||||
We secured borrowings of $800.0 million of term loans to finance the REIM Acquisitions (see Note 13). Of this amount, $400.0 million was drawn on June 30, 2011 to finance the CRES portion of the REIM Acquisitions, which closed on July 1, 2011. On August 31, 2011, we drew down the remaining $400.0 million, part of which was used to finance the ING REIM Asia portion of the REIM Acquisitions, which closed on October 3, 2011, and the remainder, along with cash on hand and borrowings under our revolving credit facility, was used to finance the ING REIM Europe portion of the REIM Acquisitions, which closed on October 31, 2011. | |||||
The following represents a summary of the purchase price for the REIM Acquisitions (dollars in thousands): | |||||
Purchase of CRES on July 1, 2011 | $ | 332,845 | |||
Purchase of CRES co-investments on July 1, 2011 | 58,566 | ||||
Purchase of ING REIM Asia on October 3, 2011 | 45,315 | ||||
Purchase of ING REIM Europe on October 31, 2011 | 441,515 | ||||
Total purchase price | $ | 878,241 | |||
In connection with our acquisition of CRES, we acquired CRES co-investments from ING in three funds (CRES Funds) for an aggregate purchase price of $58.6 million, which has been included above. We determined that the CRES Funds were not VIEs and accordingly determined the method of accounting based upon voting control. The limited partners/members of the CRES Funds lack substantive rights that would overcome our presumption of control. Accordingly, we began consolidating the CRES Funds as of the acquisition date of July 1, 2011. In connection with the REIM Acquisitions, we also acquired three ING REIM Asia co-investments from ING for an aggregate amount of $13.9 million on October 3, 2011 and several ING REIM Europe co-investments, including one for $7.4 million on October 31, 2011, and nine additional co-investments for an aggregate amount of $34.5 million during the year ended December 31, 2012. | |||||
In January 2012, one of the CRES Funds (CBRE Clarion U.S., L.P.) was converted to a registered mutual fund, the CBRE Clarion Long/Short Fund (the Fund). As a result of this triggering event, we determined that the Fund became a VIE and that we were not the primary beneficiary. Accordingly, in the first quarter of 2012, the Fund was deconsolidated from our consolidated financial statements and we recorded an investment in available for sale securities of $14.3 million. No gain or loss was recognized in our consolidated statement of operations as a result of this deconsolidation. We continue to act as the Fund’s adviser, make investment decisions for the Fund and review, supervise and administer the Fund’s investment program. | |||||
The consolidated statement of operations for the year ended December 31, 2011 includes revenue, operating income and net income attributable to CBRE Group, Inc. of $84.6 million, $15.7 million and $9.1 million, respectively, attributable to the REIM Acquisitions. This does not include direct transaction and integration costs incurred during the year ended December 31, 2011 of $66.7 million in connection with the REIM Acquisitions. | |||||
Unaudited pro forma results, assuming the REIM Acquisitions had occurred as of January 1, 2011 for purposes of the 2011 pro forma disclosures, are presented below. They include certain adjustments, including $17.2 million of increased amortization expense as a result of intangible assets acquired in the REIM Acquisitions, $19.2 million of additional interest expense as a result of debt incurred to finance the REIM Acquisitions, the removal of $73.0 million of direct costs incurred by us and ING related to the REIM Acquisitions, and the tax impact of the pro forma adjustments. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the REIM Acquisitions occurred on January 1, 2011 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||
Year Ended | |||||
December 31, 2011 | |||||
Revenue | $ | 6,138,194 | |||
Operating income | $ | 555,687 | |||
Net income attributable to CBRE Group, Inc. | $ | 258,751 | |||
Basic income per share | $ | 0.81 | |||
Weighted average shares outstanding for basic income per share | 318,454,191 | ||||
Diluted income per share | $ | 0.8 | |||
Weighted average shares outstanding for diluted income per share | 323,723,755 |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Variable Interest Entities (VIEs) | ' | ||||||||||||
4. Variable Interest Entities (VIEs) | |||||||||||||
A consolidated subsidiary (the Venture) in our Global Investment Management segment has sponsored investments by third-party investors in certain commercial properties through the formation of tenant-in-common limited liability companies and Delaware Statutory Trusts (collectively referred to as the Entities) that are owned by the third-party investors. The Venture also has formed and is a member of a limited liability company for each property that serves as master tenant (Master Tenant). Each Master Tenant leases the property from the Entities through a master lease agreement. Pursuant to the master lease agreements, the Master Tenant has the power to direct the day-to-day asset management activities that most significantly impact the economic performance of the Entities. As a result, the Entities were deemed to be VIEs since the third-party investors holding the equity investment at risk in the Entities do not direct the day-to-day activities that most significantly impact the economic performance of the properties held by the Entities. The Venture has made and may continue to make voluntary contributions to each of these properties to support their operations beyond the cash flow generated by the properties themselves. As of the most recent reconsideration date, such financial support has been significant enough that the Venture was deemed to be the primary beneficiary of each Entity. | |||||||||||||
No financial support was provided by the Venture to the Entities during the year ended December 31, 2013. During both the years ended December 31, 2012 and 2011, the Venture funded $0.2 million of financial support to the Entities. | |||||||||||||
The Entities were initially consolidated by the Venture upon adoption of ASU 2009-17, “Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved With Variable Interest Entities,” on January 1, 2010. The Entities’ assets and associated mortgage notes payable aggregated $251.0 million and $221.5 million, respectively, and were recorded based on their fair value at adoption. We did not recognize a gain or loss on the initial consolidation of these Entities. The assets of the Entities are the sole collateral for the mortgage notes payable and other liabilities of the Entities and as such, the creditors and equity investors of these Entities have no recourse to our assets held outside of these Entities. During the year ended December 31, 2011, five of the original eight commercial properties were sold. During the year ended December 31, 2012, an additional Entity was consolidated during the first quarter and subsequently sold in the fourth quarter. During the year ended December 31, 2013, another one of the original eight commercial properties was sold. | |||||||||||||
Operating results relating to the Entities for the years ended December 31, 2013, 2012 and 2011 include the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 8,222 | $ | 13,359 | $ | 25,708 | |||||||
Operating, administrative and other expenses | $ | 4,289 | $ | 7,961 | $ | 13,137 | |||||||
Income (loss) from discontinued operations, net of income taxes | $ | 15,236 | $ | (1,408 | ) | $ | 36,548 | ||||||
Net income (loss) attributable to non-controlling interests | $ | 13,805 | $ | (5,227 | ) | $ | 30,124 | ||||||
Investments in real estate of $39.9 million and $58.8 million and nonrecourse mortgage notes payable of $41.7 million ($0.9 million of which is current) and $61.7 million ($1.3 million of which is current) are included in real estate assets held for investment and notes payable on real estate, respectively, in the accompanying consolidated balance sheets as of December 31, 2013 and 2012, respectively. In addition, non-controlling deficits of $1.8 million and $2.7 million in the accompanying consolidated balance sheets as of December 31, 2013 and 2012, respectively, are attributable to the Entities. | |||||||||||||
We hold variable interests in certain VIEs in our Global Investment Management and Development Services segments which are not consolidated as it was determined that we are not the primary beneficiary. As of December 31, 2013 and 2012, our maximum exposure to loss related to the VIE’s which are not consolidated was as follows (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Investments in unconsolidated subsidiaries | $ | 33,787 | $ | 47,869 | |||||||||
Other assets, current | 3,547 | 3,185 | |||||||||||
Available for sale securities | — | 17,281 | |||||||||||
Co-investment commitments | 200 | 9,202 | |||||||||||
Maximum exposure to loss | $ | 37,534 | $ | 77,537 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||||||
The “Fair Value Measurements and Disclosures” Topic of the FASB ASC (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||||||
There were no significant transfers in and out of Level 1 and Level 2 during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 3,688 | $ | — | $ | — | $ | 3,688 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 6,528 | — | 6,528 | |||||||||||||||||
Corporate debt securities | — | 17,456 | — | 17,456 | |||||||||||||||||
Asset-backed securities | — | 3,381 | — | 3,381 | |||||||||||||||||
Collateralized mortgage obligations | — | 2,720 | — | 2,720 | |||||||||||||||||
Total debt securities | 3,688 | 30,085 | — | 33,773 | |||||||||||||||||
Equity securities | 23,027 | — | — | 23,027 | |||||||||||||||||
Total available for sale securities | 26,715 | 30,085 | — | 56,800 | |||||||||||||||||
Trading securities | 58,442 | — | — | 58,442 | |||||||||||||||||
Warehouse receivables | — | 381,545 | — | 381,545 | |||||||||||||||||
Total assets at fair value | $ | 85,157 | $ | 411,630 | $ | — | $ | 496,787 | |||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 29,034 | $ | — | $ | 29,034 | |||||||||||||
Total liabilities at fair value | $ | — | $ | 29,034 | $ | — | $ | 29,034 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 9,827 | $ | — | $ | — | $ | 9,827 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 1,914 | — | 1,914 | |||||||||||||||||
Corporate debt securities | — | 8,347 | — | 8,347 | |||||||||||||||||
Asset-backed securities | — | 5,050 | — | 5,050 | |||||||||||||||||
Collateralized mortgage obligations | — | 2,771 | — | 2,771 | |||||||||||||||||
Total debt securities | 9,827 | 18,082 | — | 27,909 | |||||||||||||||||
Equity securities | 29,891 | — | — | 29,891 | |||||||||||||||||
Total available for sale securities | 39,718 | 18,082 | — | 57,800 | |||||||||||||||||
Trading securities | 101,331 | — | — | 101,331 | |||||||||||||||||
Warehouse receivables | — | 1,048,340 | — | 1,048,340 | |||||||||||||||||
Total assets at fair value | $ | 141,049 | $ | 1,066,422 | $ | — | $ | 1,207,471 | |||||||||||||
Liabilities | |||||||||||||||||||||
Securities sold, not yet purchased | $ | 54,103 | $ | — | $ | — | $ | 54,103 | |||||||||||||
Interest rate swaps | — | 48,022 | — | 48,022 | |||||||||||||||||
Total liabilities at fair value | $ | 54,103 | $ | 48,022 | $ | — | $ | 102,125 | |||||||||||||
Fair value measurements for our available for sale securities are obtained from independent pricing services which utilize observable market data that may include quoted market prices, dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. | |||||||||||||||||||||
The trading securities and securities sold, not yet purchased are primarily in the U.S. and are generally valued at the last reported sales price on the day of valuation or, if no sales occurred on the valuation date, at the mean of the bid and asked prices on such date. | |||||||||||||||||||||
The fair values of the warehouse receivables are calculated based on already locked in security buy prices. At December 31, 2013 and 2012, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage backed securities that will be secured by the underlying loans (See Note 2). These assets are classified as Level 2 in the fair value hierarchy as all inputs are readily observable. | |||||||||||||||||||||
The valuation of interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. To comply with the provisions of Topic 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with our adoption of ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2013, we have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy. | |||||||||||||||||||||
The following tables are a summary of our available for sale securities (dollars in thousands): | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 3,679 | $ | 20 | $ | (11 | ) | $ | 3,688 | ||||||||||||
Debt securities issued by U.S. federal agency obligations | 6,654 | 29 | (155 | ) | 6,528 | ||||||||||||||||
Corporate debt securities | 17,347 | 341 | (232 | ) | 17,456 | ||||||||||||||||
Asset-backed securities | 3,336 | 45 | — | 3,381 | |||||||||||||||||
Collateralized mortgage obligations | 2,671 | 53 | (4 | ) | 2,720 | ||||||||||||||||
Total debt securities | 33,687 | 488 | (402 | ) | 33,773 | ||||||||||||||||
Equity securities | 19,405 | 3,821 | (199 | ) | 23,027 | ||||||||||||||||
Total available for sale securities | $ | 53,092 | $ | 4,309 | $ | (601 | ) | $ | 56,800 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 9,733 | $ | 95 | $ | (1 | ) | $ | 9,827 | ||||||||||||
Debt securities issued by U.S. federal agency obligations | 1,893 | 30 | (9 | ) | 1,914 | ||||||||||||||||
Corporate debt securities | 7,890 | 457 | — | 8,347 | |||||||||||||||||
Asset-backed securities | 5,033 | 52 | (35 | ) | 5,050 | ||||||||||||||||
Collateralized mortgage obligations | 2,682 | 107 | (18 | ) | 2,771 | ||||||||||||||||
Total debt securities | 27,231 | 741 | (63 | ) | 27,909 | ||||||||||||||||
Equity securities | 29,469 | 849 | (427 | ) | 29,891 | ||||||||||||||||
Total available for sale securities | $ | 56,700 | $ | 1,590 | $ | (490 | ) | $ | 57,800 | ||||||||||||
The net carrying value and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. Actual repayment dates may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations. | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
Due in one year or less | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 13,337 | 13,506 | |||||||||||||||||||
Due after five years through ten years | 8,128 | 8,091 | |||||||||||||||||||
Due after ten years | 6,215 | 6,075 | |||||||||||||||||||
Asset-backed securities | 3,336 | 3,381 | |||||||||||||||||||
Collateralized mortgage obligations | 2,671 | 2,720 | |||||||||||||||||||
Total debt securities | $ | 33,687 | $ | 33,773 | |||||||||||||||||
We did not record any significant dividends or interest income related to marketable securities for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2013 relating to trading securities still held at December 31, 2013 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2013 on trading securities | $ | 6,845 | |||||||||||||||||||
Less: Net realized gains recognized on trading securities sold during the year ended December 31, 2013 | 7,627 | ||||||||||||||||||||
Net unrealized losses recognized during the year ended December 31, 2013 on trading securities still held at December 31, 2013 | $ | (782 | ) | ||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2012 relating to trading securities still held at December 31, 2012 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2012 on trading securities | $ | 5,318 | |||||||||||||||||||
Less: Net realized gains recognized on trading securities sold during the year ended December 31, 2012 | 4,313 | ||||||||||||||||||||
Net unrealized gains recognized during the year ended December 31, 2012 on trading securities still held at December 31, 2012 | $ | 1,005 | |||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2011 relating to trading securities still held at December 31, 2011 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2011 on trading securities | $ | 1,706 | |||||||||||||||||||
Less: Net realized losses recognized on trading securities sold during the year ended December 31, 2011 | (1,917 | ) | |||||||||||||||||||
Net unrealized gains recognized during the year ended December 31, 2011 on trading securities still held at December 31, 2011 | $ | 3,623 | |||||||||||||||||||
The following non-recurring fair value measurements were recorded for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2013 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2013 | ||||||||||||||||||
Other intangible assets | $ | 78,950 | $ | — | $ | — | $ | 78,950 | $ | 98,129 | |||||||||||
Investments in unconsolidated subsidiaries | $ | 24,742 | $ | — | $ | 24,742 | $ | — | 4,139 | ||||||||||||
Total impairment charges | $ | 102,268 | |||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2012 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2012 | ||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | 5,841 | |||||||||||
Other intangible assets | $ | — | $ | — | $ | — | $ | — | 19,826 | ||||||||||||
Investments in unconsolidated subsidiaries | $ | 10,701 | $ | — | $ | 10,701 | $ | — | 3,907 | ||||||||||||
Real estate | $ | 74,115 | $ | — | $ | 74,115 | $ | — | 26,481 | ||||||||||||
Total impairment charges | $ | 56,055 | |||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2011 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2011 | ||||||||||||||||||
Investments in unconsolidated subsidiaries | $ | 24,084 | $ | — | $ | — | $ | 24,084 | $ | 5,550 | |||||||||||
Real estate | $ | 37,322 | $ | — | $ | — | $ | 37,322 | 4,337 | ||||||||||||
Total impairment charges | $ | 9,887 | |||||||||||||||||||
The fair value measurements employed for our impairment evaluations were generally based on third-party information available in non-active markets (such as third-party appraisals and offers received from third parties) as well as a discounted cash flow approach and/or review of comparable activities in the market place. Inputs used in these evaluations included risk-free rates of return, estimated risk premiums as well as other economic variables. | |||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||
During the year ended December 31, 2013, we recorded a non-amortizable intangible asset impairment of $98.1 million in our Global Investment Management segment. This non-cash write-off related to a decrease in value of our open-end funds, primarily in Europe. These funds have experienced a decline in assets under management, as the business mix shifts toward separate accounts, consistent with market movements following the extended financial crisis in Europe, which has resulted in project sales and planned liquidations of certain funds. | |||||||||||||||||||||
During the year ended December 31, 2012, we recorded a non-amortizable intangible asset impairment of $19.8 million in our EMEA segment. This non-cash write-off related to the discontinuation of the use of a trade name in the United Kingdom (U.K.). | |||||||||||||||||||||
All of our impairment charges related to non-amortizable intangible assets were included as a separate line item in the accompanying consolidated statements of operations. | |||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
During the year ended December 31, 2012, we recorded an asset impairment of $5.8 million in our Americas segment. This non-cash write-off resulted from the decision to abandon certain modules of a software platform that were being developed in the U.S. as a result of a change in strategy. This impairment charge was included within operating, administrative and other expenses in the accompanying consolidated statements of operations. | |||||||||||||||||||||
Investments in Unconsolidated Subsidiaries | |||||||||||||||||||||
During the year ended December 31, 2013, we recorded write-downs in our Global Investment Management of $4.1 million, of which $1.0 million were attributable to non-controlling interests. These write-downs were primarily driven by a decrease in the estimated holding period of certain assets. | |||||||||||||||||||||
During the year ended December 31, 2012, we recorded write-downs of $3.9 million, of which $0.6 million were attributable to non-controlling interests. During the year ended December 31, 2012, $3.8 million of the investment write-downs were reported in our Global Investment Management segment and $0.1 million were reported in our Development Services segment. These write-downs were primarily driven by a decrease in the estimated holding period of certain assets and continued challenging market conditions. | |||||||||||||||||||||
During the year ended December 31, 2011, we recorded write-downs of $5.6 million, of which $0.1 million were attributable to non-controlling interests. During the year ended December 31, 2011, $5.5 million of the investment write-downs were reported in our Global Investment Management segment and $0.1 million were reported in our Development Services segment. These write-downs were primarily driven by a decrease in the estimated holding period of certain assets. | |||||||||||||||||||||
All of our impairment charges related to investments in unconsolidated subsidiaries were included in equity income from unconsolidated subsidiaries in the accompanying consolidated statements of operations. When we performed our impairment analysis, the assumptions utilized reflected our outlook for the commercial real estate industry and the expected impact on our business. | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||
During the year ended December 31, 2012, we recorded impairment charges of $26.5 million on real estate held for investment. Of this amount, $15.9 million was attributable to non-controlling interests. These impairment charges were driven by a decrease in the estimated holding period of certain assets and continued challenging market conditions. | |||||||||||||||||||||
During the year ended December 31, 2011, we recorded charges of $4.3 million, including provisions for losses on real estate held for sale and impairment charges on real estate held for investment. Of this amount, $0.3 million was attributable to non-controlling interests. During the year ended December 31, 2011, we recorded provisions for losses on real estate held for sale of $2.6 million. These charges reduced the carrying value of certain assets to their fair value, less cost to sell, primarily due to reduced selling prices resulting from a decrease in the estimated holding period of certain assets. Additionally, during the year ended December 31, 2011, we recorded impairment charges of $1.7 million related to real estate held for investment, which were attributable to continued challenging market conditions. | |||||||||||||||||||||
All of the abovementioned charges were reported in our Development Services segment, with the exception of a $9.3 million impairment charge reported in our Global Investment Management segment during the year ended December 31, 2012. All of the abovementioned charges were included within operating, administrative and other expenses in the accompanying consolidated statements of operations, with the exception of a $1.3 million provision for loss on real estate for the year ended December 31, 2011, which was included within activity from discontinued operations. If conditions in the broader economy, commercial real estate industry, specific markets or product types in which we operate worsen, we may be required to evaluate additional projects or re-evaluate previously impaired projects for potential impairment. These evaluations could result in additional impairment charges. | |||||||||||||||||||||
FASB ASC Topic 825, “Financial Instruments” requires disclosure of fair value information about financial instruments, whether or not recognized in the accompanying consolidated balance sheets. Our financial instruments, excluding those included in the preceding fair value tables above, are as follows: | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash: These balances include cash and cash equivalents as well as restricted cash with maturities of less than three months. The carrying amount approximates fair value due to the short-term maturities of these instruments. | |||||||||||||||||||||
Receivables, less Allowance for Doubtful Accounts: Due to their short-term nature, fair value approximates carrying value. | |||||||||||||||||||||
Warehouse Receivables: These balances are carried at fair value based on market prices at the balance sheet date. | |||||||||||||||||||||
Trading and Available for Sale Securities: These investments are carried at their fair value. | |||||||||||||||||||||
Securities Sold, not yet Purchased: These liabilities are carried at their fair value. | |||||||||||||||||||||
Short-Term Borrowings: The majority of this balance represents our warehouse lines of credit and our revolving credit facility outstanding for CBRE Capital Markets. Due to the short-term nature and variable interest rates of these instruments, fair value approximates carrying value (see Note 13). | |||||||||||||||||||||
Senior Secured Term Loans: Based upon information from third-party banks, the estimated fair value of our senior secured term loans was approximately $687.6 million and $1.6 billion at December 31, 2013 and 2012, respectively. Their actual carrying value totaled $685.3 million and $1.6 billion at December 31, 2013 and 2012, respectively (see Note 13). | |||||||||||||||||||||
Interest Rate Swaps: These liabilities are carried at their fair value as calculated by using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative (see Note 6). | |||||||||||||||||||||
5.00% Senior Notes: Based on dealers’ quotes, the estimated fair value of our 5.00% senior notes was $769.4 million at December 31, 2013. Their actual carrying value totaled $800.0 million at December 31, 2013 (see Note 13). | |||||||||||||||||||||
6.625% Senior Notes: Based on dealers’ quotes, the estimated fair value of our 6.625% senior notes was $372.8 million and $385.0 million at December 31, 2013 and 2012, respectively. Their actual carrying value totaled $350.0 million at both December 31, 2013 and 2012 (see Note 13). | |||||||||||||||||||||
11.625% Senior Subordinated Notes: Based on dealers’ quotes, the estimated fair value of our 11.625% senior subordinated notes was $488.8 million at December 31, 2012. Their actual carrying value totaled $440.5 million at December 31, 2012. We redeemed these notes in full on June 15, 2013 (see Note 13). | |||||||||||||||||||||
Notes Payable on Real Estate: As of December 31, 2013 and 2012, the carrying value of our notes payable on real estate was $130.5 million and $326.0 million, respectively (see Note 12). These borrowings generally have floating interest rates at spreads over a market rate index. It is likely that some portion of our notes payable on real estate have fair values lower than actual carrying values. Given our volume of notes payable and the cost involved in estimating their fair value, we determined it was not practicable to do so. Additionally, only $4.0 million and $13.9 million of these notes payable were recourse to us as of December 31, 2013 and 2012, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
6. Derivative Financial Instruments | |||||||||||||||||
We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. We do not net derivatives on the balance sheet. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. | |||||||||||||||||
In March 2011, we entered into five interest rate swap agreements, all with effective dates in October 2011, and immediately designated them as cash flow hedges. The purpose of these interest rate swap agreements is to hedge potential changes to our cash flows due to the variable interest nature of our senior secured term loan facilities. The total notional amount of these interest rate swap agreements is $400.0 million, with $200.0 million expiring in October 2017 and $200.0 million expiring in September 2019. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. There was no significant hedge ineffectiveness for the years ended December 31, 2013, 2012 and 2011. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss on the balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of December 31, 2013 and 2012, there was $29.0 million and $48.0 million, respectively, included in accumulated other comprehensive loss in the accompanying consolidated balance sheets related to these interest rate swaps, which will be reclassified to interest expense as interest payments are made on our senior secured term loan facilities. During the next twelve months, we estimate that $11.7 million will be reclassified as an increase to interest expense. | |||||||||||||||||
The following table presents the fair value of our interest rate swaps as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair Value | Fair Value | Balance Sheet | Fair Value | Fair Value | ||||||||||||
Location | as of | as of | Location | as of | as of | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Other assets | $— | $— | Other liabilities | $29,034 | $48,022 | |||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2013 (dollars in thousands): | |||||||||||||||||
Amount of Gain | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | $7,149 | Interest expense | ($11,846) | Other income (loss) | ($6) | ||||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2012 (dollars in thousands): | |||||||||||||||||
Amount of Loss | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | ($19,826) | Interest expense | ($11,676) | Other income (loss) | $— | ||||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2011 (dollars in thousands): | |||||||||||||||||
Amount of Loss | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | ($42,732) | Interest expense | ($2,860) | Other income (loss) | $— | ||||||||||||
We have agreements with some of our derivative counterparties that contain a provision where (1) if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations; or (2) we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. | |||||||||||||||||
As of December 31, 2013, the fair value of derivatives related to these agreements was a net liability position of $30.0 million, which includes accrued interest but excludes any adjustment for nonperformance risk. As of December 31, 2013, we have not posted any collateral related to these agreements and had not breached any of the provisions discussed above. Had we breached any of the provisions discussed above at December 31, 2013, we may have been required to settle our obligations under the agreements at their termination value of $30.1 million. | |||||||||||||||||
From time to time, we also enter into interest rate swap and cap agreements in order to limit our interest expense related to our notes payable on real estate. If any of these agreements are not designated as effective hedges, then they are marked to market each period with the change in fair value recognized in current period earnings. The net impact on our earnings resulting from gains and/or losses on interest rate swap and cap agreements associated with notes payable on real estate has not been significant. | |||||||||||||||||
We routinely monitor our exposure to currency exchange rate changes in connection with transactions and sometimes enter into foreign currency exchange option and forward contracts to limit our exposure to such transactions, as appropriate. In the normal course of business, we also sometimes utilize derivative financial instruments in the form of foreign currency exchange contracts to mitigate foreign currency exchange exposure resulting from intercompany loans, expected cash flow and earnings. Included in the consolidated statements of operations were net losses of $1.8 million, $4.4 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively, resulting from net losses on foreign currency exchange option and forward contracts. As of December 31, 2013 and 2012, we did not have any foreign currency exchange contracts outstanding. | |||||||||||||||||
We also enter into loan commitments that relate to the origination or acquisition of commercial mortgage loans that will be held for resale. FASB ASC Topic 815 requires that these commitments be recorded at their fair values as derivatives. The net impact on our financial position and earnings resulting from these derivatives contracts has not been significant. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Property and Equipment | ' | ||||||||||
7. Property and Equipment | |||||||||||
Property and equipment consists of the following (dollars in thousands): | |||||||||||
December 31, | |||||||||||
Useful Lives | 2013 | 2012 | |||||||||
Computer hardware and software | 3-10 years | $ | 471,237 | $ | 366,935 | ||||||
Leasehold improvements | 1-15 years | 248,359 | 226,337 | ||||||||
Furniture and equipment | 1-10 years | 211,893 | 202,819 | ||||||||
Equipment under capital leases | 3-5 years | 10,697 | 10,713 | ||||||||
Total cost | 942,186 | 806,804 | |||||||||
Accumulated depreciation and amortization | (483,590 | ) | (427,628 | ) | |||||||
Property and equipment, net | $ | 458,596 | $ | 379,176 | |||||||
Depreciation and amortization expense associated with property and equipment was $98.1 million, $76.2 million and $54.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
We did not recognize an impairment loss related to property and equipment in 2013 or 2011. During the year ended December 31, 2012, we recorded an impairment loss related to property and equipment of $5.8 million (see Note 5 for additional information). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
8. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Americas | EMEA | Asia | Global | Development | Total | ||||||||||||||||||||
Pacific | Investment | Services | |||||||||||||||||||||||
Management | |||||||||||||||||||||||||
Balance as of December 31, 2011 | |||||||||||||||||||||||||
Goodwill | $ | 1,641,748 | $ | 494,116 | $ | 160,197 | $ | 514,189 | $ | 86,663 | $ | 2,896,913 | |||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
843,458 | 355,485 | 160,197 | 469,267 | — | 1,828,407 | ||||||||||||||||||||
Purchase accounting entries related to acquisitions | 15,980 | 31,440 | 1,175 | (2,277 | ) | — | 46,318 | ||||||||||||||||||
Foreign exchange movement | 585 | 8,140 | (636 | ) | 6,788 | — | 14,877 | ||||||||||||||||||
Balance as of December 31, 2012 | |||||||||||||||||||||||||
Goodwill | 1,658,313 | 533,696 | 160,736 | 518,700 | 86,663 | 2,958,108 | |||||||||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
860,023 | 395,065 | 160,736 | 473,778 | — | 1,889,602 | ||||||||||||||||||||
Purchase accounting entries related to acquisitions | 60,552 | 342,035 | (3,169 | ) | — | — | 399,418 | ||||||||||||||||||
Foreign exchange movement | (1,228 | ) | 14,407 | (19,074 | ) | 7,349 | — | 1,454 | |||||||||||||||||
Balance as of December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 1,717,637 | 890,138 | 138,493 | 526,049 | 86,663 | 3,358,980 | |||||||||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
$ | 919,347 | $ | 751,507 | $ | 138,493 | $ | 481,127 | $ | — | $ | 2,290,474 | ||||||||||||||
On December 23, 2013, we acquired 100% of the outstanding stock of London-based Norland, which fortified our real estate outsourcing platform in Europe within our EMEA segment (Norland Acquisition). Norland is a premier provider of building technical engineering services that enables us to self-perform these services in Europe and adds to our expertise in the highly specialized critical environments market. The purchase price for the Norland Acquisition was approximately $475 million, with $433.9 million paid at closing and the remaining contingent consideration payable in 2014. The Norland Acquisition was financed with cash on hand and borrowings under our revolving credit facility. On December 23, 2013, we also issued an aggregate of 362,916 shares of non-vested Class A common stock to certain members of senior management of Norland in connection with this acquisition. | |||||||||||||||||||||||||
The acquisition agreement provides for a contingent payment of up to 50 million British pounds sterling if certain performance criteria are met post-acquisition. In measuring the fair value of the contingent consideration, we assigned probabilities to the performance criteria, based on the nature of the performance criteria and our due diligence performed at the time of the acquisition. The fair value of this contingent consideration was based on the weighted probability of achievement of a certain earnings before interest, taxes, depreciation and amortization (EBITDA) level for the 12-months ending March 31, 2014, which ranged from 22.1 million to 35.0 million British pounds sterling. We valued this contingent payment at 25.5 million British pounds sterling (or $41.8 million) at acquisition date, which has been recorded within accounts payable and accrued expenses in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||
The preliminary purchase accounting adjustments related to the Norland Acquisition have been recorded in the accompanying consolidated financial statements. The excess purchase price over the estimated fair value of net assets acquired has been recorded to goodwill. The goodwill arising from the Norland Acquisition consists largely of the synergies and economies of scale expected from combining the operations acquired from Norland with ours. No goodwill recorded in connection with the Norland Acquisition is deductible for tax purposes. Given the complexity of the transaction, the calculation of the fair value of certain assets and liabilities acquired, primarily intangible assets and income tax items, is still preliminary. The purchase price allocation is expected to be completed as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the Norland Acquisition (dollars in thousands): | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,132 | |||||||||||||||||||||||
Receivables, net | 138,509 | ||||||||||||||||||||||||
Prepaid expenses | 14,072 | ||||||||||||||||||||||||
Deferred tax assets, current | 2,912 | ||||||||||||||||||||||||
Other current assets | 12,698 | ||||||||||||||||||||||||
Property and equipment | 4,164 | ||||||||||||||||||||||||
Other intangible assets | 108,974 | ||||||||||||||||||||||||
Other assets | 668 | ||||||||||||||||||||||||
Total assets acquired | $ | 330,129 | |||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 142,467 | |||||||||||||||||||||||
Compensation and employee benefits payable | 11,777 | ||||||||||||||||||||||||
Accrued bonus and profit sharing | 1,862 | ||||||||||||||||||||||||
Deferred tax liabilities, long-term | 21,795 | ||||||||||||||||||||||||
Other liabilities | 8,804 | ||||||||||||||||||||||||
Total liabilities assumed | $ | 186,705 | |||||||||||||||||||||||
Estimated fair value of net assets acquired | $ | 143,424 | |||||||||||||||||||||||
The following is a summary of the preliminary estimate of the amortizable intangible assets acquired in connection with the Norland Acquisition (dollars in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Intangible Asset Class | Weighted | Amount | Accumulated | Net Carrying | |||||||||||||||||||||
Average | Assigned At | Amortization | Amount | ||||||||||||||||||||||
Amortization | Acquisition Date | and Foreign | |||||||||||||||||||||||
Period | Currency | ||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||
Customer relationships | 5 years | $ | 68,807 | $ | 890 | $ | 69,697 | ||||||||||||||||||
Trade name | 2 years | 35,177 | 454 | 35,631 | |||||||||||||||||||||
Non-compete agreements | 2 years | 4,990 | 65 | 5,055 | |||||||||||||||||||||
Total amortizable intangibles acquired | 4 years | $ | 108,974 | $ | 1,409 | $ | 110,383 | ||||||||||||||||||
Norland did not contribute to our statement of operations during the year ended December 31, 2013, with the exception of $9.2 million of direct transaction and integration costs incurred in connection with the Norland Acquisition, which have been included in operating, administrative and other expenses in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||
Unaudited pro forma results, assuming the Norland Acquisition had occurred as of January 1, 2012 for purposes of the 2013 and 2012 pro forma disclosures, are presented below. They include certain adjustments for the years ended December 31, 2013 and 2012, including $33.8 million of increased amortization expense in both years as a result of intangible assets acquired in the Norland Acquisition, $1.1 million and $1.2 million, respectively, of additional interest expense as a result of debt incurred to finance the Norland Acquisition, the removal of $9.2 million of direct costs incurred by us related to the Norland Acquisition for the year ended December 31, 2013, and the tax impact in both years of the pro forma adjustments. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Norland Acquisition occurred on January 1, 2012 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Revenue | $ | 7,792,992 | $ | 7,012.32 | |||||||||||||||||||||
Operating income | $ | 614,163 | $ | 567,201 | |||||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 313,567 | $ | 296,345 | |||||||||||||||||||||
Basic income per share | $ | 0.96 | $ | 0.92 | |||||||||||||||||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | |||||||||||||||||||||||
Diluted income per share | $ | 0.95 | $ | 0.91 | |||||||||||||||||||||
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 | |||||||||||||||||||||||
During 2013, we completed ten in-fill acquisitions, most notably a leading firm serving the London prime residential real estate market, a leading regional commercial real estate services firm based in San Francisco, a retail real estate services firm in the U.S. Mid-Atlantic region, a facility consulting and project advisory firm serving the healthcare industry and based in Richmond, Virginia, and two property management specialist firms – one in the Czech Republic and Slovakia and one in Belgium. During 2012, we completed five in-fill acquisitions, including our former affiliate companies in Turkey and Vietnam, a niche real estate investment advisor and an independent commercial and residential property partnership in the U.K., and a brokerage and property management firm in Atlanta. | |||||||||||||||||||||||||
Our annual assessment of goodwill and other intangible assets deemed to have indefinite lives has historically been completed as of the beginning of the fourth quarter of each year. We performed the 2013, 2012 and 2011 assessments as of October 1. When we performed our required annual goodwill impairment review as of October 1, 2013, 2012 and 2011, we determined that no impairment existed as the estimated fair value of our reporting units was in excess of their carrying value. | |||||||||||||||||||||||||
Other intangible assets totaled $841.2 million and $786.8 million, net of accumulated amortization of $348.6 million and $273.6 million, as of December 31, 2013 and 2012, respectively, and are comprised of the following (dollars in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Management contracts | $ | 127,050 | $ | 219,132 | |||||||||||||||||||||
Trademarks | 56,800 | 56,800 | |||||||||||||||||||||||
Trade names | 20,400 | 20,400 | |||||||||||||||||||||||
$ | 204,250 | $ | 296,332 | ||||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 362,810 | $ | (102,429 | ) | $ | 259,256 | $ | (84,628 | ) | |||||||||||||||
Mortgage servicing rights | 259,931 | (79,448 | ) | 195,813 | (50,858 | ) | |||||||||||||||||||
Management contracts | 180,981 | (49,785 | ) | 178,561 | (32,005 | ) | |||||||||||||||||||
Backlog and incentive fees | 61,507 | (61,507 | ) | 58,478 | (57,739 | ) | |||||||||||||||||||
Trade name | 35,631 | — | — | — | |||||||||||||||||||||
Other | 84,684 | (55,397 | ) | 71,984 | (48,401 | ) | |||||||||||||||||||
$ | 985,544 | $ | (348,566 | ) | $ | 764,092 | $ | (273,631 | ) | ||||||||||||||||
Total intangible assets | $ | 1,189,794 | $ | (348,566 | ) | $ | 1,060,424 | $ | (273,631 | ) | |||||||||||||||
Management contracts with indefinite useful lives primarily represent intangible assets identified as a result of the REIM Acquisitions relating to relationships with open-end funds. During the year ended December 31, 2013, we recorded a non-amortizable intangible asset impairment of $98.1 million, which related to a decrease in value of our open-end funds, primarily in Europe (see Note 5). Trademarks of $56.8 million were separately identified as a result of the 2001 Acquisition. In connection with the REIM Acquisitions, a trade name of $20.4 million was separately identified, which represented the Clarion Partners trade name in the U.S. These intangible assets have indefinite useful lives and accordingly are not being amortized. As a result of the Insignia Acquisition, a $19.8 million trade name was separately identified, which represented the Richard Ellis trade name in the U.K. During the year ended December 31, 2012, this trade name was written off as a result of the discontinuation of its use (see Note 5). | |||||||||||||||||||||||||
Customer relationships primarily represent intangible assets identified in the Trammell Crow Company Acquisition and the Norland Acquisition relating to existing relationships primarily in the brokerage, property management, project management and facilities management lines of business. These intangible assets are being amortized over useful lives of up to 20 years. | |||||||||||||||||||||||||
Mortgage servicing rights represent the carrying value of servicing assets in our mortgage brokerage line of business in the U.S. The mortgage servicing rights are being amortized over the estimated period that net servicing income is expected to be received, which is typically up to ten years. | |||||||||||||||||||||||||
Management contracts consist primarily of asset management contracts relating to relationships with closed-end funds and separate accounts in the U.S., Europe and Asia that were separately identified as a result of the REIM Acquisitions. These management contracts are being amortized over useful lives of up to 13 years. | |||||||||||||||||||||||||
Backlog and incentive fees mostly represented the fair value of net revenue backlog and incentive fees acquired as part of the Trammell Crow Company Acquisition as well as other in-fill acquisitions. These intangible assets were amortized over useful lives of up to one year. | |||||||||||||||||||||||||
The trade name was separately identified as a result of the Norland Acquisition and will be amortized over two years. | |||||||||||||||||||||||||
Other amortizable intangible assets mainly represent transition costs, non-compete agreements acquired as a result of the REIM Acquisitions and other intangible assets acquired as a result of the Trammell Crow Company Acquisition and the Insignia Acquisition. Other intangible assets are being amortized over useful lives of up to 20 years. | |||||||||||||||||||||||||
Amortization expense related to intangible assets was $85.4 million, $78.6 million and $41.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated annual amortization expense for each of the years ending December 31, 2014 through December 31, 2018 approximates $115.5 million, $107.7 million, $77.2 million, $70.0 million and $66.0 million, respectively. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Subsidiaries | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Investments in Unconsolidated Subsidiaries | ' | ||||||||||||
9. Investments in Unconsolidated Subsidiaries | |||||||||||||
Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting and include the following (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Global Investment Management | $ | 99,714 | $ | 131,750 | |||||||||
Development Services | 76,791 | 53,435 | |||||||||||
Other | 22,191 | 21,613 | |||||||||||
$ | 198,696 | $ | 206,798 | ||||||||||
The results for the year ended December 31, 2011 include the activity of equity investments acquired from and co-investments made in connection with the ING REIM Asia and ING REIM Europe acquisitions from October 3, 2011 and October 31, 2011, respectively, the dates each respective business was acquired. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in thousands): | |||||||||||||
Condensed Balance Sheets Information: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Global Investment Management: | |||||||||||||
Current assets | $ | 1,148,658 | $ | 1,139,867 | |||||||||
Non-current assets | 12,546,920 | 13,353,456 | |||||||||||
Total assets | $ | 13,695,578 | $ | 14,493,323 | |||||||||
Current liabilities | $ | 1,034,040 | $ | 1,337,944 | |||||||||
Non-current liabilities | 4,705,551 | 5,538,066 | |||||||||||
Total liabilities | $ | 5,739,591 | $ | 6,876,010 | |||||||||
Development Services: | |||||||||||||
Real estate | $ | 1,372,379 | $ | 1,165,166 | |||||||||
Other assets | 109,328 | 88,067 | |||||||||||
Total assets | $ | 1,481,707 | $ | 1,253,233 | |||||||||
Notes payable on real estate | $ | 569,023 | $ | 473,704 | |||||||||
Other liabilities | 134,809 | 173,492 | |||||||||||
Total liabilities | $ | 703,832 | $ | 647,196 | |||||||||
Other: | |||||||||||||
Current assets | $ | 56,359 | $ | 71,708 | |||||||||
Non-current assets | 37,226 | 43,401 | |||||||||||
Total assets | $ | 93,585 | $ | 115,109 | |||||||||
Current liabilities | $ | 33,791 | $ | 43,557 | |||||||||
Non-current liabilities | 14,335 | 24,190 | |||||||||||
Total liabilities | $ | 48,126 | $ | 67,747 | |||||||||
Non-controlling interests | $ | (183 | ) | $ | 17,187 | ||||||||
Assets | $ | 15,270,870 | $ | 15,861,665 | |||||||||
Liabilities | $ | 6,491,549 | $ | 7,590,953 | |||||||||
Non-controlling interests | $ | (183 | ) | $ | 17,187 | ||||||||
Condensed Statements of Operations Information: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Global Investment Management: | |||||||||||||
Revenue | $ | 874,875 | $ | 833,343 | $ | 614,684 | |||||||
Operating loss | $ | (241,829 | ) | $ | (161,966 | ) | $ | (149,519 | ) | ||||
Net (loss) income | $ | (26,075 | ) | $ | 64,696 | $ | 70,551 | ||||||
Development Services: | |||||||||||||
Revenue | $ | 70,343 | $ | 97,084 | $ | 123,865 | |||||||
Operating income | $ | 130,873 | $ | 63,472 | $ | 118,995 | |||||||
Net income | $ | 129,563 | $ | 38,720 | $ | 87,204 | |||||||
Other: | |||||||||||||
Revenue | $ | 160,858 | $ | 163,365 | $ | 163,109 | |||||||
Operating income | $ | 28,352 | $ | 21,755 | $ | 23,880 | |||||||
Net income | $ | 28,422 | $ | 23,223 | $ | 24,695 | |||||||
Total: | |||||||||||||
Revenue | $ | 1,106,076 | $ | 1,093,792 | $ | 901,658 | |||||||
Operating loss | $ | (82,604 | ) | $ | (76,739 | ) | $ | (6,644 | ) | ||||
Net income | $ | 131,910 | $ | 126,639 | $ | 182,450 | |||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded non-cash write-downs of investments of $4.1 million, $3.9 million and $5.6 million, respectively, within our Global Investment Management and Development Services segments (see Note 5), all of which were included in equity income from unconsolidated subsidiaries in the accompanying consolidated statements of operations. | |||||||||||||
Our Global Investment Management segment involves investing our own capital in certain real estate investments with clients. We have provided investment management, property management, brokerage and other professional services in connection with these real estate investments on an arm’s length basis and earned revenues from these unconsolidated subsidiaries of $252.6 million, $190.0 million and $104.0 million during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Our Development Services segment has agreements to provide development, property management and brokerage services to certain of our unconsolidated development subsidiaries on an arm’s length basis and earned revenues from these unconsolidated subsidiaries. Revenue related to these agreements included in our results for the years ended December 31, 2013, 2012 and 2011 was $17.5 million, $21.2 million and $5.7 million, respectively. |
Real_Estate_and_Other_Assets_H
Real Estate and Other Assets Held for Sale and Related Liabilities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Real Estate and Other Assets Held for Sale and Related Liabilities | ' | ||||
10 | Real Estate and Other Assets Held for Sale and Related Liabilities | ||||
Real estate and other assets held for sale include completed real estate projects or land for sale in their present condition that have met all of the “held for sale” criteria of FASB ASC Topic 360 and other assets directly related to such projects. Liabilities related to real estate and other assets held for sale have been included as a single line item in the accompanying consolidated balance sheets. | |||||
There were no real estate assets classified as “held for sale” at December 31, 2013. Real estate and other assets held for sale and related liabilities were as follows at December 31, 2012 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 11) | $ | 116,822 | |||
Other current assets | 4,921 | ||||
Property and equipment, net | 329 | ||||
Other assets | 8,427 | ||||
Total real estate and other assets held for sale | 130,499 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 12) | 101,542 | ||||
Accounts payable and accrued expenses | 2,444 | ||||
Other current liabilities | 190 | ||||
Other liabilities | 451 | ||||
Total liabilities related to real estate and other assets held for sale | 104,627 | ||||
Net real estate and other assets held for sale | $ | 25,872 | |||
Real_Estate
Real Estate | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Real Estate | ' | ||||||||||||||||
11. Real Estate | |||||||||||||||||
We provide build-to-suit services for our clients and also develop or purchase certain projects which we intend to sell to institutional investors upon project completion or redevelopment. Therefore, we have ownership of real estate until such projects are sold or otherwise disposed. Certain real estate assets secure the outstanding balances of underlying mortgage or construction loans. Our real estate is reported in our Development Services and Global Investment Management segments and consisted of the following (dollars in thousands): | |||||||||||||||||
Land | Buildings and | Other | Total | ||||||||||||||
Improvements | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||
Real estate under development (current) | $ | 667 | $ | 18,466 | $ | — | $ | 19,133 | |||||||||
Real estate under development (non-current) | 822 | — | — | 822 | |||||||||||||
Real estate held for investment | 24,717 | 76,932 | 5,350 | 106,999 | |||||||||||||
Total real estate | $ | 26,206 | $ | 95,398 | (1) | $ | 5,350 | (2) | $ | 126,954 | |||||||
At December 31, 2012 | |||||||||||||||||
Real estate included in assets held for sale (see Note 10) | $ | 28,533 | $ | 86,727 | $ | 1,562 | $ | 116,822 | |||||||||
Real estate under development (non-current) | 16,332 | 10,984 | — | 27,316 | |||||||||||||
Real estate held for investment | 77,292 | 149,020 | 8,733 | 235,045 | |||||||||||||
Total real estate | $ | 122,157 | $ | 246,731 | (1) | $ | 10,295 | (2) | $ | 379,183 | |||||||
-1 | Net of accumulated depreciation of $23.6 million and $32.9 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||
-2 | Includes balances for lease intangibles and tenant origination costs of $5.3 million and $0.1 million, respectively, at December 31, 2013 and $8.0 million and $1.5 million, respectively, at December 31, 2012. We record lease intangibles and tenant origination costs upon acquiring real estate projects with in-place leases. The balances are shown net of amortization, which is recorded as an increase to, or a reduction of, rental income for lease intangibles and as amortization expense for tenant origination costs. | ||||||||||||||||
During the years ended December 31, 2012 and 2011, we recorded impairment charges of $17.2 million and $1.7 million, respectively, on real estate held for investment within our Development Services segment. During the year ended December 31, 2012, we also recorded an impairment charge of $9.3 million on real estate held for investment within our Global Investment Management segment. In addition, during the year ended December 31, 2011, we recorded a provision for loss on real estate held for sale of $2.6 million within our Development Services segment. See Note 5 for additional information. | |||||||||||||||||
The estimated costs to complete one consolidated real estate project under development or to be developed by us as of December 31, 2013 totaled approximately $3.0 million. At December 31, 2013, we had no commitments for the sale of our projects. | |||||||||||||||||
Rental revenues (which are included in revenue) and expenses (which are included in operating, administrative and other expenses) relating to our operational real estate properties, excluding those reported as discontinued operations, were $24.3 million and $11.7 million, respectively, for the year ended December 31, 2013, $55.6 million and $35.5 million, respectively, for the year ended December 31, 2012 and $73.9 million and $34.9 million, respectively, for the year ended December 31, 2011, and were included in the accompanying consolidated statements of operations within our Development Services and Global Investment Management segments. |
Notes_Payable_on_Real_Estate
Notes Payable on Real Estate | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable on Real Estate | ' | ||||||||
12. Notes Payable on Real Estate | |||||||||
We had loans secured by real estate, which consisted of the following at December 31, 2013 and 2012 (dollars in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current portion of notes payable on real estate | $ | 62,017 | $ | 35,212 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 10) | — | 101,542 | |||||||
Total notes payable on real estate, current portion | 62,017 | 136,754 | |||||||
Notes payable on real estate, non-current portion | 68,455 | 189,258 | |||||||
Total notes payable on real estate | $ | 130,472 | $ | 326,012 | |||||
Notes payable on real estate held for sale are included in liabilities related to real estate and other assets held for sale. Notes payable on real estate under development (current) are included in notes payable on real estate, current. Notes payable on real estate under development (non-current) and real estate held for investment are classified according to payment terms and maturity dates. | |||||||||
At December 31, 2013 and 2012, $2.5 million and $2.6 million, respectively, of the non-current portion of notes payable on real estate and $1.5 million and $11.3 million, respectively, of the current portion of notes payable on real estate were recourse to us, beyond being recourse to the single-purpose entity that held the real estate asset and was the primary obligor on the note payable. | |||||||||
Principal maturities of notes payable on real estate at December 31, 2013, were as follows (dollars in thousands): | |||||||||
2014 | $ | 42,546 | |||||||
2015 | 51,972 | ||||||||
2016 | 21,145 | ||||||||
2017 | 1,779 | ||||||||
2018 | 1,889 | ||||||||
Thereafter | 11,141 | ||||||||
$ | 130,472 | ||||||||
Interest rates on loans outstanding at December 31, 2013 and 2012 ranged from 2.42% to 6.04% and 2.46% to 8.75%, respectively. Generally, only interest is payable on the real estate loans and is usually drawn on the underlying loan with all unpaid principal and interest due at maturity. Capitalized interest for the years ended December 31, 2013, 2012 and 2011 totaled $0.1 million, $2.2 million and $2.0 million, respectively. |
LongTerm_Debt_and_ShortTerm_Bo
Long-Term Debt and Short-Term Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Short-Term Borrowings | ' | ||||||||
13. Long-Term Debt and Short-Term Borrowings | |||||||||
Total long-term debt and short-term borrowings consist of the following (dollars in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Long-Term Debt: | |||||||||
5.00% senior notes due in 2023 | $ | 800,000 | $ | — | |||||
Senior secured term loans, with interest ranging from 1.92% to 3.71%, due from 2013 through 2021 | 685,263 | 1,627,746 | |||||||
6.625% senior notes due in 2020 | 350,000 | 350,000 | |||||||
11.625% senior subordinated notes, net of unamortized discount of $9,477 at December 31, 2012, redeemed in June 2013 | — | 440,523 | |||||||
Other | 5,417 | 9,336 | |||||||
Subtotal | 1,840,680 | 2,427,605 | |||||||
Less current maturities of long-term debt | 42,245 | 73,156 | |||||||
Total long-term debt | 1,798,435 | 2,354,449 | |||||||
Short-Term Borrowings: | |||||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.60% to 2.00%, and a maturity date of May 28, 2014 | 150,712 | 171,330 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.50% to 2.00%, and a maturity date of June 30, 2014 | 94,889 | 124,263 | |||||||
Warehouse line of credit, with interest at daily Chase-London LIBOR plus 1.90% to 2.50%, and a maturity date of October 27, 2014 | 65,800 | 78,072 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.65% to 1.90%, and a maturity date of July 29, 2014 | 36,812 | 161,342 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 2.25%, and expired on January 16, 2014 | 16,464 | 452,656 | |||||||
Warehouse line of credit, with interest at daily LIBOR plus 1.35% with LIBOR floor of 0.35%, and no maturity date | 9,920 | 38,718 | |||||||
Total warehouse lines of credit | 374,597 | 1,026,381 | |||||||
Revolving credit facility, with interest ranging from 1.59% to 5.02%, maturing through 2018 | 142,484 | 72,964 | |||||||
Other | 16 | 16 | |||||||
Total short-term borrowings | 517,097 | 1,099,361 | |||||||
Add current maturities of long-term debt | 42,245 | 73,156 | |||||||
Total current debt | 559,342 | 1,172,517 | |||||||
Total long-term debt and short-term borrowings | $ | 2,357,777 | $ | 3,526,966 | |||||
Future annual aggregate maturities of total consolidated debt at December 31, 2013 are as follows (dollars in thousands): 2014—$559,342; 2015—$41,042; 2016—$69,205; 2017—$255,275; 2018—$80,275 and $1,352,638 thereafter. | |||||||||
Since 2001, we have maintained credit facilities with Credit Suisse Group AG (CS) and other lenders to fund strategic acquisitions and to provide for our working capital needs. On November 10, 2010, we entered into a credit agreement (as amended, the 2010 Credit Agreement) with a syndicate of banks led by CS, as administrative and collateral agent, to completely refinance our previous credit facilities. On March 4, 2011, we entered into an amendment to our 2010 Credit Agreement to, among other things, increase flexibility to various covenants to accommodate the REIM Acquisitions and to maintain the availability of the $800.0 million incremental facility under the 2010 Credit Agreement. On March 4, 2011, we also entered into an incremental assumption agreement to allow for the establishment of new tranche C and tranche D term loan facilities. On November 10, 2011, we entered into an incremental assumption agreement led jointly by HSBC Bank USA, N.A. and J.P. Morgan Securities LLC to allow for the establishment of a new tranche A-1 term loan facility, which also reduced the $800.0 million incremental facility under the 2010 Credit Agreement. During the year ended December 31, 2013, we completed a series of financing transactions, which included the repayment of $1.6 billion of our senior secured term loans under our previous credit agreement. On March 28, 2013, we entered into a new credit agreement (the Credit Agreement) with a syndicate of banks led by CS, as administrative and collateral agent, to completely refinance our previous credit agreement. | |||||||||
As of December 31, 2013, our Credit Agreement provides for the following: (1) a $1.2 billion revolving credit facility, including revolving credit loans, letters of credit and a swingline loan facility, maturing on March 28, 2018; (2) a $500.0 million tranche A term loan facility (of which $300.0 million was on an optional delayed-draw basis for up to 120 days from March 28, 2013, which we drew down in June 2013 to partially fund the redemption of the 11.625% senior subordinated notes) requiring quarterly principal payments, which began on June 30, 2013 and continue through maturity on March 28, 2018; and (3) a $215.0 million tranche B term loan facility requiring quarterly principal payments, which began on June 30, 2013 and continue through December 31, 2020, with the balance payable at maturity on March 28, 2021. | |||||||||
As of December 31, 2012, our 2010 Credit Agreement provided for the following: (1) a $700.0 million revolving credit facility, including revolving credit loans, letters of credit and a swingline loan facility, maturing on May 10, 2015; (2) a $350.0 million tranche A term loan facility requiring quarterly principal payments, which began on December 31, 2010 and were to continue through September 30, 2015, with the balance payable on November 10, 2015; (3) a £187.0 million (approximately $300.0 million) tranche A-1 term loan facility requiring quarterly principal payments, which began on December 30, 2011 and were to continue through March 31, 2016, with the balance payable on May 10, 2016; (4) a $300.0 million tranche B term loan facility requiring quarterly principal payments, which began on December 31, 2010 and were to continue through September 30, 2016, with the balance payable on November 10, 2016; (5) a $400.0 million tranche C term loan facility requiring quarterly principal payments, which began on September 30, 2011 and were to continue through December 31, 2017, with the balance payable on March 4, 2018; (6) a $400.0 million tranche D term loan facility requiring quarterly principal payments, which began on September 30, 2011 and were to continue through June 30, 2019, with the balance payable on September 4, 2019 and (7) an accordion provision which provided the ability to borrow additional funds under an incremental facility. The incremental facility was equivalent to the sum of $800.0 million and the aggregate amount of all repayments of term loans and permanent reductions of revolver commitments under the 2010 Credit Agreement. However, at no time could the sum of all outstanding amounts under the 2010 Credit Agreement exceed $2.95 billion. On June 30, 2011, we drew down $400.0 million of the tranche D term loan facility to finance the CRES portion of the REIM Acquisitions, which closed on July 1, 2011. On August 31, 2011, we drew down $400.0 million of the tranche C term loan facility, part of which was used to finance the ING REIM Asia portion of the REIM Acquisitions, which closed on October 3, 2011. The remaining borrowings were used to finance the acquisition of ING REIM’s operations in Europe, which closed on October 31, 2011. On November 10, 2011, we utilized the incremental facility to issue the tranche A-1 term loan facility. | |||||||||
The revolving credit facility allows for borrowings outside of the U.S., with a $10.0 million sub-facility available to one of our Canadian subsidiaries, a $35.0 million sub-facility available to one of our Australian subsidiaries and one of our New Zealand subsidiaries and a $150.0 million sub-facility available to one of our U.K. subsidiaries. Additionally, outstanding borrowings under these sub-facilities may be up to 5.0% higher as allowed under the currency fluctuation provision in the Credit Agreement. Borrowings under the revolving credit facility bear interest at varying rates, based at our option, on either the applicable fixed rate plus 1.15% to 2.25% or the daily rate plus 0.125% to 1.25% as determined by reference to our ratio of total debt less available cash to EBITDA (as defined in the Credit Agreement). As of December 31, 2013 and 2012, we had $142.5 million and $73.0 million, respectively, of revolving credit facility principal outstanding with related weighted average interest rates of 2.2% and 3.2%, respectively, which are included in short-term borrowings in the accompanying consolidated balance sheets. As of December 31, 2013, letters of credit totaling $11.6 million were outstanding under the revolving credit facility. These letters of credit were primarily issued in the normal course of business as well as in connection with certain insurance programs and reduce the amount we may borrow under the revolving credit facility. | |||||||||
Borrowings under the term loan facilities as of December 31, 2013 bear interest, based at our option, on the following: for the tranche A term loan facility, on either the applicable fixed rate plus 1.50% to 2.75% or the daily rate plus 0.50% to 1.75%, as determined by reference to our ratio of total debt less available cash to EBITDA (as defined in the Credit Agreement) and for the tranche B term loan facility, on either the applicable fixed rate plus 2.75% or the daily rate plus 1.75%. As of December 31, 2013, we had $685.3 million of term loan facilities principal outstanding (including $471.9 million of tranche A term loan facility and $213.4 million of tranche B term loan facility), which are included in the accompanying consolidated balance sheets. As of December 31, 2012, we had $1.6 billion of term loan facilities principal outstanding under our previous credit agreement (including $271.2 million, $275.2 million, $293.3 million, $394.0 million and $394.0 million, respectively, of tranche A, tranche A-1, tranche B, tranche C and tranche D term loan facilities principal outstanding), which are also included in the accompanying consolidated balance sheets. | |||||||||
The Credit Agreement is jointly and severally guaranteed by us and substantially all of our domestic subsidiaries. Borrowings under our Credit Agreement are secured by a pledge of substantially all of the capital stock of our U.S. subsidiaries and 65.0% of the capital stock of certain non-U.S. subsidiaries. Also, the Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment. | |||||||||
On March 14, 2013, CBRE issued $800.0 million in aggregate principal amount of 5.00% senior notes due March 15, 2023. The 5.00% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 5.00% senior notes are jointly and severally guaranteed on a senior basis by us and each subsidiary of CBRE that guarantees our Credit Agreement. Interest accrues at a rate of 5.00% per year and is payable semi-annually in arrears on March 15 and September 15, beginning on September 15, 2013. The 5.00% senior notes are redeemable at our option, in whole or in part, on or after March 15, 2018 at a redemption price of 102.5% of the principal amount on that date and at declining prices thereafter. At any time prior to March 15, 2016, we may redeem up to 35.0% of the original principal amount of the 5.00% senior notes using the net cash proceeds from certain public offerings. In addition, at any time prior to March 15, 2018, the 5.00% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100.0% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, and an applicable premium (as defined in the indenture governing these notes), which is based on the excess of the present value of the March 15, 2018 redemption price plus all remaining interest payments through March 15, 2018, over the principal amount of the 5.00% senior notes on such redemption date. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 5.00% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest. The amount of the 5.00% senior notes included in the accompanying consolidated balance sheets was $800.0 million at December 31, 2013. | |||||||||
On October 8, 2010, CBRE issued $350.0 million in aggregate principal amount of 6.625% senior notes due October 15, 2020. The 6.625% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 6.625% senior notes are jointly and severally guaranteed on a senior basis by us and each subsidiary of CBRE that guarantees our Credit Agreement. Interest accrues at a rate of 6.625% per year and is payable semi-annually in arrears on April 15 and October 15, having commenced on April 15, 2011. The 6.625% senior notes are redeemable at our option, in whole or in part, on or after October 15, 2014 at a redemption price of 104.969% of the principal amount on that date and at declining prices thereafter. At any time prior to October 15, 2014, the 6.625% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable premium (as defined in the indenture governing these notes), which is based on the greater of 1.00% of the principal amount of the 6.625% senior notes and the excess of the present value of the October 15, 2014 redemption price plus all remaining interest payments through October 15, 2014, over the principal amount of the 6.625% senior notes on such redemption date. In addition, prior to October 15, 2013, up to 35.0% of the original issued amount of the 6.625% senior notes may have been redeemed at a redemption price of 106.625% of the principal amount, plus accrued and unpaid interest, solely with the net cash proceeds from public equity offerings. If a change of control triggering event (as defined in the indenture governing our 6.625% senior notes) occurs, we are obligated to make an offer to purchase the then outstanding 6.625% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest. The amount of the 6.625% senior notes included in the accompanying consolidated balance sheets was $350.0 million at both December 31, 2013 and 2012. | |||||||||
Our Credit Agreement and the indentures governing our 5.00% senior notes and 6.625% senior notes contain numerous restrictive covenants that, among other things, limit our ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens on assets, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. Our Credit Agreement also currently requires us to maintain a minimum coverage ratio of EBITDA (as defined in the Credit Agreement) to total interest expense of 2.00x and a maximum leverage ratio of total debt less available cash to EBITDA (as defined in the Credit Agreement) of 4.25x. Our coverage ratio of EBITDA to total interest expense was 8.97x for the year ended December 31, 2013 and our leverage ratio of total debt less available cash to EBITDA was 1.43x as of December 31, 2013. | |||||||||
On June 18, 2009, CBRE issued $450.0 million in aggregate principal amount of 11.625% senior subordinated notes due June 15, 2017 for approximately $435.9 million, net of discount. The 11.625% senior subordinated notes were unsecured senior subordinated obligations of CBRE and were jointly and severally guaranteed on a senior subordinated basis by us and our domestic subsidiaries that guarantee our Credit Agreement. Interest accrued at a rate of 11.625% per year and was payable semi-annually in arrears on June 15 and December 15. As permitted by the indenture governing these notes, on June 15, 2013, we redeemed all of the 11.625% senior subordinated notes. In connection with this early redemption, we paid a premium of $26.2 million and wrote off $16.1 million of unamortized deferred financing costs and unamortized discount. The amount of the 11.625% senior subordinated notes included in the accompanying consolidated balance sheets, net of unamortized discount, was $440.5 million at December 31, 2012. | |||||||||
We had short-term borrowings of $517.1 million and $1.1 billion as of December 31, 2013 and 2012, respectively, with related weighted average interest rates of 1.9% and 2.4%, respectively, which are included in the accompanying consolidated balance sheets. | |||||||||
On March 2, 2007, we entered into a $50.0 million credit note with Wells Fargo Bank for the purpose of purchasing eligible investments, which include cash equivalents, agency securities, A1/P1 commercial paper and eligible money market funds. The proceeds of this note are not made generally available to us, but instead are deposited in an investment account maintained by Wells Fargo Bank and used and applied solely to purchase eligible investment securities. This agreement has been amended several times and as of December 31, 2013 provides for a $40.0 million revolving credit note, bears interest at 0.25% and has a maturity date of April 1, 2014. As of December 31, 2013 and 2012, there were no amounts outstanding under this note. | |||||||||
On March 4, 2008, we entered into a $35.0 million credit and security agreement with Bank of America (BofA) for the purpose of purchasing eligible financial instruments, which include A1/P1 commercial paper, U.S. Treasury securities, Government Sponsored Enterprise, or GSE, discount notes (as defined in the credit and security agreement) and money market funds. The proceeds of this loan are not made generally available to us, but instead are deposited in an investment account maintained by BofA and used and applied solely to purchase eligible financial instruments. This agreement has been amended several times and as of December 31, 2013 provides for a $5.0 million credit line, bears interest at 1% and has a maturity date of February 28, 2014. As of December 31, 2013 and 2012, there were no amounts outstanding under this agreement. | |||||||||
On August 19, 2008, we entered into a $15.0 million uncommitted facility with First Tennessee Bank for the purpose of purchasing investments, which include cash equivalents, agency securities, A1/P1 commercial paper and eligible money market funds. The proceeds of this facility are not made generally available to us, but instead are held in a collateral account maintained by First Tennessee Bank. This agreement has been amended several times and as of December 31, 2013 provides for a $4.0 million credit line, bears interest at 0.25% and has a maturity date of August 31, 2014. As of December 31, 2013 and 2012, there were no amounts outstanding under this facility. | |||||||||
Our wholly-owned subsidiary, CBRE Capital Markets, has the following warehouse lines of credit: credit agreements with JP Morgan Chase Bank, N.A. (JP Morgan), BofA, TD Bank, N.A. (TD Bank), and Capital One, N.A. (Capital One), for the purpose of funding mortgage loans that will be resold, and a funding arrangement with Fannie Mae for the purpose of selling a percentage of certain closed multifamily loans. | |||||||||
On November 15, 2005, CBRE Capital Markets entered into a secured credit agreement with JP Morgan to establish a warehouse line of credit. This agreement has been amended several times and as of December 31, 2013 provides for a $200.0 million line of credit, bears interest at the daily LIBOR plus 1.90% and has a maturity date of October 27, 2014. | |||||||||
On April 16, 2008, CBRE Capital Markets entered into a secured credit agreement with BofA to establish a warehouse line of credit. As of December 31, 2013, the senior secured revolving line of credit provides for a $200.0 million line of credit, bears interest at the daily one-month LIBOR plus 1.60% and has a maturity date of May 28, 2014. | |||||||||
In August 2009, CBRE Capital Markets entered into a funding arrangement with Fannie Mae under its Multifamily As Soon As Pooled Plus Agreement and its Multifamily As Soon As Pooled Sale Agreement (ASAP) Program. Under the ASAP Program, CBRE Capital Markets may elect, on a transaction by transaction basis, to sell a percentage of certain closed multifamily loans to Fannie Mae on an expedited basis. After all contingencies are satisfied, the ASAP Program requires that CBRE Capital Markets repurchase the interest in the multifamily loan previously sold to Fannie Mae followed by either a full delivery back to Fannie Mae via whole loan execution or a securitization into a mortgage backed security. Under this agreement, the maximum outstanding balance under the ASAP Program cannot exceed $200.0 million and, between the sale date to Fannie Mae and the repurchase date by CBRE Capital Markets, the outstanding balance bears interest and is payable to Fannie Mae at the daily LIBOR rate plus 1.35% with a LIBOR floor of 0.35%. This arrangement is cancelable by Fannie Mae with notice. | |||||||||
On December 21, 2010, CBRE Capital Markets entered into a secured credit agreement with TD Bank to establish a warehouse line of credit. The secured revolving line of credit has been amended several times and as of December 31, 2013 provides for a $300.0 million line of credit, bears interest at the daily one-month LIBOR plus 1.50% with a maturity date of June 30, 2014. | |||||||||
On July 30, 2012, CBRE Capital Markets entered into a secured credit agreement with Capital One to establish a warehouse line of credit. This agreement provides for a $200.0 million senior secured revolving line of credit and bears interest at the daily one-month LIBOR plus 1.65% with a maturity date of July 29, 2014. | |||||||||
On September 21, 2012, CBRE Capital Markets entered into a repurchase facility with JP Morgan for additional warehouse capacity pursuant to a Master Repurchase Agreement. This agreement provided for a $200.0 million warehouse facility, bore interest at the daily one-month LIBOR plus 2.25% and expired on January 16, 2014. | |||||||||
During the year ended December 31, 2013, we had a maximum of $1.1 billion of warehouse lines of credit principal outstanding. As of December 31, 2013 and 2012, we had $374.6 million and $1.0 billion of warehouse lines of credit principal outstanding, respectively, which are included in short-term borrowings in the accompanying consolidated balance sheets. Non-cash activity totaling $651.8 million decreased the warehouse lines of credit during the year ended December 31, 2013, and $313.0 million and $234.6 million increased the warehouse lines of credit during the years ended December 31, 2012 and 2011, respectively. Additionally, we had $381.5 million and $1.0 billion of mortgage loans held for sale (warehouse receivables), which substantially represented mortgage loans funded through the lines of credit that, while committed to be purchased, had not yet been purchased as of December 31, 2013 and 2012, respectively, and which are also included in the accompanying consolidated balance sheets. Non-cash activity totaling $646.7 million decreased the warehouse receivables during the year ended December 31, 2013, and $313.0 million and $234.6 million increased the warehouse receivables during the years ended December 31, 2012 and 2011, respectively. | |||||||||
A significant number of our subsidiaries in Europe have had a Euro cash pool loan since 2001, which is used to fund their short-term liquidity needs. The Euro cash pool loan is an overdraft line for our European operations issued by HSBC Bank. The Euro cash pool loan has no stated maturity date and bears interest at varying rates based on LIBOR plus 2.0%. As of December 31, 2013 and 2012, there were no amounts outstanding under this facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
14. Commitments and Contingencies | |||||||||||||
We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. Our management believes that any losses in excess of the amounts accrued arising from such lawsuits are remote, but that litigation is inherently uncertain and there is the potential for a material adverse effect on our financial statements if one or more matters are resolved in a particular period in an amount in excess of that anticipated by management. | |||||||||||||
Our leases generally relate to office space that we occupy, have varying terms and expire through 2030. The following is a schedule by year of future minimum lease payments for noncancellable operating leases as of December 31, 2013 (dollars in thousands): | |||||||||||||
Operating leases | |||||||||||||
2014 | $ | 188,435 | |||||||||||
2015 | 167,892 | ||||||||||||
2016 | 150,095 | ||||||||||||
2017 | 133,477 | ||||||||||||
2018 | 111,165 | ||||||||||||
Thereafter | 403,769 | ||||||||||||
Total minimum payment required | $ | 1,154,833 | |||||||||||
Total minimum payments for noncancellable operating leases were not reduced by the minimum sublease rental income of $11.0 million due in the future under noncancellable subleases. | |||||||||||||
Substantially all leases require us to pay maintenance costs, insurance and property taxes. The composition of total rental expense under noncancellable operating leases consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 209,307 | $ | 210,981 | $ | 209,333 | |||||||
Less sublease rentals | (2,457 | ) | (218 | ) | (187 | ) | |||||||
$ | 206,850 | $ | 210,763 | $ | 209,146 | ||||||||
We had outstanding letters of credit totaling $11.1 million as of December 31, 2013, excluding letters of credit for which we have outstanding liabilities already accrued on our consolidated balance sheet related to our subsidiaries’ outstanding reserves for claims under certain insurance programs as well as letters of credit related to operating leases. These letters of credit are primarily executed by us in the ordinary course of business and expire at varying dates through December 2014. | |||||||||||||
We had guarantees totaling $14.3 million as of December 31, 2013, excluding guarantees related to pension liabilities, consolidated indebtedness and other obligations for which we have outstanding liabilities already accrued on our consolidated balance sheet, and operating leases. The $14.3 million partly consists of guarantees related to our defined benefit pension plans in the U.K. (in excess of our outstanding pension liability of $68.0 million as of December 31, 2013), which are continuous guarantees that will not expire until all amounts have been paid out for our pension liabilities. The remainder of the guarantees mainly represents guarantees of obligations of unconsolidated subsidiaries, which expire at varying dates through June 2017, as well as various guarantees of management contracts in our operations overseas, which expire at the end of each of the respective agreements. | |||||||||||||
In addition, as of December 31, 2013, we had numerous completion and budget guarantees relating to development projects. These guarantees are made by us in the ordinary course of our Development Services business. Each of these guarantees requires us to complete construction of the relevant project within a specified timeframe and/or within a specified budget, with us potentially being liable for costs to complete in excess of such timeframe or budget. However, we generally have “guaranteed maximum price” contracts with reputable general contractors with respect to projects for which we provide these guarantees. These contracts are intended to pass the risk to such contractors. While there can be no assurance, we do not expect to incur any material losses under these guarantees. | |||||||||||||
In January 2008, CBRE Multifamily Capital, Inc. (CBRE MCI), a wholly-owned subsidiary of CBRE Capital Markets, Inc., entered into an agreement with Fannie Mae, under Fannie Mae’s DUS Lender Program (DUS Program), to provide financing for multifamily housing with five or more units. Under the DUS Program, CBRE MCI originates, underwrites, closes and services loans without prior approval by Fannie Mae, and in selected cases, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans subject to such loss sharing arrangements with unpaid principal balances of $7.8 billion at December 31, 2013. Additionally, CBRE MCI has funded loans under the DUS Program that are not subject to loss sharing arrangements with unpaid principal balances of approximately $369.0 million at December 31, 2013. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of December 31, 2013 and 2012, CBRE MCI had $16.6 million and $9.1 million, respectively, of cash deposited under this reserve arrangement, and had provided approximately $13.8 million and $10.6 million, respectively, of loan loss accruals. Fannie Mae’s recourse under the DUS Program is limited to the assets of CBRE MCI, which totaled approximately $367.4 million (including $226.4 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at December 31, 2013. | |||||||||||||
An important part of the strategy for our Global Investment Management business involves investing our capital in certain real estate investments with our clients. These co-investments typically range from 2.0% to 5.0% of the equity in a particular fund. As of December 31, 2013, we had aggregate commitments of $9.4 million to fund future co-investments. | |||||||||||||
Additionally, an important part of our Development Services business strategy is to invest in unconsolidated real estate subsidiaries as a principal (in most cases co-investing with our clients). As of December 31, 2013, we had committed to fund $25.0 million of additional capital to these unconsolidated subsidiaries. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||
15 | Employee Benefit Plans | ||||||||||||||||||||||||||||
Stock Incentive Plans | |||||||||||||||||||||||||||||
Second Amended and Restated 2004 Stock Incentive Plan. Our 2004 stock incentive plan was adopted by our board of directors and approved by our stockholders on April 21, 2004, and was amended several times subsequently, including an amendment and restatement on June 2, 2008 and an amendment on December 3, 2008. However, our 2004 stock incentive plan was terminated in May 2012 in connection with the adoption of our 2012 equity incentive plan, which is described below. At termination, all unissued shares from the 2004 stock incentive plan were allocated to the 2012 equity incentive plan for potential future issuance. The 2004 stock incentive plan authorized the grant of stock-based awards to our employees, directors or independent contractors. A total of 20,785,218 shares of our Class A common stock initially were reserved for issuance under the 2004 stock incentive plan, which increased by 10,000,000 shares to a total of 30,785,218 shares in connection with the June 2, 2008 amendment and restatement. For awards granted prior to June 2, 2008 under this plan, this share reserve was reduced by one share upon grant of an option or stock appreciation right, and was reduced by 2.25 shares upon issuance of stock pursuant to other stock-based awards. For awards granted on or after June 2, 2008 under this plan, this share reserve was reduced by one share upon grant of all awards. In addition, full value awards, i.e., awards other than stock options and stock appreciation rights, were limited to no more than 75% of the total share reserve. No person was eligible to be granted awards in the aggregate covering more than 2,000,000 shares during any fiscal year. The number of shares issued or reserved pursuant to the 2004 stock incentive plan, or pursuant to outstanding awards, was subject to adjustment on account of mergers, consolidations, reorganizations, stock splits, stock dividends and other dilutive changes in our common stock. In addition, our board of directors could adjust outstanding awards to preserve the awards’ benefits or potential benefits. Since our 2004 stock incentive plan has been terminated, no new awards may be granted under it. However, as of December 31, 2013, outstanding stock options granted under the 2004 stock incentive plan to acquire 1,148,749 shares of our Class A common stock remain outstanding according to their terms, and we will continue to issue shares to the extent required under the terms of such outstanding awards. Shares underlying awards that expire, terminate or lapse under the 2004 stock incentive plan will become available for grant under the 2012 equity incentive plan. | |||||||||||||||||||||||||||||
2012 Equity Incentive Plan. Our 2012 equity incentive plan was adopted by our board of directors and approved by our stockholders on May 8, 2012. The 2012 equity incentive plan authorizes the grant of stock-based awards to our employees, directors or independent contractors. Unless terminated earlier, the 2012 equity incentive plan will terminate on February 13, 2022. A total of 16,000,000 shares of our Class A common stock plus 2,205,887 unissued shares that remained under the 2004 stock incentive plan were reserved for issuance under the 2012 equity incentive plan. Additionally, shares underlying awards that expire, terminate or lapse under the 2012 equity incentive plan or under the 2004 stock incentive plan will become available for issuance under the 2012 equity incentive plan. No person is eligible to be granted performance-based awards in the aggregate covering more than 3,300,000 shares during any fiscal year or cash awards in excess of $5,000,000 for any fiscal year. The number of shares issued or reserved pursuant to the 2012 equity incentive plan, or pursuant to outstanding awards, is subject to adjustment on account of a stock split of our outstanding shares, stock dividend, dividend payable in a form other than shares in an amount that has a material effect on the price of the shares, consolidation, combination or reclassification of the shares, recapitalization, spin-off, or other similar occurrence. Stock options and stock appreciation rights granted under the 2012 equity incentive plan are subject to a maximum term of ten years from the date of grant. Restricted share and restricted stock unit awards that have only time-based service vesting conditions are generally subject to a minimum three year vesting schedule. Restricted share and restricted stock unit awards that have performance-based vesting conditions are generally subject to a minimum one year vesting schedule. As of December 31, 2013, 14,717,951 shares remained available for future grants under this plan. | |||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||
As of December 31, 2013, no shares were subject to options issued under our 2012 equity incentive plan. No options were granted during the years ended December 31, 2013 and 2012. Options granted under the 2004 stock incentive plan during the year ended December 31, 2011 have an exercise price of $26.50, all of which vest and are exercisable in equal quarterly increments over three years from the date of grant. All options that have been granted under the 2004 stock incentive plan have a term of five or seven years from the date of grant. | |||||||||||||||||||||||||||||
A summary of the status of our outstanding stock options is presented in the tables below: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 6,636,480 | $ | 7.55 | ||||||||||||||||||||||||||
Exercised | (1,822,373 | ) | 3.92 | ||||||||||||||||||||||||||
Granted | 16,974 | 26.5 | |||||||||||||||||||||||||||
Forfeited | (18,853 | ) | 13.29 | ||||||||||||||||||||||||||
Expired | (19,819 | ) | 14.5 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 4,792,409 | $ | 8.95 | ||||||||||||||||||||||||||
Exercised | (1,930,092 | ) | 10.31 | ||||||||||||||||||||||||||
Forfeited | (33,381 | ) | 10.73 | ||||||||||||||||||||||||||
Expired | (17,997 | ) | 14.36 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,810,939 | $ | 7.93 | ||||||||||||||||||||||||||
Exercised | (1,620,515 | ) | 3.45 | ||||||||||||||||||||||||||
Forfeited | (2,009 | ) | 13.85 | ||||||||||||||||||||||||||
Expired | (39,666 | ) | 23.08 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,148,749 | $ | 13.6 | ||||||||||||||||||||||||||
Vested and expected to vest at December 31, 2013 (1) | 1,148,604 | $ | 13.6 | ||||||||||||||||||||||||||
Exercisable at December 31, 2013 | 1,146,229 | $ | 13.57 | ||||||||||||||||||||||||||
-1 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. | ||||||||||||||||||||||||||||
We estimate the fair value of our options on the date of grant using the Black-Scholes option-pricing model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility and the expected life of the options. | |||||||||||||||||||||||||||||
The total estimated grant date fair value of stock options that vested during the year ended December 31, 2013 was $0.7 million. The weighted average fair value of options granted by us was $13.49 for the year ended December 31, 2011. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions for the year ended December 31, 2011: | |||||||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 1.65 | % | |||||||||||||||||||||||||||
Expected volatility | 61.99 | % | |||||||||||||||||||||||||||
Expected life | 5 years | ||||||||||||||||||||||||||||
The dividend yield assumption is excluded from the calculation, as it is our present intention to retain all earnings. The expected volatility is based on a combination of our historical stock price and implied volatility. The selection of implied volatility data to estimate expected volatility is based upon the availability of actively traded options on our stock. The risk-free interest rate is based upon the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the options. The expected life of our stock options represents the estimated period of time until exercise and is based on historical experience of similar options, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. | |||||||||||||||||||||||||||||
Option valuation models require the input of subjective assumptions including the expected stock price volatility and expected life. Because our employee stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, we do not believe that the Black-Scholes model necessarily provides a reliable single measure of the fair value of our employee stock options. | |||||||||||||||||||||||||||||
Options outstanding at December 31, 2013 and their related weighted average exercise price, intrinsic value and life information is presented below: | |||||||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | ||||||||||||||||||||||
Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | |||||||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | |||||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||
$6.33 – $8.44 | 73,445 | 2.5 | $ | 8.29 | 73,445 | $ | 8.29 | ||||||||||||||||||||||
$11.10 – $16.48 | 1,007,974 | 1.9 | 13.08 | 1,007,974 | 13.08 | ||||||||||||||||||||||||
$22.00 – $26.50 | 30,992 | 2.9 | 24.19 | 28,472 | 23.99 | ||||||||||||||||||||||||
$27.19 – $37.43 | 36,338 | 0.6 | 29.83 | 36,338 | 29.83 | ||||||||||||||||||||||||
1,148,749 | 1.9 | $ | 13.6 | $ | 14,723,073 | 1,146,229 | $ | 13.57 | $ | 14,723,073 | |||||||||||||||||||
At December 31, 2013, the aggregate intrinsic value and weighted average remaining contractual life for options vested and expected to vest were $14.7 million and 1.9 years, respectively. Total compensation expense related to stock options was $0.4 million, $2.3 million and $3.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $31.9 million, $16.4 million and $39.9 million, respectively. We recorded cash received from stock option exercises of $5.8 million, $20.3 million and $7.1 million and related tax benefit of $9.9 million, $2.9 million and $14.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. Upon option exercise, we issue new shares of stock. Excess tax benefits exist when the tax deduction resulting from the exercise of options exceeds the compensation cost recorded. | |||||||||||||||||||||||||||||
Non-Vested Stock Awards | |||||||||||||||||||||||||||||
We have issued non-vested stock awards, including restricted stock units and restricted shares, in our Class A common stock to certain of our employees, independent contractors and members of our board of directors. During the year ended December 31, 2013, we granted 2,596,830 non-vested stock units. These include (1) 1,613,906 non-vested stock units, which primarily vest and are generally exercisable in equal annual increments over four years from the date of grant, (2) 329,100 performance-based non-vested stock units subject to the Company satisfying an adjusted EBITDA threshold, and thereupon vesting and becoming exercisable in equal annual increments over four years from the date of grant, and (3) a target award amount of 653,824 performance-based non-vested stock units subject to the Company satisfying an adjusted earnings per share (EPS) threshold, and thereupon cliff vesting and becoming exercisable on the third anniversary of the date of grant. In respect to the adjusted EPS performance-based stock units, the award amount was granted as a target number of non-vested stock units, with the actual number of shares to be later issued (if they vest) determined by measuring the extent by which actual adjusted EPS at the end of the performance period exceeds specified adjusted EPS performance levels. The actual number of shares that a grant recipient will receive may range from 0% to 200% of the target number depending on adjusted EPS performance. During the year ended December 31, 2012, we granted 2,353,487 non-vested stock units, which primarily vest and are generally exercisable in equal annual increments over four years from the date of grant. We granted 644,635 non-vested stock units during the year ended December 31, 2011, which primarily vest in 2016. During the year ended December 31, 2013, we granted 72,580 restricted shares, which cliff vest in 2018 and are generally subject to the grantee not terminating employment under certain circumstances prior to this date. No restricted shares were granted during the year ended December 31, 2012. During the year ended December 31, 2011, we granted 2,803,221 restricted shares, which primarily vest and are generally exercisable in equal annual increments over four years from the date of grant. A summary of the status of our non-vested stock awards is presented in the table below: | |||||||||||||||||||||||||||||
Shares / Units | Weighted | ||||||||||||||||||||||||||||
Average Market | |||||||||||||||||||||||||||||
Value Per Share | |||||||||||||||||||||||||||||
Balance at December 31, 2010 | 9,268,908 | $ | 14.4 | ||||||||||||||||||||||||||
Granted | 3,447,856 | 15.95 | |||||||||||||||||||||||||||
Vested | (2,541,370 | ) | 13.47 | ||||||||||||||||||||||||||
Forfeited | (289,187 | ) | 14.05 | ||||||||||||||||||||||||||
Balance at December 31, 2011 | 9,886,207 | $ | 15.18 | ||||||||||||||||||||||||||
Granted | 2,353,487 | 20.31 | |||||||||||||||||||||||||||
Vested | (3,677,691 | ) | 13.18 | ||||||||||||||||||||||||||
Forfeited | (588,514 | ) | 14.55 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 7,973,489 | $ | 17.65 | ||||||||||||||||||||||||||
Granted | 2,669,410 | 22.94 | |||||||||||||||||||||||||||
Vested | (2,923,485 | ) | 14.48 | ||||||||||||||||||||||||||
Forfeited | (177,905 | ) | 18.15 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 7,541,509 | $ | 20.76 | ||||||||||||||||||||||||||
Total compensation expense related to non-vested stock awards was $48.0 million, $49.4 million and $40.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, total unrecognized estimated compensation cost related to non-vested stock awards was approximately $113.0 million, which is expected to be recognized over a weighted average period of approximately 2.7 years. | |||||||||||||||||||||||||||||
Bonuses. We have bonus programs covering select employees, including senior management. Awards are based on the position and performance of the employee and the achievement of pre-established financial, operating and strategic objectives. The amounts charged to expense for bonuses were $148.7 million, $134.5 million and $154.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
401(k) Plan. Our CBRE 401(k) Plan (401(k) Plan) is a defined contribution savings plan that allows participant deferrals under Section 401(k) of the Internal Revenue Code. Most of our non-union U.S. employees, other than qualified real estate agents having the status of independent contractors under section 3508 of the Internal Revenue Code, are eligible to participate in the plan. The 401(k) Plan provides for participant contributions as well as a Company match. A participant is allowed to contribute to the 401(k) Plan from 1% to 75% of his or her compensation, subject to limits imposed by applicable law. Effective January 1, 2007, all participants hired post January 1, 2007 vest in company match contributions 20% per year for each plan year they work 1,000 hours. All participants hired before January 1, 2007 are immediately vested in company match contributions. For 2011, 2012 and 2013, we contributed a 50% match on the first 3% of annual compensation (up to $150,000 of compensation) deferred by each participant. In connection with the 401(k) Plan, we charged to expense $15.5 million, $12.9 million and $10.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Participants are entitled to invest up to 25% of their 401(k) account balance in shares of our common stock. As of December 31, 2013, approximately 1.3 million shares of our common stock were held as investments by participants in our 401(k) Plan. | |||||||||||||||||||||||||||||
Pension Plans. We have two contributory defined benefit pension plans in the U.K. The London-based firm of Hillier Parker May & Rowden, which we acquired in 1998, had a contributory defined benefit pension plan. A subsidiary of Insignia, which we acquired in connection with the Insignia Acquisition in 2003, also had a contributory defined benefit pension plan in the U.K. Our subsidiaries based in the U.K. maintain the plans to provide retirement benefits to existing and former employees participating in these plans. With respect to these plans, our historical policy has been to contribute annually an amount to fund pension cost as actuarially determined and as required by applicable laws and regulations. Effective July 1, 2007, we reached agreements with the active members of these plans to freeze future pension plan benefits. In return, the active members became eligible to enroll in a defined contribution plan. | |||||||||||||||||||||||||||||
The following table sets forth a reconciliation of the benefit obligation, plan assets, plan’s funded status and amounts recognized in the accompanying consolidated balance sheets for both of our defined benefit pension plans (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 352,242 | $ | 316,165 | |||||||||||||||||||||||||
Interest cost | 15,414 | 15,513 | |||||||||||||||||||||||||||
Actuarial loss | 31,420 | 14,447 | |||||||||||||||||||||||||||
Benefits paid | (8,374 | ) | (8,768 | ) | |||||||||||||||||||||||||
Foreign currency translation | 9,513 | 14,885 | |||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 400,215 | $ | 352,242 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||
Fair value of plan asset at beginning of period | $ | 288,714 | $ | 255,305 | |||||||||||||||||||||||||
Actuarial return on plan assets | 38,328 | 24,175 | |||||||||||||||||||||||||||
Company contributions | 5,508 | 5,886 | |||||||||||||||||||||||||||
Benefits paid | (8,374 | ) | (8,768 | ) | |||||||||||||||||||||||||
Foreign currency translation | 8,027 | 12,116 | |||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 332,203 | $ | 288,714 | |||||||||||||||||||||||||
Funded status | $ | (68,012 | ) | $ | (63,528 | ) | |||||||||||||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||||||
Non-current liabilities | $ | (68,012 | ) | $ | (63,528 | ) | |||||||||||||||||||||||
The accumulated benefit obligation for our defined benefit pension plans was $400.2 million and $352.2 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Items not yet recognized as a component of net periodic pension cost were as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Unamortized actuarial loss | $ | 103,968 | $ | 96,921 | |||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | 103,968 | $ | 96,921 | |||||||||||||||||||||||||
The estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost in 2014 is $2.6 million. | |||||||||||||||||||||||||||||
Components of net periodic pension cost and other amounts recognized in other comprehensive loss consisted of the following (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Net Periodic Cost | |||||||||||||||||||||||||||||
Interest cost | $ | 15,414 | $ | 15,513 | $ | 16,556 | |||||||||||||||||||||||
Expected return on plan assets | (16,095 | ) | (14,563 | ) | (17,238 | ) | |||||||||||||||||||||||
Amortization of unrecognized net loss | 2,455 | 2,344 | 1,358 | ||||||||||||||||||||||||||
Net periodic pension cost | $ | 1,774 | $ | 3,294 | $ | 676 | |||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 7,047 | $ | 2,079 | $ | 25,726 | |||||||||||||||||||||||
Total recognized in other comprehensive loss | 7,047 | 2,079 | 25,726 | ||||||||||||||||||||||||||
Total recognized in net periodic cost and other comprehensive loss | $ | 8,821 | $ | 5,373 | $ | 26,402 | |||||||||||||||||||||||
Weighted average assumptions used to determine our projected benefit obligation were as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.47 | % | 4.6 | % | |||||||||||||||||||||||||
Expected return on plan assets | 7.05 | % | 5.91 | % | |||||||||||||||||||||||||
Weighted average assumptions used to determine our net periodic pension cost were as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 4.44 | % | 4.6 | % | 4.88 | % | |||||||||||||||||||||||
Expected return on plan assets | 6.65 | % | 5.91 | % | 6 | % | |||||||||||||||||||||||
We select a discount rate by reference to yields available at our balance sheet date on U.K. AA-rated corporate bonds. The corporate bond yield curve is derived by taking a government bond yield curve, based on Bank of England data and adding an amount to reflect the yield spread on AA-rated bonds over government bonds. This discount rate selected is the weighted average of the yields on the resulting bond yield curve, where the weighting is based on the expected cash flow from the weighted average duration of the pension plans. | |||||||||||||||||||||||||||||
We review historical rates of return for equity and fixed income securities, as well as current economic conditions, to determine the expected long-term rate of return on plan assets. The assumed rate of return for 2013 is based on 57.2% of the portfolio being invested in equities yielding a 7.6% return, 28.1% of the portfolio being invested in an absolute return strategy fund yielding a 7.1% return and 7.0% of assets being primarily invested in corporate and government debt securities yielding a 4.7% return. Consideration is given to diversification and periodic rebalancing of the portfolio based on prevailing market conditions. | |||||||||||||||||||||||||||||
Our pension plan weighted average asset allocations by asset category were as follows: | |||||||||||||||||||||||||||||
Target Allocation | Plan Assets | ||||||||||||||||||||||||||||
2013 | at December 31, | ||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||||||||||
Equity securities | 54.80% | 57.2 | % | 66.7 | % | ||||||||||||||||||||||||
Absolute return strategy fund | 28.30% | 28.1 | % | — | % | ||||||||||||||||||||||||
Debt securities | 7.70% | 7 | % | 22.7 | % | ||||||||||||||||||||||||
Other | 9.20% | 7.7 | % | 10.6 | % | ||||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||||
Our pension trust assets are invested with a long-term focus to achieve a return on investment that is based on levels of liquidity and investment risk that the trustees, in consultation with management believe are prudent and reasonable. The investment portfolio contains a diversified blend of equity and fixed income and index linked investments consisting primarily of government debt. The equity investments are diversified across U.K. and non-U.K. equities, as well as value, growth, and medium and large capitalizations. The portfolio’s asset mix is reviewed regularly, and the portfolio is rebalanced based on existing market conditions. Investment risk is measured and monitored on a regular basis through quarterly portfolio reviews, annual liability measurements and periodic asset/liability analyses. | |||||||||||||||||||||||||||||
The fair value of our pension assets are comprised of the following (dollars in thousands): | |||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using: | |||||||||||||||||||||||||||||
As of December 31, 2013 | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||||||
Cash | $ | 6,385 | $ | 6,385 | $ | — | $ | — | |||||||||||||||||||||
Equity securities (a) | 189,852 | 29,153 | 160,699 | — | |||||||||||||||||||||||||
Fixed income securities (a) | 23,273 | — | 23,273 | — | |||||||||||||||||||||||||
Absolute return strategy fund (b) | 93,343 | — | 93,343 | — | |||||||||||||||||||||||||
Other (c) | 19,350 | — | 16,256 | 3,094 | |||||||||||||||||||||||||
Total | $ | 332,203 | $ | 35,538 | $ | 293,571 | $ | 3,094 | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||||||
Cash | $ | 1,864 | $ | 1,864 | $ | — | $ | — | |||||||||||||||||||||
Equity securities (a) | 192,555 | 23,253 | 169,302 | — | |||||||||||||||||||||||||
Fixed income securities (a) | 65,414 | — | 65,414 | — | |||||||||||||||||||||||||
Other (c) | 28,881 | — | 18,631 | 10,250 | |||||||||||||||||||||||||
Total | $ | 288,714 | $ | 25,117 | $ | 253,347 | $ | 10,250 | |||||||||||||||||||||
(a) | The assets in this category represent investments in foreign equity and bond funds. Generally, these assets are valued using bid-market valuations provided by the funds’ investment managers. | ||||||||||||||||||||||||||||
(b) | The assets in this category represent investments in an absolute return strategies fund. Generally, these assets are valued at the net asset value as determined by the custodian of the fund. The net asset value is based on the underlying investments, which are valued using inputs such as quoted market prices of identical instruments, discounted future cash flows, independent appraisals, and market-based comparable data. As such, the assets in this category have been categorized as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||
(c) | The assets in this category include investments in a liability driven investment fund and investments in commercial real estate. The liability driven investment fund is a single priced fund and the fair value of the underlying assets are priced by the fund’s custodian based on observable market data and therefore categorized as Level 2 in the fair value hierarchy. The investments in commercial real estate represent a property unit trust that invests in commercial real estate properties in the U.K. The fair values for these investments are based on inputs obtained from broker quotes that are indicative of value and cannot be corroborated by observable market data and therefore are categorized as Level 3 in the fair value hierarchy. | ||||||||||||||||||||||||||||
A summary of our pension assets measured and recorded using significant unobservable inputs is as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Real | |||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 10,801 | |||||||||||||||||||||||||||
Actuarial loss on plan assets | (997 | ) | |||||||||||||||||||||||||||
Foreign currency translation | 446 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 10,250 | |||||||||||||||||||||||||||
Actuarial return on plan assets | 268 | ||||||||||||||||||||||||||||
Actuarial loss on plan assets sold | (105 | ) | |||||||||||||||||||||||||||
Sales | (7,381 | ) | |||||||||||||||||||||||||||
Foreign currency translation | 62 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 3,094 | |||||||||||||||||||||||||||
There were no significant transfers into or out of Level 3 during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
We expect to contribute $6.2 million to our pension plans in 2014. The following is a schedule by year of benefit payments, which reflect expected future service, as appropriate, that are expected to be paid (dollars in thousands): | |||||||||||||||||||||||||||||
2014 | $ | 10,441 | |||||||||||||||||||||||||||
2015 | 10,607 | ||||||||||||||||||||||||||||
2016 | 10,441 | ||||||||||||||||||||||||||||
2017 | 11,269 | ||||||||||||||||||||||||||||
2018 | 11,932 | ||||||||||||||||||||||||||||
2019-2023 | 79,549 | ||||||||||||||||||||||||||||
Total | $ | 134,239 | |||||||||||||||||||||||||||
We also have defined contribution plans for employees in the U.K. Our contributions to these plans were approximately $10.9 million, $9.6 million and $8.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
16. Income Taxes | |||||||||||||
The components of income from continuing operations before provision for income taxes consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 431,024 | $ | 361,577 | $ | 252,577 | |||||||
Foreign | 77,961 | 127,901 | 176,961 | ||||||||||
$ | 508,985 | $ | 489,478 | $ | 429,538 | ||||||||
Our tax provision (benefit) consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal: | |||||||||||||
Current | $ | 118,741 | $ | 132,266 | $ | 107,671 | |||||||
Deferred | 8,023 | (13,341 | ) | 3,472 | |||||||||
126,764 | 118,925 | 111,143 | |||||||||||
State: | |||||||||||||
Current | 23,324 | 2,943 | 13,763 | ||||||||||
Deferred | (14,036 | ) | 12,355 | (10,056 | ) | ||||||||
9,288 | 15,298 | 3,707 | |||||||||||
Foreign: | |||||||||||||
Current | 85,848 | 56,362 | 78,256 | ||||||||||
Deferred | (34,713 | ) | (5,263 | ) | (4,003 | ) | |||||||
51,135 | 51,099 | 74,253 | |||||||||||
$ | 187,187 | $ | 185,322 | $ | 189,103 | ||||||||
The following is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory federal income tax rate to our effective tax rate: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Change in valuation allowance | 5 | 8 | — | ||||||||||
State taxes, net of federal benefit | 2 | 4 | 3 | ||||||||||
Non-deductible expenses | 1 | 2 | 3 | ||||||||||
Acquisition costs | 1 | — | 3 | ||||||||||
Non-controlling interests | (1 | ) | 1 | (1 | ) | ||||||||
Credits and exemptions | (1 | ) | (1 | ) | (1 | ) | |||||||
Foreign earnings repatriation | (5 | ) | (14 | ) | — | ||||||||
Reserves for uncertain tax positions | — | 1 | 2 | ||||||||||
Foreign rate differential | — | — | (1 | ) | |||||||||
Other | — | 2 | 1 | ||||||||||
Effective tax rate | 37 | % | 38 | % | 44 | % | |||||||
During the years ended December 31, 2013, 2012 and 2011, respectively, we recorded a $10.5 million, $5.3 million and $15.5 million income tax benefit in connection with stock options exercised. Of this income tax benefit, $9.9 million, $2.9 million and $14.9 million was charged directly to additional paid-in capital within the equity section of the accompanying consolidated balance sheets in 2013, 2012 and 2011, respectively. | |||||||||||||
Cumulative tax effects of temporary differences are shown below at December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Asset (Liability) | |||||||||||||
Property and equipment | $ | (56,203 | ) | $ | (31,263 | ) | |||||||
Bad debt and other reserves | 61,737 | 49,531 | |||||||||||
Capitalized costs and intangibles | (202,590 | ) | (302,079 | ) | |||||||||
Derivative financial instruments | 11,508 | 19,142 | |||||||||||
Bonus | 164,538 | 165,545 | |||||||||||
Investments | 6,269 | 5,750 | |||||||||||
NOL and state tax credits | 45,195 | 41,902 | |||||||||||
Foreign tax credits | 55,064 | 84,926 | |||||||||||
Unconsolidated affiliates | 30,748 | 44,841 | |||||||||||
Pension obligation | 16,062 | 17,491 | |||||||||||
All other | (5,983 | ) | (5,833 | ) | |||||||||
Net deferred tax assets before valuation allowance | 126,345 | 89,953 | |||||||||||
Valuation allowance | (98,589 | ) | (76,169 | ) | |||||||||
Net deferred tax assets | $ | 27,756 | $ | 13,784 | |||||||||
As of December 31, 2013, we had U.S. federal net operating losses (NOLs) of approximately $15.4 million, translating to a deferred tax asset before valuation allowance of $5.4 million, which will begin to expire in 2023. As of December 31, 2013, there were also deferred tax assets before valuation allowances of approximately $3.2 million related to state NOLs as well as $36.4 million related to foreign NOLs. The state and foreign NOLs both begin to expire in 2014. The utilization of NOLs may be subject to certain limitations under U.S. federal, state and foreign laws. | |||||||||||||
In addition, as of December 31, 2013, we had $55.1 million of foreign income tax credits that can be utilized to offset U.S. federal income taxes on foreign-sourced earnings. These credits will begin to expire in 2023. | |||||||||||||
Management determined that as of December 31, 2013, $98.6 million of deferred tax assets do not satisfy the recognition criteria set forth in Topic 740. Accordingly, a valuation allowance has been recorded for this amount. If released, the entire amount would result in a benefit to continuing operations. During the year ended December 31, 2013, our valuation allowance increased by approximately $22.4 million. This was primarily the result of the establishment of valuation allowances of $10.2 million related to U.S. foreign tax credits, $8.7 million related to non-U.S. net operating losses and other assets, $4.7 million related to U.S. net operating losses and other U.S. assets and $0.7 million related to foreign net operating loss adjustments. These increases were partially offset by the utilization of $1.1 million of U.S. net operating losses and other U.S. assets and $0.8 million of non-U.S. net operating losses and other foreign assets. Management believes it is more likely than not that future operations will generate sufficient taxable income to realize the benefit of the deferred tax assets recorded net of these valuation allowances. | |||||||||||||
Based on $58.0 million repatriated in 2012, and an estimated $133.0 million to be repatriated in 2013 to the U.S., a $28.8 million tax benefit was recorded in 2012. During 2013, we actually repatriated $196.2 million. Additional tax benefit of $14.5 million was recorded in 2013. We have not recorded a deferred tax liability for $1.1 billion of remaining undistributed earnings of subsidiaries located outside of the U.S. Although tax liabilities might result from the payment of dividends out of such earnings, or as a result of a sale or liquidation of non-U.S. subsidiaries, these earnings are permanently reinvested outside of the U.S. and we do not have any plans to repatriate these earnings or to sell or liquidate any of these non-U.S. subsidiaries. To the extent that we are able to repatriate the unremitted earnings in a tax efficient manner, or in the event of a change in our capital situation or investment strategy in which such funds become needed for funding our U.S. operations, we would be required to accrue and pay U.S. taxes to repatriate these funds, net of foreign tax credits. The determination of the tax liability upon repatriation is not practicable. Cash and cash equivalents owned by non-U.S. subsidiaries totaled $325.0 million at December 31, 2013. | |||||||||||||
The total amount of gross unrecognized tax benefits was approximately $95.7 million and $95.6 million as of December 31, 2013 and 2012, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate, if recognized, is $50.8 million ($48.8 million, net of federal benefit received from state positions) and $51.5 million ($49.4 million, net of federal benefit received from state positions) as of December 31, 2013 and 2012, respectively. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, unrecognized tax benefits | $ | (95,575 | ) | $ | (91,710 | ) | |||||||
Gross increases—tax positions in prior period | (3,784 | ) | (3,092 | ) | |||||||||
Gross decreases—tax positions in prior period | 6,198 | 5,306 | |||||||||||
Gross increases—current-period tax positions | (4,465 | ) | (5,432 | ) | |||||||||
Decreases relating to settlements | 643 | 35 | |||||||||||
Reductions as a result of lapse of statute of limitations | 1,040 | 189 | |||||||||||
Foreign exchange movement | 279 | (871 | ) | ||||||||||
Ending balance, unrecognized tax benefits | $ | (95,664 | ) | $ | (95,575 | ) | |||||||
We believe it is reasonably possible that between $58.2 million and $81.8 million of gross unrecognized tax benefits will be settled during the next twelve months due to filing amended returns and the conclusion of an advanced pricing agreement. | |||||||||||||
Our continuing practice is to recognize potential accrued interest and/or penalties related to income tax matters within income tax expense. During the years ended December 31, 2013, 2012 and 2011, we accrued an additional $2.6 million, $3.3 million and $3.4 million, respectively, in interest associated with uncertain tax positions. As of December 31, 2013 and 2012, we have recognized a liability for interest and penalties of $33.0 million ($25.9 million, net of related federal benefit received from interest expense) and $30.4 million ($24.1 million, net of related federal benefit received from interest expense), respectively. | |||||||||||||
We conduct business globally and, as a result, one or more of our subsidiaries files income tax returns in the U.S. federal jurisdiction and multiple state, local and foreign jurisdictions. We are no longer subject to U.S. federal Internal Revenue Service audits for years prior to 2005. With limited exception, our significant state and foreign tax jurisdictions are no longer subject to audit by the various tax authorities for tax years prior to 2007. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
17. Stockholders’ Equity | |
Our board of directors is authorized, subject to any limitations imposed by law, without the approval of our stockholders, to issue a total of 25,000,000 shares of preferred stock, in one or more series, with each such series having rights and preferences including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, as our board of directors may determine. | |
Grant recipients under our various equity compensation plans may elect for us to repurchase shares awarded to them to satisfy minimum statutory federal, state and local tax withholding obligations arising from the vesting of their equity awards. During the year ended December 31, 2013, 601,917 shares with an average price paid per share of $22.00 were repurchased relating thereto. |
Earnings_Per_Share_Information
Earnings Per Share Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share Information | ' | ||||||||||||
18. Earnings Per Share Information | |||||||||||||
The following is a calculation of earnings per share (dollars in thousands, except share data): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 316,538 | $ | 315,555 | $ | 239,162 | |||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | 318,454,191 | ||||||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.96 | $ | 0.98 | $ | 0.75 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 316,538 | $ | 315,555 | $ | 239,162 | |||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | 318,454,191 | ||||||||||
Dilutive effect of contingently issuable shares | 2,942,919 | 3,082,173 | 3,160,702 | ||||||||||
Dilutive effect of stock options | 709,931 | 1,646,396 | 2,108,862 | ||||||||||
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 | 323,723,755 | ||||||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.95 | $ | 0.97 | $ | 0.74 | |||||||
For the years ended December 31, 2013, 2012 and 2011, 72,580, 2,210,383 and 11,880, respectively, contingently issuable shares and options to purchase 51,426, 103,423 and 55,587 shares, respectively, of common stock were excluded from the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. |
Fiduciary_Funds
Fiduciary Funds | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Fiduciary Funds | ' |
19. Fiduciary Funds | |
The accompanying consolidated balance sheets do not include the net assets of escrow, agency and fiduciary funds, which are held by us on behalf of clients and which amounted to $2.1 billion and $1.9 billion at December 31, 2013 and 2012, respectively. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
20. Discontinued Operations | |||||||||||||
In the ordinary course of business, we dispose of real estate assets, or hold real estate assets for sale, that may be considered components of an entity in accordance with Topic 360. If we do not have, or expect to have, significant continuing involvement with the operation of these real estate assets after disposition, we are required to recognize operating profits or losses and gains or losses on disposition of these assets as discontinued operations in our consolidated statements of operations in the periods in which they occur. Real estate operations and dispositions accounted for as discontinued operations for the years ended December 31, 2013, 2012 and 2011 were reported in our Global Investment Management and Development Services segments and totaled the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 9,362 | $ | 5,663 | $ | 6,737 | |||||||
Costs and expenses: | |||||||||||||
Operating, administrative and other | 5,416 | 2,750 | 5,264 | ||||||||||
Depreciation and amortization | 880 | 1,260 | 1,211 | ||||||||||
Total costs and expenses | 6,296 | 4,010 | 6,475 | ||||||||||
Gain on disposition of real estate | 28,602 | 1,566 | 56,888 | ||||||||||
Operating income | 31,668 | 3,219 | 57,150 | ||||||||||
Interest income | — | 4 | — | ||||||||||
Interest expense | 3,297 | 1,581 | 3,248 | ||||||||||
Income from discontinued operations, before provision for income taxes | 28,371 | 1,642 | 53,902 | ||||||||||
Provision for income taxes | 1,374 | 1,011 | 4,012 | ||||||||||
Income from discontinued operations, net of income taxes | 26,997 | 631 | 49,890 | ||||||||||
Less: Income (loss) from discontinued operations attributable to non-controlling interests | 24,688 | (1,071 | ) | 44,245 | |||||||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 2,309 | $ | 1,702 | $ | 5,645 | |||||||
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segments | ' | ||||||||||||
21. Segments | |||||||||||||
We report our operations through the following segments: (1) Americas, (2) EMEA, (3) Asia Pacific, (4) Global Investment Management and (5) Development Services. | |||||||||||||
The Americas segment is our largest segment of operations and provides a comprehensive range of services throughout the U.S. and in the largest regions of Canada and key markets in Latin America. The primary services offered consist of the following: real estate services, mortgage loan origination and servicing, valuation services, asset services and occupier outsourcing. | |||||||||||||
Our EMEA and Asia Pacific segments provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations primarily in Asia, Australia and New Zealand. | |||||||||||||
Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia. | |||||||||||||
Our Development Services business consists of real estate development and investment activities primarily in the U.S. | |||||||||||||
Summarized financial information by segment is as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
Americas | $ | 4,504,520 | $ | 4,103,602 | $ | 3,673,681 | |||||||
EMEA | 1,217,109 | 1,031,818 | 1,076,568 | ||||||||||
Asia Pacific | 872,821 | 817,241 | 788,754 | ||||||||||
Global Investment Management | 537,102 | 482,589 | 290,065 | ||||||||||
Development Services | 53,242 | 78,849 | 76,343 | ||||||||||
$ | 7,184,794 | $ | 6,514,099 | $ | 5,905,411 | ||||||||
Depreciation and amortization | |||||||||||||
Americas | $ | 116,564 | $ | 82,841 | $ | 62,238 | |||||||
EMEA | 20,496 | 14,198 | 10,945 | ||||||||||
Asia Pacific | 12,397 | 11,475 | 9,654 | ||||||||||
Global Investment Management | 36,194 | 51,290 | 21,271 | ||||||||||
Development Services | 4,739 | 9,841 | 11,611 | ||||||||||
$ | 190,390 | $ | 169,645 | $ | 115,719 | ||||||||
Equity income (loss) from unconsolidated subsidiaries | |||||||||||||
Americas | $ | 17,434 | $ | 12,890 | $ | 15,162 | |||||||
EMEA | 1,188 | 1,205 | 778 | ||||||||||
Asia Pacific | — | — | 5 | ||||||||||
Global Investment Management | 2,757 | (2,533 | ) | (1,044 | ) | ||||||||
Development Services | 43,043 | 49,167 | 89,875 | ||||||||||
$ | 64,422 | $ | 60,729 | $ | 104,776 | ||||||||
EBITDA | |||||||||||||
Americas | $ | 603,191 | $ | 578,649 | $ | 462,167 | |||||||
EMEA | 71,267 | 54,299 | 87,527 | ||||||||||
Asia Pacific | 70,795 | 80,630 | 82,226 | ||||||||||
Global Investment Management | 194,609 | 96,359 | (14,772 | ) | |||||||||
Development Services | 43,021 | 51,684 | 76,113 | ||||||||||
$ | 982,883 | $ | 861,621 | $ | 693,261 | ||||||||
EBITDA represents earnings before net interest expense, write-off of financing costs, income taxes, depreciation and amortization. Our management believes EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of EBITDA generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses EBITDA as a measure to evaluate the operating performance of our various business segments and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA is useful to investors to assist them in getting a more complete picture of our results from operations. | |||||||||||||
However, EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, readers should use EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. | |||||||||||||
Net interest expense and write-off of financing costs have been expensed in the segment incurred. Provision for (benefit of) income taxes has been allocated among our segments by using applicable U.S. and foreign effective tax rates. EBITDA for our segments is calculated as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Americas | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 539,373 | $ | 267,313 | $ | 182,107 | |||||||
Add: | |||||||||||||
Depreciation and amortization | 116,564 | 82,841 | 62,238 | ||||||||||
Interest expense | 89,241 | 124,633 | 118,916 | ||||||||||
Write-off of financing costs | 56,295 | — | — | ||||||||||
Royalty and management service income | (295,154 | ) | (32,214 | ) | (29,729 | ) | |||||||
Provision for income taxes | 100,883 | 140,634 | 136,803 | ||||||||||
Less: | |||||||||||||
Interest income | 4,011 | 4,558 | 8,168 | ||||||||||
EBITDA | $ | 603,191 | $ | 578,649 | $ | 462,167 | |||||||
EMEA | |||||||||||||
Net (loss) income attributable to CBRE Group, Inc. | $ | (248,888 | ) | $ | 9,846 | $ | 37,155 | ||||||
Add: | |||||||||||||
Depreciation and amortization | 20,496 | 14,198 | 10,945 | ||||||||||
Non-amortizable intangible asset impairment | — | 19,826 | — | ||||||||||
Interest expense | 2,552 | 9,152 | 1,633 | ||||||||||
Royalty and management service expense | 267,199 | 12,654 | 14,142 | ||||||||||
Provision for income taxes | 30,400 | 7,170 | 27,253 | ||||||||||
Less: | |||||||||||||
Interest income | 492 | 18,547 | 3,601 | ||||||||||
EBITDA | $ | 71,267 | $ | 54,299 | $ | 87,527 | |||||||
Asia Pacific | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 14,876 | $ | 35,040 | $ | 32,815 | |||||||
Add: | |||||||||||||
Depreciation and amortization | 12,397 | 11,475 | 9,654 | ||||||||||
Interest expense | 2,990 | 4,641 | 3,535 | ||||||||||
Royalty and management service expense | 23,184 | 15,388 | 14,666 | ||||||||||
Provision for income taxes | 19,463 | 14,840 | 22,637 | ||||||||||
Less: | |||||||||||||
Interest income | 2,115 | 754 | 1,081 | ||||||||||
EBITDA | $ | 70,795 | $ | 80,630 | $ | 82,226 | |||||||
Global Investment Management | |||||||||||||
Net loss attributable to CBRE Group, Inc. | $ | (7,056 | ) | $ | (14,872 | ) | $ | (44,938 | ) | ||||
Add: | |||||||||||||
Depreciation and amortization (1) | 36,670 | 51,557 | 22,424 | ||||||||||
Interest expense (2) | 38,053 | 44,818 | 20,892 | ||||||||||
Non-amortizable intangible asset impairment | 98,129 | — | — | ||||||||||
Royalty and management service expense | 4,771 | 4,172 | 921 | ||||||||||
Provision for (benefit of) income taxes | 24,809 | 11,805 | (13,404 | ) | |||||||||
Less: | |||||||||||||
Interest income | 767 | 1,121 | 667 | ||||||||||
EBITDA (3) | $ | 194,609 | $ | 96,359 | $ | (14,772 | ) | ||||||
Development Services | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 18,233 | $ | 18,228 | $ | 32,023 | |||||||
Add: | |||||||||||||
Depreciation and amortization (4) | 5,143 | 10,834 | 11,669 | ||||||||||
Interest expense (5) | 7,004 | 11,288 | 12,784 | ||||||||||
Provision for income taxes (6) | 13,006 | 11,884 | 19,826 | ||||||||||
Less: | |||||||||||||
Interest income | 365 | 550 | 189 | ||||||||||
EBITDA (7) | $ | 43,021 | $ | 51,684 | $ | 76,113 | |||||||
-1 | Includes depreciation and amortization related to discontinued operations of $0.5 million, $0.3 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-2 | Includes interest expense related to discontinued operations of $1.0 million, $0.2 million and $2.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-3 | Includes EBITDA related to discontinued operations of $1.4 million, $0.5 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-4 | Includes depreciation and amortization related to discontinued operations of $0.4 million, $1.0 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-5 | Includes interest expense related to discontinued operations of $2.3 million, $1.4 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-6 | Includes provision for income taxes related to discontinued operations of $1.3 million, $1.0 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-7 | Includes EBITDA related to discontinued operations of $6.5 million, $5.1 million and $10.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Capital expenditures | |||||||||||||
Americas | $ | 112,570 | $ | 96,785 | $ | 112,340 | |||||||
EMEA | 18,691 | 11,719 | 22,273 | ||||||||||
Asia Pacific | 15,595 | 11,720 | 9,232 | ||||||||||
Global Investment Management | 9,364 | 29,811 | 4,017 | ||||||||||
Development Services | 138 | 197 | 118 | ||||||||||
$ | 156,358 | $ | 150,232 | $ | 147,980 | ||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
Americas | $ | 2,895,593 | $ | 3,256,719 | |||||||||
EMEA | 1,628,777 | 945,051 | |||||||||||
Asia Pacific | 455,859 | 502,688 | |||||||||||
Global Investment Management | 1,164,139 | 1,530,121 | |||||||||||
Development Services | 205,953 | 374,532 | |||||||||||
Corporate | 648,093 | 1,200,431 | |||||||||||
$ | 6,998,414 | $ | 7,809,542 | ||||||||||
Identifiable assets by industry segment are those assets used in our operations in each segment. Corporate identifiable assets include cash and cash equivalents available for general corporate use and net deferred tax assets. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Investments in unconsolidated subsidiaries | |||||||||||||
Americas | $ | 21,777 | $ | 20,702 | |||||||||
EMEA | 414 | 911 | |||||||||||
Global Investment Management | 99,714 | 131,750 | |||||||||||
Development Services | 76,791 | 53,435 | |||||||||||
$ | 198,696 | $ | 206,798 | ||||||||||
Geographic Information: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenue | |||||||||||||
U.S. | $ | 4,359,277 | $ | 3,932,204 | $ | 3,492,118 | |||||||
U.K. | 632,095 | 545,589 | 484,272 | ||||||||||
All other countries | 2,193,422 | 2,036,306 | 1,929,021 | ||||||||||
$ | 7,184,794 | $ | 6,514,099 | $ | 5,905,411 | ||||||||
The revenue shown in the table above is allocated based upon the country in which services are performed. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Long-lived assets | |||||||||||||
U.S. | $ | 330,344 | $ | 265,123 | |||||||||
U.K. | 45,234 | 38,568 | |||||||||||
All other countries | 83,018 | 75,485 | |||||||||||
$ | 458,596 | $ | 379,176 | ||||||||||
The long-lived assets shown in the table above are comprised of net property and equipment. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
22. Related Party Transactions | |
Included in prepaid expenses, other current assets and other long-term assets, net in the accompanying consolidated balance sheets are loans to related parties, primarily employees other than our executive officers, of $98.2 million and $66.5 million as of December 31, 2013 and 2012, respectively. The majority of these loans represent sign-on and retention bonuses issued or assumed in connection with acquisitions and prepaid commissions as well as prepaid retention and recruitment awards issued to employees. These loans are at varying principal amounts, bear interest at rates up to 5.1% per annum and mature on various dates through 2023. |
Guarantor_and_Nonguarantor_Fin
Guarantor and Nonguarantor Financial Statements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements | ' | ||||||||||||||||||||||||
23. Guarantor and Nonguarantor Financial Statements | |||||||||||||||||||||||||
The following condensed consolidating financial information includes: | |||||||||||||||||||||||||
(1) Condensed consolidating balance sheets as of December 31, 2013 and 2012; condensed consolidating statements of operations for the years ended December 31, 2013, 2012 and 2011; condensed consolidating statements of comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011; and condensed consolidating statements of cash flows for the years ended December 31, 2013, 2012 and 2011, 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 DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 11,585 | $ | 91,244 | $ | 389,078 | $ | — | $ | 491,912 | |||||||||||||
Restricted cash | — | 6,871 | 2,645 | 51,639 | — | 61,155 | |||||||||||||||||||
Receivables, net | — | — | 487,514 | 998,975 | — | 1,486,489 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 148,497 | 233,048 | — | 381,545 | |||||||||||||||||||
Trading securities | — | — | 100 | 58,342 | — | 58,442 | |||||||||||||||||||
Income taxes receivable | 15,892 | 18,246 | — | 28,617 | (62,755 | ) | — | ||||||||||||||||||
Prepaid expenses | — | — | 57,592 | 67,559 | — | 125,151 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,721 | 81,812 | — | 188,533 | |||||||||||||||||||
Real estate under development | — | — | — | 19,133 | — | 19,133 | |||||||||||||||||||
Other current assets | — | — | 34,768 | 32,684 | — | 67,452 | |||||||||||||||||||
Total Current Assets | 15,897 | 36,702 | 929,081 | 1,960,887 | (62,755 | ) | 2,879,812 | ||||||||||||||||||
Property and equipment, net | — | — | 329,215 | 129,381 | — | 458,596 | |||||||||||||||||||
Goodwill | — | — | 1,084,394 | 1,206,080 | — | 2,290,474 | |||||||||||||||||||
Other intangible assets, net | — | — | 492,357 | 348,871 | — | 841,228 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 136,225 | 62,471 | — | 198,696 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,388,905 | 2,408,755 | 942,873 | — | (5,740,533 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 1,814,112 | 700,000 | — | (2,514,112 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 822 | — | — | 822 | |||||||||||||||||||
Real estate held for investment | — | — | 1,503 | 105,496 | — | 106,999 | |||||||||||||||||||
Available for sale securities | — | — | 54,108 | 2,692 | — | 56,800 | |||||||||||||||||||
Other assets, net | — | 41,724 | 81,176 | 42,087 | — | 164,987 | |||||||||||||||||||
Total Assets | $ | 2,404,802 | $ | 4,301,293 | $ | 4,751,754 | $ | 3,857,965 | $ | (8,317,400 | ) | $ | 6,998,414 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 18,693 | $ | 161,836 | $ | 636,990 | $ | — | $ | 817,519 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 282,756 | 203,611 | — | 486,993 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 308,795 | 303,319 | — | 612,114 | |||||||||||||||||||
Income taxes payable | — | — | 73,866 | — | (62,755 | ) | 11,111 | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Warehouse lines of credit (a) | — | — | 146,703 | 227,894 | — | 374,597 | |||||||||||||||||||
Revolving credit facility | — | 28,772 | — | 113,712 | — | 142,484 | |||||||||||||||||||
Other | — | — | 16 | — | — | 16 | |||||||||||||||||||
Total short-term borrowings | — | 28,772 | 146,719 | 341,606 | — | 517,097 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,568 | 27 | — | 42,245 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 62,017 | — | 62,017 | |||||||||||||||||||
Other current liabilities | — | — | 51,366 | 5,278 | — | 56,644 | |||||||||||||||||||
Total Current Liabilities | — | 87,741 | 1,027,906 | 1,552,848 | (62,755 | ) | 2,605,740 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 645,613 | — | — | — | 645,613 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Other long-term debt | — | — | 2,747 | 75 | — | 2,822 | |||||||||||||||||||
Intercompany loan payable | 509,017 | — | 1,006,996 | 998,099 | (2,514,112 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 509,017 | 1,795,613 | 1,009,743 | 998,174 | (2,514,112 | ) | 1,798,435 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 68,455 | — | 68,455 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 69,137 | 91,640 | — | 160,777 | |||||||||||||||||||
Non-current tax liabilities | — | — | 62,059 | 3,461 | — | 65,520 | |||||||||||||||||||
Pension liability | — | — | — | 68,012 | — | 68,012 | |||||||||||||||||||
Other liabilities | — | 29,034 | 174,154 | 92,281 | — | 295,469 | |||||||||||||||||||
Total Liabilities | 509,017 | 1,912,388 | 2,342,999 | 2,874,871 | (2,576,867 | ) | 5,062,408 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 1,895,785 | 2,388,905 | 2,408,755 | 942,873 | (5,740,533 | ) | 1,895,785 | ||||||||||||||||||
Non-controlling interests | — | — | — | 40,221 | — | 40,221 | |||||||||||||||||||
Total Equity | 1,895,785 | 2,388,905 | 2,408,755 | 983,094 | (5,740,533 | ) | 1,936,006 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,404,802 | $ | 4,301,293 | $ | 4,751,754 | $ | 3,857,965 | $ | (8,317,400 | ) | $ | 6,998,414 | ||||||||||||
(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 BofA, TD Bank, JP Morgan, Capital One, the JP Morgan Master Repurchase Agreement and Fannie Mae ASAP lines of credit are pledged to BofA, TD Bank, JP Morgan, Capital One and Fannie Mae, 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 YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 4,230,354 | $ | 2,954,440 | $ | — | $ | 7,184,794 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,609,700 | 1,579,689 | — | 4,189,389 | |||||||||||||||||||
Operating, administrative and other | 42,601 | 9,660 | 1,007,539 | 1,044,510 | — | 2,104,310 | |||||||||||||||||||
Depreciation and amortization | — | — | 105,700 | 84,690 | — | 190,390 | |||||||||||||||||||
Non-amortizable intangible asset impairment | — | — | — | 98,129 | — | 98,129 | |||||||||||||||||||
Total costs and expenses | 42,601 | 9,660 | 3,722,939 | 2,807,018 | — | 6,582,218 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 7,508 | 6,044 | — | 13,552 | |||||||||||||||||||
Operating (loss) income | (42,601 | ) | (9,660 | ) | 514,923 | 153,466 | — | 616,128 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 61,188 | 3,234 | — | 64,422 | |||||||||||||||||||
Other (loss) income | — | (7 | ) | 5,764 | 7,766 | — | 13,523 | ||||||||||||||||||
Interest income | — | 137,718 | 2,166 | 4,109 | (137,704 | ) | 6,289 | ||||||||||||||||||
Interest expense | — | 120,669 | 125,058 | 27,059 | (137,704 | ) | 135,082 | ||||||||||||||||||
Write-off of financing costs | — | 56,295 | — | — | — | 56,295 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (304,652 | ) | 304,652 | — | — | ||||||||||||||||||
Income (loss) from consolidated subsidiaries | 343,247 | 373,914 | (240,965 | ) | — | (476,196 | ) | — | |||||||||||||||||
Income (loss) from continuing operations before (benefit of) provision for income taxes | 300,646 | 325,001 | 522,670 | (163,136 | ) | (476,196 | ) | 508,985 | |||||||||||||||||
(Benefit of) provision for income taxes | (15,892 | ) | (18,246 | ) | 148,756 | 72,569 | — | 187,187 | |||||||||||||||||
Net income (loss) from continuing operations | 316,538 | 343,247 | 373,914 | (235,705 | ) | (476,196 | ) | 321,798 | |||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 26,997 | — | 26,997 | |||||||||||||||||||
Net income (loss) | 316,538 | 343,247 | 373,914 | (208,708 | ) | (476,196 | ) | 348,795 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 32,257 | — | 32,257 | |||||||||||||||||||
Net income (loss) attributable to CBRE Group, Inc. | $ | 316,538 | $ | 343,247 | $ | 373,914 | $ | (240,965 | ) | $ | (476,196 | ) | $ | 316,538 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,788,613 | $ | 2,725,486 | $ | — | $ | 6,514,099 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,318,552 | 1,423,962 | — | 3,742,514 | |||||||||||||||||||
Operating, administrative and other | 47,344 | 7,367 | 931,444 | 1,016,759 | — | 2,002,914 | |||||||||||||||||||
Depreciation and amortization | — | — | 81,964 | 87,681 | — | 169,645 | |||||||||||||||||||
Non-amortizable intangible asset impairment | — | — | — | 19,826 | — | 19,826 | |||||||||||||||||||
Total costs and expenses | 47,344 | 7,367 | 3,331,960 | 2,548,228 | — | 5,934,899 | |||||||||||||||||||
Gain on disposition of real estate | — | — | — | 5,881 | — | 5,881 | |||||||||||||||||||
Operating (loss) income | (47,344 | ) | (7,367 | ) | 456,653 | 183,139 | — | 585,081 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 62,818 | (2,089 | ) | — | 60,729 | ||||||||||||||||||
Other income | — | — | 1,500 | 9,593 | — | 11,093 | |||||||||||||||||||
Interest income | — | 133,205 | 3,370 | 4,235 | (133,167 | ) | 7,643 | ||||||||||||||||||
Interest expense | — | 143,500 | 130,944 | 33,791 | (133,167 | ) | 175,068 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (38,380 | ) | 38,380 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 345,262 | 356,344 | 67,070 | — | (768,676 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 297,918 | 338,682 | 498,847 | 122,707 | (768,676 | ) | 489,478 | ||||||||||||||||||
(Benefit of) provision for income taxes | (17,637 | ) | (6,580 | ) | 142,503 | 67,036 | — | 185,322 | |||||||||||||||||
Income from continuing operations | 315,555 | 345,262 | 356,344 | 55,671 | (768,676 | ) | 304,156 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 631 | — | 631 | |||||||||||||||||||
Net income | 315,555 | 345,262 | 356,344 | 56,302 | (768,676 | ) | 304,787 | ||||||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | — | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 315,555 | $ | 345,262 | $ | 356,344 | $ | 67,070 | $ | (768,676 | ) | $ | 315,555 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,360,792 | $ | 2,544,619 | $ | — | $ | 5,905,411 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,053,774 | 1,403,356 | — | 3,457,130 | |||||||||||||||||||
Operating, administrative and other | 41,708 | 5,331 | 976,371 | 859,256 | — | 1,882,666 | |||||||||||||||||||
Depreciation and amortization | — | — | 58,687 | 57,032 | — | 115,719 | |||||||||||||||||||
Total costs and expenses | 41,708 | 5,331 | 3,088,832 | 2,319,644 | — | 5,455,515 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 3,380 | 9,586 | — | 12,966 | |||||||||||||||||||
Operating (loss) income | (41,708 | ) | (5,331 | ) | 275,340 | 234,561 | — | 462,862 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 101,625 | 3,151 | — | 104,776 | |||||||||||||||||||
Other income | — | — | 986 | 1,720 | — | 2,706 | |||||||||||||||||||
Interest income | — | 105,502 | 2,990 | 6,319 | (105,368 | ) | 9,443 | ||||||||||||||||||
Interest expense | — | 118,650 | 105,857 | 31,110 | (105,368 | ) | 150,249 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (35,890 | ) | 35,890 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 265,344 | 276,944 | 93,019 | — | (635,307 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 223,636 | 258,465 | 403,993 | 178,751 | (635,307 | ) | 429,538 | ||||||||||||||||||
(Benefit of) provision for income taxes | (15,526 | ) | (6,879 | ) | 127,049 | 84,459 | — | 189,103 | |||||||||||||||||
Income from continuing operations | 239,162 | 265,344 | 276,944 | 94,292 | (635,307 | ) | 240,435 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 49,890 | — | 49,890 | |||||||||||||||||||
Net income | 239,162 | 265,344 | 276,944 | 144,182 | (635,307 | ) | 290,325 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 51,163 | — | 51,163 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 239,162 | $ | 265,344 | $ | 276,944 | $ | 93,019 | $ | (635,307 | ) | $ | 239,162 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income (loss) | $ | 316,538 | $ | 343,247 | $ | 373,914 | $ | (208,708 | ) | $ | (476,196 | ) | $ | 348,795 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 7,390 | — | 7,390 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 11,468 | — | 44 | — | 11,512 | |||||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 1,071 | 80 | — | 1,151 | |||||||||||||||||||
Pension liability adjustments, net | — | — | — | (5,638 | ) | — | (5,638 | ) | |||||||||||||||||
Other, net | — | — | 279 | 3,441 | — | 3,720 | |||||||||||||||||||
Total other comprehensive income | — | 11,468 | 1,350 | 5,317 | — | 18,135 | |||||||||||||||||||
Comprehensive income (loss) | 316,538 | 354,715 | 375,264 | (203,391 | ) | (476,196 | ) | 366,930 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 31,471 | — | 31,471 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 316,538 | $ | 354,715 | $ | 375,264 | $ | (234,862 | ) | $ | (476,196 | ) | $ | 335,459 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income | $ | 315,555 | $ | 345,262 | $ | 356,344 | $ | 56,302 | $ | (768,676 | ) | $ | 304,787 | ||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (997 | ) | — | (997 | ) | |||||||||||||||||
Unrealized losses on interest rate swaps and interest rate caps, net | — | (4,868 | ) | — | (56 | ) | — | (4,924 | ) | ||||||||||||||||
Unrealized holding gains (losses) on available for sale securities, net | — | — | 522 | (47 | ) | — | 475 | ||||||||||||||||||
Pension liability adjustments, net | — | — | — | (947 | ) | — | (947 | ) | |||||||||||||||||
Other, net | — | — | (871 | ) | 273 | — | (598 | ) | |||||||||||||||||
Total other comprehensive loss | — | (4,868 | ) | (349 | ) | (1,774 | ) | — | (6,991 | ) | |||||||||||||||
Comprehensive income | 315,555 | 340,394 | 355,995 | 54,528 | (768,676 | ) | 297,796 | ||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | — | — | — | (11,154 | ) | — | (11,154 | ) | |||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 315,555 | $ | 340,394 | $ | 355,995 | $ | 65,682 | $ | (768,676 | ) | $ | 308,950 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income | $ | 239,162 | $ | 265,344 | $ | 276,944 | $ | 144,182 | $ | (635,307 | ) | $ | 290,325 | ||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (24,165 | ) | — | (24,165 | ) | |||||||||||||||||
Unrealized losses on interest rate swaps and interest rate caps, net | — | (23,602 | ) | — | (21 | ) | — | (23,623 | ) | ||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 77 | — | — | 77 | |||||||||||||||||||
Pension liability adjustments, net | — | — | — | (19,088 | ) | — | (19,088 | ) | |||||||||||||||||
Other, net | — | — | 2,022 | — | — | 2,022 | |||||||||||||||||||
Total other comprehensive (loss) income | — | (23,602 | ) | 2,099 | (43,274 | ) | — | (64,777 | ) | ||||||||||||||||
Comprehensive income | 239,162 | 241,742 | 279,043 | 100,908 | (635,307 | ) | 225,548 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 50,223 | — | 50,223 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 239,162 | $ | 241,742 | $ | 279,043 | $ | 50,685 | $ | (635,307 | ) | $ | 175,325 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | $ | 24,043 | $ | 5,366 | $ | 663,640 | $ | 52,059 | $ | 745,108 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (112,528 | ) | (43,830 | ) | (156,358 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (67,095 | ) | (437,052 | ) | (504,147 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (49,721 | ) | 127 | (49,594 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 63,049 | 19,181 | 82,230 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 113,241 | 113,241 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (2,559 | ) | (2,559 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 15,537 | 16,479 | 32,016 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (8 | ) | 1,510 | 6,967 | 8,469 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (65,111 | ) | — | (65,111 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 66,222 | 3,466 | 69,688 | ||||||||||||||||||||
Other investing activities, net | — | — | 4,441 | 2,690 | 7,131 | ||||||||||||||||||||
Net cash used in investing activities | — | (8 | ) | (143,696 | ) | (321,290 | ) | (464,994 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 715,000 | — | — | 715,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,382,237 | ) | — | (256,780 | ) | (1,639,017 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 439,000 | — | 171,562 | 610,562 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (421,000 | ) | — | (121,150 | ) | (542,150 | ) | |||||||||||||||||
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 | — | — | — | 2,762 | 2,762 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (74,544 | ) | (74,544 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 9,526 | 9,526 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (136,528 | ) | (136,528 | ) | ||||||||||||||||||
Stock and stock units repurchased for payment of taxes on stock awards | (16,628 | ) | — | — | — | (16,628 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 5,780 | — | — | — | 5,780 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 9,891 | — | — | — | 9,891 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 1,092 | 1,092 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (128,168 | ) | (128,168 | ) | ||||||||||||||||||
Payment of financing costs | — | (28,995 | ) | — | (327 | ) | (29,322 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (23,086 | ) | 316,147 | (1,104,501 | ) | 811,440 | — | ||||||||||||||||||
Other financing activities, net | — | — | (4,311 | ) | (226 | ) | (4,537 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (24,043 | ) | (12,085 | ) | (1,108,812 | ) | 278,659 | (866,281 | ) | ||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (11,218 | ) | (11,218 | ) | ||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | — | (6,727 | ) | (588,868 | ) | (1,790 | ) | (597,385 | ) | ||||||||||||||||
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 | $ | 11,585 | $ | 91,244 | $ | 389,078 | $ | 491,912 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 106,433 | $ | 450 | $ | 10,267 | $ | 117,150 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 113,090 | $ | 90,312 | $ | 203,402 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 24,525 | $ | (3,620 | ) | $ | 209,943 | $ | 60,233 | $ | 291,081 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (95,578 | ) | (54,654 | ) | (150,232 | ) | |||||||||||||||||
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (8,949 | ) | 1,269 | (7,680 | ) | ||||||||||||||||||
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (15,980 | ) | (28,918 | ) | (44,898 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (29,941 | ) | (35,499 | ) | (65,440 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 58,389 | 4,588 | 62,977 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 60,805 | 60,805 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (6,181 | ) | (6,181 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 27,087 | 13,119 | 40,206 | ||||||||||||||||||||
Increase in restricted cash | — | (2,018 | ) | 2,809 | (16,996 | ) | (16,205 | ) | |||||||||||||||||
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | — | — | — | (73,187 | ) | (73,187 | ) | ||||||||||||||||||
Purchase of available for sale securities | — | — | (36,355 | ) | — | (36,355 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 31,751 | — | 31,751 | ||||||||||||||||||||
Other investing activities, net | — | — | 7,526 | (758 | ) | 6,768 | |||||||||||||||||||
Net cash used in investing activities | — | (2,018 | ) | (59,241 | ) | (136,412 | ) | (197,671 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (46,000 | ) | — | (22,146 | ) | (68,146 | ) | |||||||||||||||||
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 | — | — | — | (54,036 | ) | (54,036 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 22,276 | 22,276 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (21,345 | ) | (21,345 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 20,324 | — | — | — | 20,324 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 2,930 | — | — | — | 2,930 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 16,075 | 16,075 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (48,162 | ) | (48,162 | ) | ||||||||||||||||||
Payment of financing costs | — | (25 | ) | — | (334 | ) | (359 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (47,732 | ) | (228,395 | ) | 178,908 | 97,219 | — | ||||||||||||||||||
Other financing activities, net | (47 | ) | — | (953 | ) | 62 | (938 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (24,525 | ) | (274,420 | ) | 177,955 | 20,301 | (100,689 | ) | |||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | 3,394 | 3,394 | ||||||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (280,058 | ) | 328,657 | (52,484 | ) | (3,885 | ) | |||||||||||||||||
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 | $ | 5 | $ | 18,312 | $ | 680,112 | $ | 390,868 | $ | 1,089,297 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 135,257 | $ | 23 | $ | 26,665 | $ | 161,945 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 127,482 | $ | 90,474 | $ | 217,956 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | $ | 19,200 | $ | 20,628 | $ | 99,442 | $ | 221,949 | $ | 361,219 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (111,247 | ) | (36,733 | ) | (147,980 | ) | |||||||||||||||||
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (215,910 | ) | (364,985 | ) | (580,895 | ) | |||||||||||||||||
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (2,290 | ) | (47,500 | ) | (49,790 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (29,912 | ) | (21,551 | ) | (51,463 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 92,611 | 16,936 | 109,547 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 231,678 | 231,678 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (15,473 | ) | (15,473 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 20,014 | 7,021 | 27,035 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (15 | ) | 1,188 | (2,869 | ) | (1,696 | ) | |||||||||||||||||
Purchase of available for sale securities | — | — | (45,281 | ) | — | (45,281 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 41,479 | — | 41,479 | ||||||||||||||||||||
Other investing activities, net | — | — | 2,584 | — | 2,584 | ||||||||||||||||||||
Net cash used in investing activities | — | (15 | ) | (246,764 | ) | (233,476 | ) | (480,255 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 800,000 | — | 300,739 | 1,100,739 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (42,000 | ) | — | (5,503 | ) | (47,503 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 967,000 | — | 65,624 | 1,032,624 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (967,000 | ) | — | (38,132 | ) | (1,005,132 | ) | |||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 10,300 | 10,300 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (186,636 | ) | (186,636 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 8,454 | 8,454 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (79,271 | ) | (79,271 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 7,136 | — | — | — | 7,136 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 14,936 | — | — | — | 14,936 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 10,231 | 10,231 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (129,686 | ) | (129,686 | ) | ||||||||||||||||||
Payment of financing costs | — | (23,652 | ) | — | (1,086 | ) | (24,738 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (41,271 | ) | (680,436 | ) | 413,294 | 308,413 | — | ||||||||||||||||||
Other financing activities, net | — | — | — | (129 | ) | (129 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (19,199 | ) | 53,912 | 413,294 | 263,318 | 711,325 | |||||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (5,681 | ) | (5,681 | ) | ||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1 | 74,525 | 265,972 | 246,110 | 586,608 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 4 | 223,845 | 85,483 | 197,242 | 506,574 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 5 | $ | 298,370 | $ | 351,455 | $ | 443,352 | $ | 1,093,182 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 109,520 | $ | 24 | $ | 28,491 | $ | 138,035 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 102,754 | $ | 87,163 | $ | 189,917 | |||||||||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations | ' | ||||||||||||||||
CBRE GROUP, INC. | |||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||
Revenue | $ | 2,233,851 | $ | 1,733,866 | $ | 1,742,014 | $ | 1,475,063 | |||||||||
Operating income | $ | 169,211 | $ | 158,119 | $ | 187,624 | $ | 101,174 | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 114,646 | $ | 94,444 | $ | 69,902 | $ | 37,546 | |||||||||
Basic EPS (1) | $ | 0.35 | $ | 0.29 | $ | 0.21 | $ | 0.11 | |||||||||
Weighted average shares outstanding for basic EPS (1) | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | |||||||||||||
Diluted EPS (1) | $ | 0.34 | $ | 0.28 | $ | 0.21 | $ | 0.11 | |||||||||
Weighted average shares outstanding for diluted EPS (1) | 332,519,441 | 332,061,402 | 331,631,185 | 330,802,552 | |||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||
Revenue | $ | 2,005,846 | $ | 1,557,147 | $ | 1,601,117 | $ | 1,349,989 | |||||||||
Operating income | $ | 232,723 | $ | 103,595 | $ | 172,700 | $ | 76,063 | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 172,998 | $ | 39,709 | $ | 75,873 | $ | 26,975 | |||||||||
Basic EPS (1) | $ | 0.53 | $ | 0.12 | $ | 0.24 | $ | 0.08 | |||||||||
Weighted average shares outstanding for basic EPS (1) | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | |||||||||||||
Diluted EPS (1) | $ | 0.53 | $ | 0.12 | $ | 0.23 | $ | 0.08 | |||||||||
Weighted average shares outstanding for diluted EPS (1) | 329,012,910 | 327,309,341 | 326,081,681 | 325,738,859 | |||||||||||||
-1 | EPS is defined as earnings per share. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||
Valuation and Qualifying Accounts | ' | ||||
CBRE GROUP, INC. | |||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||
(Dollars in thousands) | |||||
Allowance for | |||||
Doubtful Accounts | |||||
Balance, December 31, 2010 | $ | 33,272 | |||
Charges to expense | 9,754 | ||||
Write-offs, payments and other | (9,111 | ) | |||
Balance, December 31, 2011 | $ | 33,915 | |||
Charges to expense | 6,509 | ||||
Write-offs, payments and other | (4,932 | ) | |||
Balance, December 31, 2012 | $ | 35,492 | |||
Charges to expense | 9,579 | ||||
Write-offs, payments and other | (4,809 | ) | |||
Balance, December 31, 2013 | $ | 40,262 | |||
Real_Estate_Investments_and_Ac
Real Estate Investments and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CBRE Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Balance at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Related | Land | Buildings and | Other | Costs | Land | Buildings and | Other | Total(A), | Accumulated | Depreciable | Date of | Date | ||||||||||||||||||||||||||||||||||||||||
Encumbrances | Improvements | Subsequent | Improvements | (B),(C) | Depreciation | Lives in | Construction | Acquired | |||||||||||||||||||||||||||||||||||||||||||||
to Acquisition | (A), (D) | Years (D) | |||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE UNDER DEVELOPMENT (CURRENT) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Use (Multi-family/Retail) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Union at Carrollton Square, Carrollton, TX | 19,470 | — | — | — | 19,133 | 667 | 18,466 | — | 19,133 | — | — | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE UNDER DEVELOPMENT (NON-CURRENT) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||||||||||||||||||||||
105 Commerce, Hazel Township, PA | — | 610 | — | — | 212 | 822 | — | — | 822 | — | — | N/A | 2011 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE HELD FOR INVESTMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MROTC, Oklahoma City, OK | 8,932 | 3,223 | 3,347 | — | 2,885 | 4,274 | 4,927 | 254 | 9,455 | (3,193 | ) | 39 | 2006 | 2006 | |||||||||||||||||||||||||||||||||||||||
MROTC Steel Hangers, Oklahoma City, OK | 10,612 | — | 2,470 | 740 | 10,273 | — | 13,483 | — | 13,483 | (4,869 | ) | 39 | 2006 | 2006 | |||||||||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||||||||||||||||||||||
150 Beachview, Jekyll Island, GA | — | — | — | 2,900 | (566 | ) | 80 | — | 2,254 | 2,334 | — | — | N/A | 2009 | |||||||||||||||||||||||||||||||||||||||
Arrowood, Charlotte, NC | — | 321 | — | — | (321 | ) | — | — | — | — | — | — | N/A | 2006 | |||||||||||||||||||||||||||||||||||||||
Buccaneer, Jekyll Island, GA | — | — | — | 9,600 | (6,730 | ) | 72 | — | 2,798 | 2,870 | — | — | N/A | 2009 | |||||||||||||||||||||||||||||||||||||||
Centre Point Commons, Bradenton, FL | — | 383 | — | — | (3 | ) | 380 | — | — | 380 | — | — | N/A | 2006 | |||||||||||||||||||||||||||||||||||||||
CG Sunland, Phoenix, AZ | — | 1,472 | — | — | 176 | 1,648 | — | — | 1,648 | — | — | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||
Fairway Centre, Pasadena, TX | — | 50 | — | — | 334 | 384 | — | — | 384 | — | — | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||
Lakeline Retail, Cedar Park, TX | — | 5 | — | — | — | 5 | — | — | 5 | — | — | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||
SA Crossroads II, San Antonio, TX | — | 2,131 | — | — | (1,530 | ) | 601 | — | — | 601 | — | — | N/A | 2006 | |||||||||||||||||||||||||||||||||||||||
Sierra Corporate Center, Reno, NV | — | 2,056 | — | — | (998 | ) | 1,058 | — | — | 1,058 | — | — | N/A | 2006 | |||||||||||||||||||||||||||||||||||||||
TCEP, Austin, TX | — | 1,456 | — | — | 41 | 1,497 | — | — | 1,497 | — | — | N/A | 2008 | ||||||||||||||||||||||||||||||||||||||||
Mixed-Use (Multi-family/Residential) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tranquility Lake, Pearland, TX (E) | 17,927 | 3,510 | 17,490 | — | — | 3,510 | 17,490 | — | 21,000 | (2,956 | ) | 30 | 2003 | 2010 | |||||||||||||||||||||||||||||||||||||||
San Miguel, San Antonio, TX (E) | 23,758 | 2,145 | 23,205 | — | 400 | 2,145 | 23,605 | — | 25,750 | (3,916 | ) | 30 | 2004 | 2010 | |||||||||||||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||
814 Commerce, Oak Brook, IL | 21,653 | 4,784 | 8,217 | — | 2,517 | 3,299 | 12,219 | — | 15,518 | (2,409 | ) | 39 | 1972 | 2007 | |||||||||||||||||||||||||||||||||||||||
Cascade Station Office II, Portland, OR | 6,145 | 1,233 | 282 | — | 7,357 | 1,886 | 6,986 | — | 8,872 | (2,063 | ) | 39 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
Meriden—530 Preston Avenue, Meriden, CT | 5,282 | 1,194 | 4,271 | 698 | 840 | 1,148 | 5,830 | 25 | 7,003 | (1,589 | ) | 39 | 1986 | 2008 | |||||||||||||||||||||||||||||||||||||||
Meriden—538 Preston Avenue, Meriden, CT | 6,843 | 1,079 | 4,837 | 1,292 | 1,217 | 1,264 | 7,142 | 19 | 8,425 | (1,966 | ) | 39 | 1989 | 2008 | |||||||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Westlake Crossing, Humble, TX | 9,850 | 2,834 | — | — | 7,439 | 3,415 | 6,858 | — | 10,273 | (596 | ) | 39 | 2009 | 2006 | |||||||||||||||||||||||||||||||||||||||
Total | 130,472 | $ | 28,486 | $ | 64,119 | $ | 15,230 | $ | 42,676 | $ | 28,155 | $ | 117,006 | $ | 5,350 | $ | 150,511 | $ | (23,557 | ) | |||||||||||||||||||||||||||||||||
(A) | Includes costs and depreciation subsequent to December 20, 2006, the date we acquired Trammell Crow Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(B) | The aggregate cost for Federal Income Tax purposes is $169.3 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(C) | Reflects write downs for impairments of real estate and provisions for loss on real estate held for sale totaling $14.7 million on assets we own at December 31, 2013. These charges were recorded in 2008 through 2012 as a result of capital market turmoil and weak real estate fundamentals in the United States. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(D) | Land, real estate under development and real estate held for sale are not depreciated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(E) | In December 2009, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2009-17, “Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.” We adopted this ASU effective January 1, 2010 and as a result, we began consolidating certain variable interest entities (eight commercial properties) that were not previously consolidated by us. As of December 31, 2013, two such properties remain on our books. See Note 4 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CBRE Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTE TO SCHEDULE III—REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in real estate investments and accumulated depreciation for the year ended December 31 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 412,061 | $ | 500,824 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additions and improvements | 31,035 | 43,885 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (292,099 | ) | (104,454 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments (1) | (486 | ) | (28,194 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $150,511 | $412,061 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | ($32,878 | ) | ($40,724 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | (6,445 | ) | (13,470 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | 15,766 | 21,316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | ($23,557 | ) | ($32,878 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes impairment charges and amortization of lease intangibles and tenant origination costs. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries, as well as variable interest entities (VIEs) in which we are the primary beneficiary and other subsidiaries of which we have control. The equity attributable to non-controlling interests in subsidiaries is shown separately in the accompanying consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Variable Interest Entities | ||||
As required by the “Consolidations” Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) (Topic 810), we consolidate all VIEs in which we are the entity’s primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. The entity which satisfies these criteria is deemed to be the primary beneficiary of the VIE. | ||||
We determine if an entity is a VIE based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. | ||||
We analyze any investments in VIEs to determine if we are the primary beneficiary. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, we consider the rights of other investors to participate in those decisions, to replace the manager and to sell or liquidate the entity. | ||||
We also have several co-investments in real estate investment funds which qualify for a deferral of the qualitative approach for analyzing potential VIEs. We continue to analyze these investments under the former quantitative method incorporating various estimates, including estimated future cash flows, asset hold periods and discount rates, as well as estimates of the probabilities of various scenarios occurring. If the entity is a VIE, we then determine whether we consolidate the entity as the primary beneficiary. This determination of whether we are the primary beneficiary includes any impact of an “upside economic interest” in the form of a “promote” that we may have. A promote is an interest built into the distribution structure of the entity based on the entity’s achievement of certain return hurdles. | ||||
We consolidate any VIE of which we are the primary beneficiary (see Note 4) and disclose significant VIEs of which we are not the primary beneficiary, if any, as well as disclose our maximum exposure to loss related to VIEs that are not consolidated. We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. | ||||
Limited Partnerships, Limited Liability Companies and Other Subsidiaries | ||||
If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited partnerships, limited liability companies and other subsidiaries is based on voting control. For our general partner interests, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling general partner investments in these entities under the equity method. This treatment also applies to our managing member interests in limited liability companies. | ||||
Our determination of the appropriate accounting method for all other investments in subsidiaries is based on the amount of influence we have (including our ownership interest) in the underlying entity. Those other investments where we have the ability to exercise significant influence (but not control) over operating and financial policies of such subsidiaries (including certain subsidiaries where we have less than 20% ownership) are accounted for using the equity method. We eliminate transactions with such equity method subsidiaries to the extent of our ownership in such subsidiaries. Accordingly, our share of the earnings or losses of these equity method subsidiaries is included in consolidated net income. All of our remaining investments are carried at cost. | ||||
Under either the equity or cost method, impairment losses are recognized upon evidence of other-than-temporary losses of value. When testing for impairment on investments that are not actively traded on a public market, we generally use a discounted cash flow approach to estimate the fair value of our investments and/or look to comparable activities in the marketplace. Management judgment is required in developing the assumptions for the discounted cash flow approach. These assumptions include net asset values, internal rates of return, discount and capitalization rates, interest rates and financing terms, rental rates, timing of leasing activity, estimates of lease terms and related concessions, etc. When determining if impairment is other-than-temporary, we also look to the length of time and the extent to which fair value has been less than cost as well as the financial condition and near-term prospects of each investment. | ||||
Estimates, Risks and Uncertainties | ' | |||
Estimates, Risks and Uncertainties | ||||
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S.), which require management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets, liabilities, revenue and expenses we report. Such estimates include the value of goodwill, intangibles and other long-lived assets, accounts receivable, investments in unconsolidated subsidiaries and assumptions used in the calculation of income taxes, retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best judgment, and are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including consideration of the macroeconomic environment. The after-effects of the recent global financial crisis, including highly volatile credit, equity and foreign currency markets and a slow and uneven global economic recovery, have increased the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be forecast with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | ||||
The fair value of our goodwill and non-amortizable intangible assets is impacted by economic and capital market conditions as well as our stock price. Property sales and leasing activity is affected by economic and employment growth, capital markets liquidity, credit availability and pricing, business and investor confidence, and inflation levels. Adverse trends involving any or all of these factors could reduce transaction-based revenue as well as property values and sales and leasing volume. Such adverse economic conditions could cause declines in the estimated future discounted cash flows expected for our reporting units. A major or sustained decline in our future cash flows and/or the current economic conditions could result in impairment charges. | ||||
The recoverability of our investments in unconsolidated subsidiaries has been impacted by the global financial crisis. This was initially evident in sharply reduced property sales activity and decreasing property values throughout 2009. As liquidity subsequently improved, transaction activity has revived, to varying degrees and at a different pace in various regions around the world, over the past four years from the low levels of 2008 and 2009, but has remained well below the volume experienced in 2006 and 2007. Property values also have rebounded, but price appreciation has been most significant in top-tier assets and in the largest, most liquid markets. The assumptions utilized in our recoverability analysis reflect our belief that a gradual recovery will continue, but that a return to capital markets turmoil and negative economic growth could result in impairment charges. | ||||
The recoverability of the carrying value of our investments in real estate is impacted by general conditions in the U.S. economy and commercial real estate market. Market fundamentals in the primary property types that we develop or own weakened significantly in late 2008 and throughout 2009. Market conditions have improved, to varying degrees and at a different pace in various regions globally, over the past four years. Property sales have increased steadily as investor confidence and liquidity returned to the commercial real estate market. However, if conditions in the broader economy, capital markets, local, regional or global commercial real estate markets decline sharply once again, we may be required to record impairment charges. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
Cash and cash equivalents generally consist of cash and highly liquid investments with an original maturity of less than three months. Included in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 is cash and cash equivalents of $32.4 million and $94.6 million, respectively, from consolidated funds and other entities, which is not available for general corporate use. We also manage certain cash and cash equivalents as an agent for our investment and property and facilities management clients. These amounts are not included in the accompanying consolidated balance sheets (see Note 19). | ||||
Restricted Cash | ' | |||
Restricted Cash | ||||
Included in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 is restricted cash of $61.2 million and $73.7 million, respectively. The balances primarily include restricted cash set aside to cover funding obligations as required by contracts executed by us in the normal course of business. | ||||
Concentration of Credit Risk | ' | |||
Concentration of Credit Risk | ||||
Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Users of real estate services account for a substantial portion of trade receivables and collateral is generally not required. The risk associated with this concentration is limited due to the large number of users and their geographic dispersion. | ||||
We place substantially all of our interest-bearing investments with major financial institutions and limit the amount of credit exposure with any one financial institution. | ||||
Property and Equipment | ' | |||
Property and Equipment | ||||
Property and equipment is stated at cost, net of accumulated depreciation. Depreciation and amortization of property and equipment is computed primarily using the straight-line method over estimated useful lives ranging up to 15 years. Leasehold improvements are amortized over the term of their associated leases, excluding options to renew, since such leases generally do not carry prohibitive penalties for non-renewal. We capitalize expenditures that materially increase the life of our assets and expense the costs of maintenance and repairs. | ||||
We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If this review indicates that such assets are considered to be impaired, the impairment is recognized in the period the changes occur and represents the amount by which the carrying value exceeds the fair value of the asset. | ||||
Certain costs related to the development or purchase of internal-use software are capitalized. Internal computer software costs that are incurred in the preliminary project stage are expensed as incurred. Direct consulting costs as well as payroll and related costs, which are incurred during the development stage of a project are generally capitalized and amortized over a three-year period (except for enterprise software development platforms, which range from five to ten years) when placed into production. | ||||
Goodwill and Other Intangible Assets | ' | |||
Goodwill and Other Intangible Assets | ||||
Our acquisitions require the application of purchase accounting, which results in tangible and identifiable intangible assets and liabilities of the acquired entity being recorded at fair value. The difference between the purchase price and the fair value of net assets acquired is recorded as goodwill. The majority of our goodwill balance has resulted from our acquisition of CBRE Services, Inc. (CBRE) in 2001 (the 2001 Acquisition), our acquisition of Insignia Financial Group, Inc. (Insignia) in 2003 (the Insignia Acquisition), our acquisition of the Trammell Crow Company in 2006 (the Trammell Crow Company Acquisition), our acquisition of substantially all of the ING Group N.V. (ING) Real Estate Investment Management (REIM) operations in Europe and Asia, as well as substantially all of Clarion Real Estate Securities (CRES) in 2011 (collectively referred to as the REIM Acquisitions) and our acquisition of Norland Managed Services Ltd (Norland) in 2013. Other intangible assets that have indefinite estimated useful lives and are not being amortized include certain management contracts identified in the REIM Acquisitions, a trademark, which was separately identified as a result of the 2001 Acquisition, as well as a trade name separately identified as a result of the REIM Acquisitions. The remaining other intangible assets primarily include customer relationships, loan servicing rights and management contracts, which are all being amortized over estimated useful lives ranging up to 20 years. | ||||
We are required to test goodwill and other intangible assets deemed to have indefinite useful lives for impairment annually or more often if circumstances or events indicate a change in the impairment status. The goodwill impairment analysis is a two-step process. The first step used to identify potential impairment involves comparing each reporting unit’s estimated fair value to its carrying value, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Management judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, etc. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment and the second step is performed to measure the amount of impairment. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined similar to how goodwill is calculated in a business combination, by measuring the excess of the estimated fair value of the reporting unit as calculated in step one, over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. Due to the many variables inherent in the estimation of a business’s fair value and the relative size of our goodwill, if different assumptions and estimates were used, it could have an adverse effect on our impairment analysis. | ||||
Deferred Financing Costs | ' | |||
Deferred Financing Costs | ||||
Costs incurred in connection with financing activities are generally deferred and amortized over the terms of the related debt agreements ranging up to ten years. Amortization of these costs is charged to interest expense in the accompanying consolidated statements of operations. Total deferred financing costs, net of accumulated amortization, included in other assets in the accompanying consolidated balance sheets were $42.3 million and $42.2 million as of December 31, 2013 and 2012, respectively. | ||||
During 2013, we completed a series of financing transactions, including the amendment and restatement of our credit agreement, the issuance of $800.0 million aggregate principal amount of 5.00% senior notes due March 15, 2023 and the redemption of all of the 11.625% senior subordinated notes totaling $450.0 million. During the year ended December 31, 2013, in connection with all of these financing activities, we incurred approximately $28.6 million of financing costs, of which $3.6 million was expensed. In addition, we expensed $17.8 million of previously-deferred financing costs as well as a $26.2 million early extinguishment premium and $8.7 million of unamortized original issue discount associated with the 11.625% senior subordinated notes. All of these write-offs were included in write-off of financing costs in the accompanying consolidated statements of operations. See Note 13 for additional information on activities associated with our debt. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
We record commission revenue on real estate sales generally upon close of escrow or transfer of title, except when future contingencies exist. Real estate commissions on leases are generally recorded in revenue when all obligations under the commission agreement are satisfied. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies including tenant occupancy, payment of a deposit or payment of a first month’s rent (or a combination thereof). As some of these conditions are outside of our control and are often not clearly defined, judgment must be exercised in determining when such required events have occurred in order to recognize revenue. | ||||
A typical commission agreement provides that we earn a portion of a lease commission upon the execution of the lease agreement by the tenant and landlord, with the remaining portion(s) of the lease commission earned at a later date, usually upon tenant occupancy or payment of rent. The existence of any significant future contingencies results in the delay of recognition of corresponding revenue until such contingencies are satisfied. For example, if we do not earn all or a portion of the lease commission until the tenant pays its first month’s rent, and the lease agreement provides the tenant with a free rent period, we delay revenue recognition until rent is paid by the tenant. | ||||
Property management revenues are generally based upon percentages of the revenue or base rent generated by the entities managed or the square footage managed. These fees are recognized when earned under the provisions of the related management agreements. | ||||
We account for certain reimbursements (primarily salaries and related charges) mainly related to our facilities and property management operations as revenue. Reimbursement revenue is recognized when the underlying reimbursable costs are incurred. | ||||
Investment management fees are based predominantly upon a percentage of the equity deployed on behalf of our limited partners. Fees related to our indirect investment management programs are based upon a percentage of the fair value of those investments. These fees are recognized when earned under the provisions of the related investment management agreements. Our Global Investment Management segment earns performance-based incentive fees with regard to many of its investments. Such revenue is recognized at the end of the measurement periods when the conditions of the applicable incentive fee arrangements have been satisfied and following the expiration of any potential claw back provision. With many of these investments, our Global Investment Management professionals have participation interests in such incentive fees, which are commonly referred to as carried interest. This carried interest expense is generally accrued for based upon the probability of such performance-based incentive fees being earned over the related vesting period. In addition, our Global Investment Management segment also earns success-based transaction fees with regard to buying or selling properties on behalf of certain funds and separate accounts. Such revenue is recognized at the completion of a successful transaction and is not subject to any claw back provision. | ||||
Appraisal fees are recorded after services have been rendered. Loan origination fees are recognized at the time a loan closes and we have no significant remaining obligations for performance in connection with the transaction, while loan servicing fees are recorded in revenue as monthly principal and interest payments are collected from mortgagors. Other commissions, consulting fees and referral fees are recorded as revenue at the time the related services have been performed, unless significant future contingencies exist. | ||||
Development services and project management services generate fees from development and construction management projects. Most development and construction management and project management assignments are subject to agreements that describe the calculation of fees and when we earn such fees. The earnings terms of these agreements dictate when we recognize the related revenue. Generally development fees are recognized based on the lower of the amount billed or the amount determined on a straight-line basis over the development period. We may earn incentive fees for project management services based upon achievement of certain performance criteria as set forth in the project management services agreement. We may earn incentive development fees by reaching specified timetable, leasing, budget or value creation targets, as defined in the relevant development services agreement. Certain incentive development fees allow us to share in the fair value of the developed real estate asset above cost. This sharing creates additional revenue potential to us with no exposure to loss other than opportunity cost. We recognize such fees when the specified target is attained and fees are deemed collectible. | ||||
We record deferred income to the extent that cash payments have been received in accordance with the terms of underlying agreements, but such amounts have not yet met the criteria for revenue recognition in accordance with generally accepted accounting principles. We recognize such revenues when the appropriate criteria are met. | ||||
In establishing the appropriate provisions for trade receivables, we make assumptions with respect to future collectability. Our assumptions are based on an assessment of a customer’s credit quality as well as subjective factors and trends, including the aging of receivables balances. In addition to these assessments, in general, outstanding trade accounts receivable amounts that are more than 180 days overdue are evaluated for collectability and fully provided for if deemed uncollectible. Historically, our credit losses have generally been insignificant. However, estimating losses requires significant judgment, and conditions may change or new information may become known after any periodic evaluation. As a result, actual credit losses may differ from our estimates. | ||||
Real Estate | ' | |||
Real Estate | ||||
Classification and Impairment Evaluation | ||||
We classify real estate in accordance with the criteria of the “Property, Plant and Equipment” Topic of the FASB ASC (Topic 360) as follows: (i) real estate held for sale, which includes completed assets or land for sale in its present condition that meet all of Topic 360’s “held for sale” criteria, (ii) real estate under development (current), which includes real estate that we are in the process of developing that is expected to be completed and disposed of within one year of the balance sheet date; (iii) real estate under development (non-current), which includes real estate that we are in the process of developing that is expected to be completed and disposed of more than one year from the balance sheet date; or (iv) real estate held for investment, which consists of land on which development activities have not yet commenced and completed assets or land held for disposition that do not meet the “held for sale” criteria. Any asset reclassified from real estate held for sale to real estate under development (current or non-current) or real estate held for investment is recorded individually at the lower of its fair value at the date of the reclassification or its carrying amount before it was classified as “held for sale,” adjusted (in the case of real estate held for investment) for any depreciation that would have been recognized had the asset been continuously classified as real estate held for investment. | ||||
Real estate held for sale is recorded at the lower of cost or fair value less cost to sell. If an asset’s fair value less cost to sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the asset. | ||||
Real estate under development and real estate held for investment are carried at cost less depreciation, as applicable. Buildings and improvements included in real estate held for investment are depreciated using the straight-line method over estimated useful lives, generally up to 39 years. Tenant improvements included in real estate held for investment are amortized using the straight-line method over the shorter of their estimated useful lives or terms of the respective leases. Land improvements included in real estate held for investment are depreciated over their estimated useful lives, up to 15 years. | ||||
Real estate under development and real estate held for investment are evaluated for impairment and losses are recorded when undiscounted cash flows estimated to be generated by an asset are less than the asset’s carrying amount. The amount of the impairment loss, if any, is calculated as the excess of the asset’s carrying value over its fair value, which is determined using a discounted cash flow analysis, management estimates or market comparisons. | ||||
Cost Capitalization and Allocation | ||||
When acquiring, developing and constructing real estate assets, we capitalize recoverable costs. Capitalization begins when the activities related to development have begun and ceases when activities are substantially complete and the asset is available for occupancy. Recoverable costs capitalized include pursuit costs, or pre-acquisition/pre-construction costs, taxes and insurance, interest, development and construction costs and costs of incidental operations. We do not capitalize any internal costs when acquiring, developing and constructing real estate assets. We expense transaction costs for acquisitions that qualify as a business in accordance with the “Business Combinations” Topic of the FASB ASC (Topic 805). Pursuit costs capitalized in connection with a potential development project that we have determined not to pursue are written off in the period that determination is made. | ||||
At times, we purchase bulk land that we intend to sell or develop in phases. The land basis allocated to each phase is based on the relative estimated fair value of the phases before construction. We allocate construction costs incurred relating to more than one phase between the various phases; if the costs cannot be specifically attributed to a certain phase or the improvements benefit more than one phase, we allocate the costs between the phases based on their relative estimated sales values, where practicable, or other value methods as appropriate under the circumstances. Relative allocations of the costs are revised as the sales value estimates are revised. | ||||
When acquiring real estate with existing buildings, we allocate the purchase price between land, land improvements, building and intangibles related to in-place leases, if any, based on their relative fair values. The fair values of acquired land and buildings are determined based on an estimated discounted future cash flow model with lease-up assumptions as if the building was vacant upon acquisition. The fair value of in-place leases includes the value of lease intangibles for above or below-market rents and tenant origination costs, determined on a lease by lease basis. The capitalized values for both lease intangibles and tenant origination costs are amortized over the term of the underlying leases. Amortization related to lease intangibles is recorded as either an increase to or a reduction of rental income and amortization for tenant origination costs is recorded to amortization expense. | ||||
Disposition of Real Estate | ||||
Gains on disposition of real estate are recognized upon sale of the underlying project. We evaluate each real estate sale transaction to determine if it qualifies for gain recognition under the full accrual method. If the transaction does not meet the criteria for the full accrual method of profit recognition based on our assessment, we account for a sale based on an appropriate deferral method determined by the nature and extent of the buyer’s investment and our continuing involvement. | ||||
Discontinued Operations | ||||
Topic 360 extends the reporting of a discontinued operation to a “component of an entity,” and further requires that a component be classified as a discontinued operation if the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the entity in the disposal transaction and the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. As defined in Topic 360, a “component of an entity” comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. Because each of our consolidated real estate assets is generally accounted for in a discrete subsidiary, many constitute a component of an entity under Topic 360, increasing the likelihood that the disposition of assets that we hold for sale in the ordinary course of business must be reported as a discontinued operation unless we have significant continuing involvement in the operations of the asset after its disposition. Furthermore, operating profits and losses on such assets are required to be recognized and reported as operating profits and losses on discontinued operations in the periods in which they occur. | ||||
Business Promotion and Advertising Costs | ' | |||
Business Promotion and Advertising Costs | ||||
The costs of business promotion and advertising are expensed as incurred. Business promotion and advertising costs of $49.4 million, $43.7 million and $42.5 million were included in operating, administrative and other expenses for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Foreign Currencies | ' | |||
Foreign Currencies | ||||
The financial statements of subsidiaries located outside the U.S. are generally measured using the local currency as the functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The resulting translation adjustments are included in the accumulated other comprehensive loss component of equity. Gains and losses resulting from foreign currency transactions are included in the results of operations. The aggregate transaction losses included in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 were $12.6 million, $3.6 million and $0.4 million, respectively. | ||||
Derivative Financial Instruments and Hedging Activities | ' | |||
Derivative Financial Instruments and Hedging Activities | ||||
As required by FASB ASC Topic 815 “Derivatives and Hedging,” we record all derivatives on the balance sheet at fair value. We do not net derivatives on our balance sheet. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. In all cases, we view derivative financial instruments as a risk management tool and, accordingly, do not use derivatives for trading or speculative purposes. | ||||
Comprehensive Income | ' | |||
Comprehensive Income | ||||
Comprehensive income consists of net income and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive loss consists of foreign currency translation adjustments, unrealized gains (losses) on interest rate swaps and interest rate caps, unrealized holding gains on available for sale securities and other pension liability adjustments. Foreign currency translation adjustments exclude any income tax effect given that earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time (see Note 16). | ||||
Marketable Securities | ' | |||
Marketable Securities | ||||
We account for investments in marketable debt and equity securities in accordance with the “Investments— Debt and Equity Securities” Topic of the FASB ASC (Topic 320). We determine the appropriate classification of debt and equity securities at the time of purchase and reevaluate such designation as of each balance sheet date. Marketable securities we acquire with the intent to generate a profit from short-term movements in market prices are classified as trading securities. Debt securities are classified as held to maturity when we have the positive intent and ability to hold the securities to maturity. Marketable equity and debt securities not classified as trading or held to maturity are classified as available for sale. | ||||
Trading securities are carried at their fair value with realized and unrealized gains and losses included in net income. Available for sale securities are carried at their fair value and any difference between cost and fair value is recorded as unrealized gain or loss, net of income taxes, and is reported as accumulated other comprehensive loss in the consolidated statement of equity. Premiums and discounts are recognized in interest income using the effective interest method. Realized gains and losses and declines in value expected to be other-than-temporary on available for sale securities have not been significant. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available for sale are included in interest income. | ||||
Warehouse Receivables | ' | |||
Warehouse Receivables | ||||
Our wholly-owned subsidiary CBRE Capital Markets is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets wholly-owned subsidiary Multifamily Capital is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets wholly-owned subsidiary CBRE HMF is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At December 31, 2013 and 2012, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage backed securities that will be secured by the underlying loans. | ||||
Mortgage Servicing Rights | ' | |||
Mortgage Servicing Rights | ||||
In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets or liabilities based on the fair value of the mortgage servicing rights on the date the loans are sold. We also assume or purchase certain servicing assets. Servicing assets are carried at the lower of amortized cost or fair value in other intangible assets in the accompanying consolidated balance sheets and are amortized in proportion to and over the estimated period that net servicing income is expected to be received based on projections and timing of estimated future net cash flows. | ||||
Our recording of mortgage servicing rights at their fair value resulted in net gains, which have been reflected in the accompanying consolidated statements of operations. | ||||
Mortgage servicing rights do not actively trade in an open market with readily available observable prices; therefore, fair value is determined based on certain assumptions and judgments, including the estimation of the present value of future cash flows realized from servicing the underlying mortgage loans. Management’s assumptions include the benefits of servicing (servicing fee income and interest on escrow deposits), inflation, the cost of servicing, prepayment rates, delinquencies, discount rate and the estimated life of servicing cash flows. The assumptions used are subject to change based on management’s judgments and estimates of changes in future cash flows and interest rates, among other things. | ||||
The estimated fair value of our mortgage servicing rights was $203.6 million and $165.4 million as of December 31, 2013 and 2012, respectively. We did not incur any impairment charges related to our servicing rights during the years ended December 31, 2013, 2012 or 2011. | ||||
Included in revenue in the accompanying consolidated statements of operations are contractually specified servicing fees from loans serviced for others of $55.2 million, $40.0 million and $28.2 million for the years ended December 31, 2013, 2012 and 2011, respectively and late fees/ancillary income earned from loans serviced for others of $1.9 million, $0.8 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Accounting for Broker Draws | ' | |||
Accounting for Broker Draws | ||||
As part of our recruitment efforts relative to new U.S. brokers, we offer a transitional broker draw arrangement. Our broker draw arrangements generally last until such time as a broker’s pipeline of business is sufficient to allow him or her to earn sustainable commissions. This program is intended to provide the broker with a minimal amount of cash flow to allow adequate time for his or her training as well as time for him or her to develop business relationships. Similar to traditional salaries, the broker draws are paid irrespective of the actual revenues generated by the broker. Often these broker draws represent the only form of compensation received by the broker. Furthermore, it is not our general policy to pursue collection of unearned broker draws paid under this arrangement. As a result, we have concluded that broker draws are economically equivalent to salaries paid and accordingly charge them to compensation as incurred. The broker is also entitled to earn a commission on completed revenue transactions. This amount is calculated as the commission that would have been payable under our full commission program, less any amounts previously paid to the broker in the form of a draw. | ||||
Stock-Based Compensation | ' | |||
Stock-Based Compensation | ||||
We account for all employee awards under the fair value recognition provisions of the “Compensation— Stock Compensation” Topic of the FASB ASC (Topic 718). Topic 718 requires the measurement of compensation cost at the grant date, based upon the estimated fair value of the award, and requires amortization of the related expense over the employee’s requisite service period. See Note 15 for additional information on our stock-based compensation plans. | ||||
Income Per Share | ' | |||
Income Per Share | ||||
Basic income per share attributable to CBRE Group, Inc. is computed by dividing net income attributable to CBRE Group, Inc. shareholders by the weighted average number of common shares outstanding during each period. The computation of diluted income per share attributable to CBRE Group, Inc. generally further assumes the dilutive effect of potential common shares, which include stock options and certain contingently issuable shares. Contingently issuable shares consist of non-vested stock awards. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method in accordance with the “Accounting for Income Taxes” Topic of the FASB ASC (Topic 740). Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. | ||||
Self-Insurance | ' | |||
Self-Insurance | ||||
Our wholly-owned captive insurance company, which is subject to applicable insurance rules and regulations, insures our exposure related to workers’ compensation insurance provided to employees and we purchase excess coverage from an unrelated insurance carrier. We purchase general liability and automotive insurance through an unrelated insurance carrier. The captive insurance company reinsures the related deductibles. The captive insurance company also insures deductibles relating to professional indemnity claims. Given the nature of these types of claims, it may take several years for resolution and determination of the cost of these claims. We are required to estimate the cost of these claims in our financial statements. | ||||
The estimates that we utilize to record our potential losses on claims are inherently subjective, and actual claims could differ from amounts recorded, which could result in increased or decreased expense in future periods. As of December 31, 2013 and 2012, our reserves for claims under these insurance programs were $65.7 million and $48.4 million, respectively, which were included in other current and other long-term liabilities in the accompanying consolidated balance sheets. Of these amounts, $2.2 million and $11.9 million, respectively, represented our estimated current liabilities as of December 31, 2013 and 2012. | ||||
Non-Controlling Interests in Consolidated Limited Life Subsidiaries | ' | |||
Non-Controlling Interests in Consolidated Limited Life Subsidiaries | ||||
As of December 31, 2013, the estimated settlement value of non-controlling interests in our consolidated limited life subsidiaries was $5.4 million, which approximates the carrying value, and which was included in non-controlling interests in the accompanying consolidated balance sheets. As of December 31, 2012, the estimated settlement value of non-controlling interests in our consolidated limited life subsidiaries was $68.4 million, as compared to the carrying value of $61.7 million, which was included in non-controlling interests in the accompanying consolidated balance sheets. | ||||
New Accounting Pronouncements | ' | |||
New Accounting Pronouncements | ||||
In March 2013, the FASB issued Accounting Standards Update (ASU) 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU states that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013, with early adoption permitted. We do not believe the adoption of this update will have a material effect on our consolidated financial position or results of operations. | ||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. This ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date, with retrospective application permitted. We do not believe the adoption of this update will have a material impact on our consolidated financial position. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
Certain reclassifications have been made to the 2011 and 2012 financial statements to conform with the 2013 presentation. | ||||
Fair Value Measurements and Disclosures | ' | |||
The “Fair Value Measurements and Disclosures” Topic of the FASB ASC (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||
Segment Operations | ' | |||
We report our operations through the following segments: (1) Americas, (2) EMEA, (3) Asia Pacific, (4) Global Investment Management and (5) Development Services. | ||||
The Americas segment is our largest segment of operations and provides a comprehensive range of services throughout the U.S. and in the largest regions of Canada and key markets in Latin America. The primary services offered consist of the following: real estate services, mortgage loan origination and servicing, valuation services, asset services and corporate services. | ||||
Our EMEA and Asia Pacific segments provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations primarily in Asia, Australia and New Zealand. | ||||
Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia. | ||||
Our Development Services business consists of real estate development and investment activities primarily in the U.S. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Loan Servicing Rights Recognized | ' | ||||||||||||
The amount of mortgage servicing rights recognized during the years ended December 31, 2013 and 2012 was as follows (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, mortgage servicing rights | $ | 144,955 | $ | 95,343 | |||||||||
Mortgage servicing rights recognized | 75,269 | 83,721 | |||||||||||
Mortgage servicing rights sold | (820 | ) | (10,297 | ) | |||||||||
Amortization expense | (38,921 | ) | (23,812 | ) | |||||||||
Ending balance, mortgage servicing rights | $ | 180,483 | $ | 144,955 | |||||||||
Schedule of Assumptions Used in Measuring Fair Value of Servicing Assets | ' | ||||||||||||
The key assumptions used during the years ended December 31, 2013, 2012 and 2011 in measuring fair value were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 14.81 | % | 15 | % | 15 | % | |||||||
Conditional prepayment rate | 7 | % | 7 | % | 7 | % | |||||||
Inflation | 2 | % | 2.5 | % | 2.5 | % | |||||||
Delinquencies | — | — | — |
REIM_Acquisitions_Tables
REIM Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Purchase Price for REIM Acquisitions | ' | ||||
The following represents a summary of the purchase price for the REIM Acquisitions (dollars in thousands): | |||||
Purchase of CRES on July 1, 2011 | $ | 332,845 | |||
Purchase of CRES co-investments on July 1, 2011 | 58,566 | ||||
Purchase of ING REIM Asia on October 3, 2011 | 45,315 | ||||
Purchase of ING REIM Europe on October 31, 2011 | 441,515 | ||||
Total purchase price | $ | 878,241 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Schedule of Pro Forma Results | ' | ||||||||||||||||||||||||
Unaudited pro forma results, assuming the REIM Acquisitions had occurred as of January 1, 2011 for purposes of the 2011 pro forma disclosures, are presented below. They include certain adjustments, including $17.2 million of increased amortization expense as a result of intangible assets acquired in the REIM Acquisitions, $19.2 million of additional interest expense as a result of debt incurred to finance the REIM Acquisitions, the removal of $73.0 million of direct costs incurred by us and ING related to the REIM Acquisitions, and the tax impact of the pro forma adjustments. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the REIM Acquisitions occurred on January 1, 2011 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Revenue | $ | 6,138,194 | |||||||||||||||||||||||
Operating income | $ | 555,687 | |||||||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 258,751 | |||||||||||||||||||||||
Basic income per share | $ | 0.81 | |||||||||||||||||||||||
Weighted average shares outstanding for basic income per share | 318,454,191 | ||||||||||||||||||||||||
Diluted income per share | $ | 0.8 | |||||||||||||||||||||||
Weighted average shares outstanding for diluted income per share | 323,723,755 | ||||||||||||||||||||||||
Schedule of Changes in Goodwill By Segment | ' | ||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Americas | EMEA | Asia | Global | Development | Total | ||||||||||||||||||||
Pacific | Investment | Services | |||||||||||||||||||||||
Management | |||||||||||||||||||||||||
Balance as of December 31, 2011 | |||||||||||||||||||||||||
Goodwill | $ | 1,641,748 | $ | 494,116 | $ | 160,197 | $ | 514,189 | $ | 86,663 | $ | 2,896,913 | |||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
843,458 | 355,485 | 160,197 | 469,267 | — | 1,828,407 | ||||||||||||||||||||
Purchase accounting entries related to acquisitions | 15,980 | 31,440 | 1,175 | (2,277 | ) | — | 46,318 | ||||||||||||||||||
Foreign exchange movement | 585 | 8,140 | (636 | ) | 6,788 | — | 14,877 | ||||||||||||||||||
Balance as of December 31, 2012 | |||||||||||||||||||||||||
Goodwill | 1,658,313 | 533,696 | 160,736 | 518,700 | 86,663 | 2,958,108 | |||||||||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
860,023 | 395,065 | 160,736 | 473,778 | — | 1,889,602 | ||||||||||||||||||||
Purchase accounting entries related to acquisitions | 60,552 | 342,035 | (3,169 | ) | — | — | 399,418 | ||||||||||||||||||
Foreign exchange movement | (1,228 | ) | 14,407 | (19,074 | ) | 7,349 | — | 1,454 | |||||||||||||||||
Balance as of December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 1,717,637 | 890,138 | 138,493 | 526,049 | 86,663 | 3,358,980 | |||||||||||||||||||
Accumulated impairment losses | (798,290 | ) | (138,631 | ) | — | (44,922 | ) | (86,663 | ) | (1,068,506 | ) | ||||||||||||||
$ | 919,347 | $ | 751,507 | $ | 138,493 | $ | 481,127 | $ | — | $ | 2,290,474 | ||||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||||||
Other intangible assets totaled $841.2 million and $786.8 million, net of accumulated amortization of $348.6 million and $273.6 million, as of December 31, 2013 and 2012, respectively, and are comprised of the following (dollars in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Unamortizable intangible assets | |||||||||||||||||||||||||
Management contracts | $ | 127,050 | $ | 219,132 | |||||||||||||||||||||
Trademarks | 56,800 | 56,800 | |||||||||||||||||||||||
Trade names | 20,400 | 20,400 | |||||||||||||||||||||||
$ | 204,250 | $ | 296,332 | ||||||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 362,810 | $ | (102,429 | ) | $ | 259,256 | $ | (84,628 | ) | |||||||||||||||
Mortgage servicing rights | 259,931 | (79,448 | ) | 195,813 | (50,858 | ) | |||||||||||||||||||
Management contracts | 180,981 | (49,785 | ) | 178,561 | (32,005 | ) | |||||||||||||||||||
Backlog and incentive fees | 61,507 | (61,507 | ) | 58,478 | (57,739 | ) | |||||||||||||||||||
Trade name | 35,631 | — | — | — | |||||||||||||||||||||
Other | 84,684 | (55,397 | ) | 71,984 | (48,401 | ) | |||||||||||||||||||
$ | 985,544 | $ | (348,566 | ) | $ | 764,092 | $ | (273,631 | ) | ||||||||||||||||
Total intangible assets | $ | 1,189,794 | $ | (348,566 | ) | $ | 1,060,424 | $ | (273,631 | ) | |||||||||||||||
Norland [Member] | ' | ||||||||||||||||||||||||
Schedule of Pro Forma Results | ' | ||||||||||||||||||||||||
These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Norland Acquisition occurred on January 1, 2012 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Revenue | $ | 7,792,992 | $ | 7,012.32 | |||||||||||||||||||||
Operating income | $ | 614,163 | $ | 567,201 | |||||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 313,567 | $ | 296,345 | |||||||||||||||||||||
Basic income per share | $ | 0.96 | $ | 0.92 | |||||||||||||||||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | |||||||||||||||||||||||
Diluted income per share | $ | 0.95 | $ | 0.91 | |||||||||||||||||||||
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 | |||||||||||||||||||||||
Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||||||||||
The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the Norland Acquisition (dollars in thousands): | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,132 | |||||||||||||||||||||||
Receivables, net | 138,509 | ||||||||||||||||||||||||
Prepaid expenses | 14,072 | ||||||||||||||||||||||||
Deferred tax assets, current | 2,912 | ||||||||||||||||||||||||
Other current assets | 12,698 | ||||||||||||||||||||||||
Property and equipment | 4,164 | ||||||||||||||||||||||||
Other intangible assets | 108,974 | ||||||||||||||||||||||||
Other assets | 668 | ||||||||||||||||||||||||
Total assets acquired | $ | 330,129 | |||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 142,467 | |||||||||||||||||||||||
Compensation and employee benefits payable | 11,777 | ||||||||||||||||||||||||
Accrued bonus and profit sharing | 1,862 | ||||||||||||||||||||||||
Deferred tax liabilities, long-term | 21,795 | ||||||||||||||||||||||||
Other liabilities | 8,804 | ||||||||||||||||||||||||
Total liabilities assumed | $ | 186,705 | |||||||||||||||||||||||
Estimated fair value of net assets acquired | $ | 143,424 | |||||||||||||||||||||||
Summary of Preliminary Estimate of Amortizable Intangible Assets Acquired | ' | ||||||||||||||||||||||||
The following is a summary of the preliminary estimate of the amortizable intangible assets acquired in connection with the Norland Acquisition (dollars in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Intangible Asset Class | Weighted | Amount | Accumulated | Net Carrying | |||||||||||||||||||||
Average | Assigned At | Amortization | Amount | ||||||||||||||||||||||
Amortization | Acquisition Date | and Foreign | |||||||||||||||||||||||
Period | Currency | ||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||
Customer relationships | 5 years | $ | 68,807 | $ | 890 | $ | 69,697 | ||||||||||||||||||
Trade name | 2 years | 35,177 | 454 | 35,631 | |||||||||||||||||||||
Non-compete agreements | 2 years | 4,990 | 65 | 5,055 | |||||||||||||||||||||
Total amortizable intangibles acquired | 4 years | $ | 108,974 | $ | 1,409 | $ | 110,383 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule of Operating Results Relating to Entities | ' | ||||||||||||
Operating results relating to the Entities for the years ended December 31, 2013, 2012 and 2011 include the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 8,222 | $ | 13,359 | $ | 25,708 | |||||||
Operating, administrative and other expenses | $ | 4,289 | $ | 7,961 | $ | 13,137 | |||||||
Income (loss) from discontinued operations, net of income taxes | $ | 15,236 | $ | (1,408 | ) | $ | 36,548 | ||||||
Net income (loss) attributable to non-controlling interests | $ | 13,805 | $ | (5,227 | ) | $ | 30,124 | ||||||
Schedule of Maximum Exposure to Loss | ' | ||||||||||||
As of December 31, 2013 and 2012, our maximum exposure to loss related to the VIE’s which are not consolidated was as follows (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Investments in unconsolidated subsidiaries | $ | 33,787 | $ | 47,869 | |||||||||
Other assets, current | 3,547 | 3,185 | |||||||||||
Available for sale securities | — | 17,281 | |||||||||||
Co-investment commitments | 200 | 9,202 | |||||||||||
Maximum exposure to loss | $ | 37,534 | $ | 77,537 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 3,688 | $ | — | $ | — | $ | 3,688 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 6,528 | — | 6,528 | |||||||||||||||||
Corporate debt securities | — | 17,456 | — | 17,456 | |||||||||||||||||
Asset-backed securities | — | 3,381 | — | 3,381 | |||||||||||||||||
Collateralized mortgage obligations | — | 2,720 | — | 2,720 | |||||||||||||||||
Total debt securities | 3,688 | 30,085 | — | 33,773 | |||||||||||||||||
Equity securities | 23,027 | — | — | 23,027 | |||||||||||||||||
Total available for sale securities | 26,715 | 30,085 | — | 56,800 | |||||||||||||||||
Trading securities | 58,442 | — | — | 58,442 | |||||||||||||||||
Warehouse receivables | — | 381,545 | — | 381,545 | |||||||||||||||||
Total assets at fair value | $ | 85,157 | $ | 411,630 | $ | — | $ | 496,787 | |||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 29,034 | $ | — | $ | 29,034 | |||||||||||||
Total liabilities at fair value | $ | — | $ | 29,034 | $ | — | $ | 29,034 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 9,827 | $ | — | $ | — | $ | 9,827 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 1,914 | — | 1,914 | |||||||||||||||||
Corporate debt securities | — | 8,347 | — | 8,347 | |||||||||||||||||
Asset-backed securities | — | 5,050 | — | 5,050 | |||||||||||||||||
Collateralized mortgage obligations | — | 2,771 | — | 2,771 | |||||||||||||||||
Total debt securities | 9,827 | 18,082 | — | 27,909 | |||||||||||||||||
Equity securities | 29,891 | — | — | 29,891 | |||||||||||||||||
Total available for sale securities | 39,718 | 18,082 | — | 57,800 | |||||||||||||||||
Trading securities | 101,331 | — | — | 101,331 | |||||||||||||||||
Warehouse receivables | — | 1,048,340 | — | 1,048,340 | |||||||||||||||||
Total assets at fair value | $ | 141,049 | $ | 1,066,422 | $ | — | $ | 1,207,471 | |||||||||||||
Liabilities | |||||||||||||||||||||
Securities sold, not yet purchased | $ | 54,103 | $ | — | $ | — | $ | 54,103 | |||||||||||||
Interest rate swaps | — | 48,022 | — | 48,022 | |||||||||||||||||
Total liabilities at fair value | $ | 54,103 | $ | 48,022 | $ | — | $ | 102,125 | |||||||||||||
Summary of Available for Sale Securities | ' | ||||||||||||||||||||
The following tables are a summary of our available for sale securities (dollars in thousands): | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 3,679 | $ | 20 | $ | (11 | ) | $ | 3,688 | ||||||||||||
Debt securities issued by U.S. federal agency obligations | 6,654 | 29 | (155 | ) | 6,528 | ||||||||||||||||
Corporate debt securities | 17,347 | 341 | (232 | ) | 17,456 | ||||||||||||||||
Asset-backed securities | 3,336 | 45 | — | 3,381 | |||||||||||||||||
Collateralized mortgage obligations | 2,671 | 53 | (4 | ) | 2,720 | ||||||||||||||||
Total debt securities | 33,687 | 488 | (402 | ) | 33,773 | ||||||||||||||||
Equity securities | 19,405 | 3,821 | (199 | ) | 23,027 | ||||||||||||||||
Total available for sale securities | $ | 53,092 | $ | 4,309 | $ | (601 | ) | $ | 56,800 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 9,733 | $ | 95 | $ | (1 | ) | $ | 9,827 | ||||||||||||
Debt securities issued by U.S. federal agency obligations | 1,893 | 30 | (9 | ) | 1,914 | ||||||||||||||||
Corporate debt securities | 7,890 | 457 | — | 8,347 | |||||||||||||||||
Asset-backed securities | 5,033 | 52 | (35 | ) | 5,050 | ||||||||||||||||
Collateralized mortgage obligations | 2,682 | 107 | (18 | ) | 2,771 | ||||||||||||||||
Total debt securities | 27,231 | 741 | (63 | ) | 27,909 | ||||||||||||||||
Equity securities | 29,469 | 849 | (427 | ) | 29,891 | ||||||||||||||||
Total available for sale securities | $ | 56,700 | $ | 1,590 | $ | (490 | ) | $ | 57,800 | ||||||||||||
Contractual Maturity of Debt Securities | ' | ||||||||||||||||||||
The net carrying value and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. Actual repayment dates may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations. | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
Due in one year or less | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 13,337 | 13,506 | |||||||||||||||||||
Due after five years through ten years | 8,128 | 8,091 | |||||||||||||||||||
Due after ten years | 6,215 | 6,075 | |||||||||||||||||||
Asset-backed securities | 3,336 | 3,381 | |||||||||||||||||||
Collateralized mortgage obligations | 2,671 | 2,720 | |||||||||||||||||||
Total debt securities | $ | 33,687 | $ | 33,773 | |||||||||||||||||
Summary of Net Gains and Losses Relating to Trading Securities | ' | ||||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2013 relating to trading securities still held at December 31, 2013 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2013 on trading securities | $ | 6,845 | |||||||||||||||||||
Less: Net realized gains recognized on trading securities sold during the year ended December 31, 2013 | 7,627 | ||||||||||||||||||||
Net unrealized losses recognized during the year ended December 31, 2013 on trading securities still held at December 31, 2013 | $ | (782 | ) | ||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2012 relating to trading securities still held at December 31, 2012 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2012 on trading securities | $ | 5,318 | |||||||||||||||||||
Less: Net realized gains recognized on trading securities sold during the year ended December 31, 2012 | 4,313 | ||||||||||||||||||||
Net unrealized gains recognized during the year ended December 31, 2012 on trading securities still held at December 31, 2012 | $ | 1,005 | |||||||||||||||||||
The portion of net gains and losses for the year ended December 31, 2011 relating to trading securities still held at December 31, 2011 is calculated as follows (dollars in thousands): | |||||||||||||||||||||
Net gains recognized during the year ended December 31, 2011 on trading securities | $ | 1,706 | |||||||||||||||||||
Less: Net realized losses recognized on trading securities sold during the year ended December 31, 2011 | (1,917 | ) | |||||||||||||||||||
Net unrealized gains recognized during the year ended December 31, 2011 on trading securities still held at December 31, 2011 | $ | 3,623 | |||||||||||||||||||
Schedule of Non-Recurring Fair Value Measurements | ' | ||||||||||||||||||||
The following non-recurring fair value measurements were recorded for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2013 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2013 | ||||||||||||||||||
Other intangible assets | $ | 78,950 | $ | — | $ | — | $ | 78,950 | $ | 98,129 | |||||||||||
Investments in unconsolidated subsidiaries | $ | 24,742 | $ | — | $ | 24,742 | $ | — | 4,139 | ||||||||||||
Total impairment charges | $ | 102,268 | |||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2012 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2012 | ||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | 5,841 | |||||||||||
Other intangible assets | $ | — | $ | — | $ | — | $ | — | 19,826 | ||||||||||||
Investments in unconsolidated subsidiaries | $ | 10,701 | $ | — | $ | 10,701 | $ | — | 3,907 | ||||||||||||
Real estate | $ | 74,115 | $ | — | $ | 74,115 | $ | — | 26,481 | ||||||||||||
Total impairment charges | $ | 56,055 | |||||||||||||||||||
Net Carrying Value | Fair Value Measured and | Total Impairment | |||||||||||||||||||
as of | Recorded Using | Charges | |||||||||||||||||||
December 31, 2011 | for the Year | ||||||||||||||||||||
Ended | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | December 31, 2011 | ||||||||||||||||||
Investments in unconsolidated subsidiaries | $ | 24,084 | $ | — | $ | — | $ | 24,084 | $ | 5,550 | |||||||||||
Real estate | $ | 37,322 | $ | — | $ | — | $ | 37,322 | 4,337 | ||||||||||||
Total impairment charges | $ | 9,887 | |||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Interest Rate Swaps and Their Classification on Consolidated Balance Sheets | ' | ||||||||||||||||
The following table presents the fair value of our interest rate swaps as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair Value | Fair Value | Balance Sheet | Fair Value | Fair Value | ||||||||||||
Location | as of | as of | Location | as of | as of | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Other assets | $— | $— | Other liabilities | $29,034 | $48,022 | |||||||||||
Schedule of Effect of Interest Rate Swaps on Consolidated Statement of Operations | ' | ||||||||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2013 (dollars in thousands): | |||||||||||||||||
Amount of Gain | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | $7,149 | Interest expense | ($11,846) | Other income (loss) | ($6) | ||||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2012 (dollars in thousands): | |||||||||||||||||
Amount of Loss | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | ($19,826) | Interest expense | ($11,676) | Other income (loss) | $— | ||||||||||||
The following table presents the effect of our interest rate swaps on our consolidated statement of operations for the year ended December 31, 2011 (dollars in thousands): | |||||||||||||||||
Amount of Loss | Location of Loss | Amount of Loss | Location of Loss | Amount of Loss | |||||||||||||
Recognized in | Reclassified from | Reclassified from | Recognized in Income | Recognized on | |||||||||||||
Other | Accumulated | Accumulated | on Derivative | Derivative | |||||||||||||
Comprehensive | Other | Other | (Ineffective Portion) | (Ineffective Portion) | |||||||||||||
Loss on Derivative | Comprehensive | Comprehensive | |||||||||||||||
(Effective Portion) | Loss into Income | Loss into Income | |||||||||||||||
Statement | Statement | ||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||
Interest rate swaps | ($42,732) | Interest expense | ($2,860) | Other income (loss) | $— | ||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Summary of Property and Equipment | ' | ||||||||||
Property and equipment consists of the following (dollars in thousands): | |||||||||||
December 31, | |||||||||||
Useful Lives | 2013 | 2012 | |||||||||
Computer hardware and software | 3-10 years | $ | 471,237 | $ | 366,935 | ||||||
Leasehold improvements | 1-15 years | 248,359 | 226,337 | ||||||||
Furniture and equipment | 1-10 years | 211,893 | 202,819 | ||||||||
Equipment under capital leases | 3-5 years | 10,697 | 10,713 | ||||||||
Total cost | 942,186 | 806,804 | |||||||||
Accumulated depreciation and amortization | (483,590 | ) | (427,628 | ) | |||||||
Property and equipment, net | $ | 458,596 | $ | 379,176 | |||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Subsidiaries (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Schedule of Investments in Unconsolidated Subsidiaries | ' | ||||||||||||
Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting and include the following (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Global Investment Management | $ | 99,714 | $ | 131,750 | |||||||||
Development Services | 76,791 | 53,435 | |||||||||||
Other | 22,191 | 21,613 | |||||||||||
$ | 198,696 | $ | 206,798 | ||||||||||
Schedule of Condensed Financial Information of Equity Method Investments | ' | ||||||||||||
Condensed Balance Sheets Information: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Global Investment Management: | |||||||||||||
Current assets | $ | 1,148,658 | $ | 1,139,867 | |||||||||
Non-current assets | 12,546,920 | 13,353,456 | |||||||||||
Total assets | $ | 13,695,578 | $ | 14,493,323 | |||||||||
Current liabilities | $ | 1,034,040 | $ | 1,337,944 | |||||||||
Non-current liabilities | 4,705,551 | 5,538,066 | |||||||||||
Total liabilities | $ | 5,739,591 | $ | 6,876,010 | |||||||||
Development Services: | |||||||||||||
Real estate | $ | 1,372,379 | $ | 1,165,166 | |||||||||
Other assets | 109,328 | 88,067 | |||||||||||
Total assets | $ | 1,481,707 | $ | 1,253,233 | |||||||||
Notes payable on real estate | $ | 569,023 | $ | 473,704 | |||||||||
Other liabilities | 134,809 | 173,492 | |||||||||||
Total liabilities | $ | 703,832 | $ | 647,196 | |||||||||
Other: | |||||||||||||
Current assets | $ | 56,359 | $ | 71,708 | |||||||||
Non-current assets | 37,226 | 43,401 | |||||||||||
Total assets | $ | 93,585 | $ | 115,109 | |||||||||
Current liabilities | $ | 33,791 | $ | 43,557 | |||||||||
Non-current liabilities | 14,335 | 24,190 | |||||||||||
Total liabilities | $ | 48,126 | $ | 67,747 | |||||||||
Non-controlling interests | $ | (183 | ) | $ | 17,187 | ||||||||
Assets | $ | 15,270,870 | $ | 15,861,665 | |||||||||
Liabilities | $ | 6,491,549 | $ | 7,590,953 | |||||||||
Non-controlling interests | $ | (183 | ) | $ | 17,187 | ||||||||
Condensed Statements of Operations Information: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Global Investment Management: | |||||||||||||
Revenue | $ | 874,875 | $ | 833,343 | $ | 614,684 | |||||||
Operating loss | $ | (241,829 | ) | $ | (161,966 | ) | $ | (149,519 | ) | ||||
Net (loss) income | $ | (26,075 | ) | $ | 64,696 | $ | 70,551 | ||||||
Development Services: | |||||||||||||
Revenue | $ | 70,343 | $ | 97,084 | $ | 123,865 | |||||||
Operating income | $ | 130,873 | $ | 63,472 | $ | 118,995 | |||||||
Net income | $ | 129,563 | $ | 38,720 | $ | 87,204 | |||||||
Other: | |||||||||||||
Revenue | $ | 160,858 | $ | 163,365 | $ | 163,109 | |||||||
Operating income | $ | 28,352 | $ | 21,755 | $ | 23,880 | |||||||
Net income | $ | 28,422 | $ | 23,223 | $ | 24,695 | |||||||
Total: | |||||||||||||
Revenue | $ | 1,106,076 | $ | 1,093,792 | $ | 901,658 | |||||||
Operating loss | $ | (82,604 | ) | $ | (76,739 | ) | $ | (6,644 | ) | ||||
Net income | $ | 131,910 | $ | 126,639 | $ | 182,450 |
Real_Estate_and_Other_Assets_H1
Real Estate and Other Assets Held for Sale and Related Liabilities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Schedule of Real Estate and Other Assets Held for Sale and Related Liabilities | ' | ||||
Real estate and other assets held for sale and related liabilities were as follows at December 31, 2012 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 11) | $ | 116,822 | |||
Other current assets | 4,921 | ||||
Property and equipment, net | 329 | ||||
Other assets | 8,427 | ||||
Total real estate and other assets held for sale | 130,499 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 12) | 101,542 | ||||
Accounts payable and accrued expenses | 2,444 | ||||
Other current liabilities | 190 | ||||
Other liabilities | 451 | ||||
Total liabilities related to real estate and other assets held for sale | 104,627 | ||||
Net real estate and other assets held for sale | $ | 25,872 | |||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Schedule of Real Estate Assets | ' | ||||||||||||||||
Our real estate is reported in our Development Services and Global Investment Management segments and consisted of the following (dollars in thousands): | |||||||||||||||||
Land | Buildings and | Other | Total | ||||||||||||||
Improvements | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||
Real estate under development (current) | $ | 667 | $ | 18,466 | $ | — | $ | 19,133 | |||||||||
Real estate under development (non-current) | 822 | — | — | 822 | |||||||||||||
Real estate held for investment | 24,717 | 76,932 | 5,350 | 106,999 | |||||||||||||
Total real estate | $ | 26,206 | $ | 95,398 | (1) | $ | 5,350 | (2) | $ | 126,954 | |||||||
At December 31, 2012 | |||||||||||||||||
Real estate included in assets held for sale (see Note 10) | $ | 28,533 | $ | 86,727 | $ | 1,562 | $ | 116,822 | |||||||||
Real estate under development (non-current) | 16,332 | 10,984 | — | 27,316 | |||||||||||||
Real estate held for investment | 77,292 | 149,020 | 8,733 | 235,045 | |||||||||||||
Total real estate | $ | 122,157 | $ | 246,731 | (1) | $ | 10,295 | (2) | $ | 379,183 | |||||||
-1 | Net of accumulated depreciation of $23.6 million and $32.9 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||
-2 | Includes balances for lease intangibles and tenant origination costs of $5.3 million and $0.1 million, respectively, at December 31, 2013 and $8.0 million and $1.5 million, respectively, at December 31, 2012. We record lease intangibles and tenant origination costs upon acquiring real estate projects with in-place leases. The balances are shown net of amortization, which is recorded as an increase to, or a reduction of, rental income for lease intangibles and as amortization expense for tenant origination costs. |
Notes_Payable_on_Real_Estate_T
Notes Payable on Real Estate (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Loans Secured by Real Estate | ' | ||||||||
We had loans secured by real estate, which consisted of the following at December 31, 2013 and 2012 (dollars in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current portion of notes payable on real estate | $ | 62,017 | $ | 35,212 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 10) | — | 101,542 | |||||||
Total notes payable on real estate, current portion | 62,017 | 136,754 | |||||||
Notes payable on real estate, non-current portion | 68,455 | 189,258 | |||||||
Total notes payable on real estate | $ | 130,472 | $ | 326,012 | |||||
Schedule of Principal Maturities of Notes Payable on Real Estate | ' | ||||||||
Principal maturities of notes payable on real estate at December 31, 2013, were as follows (dollars in thousands): | |||||||||
2014 | $ | 42,546 | |||||||
2015 | 51,972 | ||||||||
2016 | 21,145 | ||||||||
2017 | 1,779 | ||||||||
2018 | 1,889 | ||||||||
Thereafter | 11,141 | ||||||||
$ | 130,472 | ||||||||
LongTerm_Debt_and_ShortTerm_Bo1
Long-Term Debt and Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt and Short-Term Borrowings | ' | ||||||||
Total long-term debt and short-term borrowings consist of the following (dollars in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Long-Term Debt: | |||||||||
5.00% senior notes due in 2023 | $ | 800,000 | $ | — | |||||
Senior secured term loans, with interest ranging from 1.92% to 3.71%, due from 2013 through 2021 | 685,263 | 1,627,746 | |||||||
6.625% senior notes due in 2020 | 350,000 | 350,000 | |||||||
11.625% senior subordinated notes, net of unamortized discount of $9,477 at December 31, 2012, redeemed in June 2013 | — | 440,523 | |||||||
Other | 5,417 | 9,336 | |||||||
Subtotal | 1,840,680 | 2,427,605 | |||||||
Less current maturities of long-term debt | 42,245 | 73,156 | |||||||
Total long-term debt | 1,798,435 | 2,354,449 | |||||||
Short-Term Borrowings: | |||||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.60% to 2.00%, and a maturity date of May 28, 2014 | 150,712 | 171,330 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.50% to 2.00%, and a maturity date of June 30, 2014 | 94,889 | 124,263 | |||||||
Warehouse line of credit, with interest at daily Chase-London LIBOR plus 1.90% to 2.50%, and a maturity date of October 27, 2014 | 65,800 | 78,072 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 1.65% to 1.90%, and a maturity date of July 29, 2014 | 36,812 | 161,342 | |||||||
Warehouse line of credit, with interest at daily one-month LIBOR plus 2.25%, and expired on January 16, 2014 | 16,464 | 452,656 | |||||||
Warehouse line of credit, with interest at daily LIBOR plus 1.35% with LIBOR floor of 0.35%, and no maturity date | 9,920 | 38,718 | |||||||
Total warehouse lines of credit | 374,597 | 1,026,381 | |||||||
Revolving credit facility, with interest ranging from 1.59% to 5.02%, maturing through 2018 | 142,484 | 72,964 | |||||||
Other | 16 | 16 | |||||||
Total short-term borrowings | 517,097 | 1,099,361 | |||||||
Add current maturities of long-term debt | 42,245 | 73,156 | |||||||
Total current debt | 559,342 | 1,172,517 | |||||||
Total long-term debt and short-term borrowings | $ | 2,357,777 | $ | 3,526,966 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule by Year of Future Minimum Lease Payments for Noncancellable Operating Leases | ' | ||||||||||||
The following is a schedule by year of future minimum lease payments for noncancellable operating leases as of December 31, 2013 (dollars in thousands): | |||||||||||||
Operating leases | |||||||||||||
2014 | $ | 188,435 | |||||||||||
2015 | 167,892 | ||||||||||||
2016 | 150,095 | ||||||||||||
2017 | 133,477 | ||||||||||||
2018 | 111,165 | ||||||||||||
Thereafter | 403,769 | ||||||||||||
Total minimum payment required | $ | 1,154,833 | |||||||||||
Composition of Total Rental Expense under Noncancellable | ' | ||||||||||||
The composition of total rental expense under noncancellable operating leases consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 209,307 | $ | 210,981 | $ | 209,333 | |||||||
Less sublease rentals | (2,457 | ) | (218 | ) | (187 | ) | |||||||
$ | 206,850 | $ | 210,763 | $ | 209,146 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Outstanding Stock Options | ' | ||||||||||||||||||||||||||||
A summary of the status of our outstanding stock options is presented in the tables below: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 6,636,480 | $ | 7.55 | ||||||||||||||||||||||||||
Exercised | (1,822,373 | ) | 3.92 | ||||||||||||||||||||||||||
Granted | 16,974 | 26.5 | |||||||||||||||||||||||||||
Forfeited | (18,853 | ) | 13.29 | ||||||||||||||||||||||||||
Expired | (19,819 | ) | 14.5 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 4,792,409 | $ | 8.95 | ||||||||||||||||||||||||||
Exercised | (1,930,092 | ) | 10.31 | ||||||||||||||||||||||||||
Forfeited | (33,381 | ) | 10.73 | ||||||||||||||||||||||||||
Expired | (17,997 | ) | 14.36 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,810,939 | $ | 7.93 | ||||||||||||||||||||||||||
Exercised | (1,620,515 | ) | 3.45 | ||||||||||||||||||||||||||
Forfeited | (2,009 | ) | 13.85 | ||||||||||||||||||||||||||
Expired | (39,666 | ) | 23.08 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,148,749 | $ | 13.6 | ||||||||||||||||||||||||||
Vested and expected to vest at December 31, 2013 (1) | 1,148,604 | $ | 13.6 | ||||||||||||||||||||||||||
Exercisable at December 31, 2013 | 1,146,229 | $ | 13.57 | ||||||||||||||||||||||||||
-1 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. | ||||||||||||||||||||||||||||
Schedule of Weighted Average Assumptions | ' | ||||||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions for the year ended December 31, 2011: | |||||||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 1.65 | % | |||||||||||||||||||||||||||
Expected volatility | 61.99 | % | |||||||||||||||||||||||||||
Expected life | 5 years | ||||||||||||||||||||||||||||
Schedule of Options Outstanding, Weighted Average Exercise Price and Intrinsic Value | ' | ||||||||||||||||||||||||||||
Options outstanding at December 31, 2013 and their related weighted average exercise price, intrinsic value and life information is presented below: | |||||||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | ||||||||||||||||||||||
Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | |||||||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | |||||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||
$6.33 – $8.44 | 73,445 | 2.5 | $ | 8.29 | 73,445 | $ | 8.29 | ||||||||||||||||||||||
$11.10 – $16.48 | 1,007,974 | 1.9 | 13.08 | 1,007,974 | 13.08 | ||||||||||||||||||||||||
$22.00 – $26.50 | 30,992 | 2.9 | 24.19 | 28,472 | 23.99 | ||||||||||||||||||||||||
$27.19 – $37.43 | 36,338 | 0.6 | 29.83 | 36,338 | 29.83 | ||||||||||||||||||||||||
1,148,749 | 1.9 | $ | 13.6 | $ | 14,723,073 | 1,146,229 | $ | 13.57 | $ | 14,723,073 | |||||||||||||||||||
Schedule of Non-Vested Stock Awards | ' | ||||||||||||||||||||||||||||
A summary of the status of our non-vested stock awards is presented in the table below: | |||||||||||||||||||||||||||||
Shares / Units | Weighted | ||||||||||||||||||||||||||||
Average Market | |||||||||||||||||||||||||||||
Value Per Share | |||||||||||||||||||||||||||||
Balance at December 31, 2010 | 9,268,908 | $ | 14.4 | ||||||||||||||||||||||||||
Granted | 3,447,856 | 15.95 | |||||||||||||||||||||||||||
Vested | (2,541,370 | ) | 13.47 | ||||||||||||||||||||||||||
Forfeited | (289,187 | ) | 14.05 | ||||||||||||||||||||||||||
Balance at December 31, 2011 | 9,886,207 | $ | 15.18 | ||||||||||||||||||||||||||
Granted | 2,353,487 | 20.31 | |||||||||||||||||||||||||||
Vested | (3,677,691 | ) | 13.18 | ||||||||||||||||||||||||||
Forfeited | (588,514 | ) | 14.55 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 7,973,489 | $ | 17.65 | ||||||||||||||||||||||||||
Granted | 2,669,410 | 22.94 | |||||||||||||||||||||||||||
Vested | (2,923,485 | ) | 14.48 | ||||||||||||||||||||||||||
Forfeited | (177,905 | ) | 18.15 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 7,541,509 | $ | 20.76 | ||||||||||||||||||||||||||
Schedule of Defined Benefit Pension Plans | ' | ||||||||||||||||||||||||||||
The following table sets forth a reconciliation of the benefit obligation, plan assets, plan’s funded status and amounts recognized in the accompanying consolidated balance sheets for both of our defined benefit pension plans (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 352,242 | $ | 316,165 | |||||||||||||||||||||||||
Interest cost | 15,414 | 15,513 | |||||||||||||||||||||||||||
Actuarial loss | 31,420 | 14,447 | |||||||||||||||||||||||||||
Benefits paid | (8,374 | ) | (8,768 | ) | |||||||||||||||||||||||||
Foreign currency translation | 9,513 | 14,885 | |||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 400,215 | $ | 352,242 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||
Fair value of plan asset at beginning of period | $ | 288,714 | $ | 255,305 | |||||||||||||||||||||||||
Actuarial return on plan assets | 38,328 | 24,175 | |||||||||||||||||||||||||||
Company contributions | 5,508 | 5,886 | |||||||||||||||||||||||||||
Benefits paid | (8,374 | ) | (8,768 | ) | |||||||||||||||||||||||||
Foreign currency translation | 8,027 | 12,116 | |||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 332,203 | $ | 288,714 | |||||||||||||||||||||||||
Funded status | $ | (68,012 | ) | $ | (63,528 | ) | |||||||||||||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||||||
Non-current liabilities | $ | (68,012 | ) | $ | (63,528 | ) | |||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost not Yet Recognized | ' | ||||||||||||||||||||||||||||
Items not yet recognized as a component of net periodic pension cost were as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Unamortized actuarial loss | $ | 103,968 | $ | 96,921 | |||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | 103,968 | $ | 96,921 | |||||||||||||||||||||||||
Schedule of Net Periodic Pension Benefit Costs | ' | ||||||||||||||||||||||||||||
Components of net periodic pension cost and other amounts recognized in other comprehensive loss consisted of the following (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Net Periodic Cost | |||||||||||||||||||||||||||||
Interest cost | $ | 15,414 | $ | 15,513 | $ | 16,556 | |||||||||||||||||||||||
Expected return on plan assets | (16,095 | ) | (14,563 | ) | (17,238 | ) | |||||||||||||||||||||||
Amortization of unrecognized net loss | 2,455 | 2,344 | 1,358 | ||||||||||||||||||||||||||
Net periodic pension cost | $ | 1,774 | $ | 3,294 | $ | 676 | |||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 7,047 | $ | 2,079 | $ | 25,726 | |||||||||||||||||||||||
Total recognized in other comprehensive loss | 7,047 | 2,079 | 25,726 | ||||||||||||||||||||||||||
Total recognized in net periodic cost and other comprehensive loss | $ | 8,821 | $ | 5,373 | $ | 26,402 | |||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||||||||||||||||||
Weighted average assumptions used to determine our projected benefit obligation were as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Discount rate | 4.47 | % | 4.6 | % | |||||||||||||||||||||||||
Expected return on plan assets | 7.05 | % | 5.91 | % | |||||||||||||||||||||||||
Schedule of Changes in Net Periodic Cost Benefit | ' | ||||||||||||||||||||||||||||
Weighted average assumptions used to determine our net periodic pension cost were as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 4.44 | % | 4.6 | % | 4.88 | % | |||||||||||||||||||||||
Expected return on plan assets | 6.65 | % | 5.91 | % | 6 | % | |||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||||||
Our pension plan weighted average asset allocations by asset category were as follows: | |||||||||||||||||||||||||||||
Target Allocation | Plan Assets | ||||||||||||||||||||||||||||
2013 | at December 31, | ||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||||||||||
Equity securities | 54.80% | 57.2 | % | 66.7 | % | ||||||||||||||||||||||||
Absolute return strategy fund | 28.30% | 28.1 | % | — | % | ||||||||||||||||||||||||
Debt securities | 7.70% | 7 | % | 22.7 | % | ||||||||||||||||||||||||
Other | 9.20% | 7.7 | % | 10.6 | % | ||||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||||
Schedule of Fair Value of Pension Assets | ' | ||||||||||||||||||||||||||||
The fair value of our pension assets are comprised of the following (dollars in thousands): | |||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using: | |||||||||||||||||||||||||||||
As of December 31, 2013 | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||||||
Cash | $ | 6,385 | $ | 6,385 | $ | — | $ | — | |||||||||||||||||||||
Equity securities (a) | 189,852 | 29,153 | 160,699 | — | |||||||||||||||||||||||||
Fixed income securities (a) | 23,273 | — | 23,273 | — | |||||||||||||||||||||||||
Absolute return strategy fund (b) | 93,343 | — | 93,343 | — | |||||||||||||||||||||||||
Other (c) | 19,350 | — | 16,256 | 3,094 | |||||||||||||||||||||||||
Total | $ | 332,203 | $ | 35,538 | $ | 293,571 | $ | 3,094 | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||||||
Cash | $ | 1,864 | $ | 1,864 | $ | — | $ | — | |||||||||||||||||||||
Equity securities (a) | 192,555 | 23,253 | 169,302 | — | |||||||||||||||||||||||||
Fixed income securities (a) | 65,414 | — | 65,414 | — | |||||||||||||||||||||||||
Other (c) | 28,881 | — | 18,631 | 10,250 | |||||||||||||||||||||||||
Total | $ | 288,714 | $ | 25,117 | $ | 253,347 | $ | 10,250 | |||||||||||||||||||||
(a) | The assets in this category represent investments in foreign equity and bond funds. Generally, these assets are valued using bid-market valuations provided by the funds’ investment managers. | ||||||||||||||||||||||||||||
(b) | The assets in this category represent investments in an absolute return strategies fund. Generally, these assets are valued at the net asset value as determined by the custodian of the fund. The net asset value is based on the underlying investments, which are valued using inputs such as quoted market prices of identical instruments, discounted future cash flows, independent appraisals, and market-based comparable data. As such, the assets in this category have been categorized as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||
(c) | The assets in this category include investments in a liability driven investment fund and investments in commercial real estate. The liability driven investment fund is a single priced fund and the fair value of the underlying assets are priced by the fund’s custodian based on observable market data and therefore categorized as Level 2 in the fair value hierarchy. The investments in commercial real estate represent a property unit trust that invests in commercial real estate properties in the U.K. The fair values for these investments are based on inputs obtained from broker quotes that are indicative of value and cannot be corroborated by observable market data and therefore are categorized as Level 3 in the fair value hierarchy. | ||||||||||||||||||||||||||||
Schedule of Pension Assets Measured and Recorded Significant Unobservable Inputs | ' | ||||||||||||||||||||||||||||
A summary of our pension assets measured and recorded using significant unobservable inputs is as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Real | |||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 10,801 | |||||||||||||||||||||||||||
Actuarial loss on plan assets | (997 | ) | |||||||||||||||||||||||||||
Foreign currency translation | 446 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 10,250 | |||||||||||||||||||||||||||
Actuarial return on plan assets | 268 | ||||||||||||||||||||||||||||
Actuarial loss on plan assets sold | (105 | ) | |||||||||||||||||||||||||||
Sales | (7,381 | ) | |||||||||||||||||||||||||||
Foreign currency translation | 62 | ||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 3,094 | |||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||||||
The following is a schedule by year of benefit payments, which reflect expected future service, as appropriate, that are expected to be paid (dollars in thousands): | |||||||||||||||||||||||||||||
2014 | $ | 10,441 | |||||||||||||||||||||||||||
2015 | 10,607 | ||||||||||||||||||||||||||||
2016 | 10,441 | ||||||||||||||||||||||||||||
2017 | 11,269 | ||||||||||||||||||||||||||||
2018 | 11,932 | ||||||||||||||||||||||||||||
2019-2023 | 79,549 | ||||||||||||||||||||||||||||
Total | $ | 134,239 | |||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income (Loss) from Continuing Operations | ' | ||||||||||||
The components of income from continuing operations before provision for income taxes consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 431,024 | $ | 361,577 | $ | 252,577 | |||||||
Foreign | 77,961 | 127,901 | 176,961 | ||||||||||
$ | 508,985 | $ | 489,478 | $ | 429,538 | ||||||||
Tax Provision (Benefit) | ' | ||||||||||||
Our tax provision (benefit) consisted of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal: | |||||||||||||
Current | $ | 118,741 | $ | 132,266 | $ | 107,671 | |||||||
Deferred | 8,023 | (13,341 | ) | 3,472 | |||||||||
126,764 | 118,925 | 111,143 | |||||||||||
State: | |||||||||||||
Current | 23,324 | 2,943 | 13,763 | ||||||||||
Deferred | (14,036 | ) | 12,355 | (10,056 | ) | ||||||||
9,288 | 15,298 | 3,707 | |||||||||||
Foreign: | |||||||||||||
Current | 85,848 | 56,362 | 78,256 | ||||||||||
Deferred | (34,713 | ) | (5,263 | ) | (4,003 | ) | |||||||
51,135 | 51,099 | 74,253 | |||||||||||
$ | 187,187 | $ | 185,322 | $ | 189,103 | ||||||||
Reconciliation of Pre-Tax Income | ' | ||||||||||||
The following is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory federal income tax rate to our effective tax rate: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Change in valuation allowance | 5 | 8 | — | ||||||||||
State taxes, net of federal benefit | 2 | 4 | 3 | ||||||||||
Non-deductible expenses | 1 | 2 | 3 | ||||||||||
Acquisition costs | 1 | — | 3 | ||||||||||
Non-controlling interests | (1 | ) | 1 | (1 | ) | ||||||||
Credits and exemptions | (1 | ) | (1 | ) | (1 | ) | |||||||
Foreign earnings repatriation | (5 | ) | (14 | ) | — | ||||||||
Reserves for uncertain tax positions | — | 1 | 2 | ||||||||||
Foreign rate differential | — | — | (1 | ) | |||||||||
Other | — | 2 | 1 | ||||||||||
Effective tax rate | 37 | % | 38 | % | 44 | % | |||||||
Temporary Tax Effects | ' | ||||||||||||
Cumulative tax effects of temporary differences are shown below at December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Asset (Liability) | |||||||||||||
Property and equipment | $ | (56,203 | ) | $ | (31,263 | ) | |||||||
Bad debt and other reserves | 61,737 | 49,531 | |||||||||||
Capitalized costs and intangibles | (202,590 | ) | (302,079 | ) | |||||||||
Derivative financial instruments | 11,508 | 19,142 | |||||||||||
Bonus | 164,538 | 165,545 | |||||||||||
Investments | 6,269 | 5,750 | |||||||||||
NOL and state tax credits | 45,195 | 41,902 | |||||||||||
Foreign tax credits | 55,064 | 84,926 | |||||||||||
Unconsolidated affiliates | 30,748 | 44,841 | |||||||||||
Pension obligation | 16,062 | 17,491 | |||||||||||
All other | (5,983 | ) | (5,833 | ) | |||||||||
Net deferred tax assets before valuation allowance | 126,345 | 89,953 | |||||||||||
Valuation allowance | (98,589 | ) | (76,169 | ) | |||||||||
Net deferred tax assets | $ | 27,756 | $ | 13,784 | |||||||||
Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, unrecognized tax benefits | $ | (95,575 | ) | $ | (91,710 | ) | |||||||
Gross increases—tax positions in prior period | (3,784 | ) | (3,092 | ) | |||||||||
Gross decreases—tax positions in prior period | 6,198 | 5,306 | |||||||||||
Gross increases—current-period tax positions | (4,465 | ) | (5,432 | ) | |||||||||
Decreases relating to settlements | 643 | 35 | |||||||||||
Reductions as a result of lapse of statute of limitations | 1,040 | 189 | |||||||||||
Foreign exchange movement | 279 | (871 | ) | ||||||||||
Ending balance, unrecognized tax benefits | $ | (95,664 | ) | $ | (95,575 | ) | |||||||
Earnings_Per_Share_Information1
Earnings Per Share Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following is a calculation of earnings per share (dollars in thousands, except share data): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 316,538 | $ | 315,555 | $ | 239,162 | |||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | 318,454,191 | ||||||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.96 | $ | 0.98 | $ | 0.75 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 316,538 | $ | 315,555 | $ | 239,162 | |||||||
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 | 318,454,191 | ||||||||||
Dilutive effect of contingently issuable shares | 2,942,919 | 3,082,173 | 3,160,702 | ||||||||||
Dilutive effect of stock options | 709,931 | 1,646,396 | 2,108,862 | ||||||||||
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 | 323,723,755 | ||||||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.95 | $ | 0.97 | $ | 0.74 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations from Dispositions of Real Estate | ' | ||||||||||||
Real estate operations and dispositions accounted for as discontinued operations for the years ended December 31, 2013, 2012 and 2011 were reported in our Global Investment Management and Development Services segments and totaled the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 9,362 | $ | 5,663 | $ | 6,737 | |||||||
Costs and expenses: | |||||||||||||
Operating, administrative and other | 5,416 | 2,750 | 5,264 | ||||||||||
Depreciation and amortization | 880 | 1,260 | 1,211 | ||||||||||
Total costs and expenses | 6,296 | 4,010 | 6,475 | ||||||||||
Gain on disposition of real estate | 28,602 | 1,566 | 56,888 | ||||||||||
Operating income | 31,668 | 3,219 | 57,150 | ||||||||||
Interest income | — | 4 | — | ||||||||||
Interest expense | 3,297 | 1,581 | 3,248 | ||||||||||
Income from discontinued operations, before provision for income taxes | 28,371 | 1,642 | 53,902 | ||||||||||
Provision for income taxes | 1,374 | 1,011 | 4,012 | ||||||||||
Income from discontinued operations, net of income taxes | 26,997 | 631 | 49,890 | ||||||||||
Less: Income (loss) from discontinued operations attributable to non-controlling interests | 24,688 | (1,071 | ) | 44,245 | |||||||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 2,309 | $ | 1,702 | $ | 5,645 | |||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summarized Financial Information by Segment | ' | ||||||||||||
Summarized financial information by segment is as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
Americas | $ | 4,504,520 | $ | 4,103,602 | $ | 3,673,681 | |||||||
EMEA | 1,217,109 | 1,031,818 | 1,076,568 | ||||||||||
Asia Pacific | 872,821 | 817,241 | 788,754 | ||||||||||
Global Investment Management | 537,102 | 482,589 | 290,065 | ||||||||||
Development Services | 53,242 | 78,849 | 76,343 | ||||||||||
$ | 7,184,794 | $ | 6,514,099 | $ | 5,905,411 | ||||||||
Depreciation and amortization | |||||||||||||
Americas | $ | 116,564 | $ | 82,841 | $ | 62,238 | |||||||
EMEA | 20,496 | 14,198 | 10,945 | ||||||||||
Asia Pacific | 12,397 | 11,475 | 9,654 | ||||||||||
Global Investment Management | 36,194 | 51,290 | 21,271 | ||||||||||
Development Services | 4,739 | 9,841 | 11,611 | ||||||||||
$ | 190,390 | $ | 169,645 | $ | 115,719 | ||||||||
Equity income (loss) from unconsolidated subsidiaries | |||||||||||||
Americas | $ | 17,434 | $ | 12,890 | $ | 15,162 | |||||||
EMEA | 1,188 | 1,205 | 778 | ||||||||||
Asia Pacific | — | — | 5 | ||||||||||
Global Investment Management | 2,757 | (2,533 | ) | (1,044 | ) | ||||||||
Development Services | 43,043 | 49,167 | 89,875 | ||||||||||
$ | 64,422 | $ | 60,729 | $ | 104,776 | ||||||||
EBITDA | |||||||||||||
Americas | $ | 603,191 | $ | 578,649 | $ | 462,167 | |||||||
EMEA | 71,267 | 54,299 | 87,527 | ||||||||||
Asia Pacific | 70,795 | 80,630 | 82,226 | ||||||||||
Global Investment Management | 194,609 | 96,359 | (14,772 | ) | |||||||||
Development Services | 43,021 | 51,684 | 76,113 | ||||||||||
$ | 982,883 | $ | 861,621 | $ | 693,261 | ||||||||
EBITDA Calculation by Segment | ' | ||||||||||||
EBITDA for our segments is calculated as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Americas | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 539,373 | $ | 267,313 | $ | 182,107 | |||||||
Add: | |||||||||||||
Depreciation and amortization | 116,564 | 82,841 | 62,238 | ||||||||||
Interest expense | 89,241 | 124,633 | 118,916 | ||||||||||
Write-off of financing costs | 56,295 | — | — | ||||||||||
Royalty and management service income | (295,154 | ) | (32,214 | ) | (29,729 | ) | |||||||
Provision for income taxes | 100,883 | 140,634 | 136,803 | ||||||||||
Less: | |||||||||||||
Interest income | 4,011 | 4,558 | 8,168 | ||||||||||
EBITDA | $ | 603,191 | $ | 578,649 | $ | 462,167 | |||||||
EMEA | |||||||||||||
Net (loss) income attributable to CBRE Group, Inc. | $ | (248,888 | ) | $ | 9,846 | $ | 37,155 | ||||||
Add: | |||||||||||||
Depreciation and amortization | 20,496 | 14,198 | 10,945 | ||||||||||
Non-amortizable intangible asset impairment | — | 19,826 | — | ||||||||||
Interest expense | 2,552 | 9,152 | 1,633 | ||||||||||
Royalty and management service expense | 267,199 | 12,654 | 14,142 | ||||||||||
Provision for income taxes | 30,400 | 7,170 | 27,253 | ||||||||||
Less: | |||||||||||||
Interest income | 492 | 18,547 | 3,601 | ||||||||||
EBITDA | $ | 71,267 | $ | 54,299 | $ | 87,527 | |||||||
Asia Pacific | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 14,876 | $ | 35,040 | $ | 32,815 | |||||||
Add: | |||||||||||||
Depreciation and amortization | 12,397 | 11,475 | 9,654 | ||||||||||
Interest expense | 2,990 | 4,641 | 3,535 | ||||||||||
Royalty and management service expense | 23,184 | 15,388 | 14,666 | ||||||||||
Provision for income taxes | 19,463 | 14,840 | 22,637 | ||||||||||
Less: | |||||||||||||
Interest income | 2,115 | 754 | 1,081 | ||||||||||
EBITDA | $ | 70,795 | $ | 80,630 | $ | 82,226 | |||||||
Global Investment Management | |||||||||||||
Net loss attributable to CBRE Group, Inc. | $ | (7,056 | ) | $ | (14,872 | ) | $ | (44,938 | ) | ||||
Add: | |||||||||||||
Depreciation and amortization (1) | 36,670 | 51,557 | 22,424 | ||||||||||
Interest expense (2) | 38,053 | 44,818 | 20,892 | ||||||||||
Non-amortizable intangible asset impairment | 98,129 | — | — | ||||||||||
Royalty and management service expense | 4,771 | 4,172 | 921 | ||||||||||
Provision for (benefit of) income taxes | 24,809 | 11,805 | (13,404 | ) | |||||||||
Less: | |||||||||||||
Interest income | 767 | 1,121 | 667 | ||||||||||
EBITDA (3) | $ | 194,609 | $ | 96,359 | $ | (14,772 | ) | ||||||
Development Services | |||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 18,233 | $ | 18,228 | $ | 32,023 | |||||||
Add: | |||||||||||||
Depreciation and amortization (4) | 5,143 | 10,834 | 11,669 | ||||||||||
Interest expense (5) | 7,004 | 11,288 | 12,784 | ||||||||||
Provision for income taxes (6) | 13,006 | 11,884 | 19,826 | ||||||||||
Less: | |||||||||||||
Interest income | 365 | 550 | 189 | ||||||||||
EBITDA (7) | $ | 43,021 | $ | 51,684 | $ | 76,113 | |||||||
-1 | Includes depreciation and amortization related to discontinued operations of $0.5 million, $0.3 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-2 | Includes interest expense related to discontinued operations of $1.0 million, $0.2 million and $2.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-3 | Includes EBITDA related to discontinued operations of $1.4 million, $0.5 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-4 | Includes depreciation and amortization related to discontinued operations of $0.4 million, $1.0 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-5 | Includes interest expense related to discontinued operations of $2.3 million, $1.4 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-6 | Includes provision for income taxes related to discontinued operations of $1.3 million, $1.0 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
-7 | Includes EBITDA related to discontinued operations of $6.5 million, $5.1 million and $10.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Schedule of Capital Expenditures by Segment | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Capital expenditures | |||||||||||||
Americas | $ | 112,570 | $ | 96,785 | $ | 112,340 | |||||||
EMEA | 18,691 | 11,719 | 22,273 | ||||||||||
Asia Pacific | 15,595 | 11,720 | 9,232 | ||||||||||
Global Investment Management | 9,364 | 29,811 | 4,017 | ||||||||||
Development Services | 138 | 197 | 118 | ||||||||||
$ | 156,358 | $ | 150,232 | $ | 147,980 | ||||||||
Schedule of Identifiable Assets by Segment | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
Americas | $ | 2,895,593 | $ | 3,256,719 | |||||||||
EMEA | 1,628,777 | 945,051 | |||||||||||
Asia Pacific | 455,859 | 502,688 | |||||||||||
Global Investment Management | 1,164,139 | 1,530,121 | |||||||||||
Development Services | 205,953 | 374,532 | |||||||||||
Corporate | 648,093 | 1,200,431 | |||||||||||
$ | 6,998,414 | $ | 7,809,542 | ||||||||||
Schedule of Investments in Unconsolidated Subsidiaries by Segment | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Investments in unconsolidated subsidiaries | |||||||||||||
Americas | $ | 21,777 | $ | 20,702 | |||||||||
EMEA | 414 | 911 | |||||||||||
Global Investment Management | 99,714 | 131,750 | |||||||||||
Development Services | 76,791 | 53,435 | |||||||||||
$ | 198,696 | $ | 206,798 | ||||||||||
Summary of Geographic Information | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenue | |||||||||||||
U.S. | $ | 4,359,277 | $ | 3,932,204 | $ | 3,492,118 | |||||||
U.K. | 632,095 | 545,589 | 484,272 | ||||||||||
All other countries | 2,193,422 | 2,036,306 | 1,929,021 | ||||||||||
$ | 7,184,794 | $ | 6,514,099 | $ | 5,905,411 | ||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Long-lived assets | |||||||||||||
U.S. | $ | 330,344 | $ | 265,123 | |||||||||
U.K. | 45,234 | 38,568 | |||||||||||
All other countries | 83,018 | 75,485 | |||||||||||
$ | 458,596 | $ | 379,176 | ||||||||||
Guarantor_and_Nonguarantor_Fin1
Guarantor and Nonguarantor Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 11,585 | $ | 91,244 | $ | 389,078 | $ | — | $ | 491,912 | |||||||||||||
Restricted cash | — | 6,871 | 2,645 | 51,639 | — | 61,155 | |||||||||||||||||||
Receivables, net | — | — | 487,514 | 998,975 | — | 1,486,489 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 148,497 | 233,048 | — | 381,545 | |||||||||||||||||||
Trading securities | — | — | 100 | 58,342 | — | 58,442 | |||||||||||||||||||
Income taxes receivable | 15,892 | 18,246 | — | 28,617 | (62,755 | ) | — | ||||||||||||||||||
Prepaid expenses | — | — | 57,592 | 67,559 | — | 125,151 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,721 | 81,812 | — | 188,533 | |||||||||||||||||||
Real estate under development | — | — | — | 19,133 | — | 19,133 | |||||||||||||||||||
Other current assets | — | — | 34,768 | 32,684 | — | 67,452 | |||||||||||||||||||
Total Current Assets | 15,897 | 36,702 | 929,081 | 1,960,887 | (62,755 | ) | 2,879,812 | ||||||||||||||||||
Property and equipment, net | — | — | 329,215 | 129,381 | — | 458,596 | |||||||||||||||||||
Goodwill | — | — | 1,084,394 | 1,206,080 | — | 2,290,474 | |||||||||||||||||||
Other intangible assets, net | — | — | 492,357 | 348,871 | — | 841,228 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 136,225 | 62,471 | — | 198,696 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,388,905 | 2,408,755 | 942,873 | — | (5,740,533 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 1,814,112 | 700,000 | — | (2,514,112 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 822 | — | — | 822 | |||||||||||||||||||
Real estate held for investment | — | — | 1,503 | 105,496 | — | 106,999 | |||||||||||||||||||
Available for sale securities | — | — | 54,108 | 2,692 | — | 56,800 | |||||||||||||||||||
Other assets, net | — | 41,724 | 81,176 | 42,087 | — | 164,987 | |||||||||||||||||||
Total Assets | $ | 2,404,802 | $ | 4,301,293 | $ | 4,751,754 | $ | 3,857,965 | $ | (8,317,400 | ) | $ | 6,998,414 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 18,693 | $ | 161,836 | $ | 636,990 | $ | — | $ | 817,519 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 282,756 | 203,611 | — | 486,993 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 308,795 | 303,319 | — | 612,114 | |||||||||||||||||||
Income taxes payable | — | — | 73,866 | — | (62,755 | ) | 11,111 | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Warehouse lines of credit (a) | — | — | 146,703 | 227,894 | — | 374,597 | |||||||||||||||||||
Revolving credit facility | — | 28,772 | — | 113,712 | — | 142,484 | |||||||||||||||||||
Other | — | — | 16 | — | — | 16 | |||||||||||||||||||
Total short-term borrowings | — | 28,772 | 146,719 | 341,606 | — | 517,097 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,568 | 27 | — | 42,245 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 62,017 | — | 62,017 | |||||||||||||||||||
Other current liabilities | — | — | 51,366 | 5,278 | — | 56,644 | |||||||||||||||||||
Total Current Liabilities | — | 87,741 | 1,027,906 | 1,552,848 | (62,755 | ) | 2,605,740 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 645,613 | — | — | — | 645,613 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Other long-term debt | — | — | 2,747 | 75 | — | 2,822 | |||||||||||||||||||
Intercompany loan payable | 509,017 | — | 1,006,996 | 998,099 | (2,514,112 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 509,017 | 1,795,613 | 1,009,743 | 998,174 | (2,514,112 | ) | 1,798,435 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 68,455 | — | 68,455 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 69,137 | 91,640 | — | 160,777 | |||||||||||||||||||
Non-current tax liabilities | — | — | 62,059 | 3,461 | — | 65,520 | |||||||||||||||||||
Pension liability | — | — | — | 68,012 | — | 68,012 | |||||||||||||||||||
Other liabilities | — | 29,034 | 174,154 | 92,281 | — | 295,469 | |||||||||||||||||||
Total Liabilities | 509,017 | 1,912,388 | 2,342,999 | 2,874,871 | (2,576,867 | ) | 5,062,408 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 1,895,785 | 2,388,905 | 2,408,755 | 942,873 | (5,740,533 | ) | 1,895,785 | ||||||||||||||||||
Non-controlling interests | — | — | — | 40,221 | — | 40,221 | |||||||||||||||||||
Total Equity | 1,895,785 | 2,388,905 | 2,408,755 | 983,094 | (5,740,533 | ) | 1,936,006 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,404,802 | $ | 4,301,293 | $ | 4,751,754 | $ | 3,857,965 | $ | (8,317,400 | ) | $ | 6,998,414 | ||||||||||||
(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 BofA, TD Bank, JP Morgan, Capital One, the JP Morgan Master Repurchase Agreement and Fannie Mae ASAP lines of credit are pledged to BofA, TD Bank, JP Morgan, Capital One and Fannie Mae, 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 | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 4,230,354 | $ | 2,954,440 | $ | — | $ | 7,184,794 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,609,700 | 1,579,689 | — | 4,189,389 | |||||||||||||||||||
Operating, administrative and other | 42,601 | 9,660 | 1,007,539 | 1,044,510 | — | 2,104,310 | |||||||||||||||||||
Depreciation and amortization | — | — | 105,700 | 84,690 | — | 190,390 | |||||||||||||||||||
Non-amortizable intangible asset impairment | — | — | — | 98,129 | — | 98,129 | |||||||||||||||||||
Total costs and expenses | 42,601 | 9,660 | 3,722,939 | 2,807,018 | — | 6,582,218 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 7,508 | 6,044 | — | 13,552 | |||||||||||||||||||
Operating (loss) income | (42,601 | ) | (9,660 | ) | 514,923 | 153,466 | — | 616,128 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 61,188 | 3,234 | — | 64,422 | |||||||||||||||||||
Other (loss) income | — | (7 | ) | 5,764 | 7,766 | — | 13,523 | ||||||||||||||||||
Interest income | — | 137,718 | 2,166 | 4,109 | (137,704 | ) | 6,289 | ||||||||||||||||||
Interest expense | — | 120,669 | 125,058 | 27,059 | (137,704 | ) | 135,082 | ||||||||||||||||||
Write-off of financing costs | — | 56,295 | — | — | — | 56,295 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (304,652 | ) | 304,652 | — | — | ||||||||||||||||||
Income (loss) from consolidated subsidiaries | 343,247 | 373,914 | (240,965 | ) | — | (476,196 | ) | — | |||||||||||||||||
Income (loss) from continuing operations before (benefit of) provision for income taxes | 300,646 | 325,001 | 522,670 | (163,136 | ) | (476,196 | ) | 508,985 | |||||||||||||||||
(Benefit of) provision for income taxes | (15,892 | ) | (18,246 | ) | 148,756 | 72,569 | — | 187,187 | |||||||||||||||||
Net income (loss) from continuing operations | 316,538 | 343,247 | 373,914 | (235,705 | ) | (476,196 | ) | 321,798 | |||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 26,997 | — | 26,997 | |||||||||||||||||||
Net income (loss) | 316,538 | 343,247 | 373,914 | (208,708 | ) | (476,196 | ) | 348,795 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 32,257 | — | 32,257 | |||||||||||||||||||
Net income (loss) attributable to CBRE Group, Inc. | $ | 316,538 | $ | 343,247 | $ | 373,914 | $ | (240,965 | ) | $ | (476,196 | ) | $ | 316,538 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,788,613 | $ | 2,725,486 | $ | — | $ | 6,514,099 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,318,552 | 1,423,962 | — | 3,742,514 | |||||||||||||||||||
Operating, administrative and other | 47,344 | 7,367 | 931,444 | 1,016,759 | — | 2,002,914 | |||||||||||||||||||
Depreciation and amortization | — | — | 81,964 | 87,681 | — | 169,645 | |||||||||||||||||||
Non-amortizable intangible asset impairment | — | — | — | 19,826 | — | 19,826 | |||||||||||||||||||
Total costs and expenses | 47,344 | 7,367 | 3,331,960 | 2,548,228 | — | 5,934,899 | |||||||||||||||||||
Gain on disposition of real estate | — | — | — | 5,881 | — | 5,881 | |||||||||||||||||||
Operating (loss) income | (47,344 | ) | (7,367 | ) | 456,653 | 183,139 | — | 585,081 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 62,818 | (2,089 | ) | — | 60,729 | ||||||||||||||||||
Other income | — | — | 1,500 | 9,593 | — | 11,093 | |||||||||||||||||||
Interest income | — | 133,205 | 3,370 | 4,235 | (133,167 | ) | 7,643 | ||||||||||||||||||
Interest expense | — | 143,500 | 130,944 | 33,791 | (133,167 | ) | 175,068 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (38,380 | ) | 38,380 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 345,262 | 356,344 | 67,070 | — | (768,676 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 297,918 | 338,682 | 498,847 | 122,707 | (768,676 | ) | 489,478 | ||||||||||||||||||
(Benefit of) provision for income taxes | (17,637 | ) | (6,580 | ) | 142,503 | 67,036 | — | 185,322 | |||||||||||||||||
Income from continuing operations | 315,555 | 345,262 | 356,344 | 55,671 | (768,676 | ) | 304,156 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 631 | — | 631 | |||||||||||||||||||
Net income | 315,555 | 345,262 | 356,344 | 56,302 | (768,676 | ) | 304,787 | ||||||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | — | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 315,555 | $ | 345,262 | $ | 356,344 | $ | 67,070 | $ | (768,676 | ) | $ | 315,555 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,360,792 | $ | 2,544,619 | $ | — | $ | 5,905,411 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,053,774 | 1,403,356 | — | 3,457,130 | |||||||||||||||||||
Operating, administrative and other | 41,708 | 5,331 | 976,371 | 859,256 | — | 1,882,666 | |||||||||||||||||||
Depreciation and amortization | — | — | 58,687 | 57,032 | — | 115,719 | |||||||||||||||||||
Total costs and expenses | 41,708 | 5,331 | 3,088,832 | 2,319,644 | — | 5,455,515 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 3,380 | 9,586 | — | 12,966 | |||||||||||||||||||
Operating (loss) income | (41,708 | ) | (5,331 | ) | 275,340 | 234,561 | — | 462,862 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 101,625 | 3,151 | — | 104,776 | |||||||||||||||||||
Other income | — | — | 986 | 1,720 | — | 2,706 | |||||||||||||||||||
Interest income | — | 105,502 | 2,990 | 6,319 | (105,368 | ) | 9,443 | ||||||||||||||||||
Interest expense | — | 118,650 | 105,857 | 31,110 | (105,368 | ) | 150,249 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (35,890 | ) | 35,890 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 265,344 | 276,944 | 93,019 | — | (635,307 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 223,636 | 258,465 | 403,993 | 178,751 | (635,307 | ) | 429,538 | ||||||||||||||||||
(Benefit of) provision for income taxes | (15,526 | ) | (6,879 | ) | 127,049 | 84,459 | — | 189,103 | |||||||||||||||||
Income from continuing operations | 239,162 | 265,344 | 276,944 | 94,292 | (635,307 | ) | 240,435 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 49,890 | — | 49,890 | |||||||||||||||||||
Net income | 239,162 | 265,344 | 276,944 | 144,182 | (635,307 | ) | 290,325 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 51,163 | — | 51,163 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 239,162 | $ | 265,344 | $ | 276,944 | $ | 93,019 | $ | (635,307 | ) | $ | 239,162 | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income (loss) | $ | 316,538 | $ | 343,247 | $ | 373,914 | $ | (208,708 | ) | $ | (476,196 | ) | $ | 348,795 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 7,390 | — | 7,390 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 11,468 | — | 44 | — | 11,512 | |||||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 1,071 | 80 | — | 1,151 | |||||||||||||||||||
Pension liability adjustments, net | — | — | — | (5,638 | ) | — | (5,638 | ) | |||||||||||||||||
Other, net | — | — | 279 | 3,441 | — | 3,720 | |||||||||||||||||||
Total other comprehensive income | — | 11,468 | 1,350 | 5,317 | — | 18,135 | |||||||||||||||||||
Comprehensive income (loss) | 316,538 | 354,715 | 375,264 | (203,391 | ) | (476,196 | ) | 366,930 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 31,471 | — | 31,471 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 316,538 | $ | 354,715 | $ | 375,264 | $ | (234,862 | ) | $ | (476,196 | ) | $ | 335,459 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income | $ | 315,555 | $ | 345,262 | $ | 356,344 | $ | 56,302 | $ | (768,676 | ) | $ | 304,787 | ||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (997 | ) | — | (997 | ) | |||||||||||||||||
Unrealized losses on interest rate swaps and interest rate caps, net | — | (4,868 | ) | — | (56 | ) | — | (4,924 | ) | ||||||||||||||||
Unrealized holding gains (losses) on available for sale securities, net | — | — | 522 | (47 | ) | — | 475 | ||||||||||||||||||
Pension liability adjustments, net | — | — | — | (947 | ) | — | (947 | ) | |||||||||||||||||
Other, net | — | — | (871 | ) | 273 | — | (598 | ) | |||||||||||||||||
Total other comprehensive loss | — | (4,868 | ) | (349 | ) | (1,774 | ) | — | (6,991 | ) | |||||||||||||||
Comprehensive income | 315,555 | 340,394 | 355,995 | 54,528 | (768,676 | ) | 297,796 | ||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | — | — | — | (11,154 | ) | — | (11,154 | ) | |||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 315,555 | $ | 340,394 | $ | 355,995 | $ | 65,682 | $ | (768,676 | ) | $ | 308,950 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||||
Parent | CBRE | Subsidiaries | Subsidiaries | Elimination | Total | ||||||||||||||||||||
Net income | $ | 239,162 | $ | 265,344 | $ | 276,944 | $ | 144,182 | $ | (635,307 | ) | $ | 290,325 | ||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (24,165 | ) | — | (24,165 | ) | |||||||||||||||||
Unrealized losses on interest rate swaps and interest rate caps, net | — | (23,602 | ) | — | (21 | ) | — | (23,623 | ) | ||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 77 | — | — | 77 | |||||||||||||||||||
Pension liability adjustments, net | — | — | — | (19,088 | ) | — | (19,088 | ) | |||||||||||||||||
Other, net | — | — | 2,022 | — | — | 2,022 | |||||||||||||||||||
Total other comprehensive (loss) income | — | (23,602 | ) | 2,099 | (43,274 | ) | — | (64,777 | ) | ||||||||||||||||
Comprehensive income | 239,162 | 241,742 | 279,043 | 100,908 | (635,307 | ) | 225,548 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 50,223 | — | 50,223 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 239,162 | $ | 241,742 | $ | 279,043 | $ | 50,685 | $ | (635,307 | ) | $ | 175,325 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | $ | 24,043 | $ | 5,366 | $ | 663,640 | $ | 52,059 | $ | 745,108 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (112,528 | ) | (43,830 | ) | (156,358 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (67,095 | ) | (437,052 | ) | (504,147 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (49,721 | ) | 127 | (49,594 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 63,049 | 19,181 | 82,230 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 113,241 | 113,241 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (2,559 | ) | (2,559 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 15,537 | 16,479 | 32,016 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (8 | ) | 1,510 | 6,967 | 8,469 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (65,111 | ) | — | (65,111 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 66,222 | 3,466 | 69,688 | ||||||||||||||||||||
Other investing activities, net | — | — | 4,441 | 2,690 | 7,131 | ||||||||||||||||||||
Net cash used in investing activities | — | (8 | ) | (143,696 | ) | (321,290 | ) | (464,994 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 715,000 | — | — | 715,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,382,237 | ) | — | (256,780 | ) | (1,639,017 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 439,000 | — | 171,562 | 610,562 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (421,000 | ) | — | (121,150 | ) | (542,150 | ) | |||||||||||||||||
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 | — | — | — | 2,762 | 2,762 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (74,544 | ) | (74,544 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 9,526 | 9,526 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (136,528 | ) | (136,528 | ) | ||||||||||||||||||
Stock and stock units repurchased for payment of taxes on stock awards | (16,628 | ) | — | — | — | (16,628 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 5,780 | — | — | — | 5,780 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 9,891 | — | — | — | 9,891 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 1,092 | 1,092 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (128,168 | ) | (128,168 | ) | ||||||||||||||||||
Payment of financing costs | — | (28,995 | ) | — | (327 | ) | (29,322 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (23,086 | ) | 316,147 | (1,104,501 | ) | 811,440 | — | ||||||||||||||||||
Other financing activities, net | — | — | (4,311 | ) | (226 | ) | (4,537 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (24,043 | ) | (12,085 | ) | (1,108,812 | ) | 278,659 | (866,281 | ) | ||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (11,218 | ) | (11,218 | ) | ||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | — | (6,727 | ) | (588,868 | ) | (1,790 | ) | (597,385 | ) | ||||||||||||||||
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 | $ | 11,585 | $ | 91,244 | $ | 389,078 | $ | 491,912 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 106,433 | $ | 450 | $ | 10,267 | $ | 117,150 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 113,090 | $ | 90,312 | $ | 203,402 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 24,525 | $ | (3,620 | ) | $ | 209,943 | $ | 60,233 | $ | 291,081 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (95,578 | ) | (54,654 | ) | (150,232 | ) | |||||||||||||||||
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (8,949 | ) | 1,269 | (7,680 | ) | ||||||||||||||||||
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (15,980 | ) | (28,918 | ) | (44,898 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (29,941 | ) | (35,499 | ) | (65,440 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 58,389 | 4,588 | 62,977 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 60,805 | 60,805 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (6,181 | ) | (6,181 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 27,087 | 13,119 | 40,206 | ||||||||||||||||||||
Increase in restricted cash | — | (2,018 | ) | 2,809 | (16,996 | ) | (16,205 | ) | |||||||||||||||||
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | — | — | — | (73,187 | ) | (73,187 | ) | ||||||||||||||||||
Purchase of available for sale securities | — | — | (36,355 | ) | — | (36,355 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 31,751 | — | 31,751 | ||||||||||||||||||||
Other investing activities, net | — | — | 7,526 | (758 | ) | 6,768 | |||||||||||||||||||
Net cash used in investing activities | — | (2,018 | ) | (59,241 | ) | (136,412 | ) | (197,671 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (46,000 | ) | — | (22,146 | ) | (68,146 | ) | |||||||||||||||||
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 | — | — | — | (54,036 | ) | (54,036 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 22,276 | 22,276 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (21,345 | ) | (21,345 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 20,324 | — | — | — | 20,324 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 2,930 | — | — | — | 2,930 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 16,075 | 16,075 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (48,162 | ) | (48,162 | ) | ||||||||||||||||||
Payment of financing costs | — | (25 | ) | — | (334 | ) | (359 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (47,732 | ) | (228,395 | ) | 178,908 | 97,219 | — | ||||||||||||||||||
Other financing activities, net | (47 | ) | — | (953 | ) | 62 | (938 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (24,525 | ) | (274,420 | ) | 177,955 | 20,301 | (100,689 | ) | |||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | 3,394 | 3,394 | ||||||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (280,058 | ) | 328,657 | (52,484 | ) | (3,885 | ) | |||||||||||||||||
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 | $ | 5 | $ | 18,312 | $ | 680,112 | $ | 390,868 | $ | 1,089,297 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 135,257 | $ | 23 | $ | 26,665 | $ | 161,945 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 127,482 | $ | 90,474 | $ | 217,956 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | $ | 19,200 | $ | 20,628 | $ | 99,442 | $ | 221,949 | $ | 361,219 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (111,247 | ) | (36,733 | ) | (147,980 | ) | |||||||||||||||||
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (215,910 | ) | (364,985 | ) | (580,895 | ) | |||||||||||||||||
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (2,290 | ) | (47,500 | ) | (49,790 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (29,912 | ) | (21,551 | ) | (51,463 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 92,611 | 16,936 | 109,547 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 231,678 | 231,678 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (15,473 | ) | (15,473 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 20,014 | 7,021 | 27,035 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (15 | ) | 1,188 | (2,869 | ) | (1,696 | ) | |||||||||||||||||
Purchase of available for sale securities | — | — | (45,281 | ) | — | (45,281 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 41,479 | — | 41,479 | ||||||||||||||||||||
Other investing activities, net | — | — | 2,584 | — | 2,584 | ||||||||||||||||||||
Net cash used in investing activities | — | (15 | ) | (246,764 | ) | (233,476 | ) | (480,255 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 800,000 | — | 300,739 | 1,100,739 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (42,000 | ) | — | (5,503 | ) | (47,503 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 967,000 | — | 65,624 | 1,032,624 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (967,000 | ) | — | (38,132 | ) | (1,005,132 | ) | |||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 10,300 | 10,300 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (186,636 | ) | (186,636 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 8,454 | 8,454 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (79,271 | ) | (79,271 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 7,136 | — | — | — | 7,136 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 14,936 | — | — | — | 14,936 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 10,231 | 10,231 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (129,686 | ) | (129,686 | ) | ||||||||||||||||||
Payment of financing costs | — | (23,652 | ) | — | (1,086 | ) | (24,738 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (41,271 | ) | (680,436 | ) | 413,294 | 308,413 | — | ||||||||||||||||||
Other financing activities, net | — | — | — | (129 | ) | (129 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (19,199 | ) | 53,912 | 413,294 | 263,318 | 711,325 | |||||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (5,681 | ) | (5,681 | ) | ||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1 | 74,525 | 265,972 | 246,110 | 586,608 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 4 | 223,845 | 85,483 | 197,242 | 506,574 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 5 | $ | 298,370 | $ | 351,455 | $ | 443,352 | $ | 1,093,182 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 109,520 | $ | 24 | $ | 28,491 | $ | 138,035 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 102,754 | $ | 87,163 | $ | 189,917 | |||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Quarterly Results Of Operations | ' | ||||||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||
Revenue | $ | 2,233,851 | $ | 1,733,866 | $ | 1,742,014 | $ | 1,475,063 | |||||||||
Operating income | $ | 169,211 | $ | 158,119 | $ | 187,624 | $ | 101,174 | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 114,646 | $ | 94,444 | $ | 69,902 | $ | 37,546 | |||||||||
Basic EPS (1) | $ | 0.35 | $ | 0.29 | $ | 0.21 | $ | 0.11 | |||||||||
Weighted average shares outstanding for basic EPS (1) | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | |||||||||||||
Diluted EPS (1) | $ | 0.34 | $ | 0.28 | $ | 0.21 | $ | 0.11 | |||||||||
Weighted average shares outstanding for diluted EPS (1) | 332,519,441 | 332,061,402 | 331,631,185 | 330,802,552 | |||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||
Revenue | $ | 2,005,846 | $ | 1,557,147 | $ | 1,601,117 | $ | 1,349,989 | |||||||||
Operating income | $ | 232,723 | $ | 103,595 | $ | 172,700 | $ | 76,063 | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 172,998 | $ | 39,709 | $ | 75,873 | $ | 26,975 | |||||||||
Basic EPS (1) | $ | 0.53 | $ | 0.12 | $ | 0.24 | $ | 0.08 | |||||||||
Weighted average shares outstanding for basic EPS (1) | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | |||||||||||||
Diluted EPS (1) | $ | 0.53 | $ | 0.12 | $ | 0.23 | $ | 0.08 | |||||||||
Weighted average shares outstanding for diluted EPS (1) | 329,012,910 | 327,309,341 | 326,081,681 | 325,738,859 | |||||||||||||
-1 | EPS is defined as earnings per share. |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Office | |
Employees | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of offices | 350 |
Number of employees | 44,000 |
Percentage of revenue generated by affiliates | 41.00% |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Y | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of operating and financial policies ownership | 20.00% | ' | ' |
Cash unavailable for general corporate use | $32,400,000 | $94,600,000 | ' |
Restricted cash | 61,155,000 | 73,676,000 | ' |
Estimated useful lives | '15 | ' | ' |
Amortization period of financing costs, maximum | 10 | ' | ' |
Total deferred financing costs, net of accumulated amortization | 42,300,000 | 42,200,000 | ' |
Secured borrowings | ' | 350,000,000 | ' |
Redemption of 11.625% senior subordinated notes | 450,000,000 | ' | ' |
Financing expenses | 3,600,000 | ' | ' |
Write-off of financing costs | 56,295,000 | ' | ' |
Evaluation of past due accounts receivable for collectability, days | '180 days | ' | ' |
Business promotion and advertising costs | 49,400,000 | 43,700,000 | 42,500,000 |
Losses resulting from foreign currency transactions | 12,600,000 | 3,600,000 | 400,000 |
Estimated fair value of mortgage servicing rights | 203,600,000 | 165,400,000 | ' |
Servicing fees from loans serviced for others | 55,200,000 | 40,000,000 | 28,200,000 |
Ancillary and late fee income from loan servicing | 1,900,000 | 800,000 | 1,500,000 |
Reserve for claims insurance programs | 65,700,000 | 48,400,000 | ' |
Reserve for claims insurance programs, current | 2,200,000 | 11,900,000 | ' |
Carrying value of non-controlling interests | ' | 61,700,000 | ' |
Estimated settlement value of non-controlling interests | 5,400,000 | 68,400,000 | ' |
Internal computer software [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized and amortized period | '3 years | ' | ' |
Goodwill and Other intangible assets [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-lived intangible assets, maximum useful life | '20 years | ' | ' |
5.00% senior notes [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Secured borrowings | 800,000,000 | ' | ' |
Maturity date | 15-Mar-23 | ' | ' |
Interest rate | 5.00% | ' | ' |
11.625% senior subordinated notes [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Maturity date | 15-Jun-17 | ' | ' |
Interest rate | 11.63% | 11.63% | ' |
Financing costs incurred | 28,600,000 | ' | ' |
Write-off of financing costs | 17,800,000 | ' | ' |
Debt instrument, early extinguishment premium | 26,200,000 | ' | ' |
Debt instrument, unamortized original issue discount | $8,700,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of operating and financial policies ownership | 2.00% | ' | ' |
Minimum [Member] | Enterprise software development platforms [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized and amortized period | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of operating and financial policies ownership | 5.00% | ' | ' |
Maximum [Member] | Enterprise software development platforms [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized and amortized period | '10 years | ' | ' |
Buildings and improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '39 | ' | ' |
Land improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '15 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Schedule of Loan Servicing Rights Recognized (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Transfers And Servicing [Abstract] | ' | ' |
Beginning balance, mortgage servicing rights | $144,955 | $95,343 |
Mortgage servicing rights recognized | 75,269 | 83,721 |
Mortgage servicing rights sold | -820 | -10,297 |
Amortization expense | -38,921 | -23,812 |
Ending balance, mortgage servicing rights | $180,483 | $144,955 |
Significant_Accounting_Policie5
Significant Accounting Policies - Schedule of Assumptions Used in Measuring Fair Value of Servicing Assets (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rate | 14.81% | 15.00% | 15.00% |
Conditional prepayment rate | 7.00% | 7.00% | 7.00% |
Inflation | 2.00% | 2.50% | 2.50% |
Delinquencies | ' | ' | ' |
REIM_Acquisitions_Additional_I
REIM Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Aug. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Oct. 03, 2011 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
CRES [Member] | CRES [Member] | ING Real estate investment management [Member] | CRES Co-investment [Member] | CRES Co-investment [Member] | ING REIM Asia co-investments [Member] | ING REIM Europe co-investments one [Member] | ING REIM Europe [Member] | ING REIM Europe [Member] | CBRE Clarion U.S., L.P. [Member] | ING REIM Acquisitions [Member] | 5.00% senior notes [Member] | ||||
Funds | Funds | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 |
Secured borrowings | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquisition | ' | 878,241,000 | ' | 332,845,000 | ' | ' | 58,566,000 | 58,566,000 | 13,900,000 | 7,400,000 | 441,515,000 | ' | ' | ' | ' |
Number of funds | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' |
Increase in co-investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,500,000 | ' | ' | ' |
Available for sale securities | ' | ' | 679,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' |
Gain or loss recognized on deconsolidation | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,600,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | ' |
Net income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' |
Transaction costs related to acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,700,000 | ' |
Amortization expense of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,200,000 | ' |
Additional interest expense for debt incurred to finance Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | ' |
Transaction costs related to acquisitions | ' | $73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REIM_Acquisitions_Summary_of_P
REIM Acquisitions - Summary of Purchase Price for REIM Acquisitions (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' |
Total purchase price | ' | $878,241 |
CRES [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total purchase price | ' | 332,845 |
CRES Co-investment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total purchase price | 58,566 | 58,566 |
ING REIM Asia [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total purchase price | ' | 45,315 |
ING REIM Europe [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total purchase price | ' | $441,515 |
REIM_Acquisitions_Schedule_of_
REIM Acquisitions - Schedule of Pro Forma Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding for basic income per share | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | 328,110,004 | 322,315,576 | 318,454,191 |
Weighted average shares outstanding for diluted income per share | 332,519,441 | 332,061,402 | 331,631,185 | 330,802,552 | 329,012,910 | 327,309,341 | 326,081,681 | 325,738,859 | 331,762,854 | 327,044,145 | 323,723,755 |
ING REIM Acquisitions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,138,194,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 555,687,000 |
Net income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,751,000 |
Basic income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.81 |
Weighted average shares outstanding for basic income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318,454,191 |
Diluted income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 |
Weighted average shares outstanding for diluted income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323,723,755 |
Variable_Interest_Entities_VIE2
Variable Interest Entities (VIEs) - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entities [Member] | Variable Interest Entities [Member] | Previously unconsolidated variable interest entities [Member] | Previously unconsolidated variable interest entities [Member] | |||
Property | Property | |||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' |
Financial support funded to the entities | $0 | ' | ' | ' | $0.20 | $0.20 |
Entities' assets | 251 | ' | ' | ' | ' | ' |
Consolidated, mortgage notes payable | 221.5 | ' | ' | ' | ' | ' |
Number of commercial properties sold | ' | ' | 1 | 5 | ' | ' |
Number of commercial properties | ' | ' | 8 | 8 | ' | ' |
Investments in real estate | 39.9 | 58.8 | ' | ' | ' | ' |
Nonrecourse mortgage notes payable | 41.7 | 61.7 | ' | ' | ' | ' |
Nonrecourse mortgage notes payable, current | 0.9 | 1.3 | ' | ' | ' | ' |
Non-controlling interests in entities | $1.80 | $2.70 | ' | ' | ' | ' |
Variable_Interest_Entities_VIE3
Variable Interest Entities (VIEs) - Schedule of Operating Results Relating to Entities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $2,233,851 | $1,733,866 | $1,742,014 | $1,475,063 | $2,005,846 | $1,557,147 | $1,601,117 | $1,349,989 | $7,184,794 | $6,514,099 | $5,905,411 |
Operating, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,104,310 | 2,002,914 | 1,882,666 |
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 26,997 | 631 | 49,890 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 32,257 | -10,768 | 51,163 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 42,601 | 47,344 | 41,708 |
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,222 | 13,359 | 25,708 |
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 15,236 | -1,408 | 36,548 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 13,805 | -5,227 | 30,124 |
Variable Interest Entities [Member] | Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | $4,289 | $7,961 | $13,137 |
Variable_Interest_Entities_VIE4
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $198,696 | $206,798 |
Other assets, current | 67,452 | 52,695 |
Available for sale securities | ' | 679 |
Co-investment commitments | 9,400 | ' |
Non-Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 33,787 | 47,869 |
Other assets, current | 3,547 | 3,185 |
Available for sale securities | ' | 17,281 |
Co-investment commitments | 200 | 9,202 |
Maximum exposure to loss | $37,534 | $77,537 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | $33,773 | ' |
Warehouse receivables | 381,545 | 1,048,340 |
Securities sold, not yet purchased | ' | 54,103 |
U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,688 | 9,827 |
Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 6,528 | 1,914 |
Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 17,456 | 8,347 |
Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,381 | 5,050 |
Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 2,720 | 2,771 |
Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 33,773 | 27,909 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 189,852 | 192,555 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 29,153 | 23,253 |
Significant Observable Inputs (Level 2) [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 160,699 | 169,302 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 56,800 | 57,800 |
Trading securities | 58,442 | 101,331 |
Warehouse receivables | 381,545 | 1,048,340 |
Total assets at fair value | 496,787 | 1,207,471 |
Securities sold, not yet purchased | ' | 54,103 |
Interest rate swaps | 29,034 | 48,022 |
Total liabilities at fair value | 29,034 | 102,125 |
Recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,688 | 9,827 |
Recurring [Member] | Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 6,528 | 1,914 |
Recurring [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 17,456 | 8,347 |
Recurring [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,381 | 5,050 |
Recurring [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 2,720 | 2,771 |
Recurring [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 33,773 | 27,909 |
Recurring [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 23,027 | 29,891 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 26,715 | 39,718 |
Trading securities | 58,442 | 101,331 |
Warehouse receivables | ' | ' |
Total assets at fair value | 85,157 | 141,049 |
Securities sold, not yet purchased | ' | 54,103 |
Interest rate swaps | ' | ' |
Total liabilities at fair value | ' | 54,103 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,688 | 9,827 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,688 | 9,827 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 23,027 | 29,891 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 30,085 | 18,082 |
Trading securities | ' | ' |
Warehouse receivables | 381,545 | 1,048,340 |
Total assets at fair value | 411,630 | 1,066,422 |
Securities sold, not yet purchased | ' | ' |
Interest rate swaps | 29,034 | 48,022 |
Total liabilities at fair value | 29,034 | 48,022 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 6,528 | 1,914 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 17,456 | 8,347 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,381 | 5,050 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 2,720 | 2,771 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 30,085 | 18,082 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Trading securities | ' | ' |
Warehouse receivables | ' | ' |
Total assets at fair value | ' | ' |
Securities sold, not yet purchased | ' | ' |
Interest rate swaps | ' | ' |
Total liabilities at fair value | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Available for Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | $33,773 | ' |
U.S. treasury securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,679 | 9,733 |
Gross Unrealized Gains | 20 | 95 |
Gross Unrealized Losses | -11 | -1 |
Estimated Fair Value | 3,688 | 9,827 |
Debt securities issued by U.S. federal agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,654 | 1,893 |
Gross Unrealized Gains | 29 | 30 |
Gross Unrealized Losses | -155 | -9 |
Estimated Fair Value | 6,528 | 1,914 |
Corporate debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,347 | 7,890 |
Gross Unrealized Gains | 341 | 457 |
Gross Unrealized Losses | -232 | ' |
Estimated Fair Value | 17,456 | 8,347 |
Asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,336 | 5,033 |
Gross Unrealized Gains | 45 | 52 |
Gross Unrealized Losses | ' | -35 |
Estimated Fair Value | 3,381 | 5,050 |
Collateralized mortgage obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,671 | 2,682 |
Gross Unrealized Gains | 53 | 107 |
Gross Unrealized Losses | -4 | -18 |
Estimated Fair Value | 2,720 | 2,771 |
Debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 33,687 | 27,231 |
Gross Unrealized Gains | 488 | 741 |
Gross Unrealized Losses | -402 | -63 |
Estimated Fair Value | 33,773 | 27,909 |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 19,405 | 29,469 |
Gross Unrealized Gains | 3,821 | 849 |
Gross Unrealized Losses | -199 | -427 |
Estimated Fair Value | 23,027 | 29,891 |
Available for sale securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 53,092 | 56,700 |
Gross Unrealized Gains | 4,309 | 1,590 |
Gross Unrealized Losses | -601 | -490 |
Estimated Fair Value | $56,800 | $57,800 |
Fair_Value_Measurements_Contra
Fair Value Measurements - Contractual Maturity of Debt Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost, Due in one year or less | ' | ' |
Amortized Cost, Due after one year through five years | 13,337 | ' |
Amortized Cost, Due after five years through ten years | 8,128 | ' |
Amortized Cost, Due after ten years | 6,215 | ' |
Total debt securities, Amortized Cost | 33,687 | ' |
Estimated Fair Value, Due in one year or less | ' | ' |
Estimated Fair Value, Due after one year through five years | 13,506 | ' |
Estimated Fair Value, Due after five years through ten years | 8,091 | ' |
Estimated Fair Value, Due after ten years | 6,075 | ' |
Total debt securities, Estimated Fair Value | 33,773 | ' |
Asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total debt securities, Amortized Cost | 3,336 | ' |
Total debt securities, Estimated Fair Value | 3,381 | ' |
Total debt securities, Estimated Fair Value | 3,381 | 5,050 |
Collateralized mortgage obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total debt securities, Amortized Cost | 2,671 | ' |
Total debt securities, Estimated Fair Value | 2,720 | ' |
Total debt securities, Estimated Fair Value | $2,720 | $2,771 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Net Gains and Losses Relating to Trading Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Net gains recognized during the year ended December 31, 2011, 2012 and 2013 on trading securities | $6,845 | $5,318 | $1,706 |
Less: Net realized gains (losses) recognized on trading securities sold during the year ended December 31, 2011, 2012 and 2013 | 7,627 | 4,313 | -1,917 |
Net unrealized gains (losses) recognized during the year ended December 31, 2011, 2012 and 2013 on trading securities still held at December 31, 2011, 2012 and 2013 | ($782) | $1,005 | $3,623 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Non-Recurring Fair Value Measurements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property and equipment, Total impairment charges | $0 | $5,841 | $0 |
Other intangible assets, Total impairment charges | 98,129 | 19,826 | ' |
Investments in unconsolidated subsidiaries, Total impairment charges | 4,100 | 3,900 | 5,600 |
Real estate, Total impairment charges | ' | 26,481 | 4,337 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property and equipment, Net Carrying Value | ' | ' | ' |
Other intangible assets, Net Carrying Value | 78,950 | ' | ' |
Investments in unconsolidated subsidiaries, Net Carrying Value | 24,742 | 10,701 | 24,084 |
Real estate, Net Carrying Value | ' | 74,115 | 37,322 |
Property and equipment, Total impairment charges | ' | 5,841 | ' |
Other intangible assets, Total impairment charges | 98,129 | 19,826 | ' |
Investments in unconsolidated subsidiaries, Total impairment charges | 4,139 | 3,907 | 5,550 |
Real estate, Total impairment charges | ' | 26,481 | 4,337 |
Total impairment charges | 102,268 | 56,055 | 9,887 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property and equipment, Fair Value | ' | ' | ' |
Other intangible assets, Fair Value | ' | ' | ' |
Investments in unconsolidated subsidiaries, Fair Value | ' | ' | ' |
Real estate, Fair Value | ' | ' | ' |
Fair Value, Measurements, Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property and equipment, Fair Value | ' | ' | ' |
Other intangible assets, Fair Value | ' | ' | ' |
Investments in unconsolidated subsidiaries, Fair Value | 24,742 | 10,701 | ' |
Real estate, Fair Value | ' | 74,115 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property and equipment, Fair Value | ' | ' | ' |
Other intangible assets, Fair Value | 78,950 | ' | ' |
Investments in unconsolidated subsidiaries, Fair Value | ' | ' | 24,084 |
Real estate, Fair Value | ' | ' | $37,322 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 18, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
6.625% senior notes [Member] | 6.625% senior notes [Member] | 5.00% senior notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | Senior secured term loans [Member] | Senior secured term loans [Member] | Real Estate Held For Investment [Member] | Real Estate Held For Investment [Member] | Global Investment Management [Member] | Global Investment Management [Member] | Global Investment Management [Member] | Development Services [Member] | Development Services [Member] | Provision for losses due to reduced expected selling prices [Member] | Portion attributable to discontinued operations [Member] | Non-controlling interests [Member] | Non-controlling interests [Member] | Non-controlling interests [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-amortizable intangible asset impairment | $98,129,000 | $19,826,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,129,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, Total impairment charges | 0 | 5,841,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of investments in unconsolidated subsidiaries | 4,100,000 | 3,900,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 5,500,000 | 100,000 | 100,000 | ' | ' | 1,000,000 | 600,000 | 100,000 |
Impairment of real estate | ' | 26,481,000 | 4,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | 17,200,000 | 1,700,000 | ' | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for loss on real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 1,300,000 | ' | 15,900,000 | 300,000 |
Estimated fair value of senior secured term loans | ' | ' | ' | 372,800,000 | 385,000,000 | 769,400,000 | ' | 488,800,000 | ' | 687,600,000 | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 685,300,000 | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of long-term debt | ' | ' | ' | 6.63% | 6.63% | 5.00% | 11.63% | 11.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | 350,000,000 | ' | 350,000,000 | 350,000,000 | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
11.625% senior subordinated notes, net | ' | 440,523,000 | ' | ' | ' | ' | ' | 440,523,000 | 435,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of notes payable on real estate | 130,472,000 | 326,012,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse of notes payable on real estate | $4,000,000 | $13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | |
Swap | ||||
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount of interest rate swap agreements | ' | ' | ' | $400,000,000 |
Number of interest rate swap agreements entered | ' | ' | ' | 5 |
Ineffectiveness of significant hedge | 0 | 0 | 0 | ' |
Interest rate swaps reclassified to interest expense | 135,082,000 | 175,068,000 | 150,249,000 | ' |
Amount to be reclassified as an increase to interest expense | 11,700,000 | ' | ' | ' |
Fair value of derivatives in a net liability position | 30,000,000 | ' | ' | ' |
Termination value of agreements | 30,100,000 | ' | ' | ' |
Net losses on foreign currency exchange | 1,800,000 | 4,400,000 | 1,500,000 | ' |
Foreign currency exchange contracts outstanding | 0 | 0 | ' | ' |
Reclassification out of accumulated other comprehensive income [Member] | Accumulated net gain (loss) from designated or qualifying cash flow hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Interest rate swaps reclassified to interest expense | 29,000,000 | 48,000,000 | ' | ' |
Interest rate swap agreement expiring on October 2017 [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount of interest rate swap agreements | ' | ' | ' | 200,000,000 |
Interest rate swap, expiration date | '2017-10 | ' | ' | ' |
Interest rate swap agreement expiring on September 2019 [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount of interest rate swap agreements | ' | ' | ' | $200,000,000 |
Interest rate swap, expiration date | '2019-09 | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Fair Value of Interest Rate Swaps and Their Classification on Consolidated Balance Sheets (Detail) (Interest rate swaps [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | ' | ' |
Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $29,034 | $48,022 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Effect of Interest Rate Swaps on Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain/Loss Recognized in Other Comprehensive Loss on Derivative (Effective Portion) | $7,149 | ($19,826) | ($42,732) |
Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income Statement (Effective Portion) | -11,846 | -11,676 | -2,860 |
Other Income (Loss) [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Recognized on Derivative (Ineffective Portion) | ($6) | ' | ' |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Computer hardware and software [Member] | Leasehold improvements [Member] | Furniture and equipment [Member] | Equipment under capital leases [Member] | Computer hardware and software [Member] | Leasehold improvements [Member] | Furniture and equipment [Member] | Equipment under capital leases [Member] | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant and equipment, useful life, years | ' | ' | '3 years | '1 year | '1 year | '3 years | '10 years | '15 years | '10 years | '5 years |
Computer hardware and software | $471,237 | $366,935 | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold improvements | 248,359 | 226,337 | ' | ' | ' | ' | ' | ' | ' | ' |
Furniture and equipment | 211,893 | 202,819 | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment under capital leases | 10,697 | 10,713 | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost | 942,186 | 806,804 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation and amortization | -483,590 | -427,628 | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $458,596 | $379,176 | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $98,100,000 | $76,200,000 | $54,200,000 |
Impairment loss related to property and equipment | $0 | $5,841,000 | $0 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill By Segment (Detail) (USD $) | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Americas [Member] | Americas [Member] | EMEA [Member] | EMEA [Member] | Asia Pacific [Member] | Asia Pacific [Member] | Global Investment Management [Member] | Global Investment Management [Member] | Development Services [Member] | Development Services [Member] | Development Services [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Gross, Beginning | $2,958,108 | $2,896,913 | $1,658,313 | $1,641,748 | $533,696 | $494,116 | $160,736 | $160,197 | $518,700 | $514,189 | $86,663 | $86,663 | $86,663 |
Accumulated impairment losses | -1,068,506 | -1,068,506 | -798,290 | -798,290 | -138,631 | -138,631 | ' | ' | -44,922 | -44,922 | -86,663 | -86,663 | -86,663 |
Goodwill, Net of impairment losses | 1,889,602 | 1,828,407 | 860,023 | 843,458 | 395,065 | 355,485 | 160,736 | 160,197 | 473,778 | 469,267 | ' | ' | ' |
Purchase accounting entries related to acquisitions | 399,418 | 46,318 | 60,552 | 15,980 | 342,035 | 31,440 | -3,169 | 1,175 | ' | -2,277 | ' | ' | ' |
Foreign exchange movement | 1,454 | 14,877 | -1,228 | 585 | 14,407 | 8,140 | -19,074 | -636 | 7,349 | 6,788 | ' | ' | ' |
Goodwill Gross, Ending | 3,358,980 | 2,958,108 | 1,717,637 | 1,658,313 | 890,138 | 533,696 | 138,493 | 160,736 | 526,049 | 518,700 | 86,663 | 86,663 | 86,663 |
Accumulated impairment losses | -1,068,506 | -1,068,506 | -798,290 | -798,290 | -138,631 | -138,631 | ' | ' | -44,922 | -44,922 | -86,663 | -86,663 | -86,663 |
Goodwill, Net of impairment losses | $2,290,474 | $1,889,602 | $919,347 | $860,023 | $751,507 | $395,065 | $138,493 | $160,736 | $481,127 | $473,778 | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Norland [Member] | Mortgage servicing rights [Member] | Mortgage servicing rights [Member] | Management contracts [Member] | Management contracts [Member] | Backlog and incentive fees [Member] | Backlog and incentive fees [Member] | Other amortizable intangible assets [Member] | Other amortizable intangible assets [Member] | Customer relationships [Member] | Customer relationships [Member] | Trade names [Member] | Trade names [Member] | Trade names [Member] | Trademarks [Member] | Trademarks [Member] | Clarion Partners trade name [Member] | |
USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Class A common stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Norland [Member] | USD ($) | USD ($) | USD ($) | ||||
GBP (£) | |||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | ' | ' | $878,241,000 | $475,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | ' | 433,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 362,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, percentage of outstanding stock | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, contingent payment | ' | ' | ' | ' | ' | ' | 41,800,000 | 25,500,000 | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, contingent consideration range of earnings lower value | ' | ' | ' | ' | ' | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, contingent consideration range of earnings higher value | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill recorded in connection with acquisition deductible for tax purpose | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense of acquired intangible assets | ' | ' | ' | 33,800,000 | 33,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest expense for debt incurred to finance Acquisitions | ' | ' | ' | 1,100,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs related to acquisitions | ' | ' | 73,000,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | 1,068,506,000 | 1,068,506,000 | 1,068,506,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 841,228,000 | 786,793,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, accumulated amortization | 348,566,000 | 273,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,448,000 | 50,858,000 | 49,785,000 | 32,005,000 | 61,507,000 | 57,739,000 | 55,397,000 | 48,401,000 | 102,429,000 | 84,628,000 | ' | ' | ' | ' | ' | ' |
Impairment of non-amortizable intangible asset | 98,129,000 | 19,826,000 | ' | 98,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortizable intangible assets, identified as a result of acquisition | 204,250,000 | 296,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,050,000 | 219,132,000 | ' | ' | ' | ' | ' | ' | 20,400,000 | 20,400,000 | ' | 56,800,000 | 56,800,000 | 20,400,000 |
Amortizable intangible assets, net servicing income expected to received, Maximum, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '13 years | ' | '1 year | ' | '20 years | ' | '20 years | ' | ' | ' | '2 years | ' | ' | ' |
Amortization expense | 85,400,000 | 78,600,000 | 41,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense, 2014 | 115,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense, 2015 | 107,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense, 2016 | 77,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense, 2017 | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense, 2018 | $66,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (Norland [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Norland [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $48,132 |
Receivables, net | 138,509 |
Prepaid expenses | 14,072 |
Deferred tax assets, current | 2,912 |
Other current assets | 12,698 |
Property and equipment | 4,164 |
Other intangible assets | 108,974 |
Other assets | 668 |
Total assets acquired | 330,129 |
Accounts payable and accrued expenses | 142,467 |
Compensation and employee benefits payable | 11,777 |
Accrued bonus and profit sharing | 1,862 |
Deferred tax liabilities, long-term | 21,795 |
Other liabilities | 8,804 |
Total liabilities assumed | 186,705 |
Estimated fair value of net assets acquired | $143,424 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Preliminary Estimate of Amortizable Intangible Assets Acquired (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Norland [Member] | Customer relationships [Member] | Customer relationships [Member] | Customer relationships [Member] | Trade names [Member] | Trade names [Member] | Non-compete agreements [Member] | ||
Norland [Member] | Norland [Member] | Norland [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Amortization Period | ' | ' | '4 years | ' | ' | '5 years | ' | '2 years | '2 years |
Amount Assigned At Acquisition Date | $985,544 | $764,092 | $108,974 | $362,810 | $259,256 | $68,807 | $35,631 | $35,177 | $4,990 |
Accumulated Amortization and Foreign Currency Translation | ' | ' | 1,409 | ' | ' | 890 | ' | 454 | 65 |
Net Carrying Amount | ' | ' | $110,383 | ' | ' | $69,697 | ' | $35,631 | $5,055 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Summary of Unaudited Pro Forma Results Prepared for Comparative Purpose (Detail) (Norland [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Norland [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | $7,792,992,000 | $7,012,318 |
Operating income | 614,163,000 | 567,201,000 |
Net income attributable to CBRE Group, Inc. | $313,567,000 | $296,345,000 |
Basic income per share | $0.96 | $0.92 |
Weighted average shares outstanding for basic income per share | 328,110,004 | 322,315,576 |
Diluted income per share | $0.95 | $0.91 |
Weighted average shares outstanding for diluted income per share | 331,762,854 | 327,044,145 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Unamortizable intangible assets | $204,250 | $296,332 |
Gross Carrying Amount, Amortizable intangible assets | 985,544 | 764,092 |
Gross Carrying Amount, Total intangible assets | 1,189,794 | 1,060,424 |
Accumulated Amortization, Amortizable intangible assets | -348,566 | -273,631 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Amortizable intangible assets | 362,810 | 259,256 |
Accumulated Amortization, Amortizable intangible assets | -102,429 | -84,628 |
Mortgage servicing rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Amortizable intangible assets | 259,931 | 195,813 |
Accumulated Amortization, Amortizable intangible assets | -79,448 | -50,858 |
Management contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Unamortizable intangible assets | 127,050 | 219,132 |
Gross Carrying Amount, Amortizable intangible assets | 180,981 | 178,561 |
Accumulated Amortization, Amortizable intangible assets | -49,785 | -32,005 |
Backlog and incentive fees [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Amortizable intangible assets | 61,507 | 58,478 |
Accumulated Amortization, Amortizable intangible assets | -61,507 | -57,739 |
Trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Unamortizable intangible assets | 20,400 | 20,400 |
Gross Carrying Amount, Amortizable intangible assets | 35,631 | ' |
Other amortizable intangible assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Amortizable intangible assets | 84,684 | 71,984 |
Accumulated Amortization, Amortizable intangible assets | -55,397 | -48,401 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Unamortizable intangible assets | $56,800 | $56,800 |
Recovered_Sheet1
Investments In Unconsolidated Subsidiaries - Schedule of Investments in Unconsolidated Subsidiaries (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $198,696 | $206,798 |
Global Investment Management [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 99,714 | 131,750 |
Development Services [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 76,791 | 53,435 |
Other [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $22,191 | $21,613 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' |
Assets | $15,270,870 | $15,861,665 | ' |
Liabilities | 6,491,549 | 7,590,953 | ' |
Non-controlling interests | -183 | 17,187 | ' |
Revenue | 1,106,076 | 1,093,792 | 901,658 |
Operating (loss) income | -82,604 | -76,739 | -6,644 |
Net (loss) income | 131,910 | 126,639 | 182,450 |
Global Investment Management [Member] | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' |
Current assets | 1,148,658 | 1,139,867 | ' |
Non-current assets | 12,546,920 | 13,353,456 | ' |
Assets | 13,695,578 | 14,493,323 | ' |
Current liabilities | 1,034,040 | 1,337,944 | ' |
Non-current liabilities | 4,705,551 | 5,538,066 | ' |
Liabilities | 5,739,591 | 6,876,010 | ' |
Revenue | 874,875 | 833,343 | 614,684 |
Operating (loss) income | -241,829 | -161,966 | -149,519 |
Net (loss) income | -26,075 | 64,696 | 70,551 |
Development Services [Member] | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' |
Real estate | 1,372,379 | 1,165,166 | ' |
Other assets | 109,328 | 88,067 | ' |
Assets | 1,481,707 | 1,253,233 | ' |
Notes payable on real estate | 569,023 | 473,704 | ' |
Other liabilities | 134,809 | 173,492 | ' |
Liabilities | 703,832 | 647,196 | ' |
Revenue | 70,343 | 97,084 | 123,865 |
Operating (loss) income | 130,873 | 63,472 | 118,995 |
Net (loss) income | 129,563 | 38,720 | 87,204 |
Other [Member] | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' |
Current assets | 56,359 | 71,708 | ' |
Non-current assets | 37,226 | 43,401 | ' |
Assets | 93,585 | 115,109 | ' |
Current liabilities | 33,791 | 43,557 | ' |
Non-current liabilities | 14,335 | 24,190 | ' |
Liabilities | 48,126 | 67,747 | ' |
Non-controlling interests | -183 | 17,187 | ' |
Revenue | 160,858 | 163,365 | 163,109 |
Operating (loss) income | 28,352 | 21,755 | 23,880 |
Net (loss) income | $28,422 | $23,223 | $24,695 |
Investment_In_Unconsolidated_S
Investment In Unconsolidated Subsidiaries - Additional information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Non-cash write downs of investments | $4,100,000 | $3,900,000 | $5,600,000 |
Global Investment Management [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Non-cash write downs of investments | ' | 3,800,000 | 5,500,000 |
Global Investment Management [Member] | Investment management, property management, brokerage and other professional services [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues from unconsolidated subsidiaries | 252,600,000 | 190,000,000 | 104,000,000 |
Development Services [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Non-cash write downs of investments | ' | 100,000 | 100,000 |
Development Services [Member] | Investment management, property management, brokerage and other professional services [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues from unconsolidated subsidiaries | 17,500,000 | 21,200,000 | 5,700,000 |
Global Investment Management and Development Services segments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Non-cash write downs of investments | $4,100,000 | $3,900,000 | $5,600,000 |
Real_Estate_and_Other_Assets_H2
Real Estate and Other Assets Held for Sale and Related Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Real estate held for sale | $0 | $116,822 |
Real_Estate_and_Other_Assets_H3
Real Estate and Other Assets Held for Sale and Related Liabilities - Schedule of Real Estate and Other Assets Held for Sale and Related Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Real estate held for sale | $0 | $116,822 |
Total real estate and other assets held for sale | ' | 130,499 |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | ' | 104,627 |
Net real estate and other assets held for sale | ' | 25,872 |
Property and equipment, net [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | ' | 329 |
Other current assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | ' | 4,921 |
Other assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | ' | 8,427 |
Notes payable on real estate held for sale [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | ' | 101,542 |
Accounts payable and accrued expenses [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | ' | 2,444 |
Other current liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | ' | 190 |
Other liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | ' | $451 |
Real_Estate_Schedule_of_Real_E
Real Estate - Schedule of Real Estate Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Real estate under development (current) | $19,133 | ' |
Real estate under development (non-current) | 822 | 27,316 |
Real estate held for investment | 106,999 | 235,045 |
Total real estate | 126,954 | 379,183 |
Real estate included in assets held for sale (see Note 10) | 0 | 116,822 |
Land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate under development (current) | 667 | ' |
Real estate under development (non-current) | 822 | 16,332 |
Real estate held for investment | 24,717 | 77,292 |
Total real estate | 26,206 | 122,157 |
Real estate included in assets held for sale (see Note 10) | ' | 28,533 |
Building and Improvements [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate under development (current) | 18,466 | ' |
Real estate under development (non-current) | ' | 10,984 |
Real estate held for investment | 76,932 | 149,020 |
Total real estate | 95,398 | 246,731 |
Real estate included in assets held for sale (see Note 10) | ' | 86,727 |
Other [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate under development (current) | ' | ' |
Real estate under development (non-current) | ' | ' |
Real estate held for investment | 5,350 | 8,733 |
Total real estate | 5,350 | 10,295 |
Real estate included in assets held for sale (see Note 10) | ' | $1,562 |
Real_Estate_Schedule_of_Real_E1
Real Estate - Schedule of Real Estate Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Accumulated depreciation | $23.60 | $32.90 |
Lease intangibles | 5.3 | 0.1 |
Tenant origination costs | $8 | $1.50 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | |||
Real Estate Properties [Line Items] | ' | ' | ' |
Impairment of real estate | ' | $26,481,000 | $4,337,000 |
Estimated costs | 3,000,000 | ' | ' |
Number of properties committed for sale | 0 | ' | ' |
Rental revenues | 24,300,000 | 55,600,000 | 73,900,000 |
Rental expenses | 11,700,000 | 35,500,000 | 34,900,000 |
Real Estate Held For Investment [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Impairment of real estate | ' | 17,200,000 | 1,700,000 |
Real Estate Held For Sale [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Impairment of real estate | ' | $9,300,000 | $2,600,000 |
Notes_Payable_on_Real_Estate_S
Notes Payable on Real Estate - Schedule of Loans Secured by Real Estate (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Current portion of notes payable on real estate | $62,017 | $35,212 |
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 10) | ' | 101,542 |
Total notes payable on real estate, current portion | 62,017 | 136,754 |
Notes payable on real estate, non-current portion | 68,455 | 189,258 |
Total notes payable on real estate | $130,472 | $326,012 |
Notes_Payable_on_Real_Estate_A
Notes Payable on Real Estate - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Capitalized interest | $0.10 | $2.20 | $2 |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rates on loans range, percentage | 2.42% | 2.46% | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rates on loans range, percentage | 6.04% | 8.75% | ' |
Notes payable on real estate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Recourses of non-current portion of notes payable on real estate | 2.5 | 2.6 | ' |
Recourses of current portion of notes payable on real estate | $1.50 | $11.30 | ' |
Notes_Payable_on_Real_Estate_S1
Notes Payable on Real Estate - Schedule of Principal Maturities of Notes Payable on Real Estate (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $559,342 |
2015 | 41,042 |
2016 | 69,205 |
2017 | 255,275 |
2018 | 80,275 |
Thereafter | 1,352,638 |
Notes payable on real estate [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 42,546 |
2015 | 51,972 |
2016 | 21,145 |
2017 | 1,779 |
2018 | 1,889 |
Thereafter | 11,141 |
Total notes payable on real estate | $130,472 |
LongTerm_Debt_and_ShortTerm_Bo2
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt and Short-Term Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 18, 2009 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Interest at daily one-month LIBOR plus 1.60% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.60% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.50% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.50% to 2.00% [Member] | Interest at daily Chase-London LIBOR plus 1.90% to 2.50% [Member] | Interest at daily Chase-London LIBOR plus 1.90% to 2.50% [Member] | Interest at daily one-month LIBOR plus 1.65% to 1.90% [Member] | Interest at daily one-month LIBOR plus 1.65% to 1.90% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily LIBOR plus 1.35% with LIBOR floor of 0.35% [Member] | Interest at daily LIBOR plus 1.35% with LIBOR floor of 0.35% [Member] | 5.00% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | Senior secured term loan [Member] | Senior secured term loan [Member] | ||
Long-Term Debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes due | ' | $350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 | $350,000 | $350,000 | ' | ' | ' | ' |
Senior secured term loans, with interest ranging from 1.92% to 3.71%, due from 2013 through 2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 685,263 | 1,627,746 |
11.625% senior subordinated notes, net of unamortized discount of $9,477 at December 31, 2012, redeemed in June 2013 | ' | 440,523 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 440,523 | 435,900 | ' | ' |
Other | 5,417 | 9,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subtotal | 1,840,680 | 2,427,605 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Add/Less current maturities of long-term debt | 42,245 | 73,156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-Term Debt | 1,798,435 | 2,354,449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warehouse lines of credit | 374,597 | 1,026,381 | 150,712 | 171,330 | 94,889 | 124,263 | 65,800 | 78,072 | 36,812 | 161,342 | 16,464 | 452,656 | ' | 9,920 | 38,718 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | 142,484 | 72,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 16 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total short-term borrowings | 517,097 | 1,099,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Add/Less current maturities of long-term debt | 42,245 | 73,156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current debt | 559,342 | 1,172,517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt and short-term borrowings | $2,357,777 | $3,526,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_ShortTerm_Bo3
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt and Short-Term Borrowings (Parenthetical) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Senior secured term loan [Member] | 5.00% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | Revolving credit facility [Member] | Interest at daily one-month LIBOR plus 1.60% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.60% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.60% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.50% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.50% to 2.00% [Member] | Interest at daily one-month LIBOR plus 1.50% to 2.00% [Member] | Interest at daily Chase-London LIBOR plus 1.90% to 2.50% [Member] | Interest at daily Chase-London LIBOR plus 1.90% to 2.50% [Member] | Interest at daily Chase-London LIBOR plus 1.90% to 2.50% [Member] | Interest at daily one-month LIBOR plus 1.65% to 1.90% [Member] | Interest at daily one-month LIBOR plus 1.65% to 1.90% [Member] | Interest at daily one-month LIBOR plus 1.65% to 1.90% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily LIBOR plus 1.35% with LIBOR floor of 0.35% [Member] | |
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
11.625% senior subordinated notes unamortized discount | ' | ' | ' | ' | ' | $9,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of senior subordinated notes | ' | 5.00% | 6.63% | 6.63% | 11.63% | 11.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due date of long term debt | ' | '2023 | '2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of secured long term debt, Maximum | 3.71% | ' | ' | ' | ' | ' | 1.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of secured long term debt, Minimum | 1.92% | ' | ' | ' | ' | ' | 5.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of debt, start | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 15-Jun-17 | ' | 31-Dec-18 | 28-May-14 | ' | ' | 30-Jun-14 | ' | ' | 27-Oct-14 | ' | ' | 29-Jul-14 | ' | ' | ' | 16-Jan-14 | ' |
Maturity date of debt, end | 31-Dec-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit over LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 2.00% | ' | 1.50% | 2.00% | ' | 1.90% | 2.50% | ' | 1.65% | 1.95% | 2.25% | 2.25% | 1.35% |
Line of credit, LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% |
LongTerm_Debt_and_ShortTerm_Bo4
Long-Term Debt and Short-Term Borrowings - Tranche Term Loan Facilities - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | Spread over applicable interest rate [Member] | Spread over applicable interest rate [Member] | Tranche D term loan facility [Member] | Tranche D term loan facility [Member] | Tranche C term loan facility [Member] | Tranche C term loan facility [Member] | All credit agreement loan facilities [Member] | Senior secured term loan [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Tranche A term loan facility [Member] | Tranche A term loan facility [Member] | Tranche B term loan facility [Member] | Tranche B term loan facility [Member] | Tranche B term loan facility [Member] | Tranche A term loan facility payment start date [Member] | Tranche A term loan facility payment end date [Member] | Tranche A-1 term loan facility [Member] | Tranche A-1 term loan facility [Member] | Tranche A-1 term loan facility payment start date [Member] | Tranche A-1 term loan facility payment end date [Member] | Tranche B term loan facility payment start date [Member] | Tranche B term loan facility payment end date [Member] | Tranche C term loan facility payment start date [Member] | Tranche C term loan facility payment end date [Member] | Tranche D term loan facility payment start date [Member] | Tranche D term loan facility payment end date [Member] | Incremental facility [Member] | Incremental facility [Member] | Revolving credit sub-facility [Member] | Revolving credit sub-facility [Member] | Revolving credit sub-facility [Member] | Revolving credit sub-facility [Member] | Letters of credit [Member] | Tranche A and A-1 term loan facility [Member] | Tranche A and A-1 term loan facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum spread over applicable interest rate [Member] | Maximum spread over applicable interest rate [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Spread over applicable interest rate [Member] | USD ($) | GBP (£) | USD ($) | USD ($) | Canadian subsidiaries [Member] | Australian and New Zealand subsidiaries [Member] | U.K. subsidiaries [Member] | USD ($) | Minimum spread over applicable interest rate [Member] | Maximum spread over applicable interest rate [Member] | ||||||||||||||
USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, 2014 | $559,342,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, 2015 | 41,042,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, 2016 | 69,205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, 2017 | 255,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, 2018 | 80,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual aggregate maturities, thereafter | 1,352,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | ' | ' | ' | ' | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 2,950,000,000 | ' | 1,200,000,000 | 700,000,000 | ' | ' | 500,000,000 | 350,000,000 | 215,000,000 | 300,000,000 | ' | ' | ' | 300,000,000 | 187,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 800,000,000 | ' | 10,000,000 | 35,000,000 | 150,000,000 | ' | ' | ' |
Repayment of senior secured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Mar-13 | ' | ' | ' | 28-Mar-18 | ' | 28-Mar-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drew down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | ' | ' |
Optional additional borrowing availability period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturity date | ' | ' | ' | ' | 4-Sep-19 | ' | 4-Mar-18 | ' | ' | ' | ' | 10-May-15 | ' | ' | ' | 10-Nov-15 | ' | 10-Nov-16 | ' | ' | ' | 10-May-16 | 10-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured long term debt payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'December 31, 2010 | 'September 30, 2015 | ' | ' | 'December 30, 2011 | 'March 31, 2016 | 'December 31, 2010 | 'September 30, 2016 | 'September 30, 2011 | 'December 31, 2017 | 'September 30, 2011 | 'June 30, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit sub-facilities current borrowings capacity foreign currency fluctuation provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Credit Agreement applicable fixed rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | 2.25% | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.75% |
Credit Agreement applicable daily rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 1.25% | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.75% |
Revolving credit facility principal amount outstanding | 142,484,000 | 72,964,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 3.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loans outstanding | ' | ' | $685,300,000 | $160,000,000 | $394,000,000 | ' | $394,000,000 | ' | ' | ' | ' | ' | ' | ' | $471,900,000 | $271,200,000 | $213,400,000 | $293,300,000 | ' | ' | ' | $275,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_ShortTerm_Bo5
Long-Term Debt and Short-Term Borrowings - Credit Agreement - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 08, 2010 | Jul. 30, 2012 | Dec. 31, 2013 | Sep. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Oct. 08, 2010 | Oct. 08, 2010 | Oct. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2009 | Jul. 10, 2012 | Jul. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2007 | Dec. 31, 2013 | Mar. 04, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 19, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Dec. 31, 2013 | Oct. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 18, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | |
Change of control triggering event [Member] | Interest at daily one-month LIBOR plus 1.90% [Member] | Interest at daily one-month LIBOR plus 1.90% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Interest at daily one-month LIBOR plus 2.25% [Member] | Warehouse Agreement Borrowings [Member] | Redemption on or after March 15, 2018 [Member] | Redemption prior to March 15, 2016 [Member] | Redemption on or after October 15, 2014 [Member] | Redemption prior to October 15, 2014 [Member] | Redemption prior to October 15, 2013 [Member] | Interest at daily Chase-London LIBOR plus 2.50% [Member] | Interest at daily Chase-London LIBOR plus 2.50% [Member] | Interest at daily one-month LIBOR plus 2.00% [Member] | Interest at daily one-month LIBOR plus 2.00% [Member] | As soon as pooled sale agreement [Member] | As soon as pooled sale agreement [Member] | As soon as pooled sale agreement [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Bank of America [Member] | Bank of America [Member] | First Tennessee Bank [Member] | First Tennessee Bank [Member] | First Tennessee Bank [Member] | TD Bank secured credit agreement [Member] | TD Bank secured credit agreement [Member] | 5.00% senior notes due March 15, 2023 [Member] | 5.00% senior notes due March 15, 2023 [Member] | 5.00% senior notes [Member] | 5.00% senior notes [Member] | 6.625% Senior notes due October 15, 2020 [Member] | 6.625% Senior notes due October 15, 2020 [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | Euro cash pool [Member] | Euro cash pool [Member] | ||||
Interest at daily LIBOR plus 1.35% [Member] | Interest at daily LIBOR plus 1.35% [Member] | Interest at daily LIBOR plus 1.35% [Member] | Interest at daily one-month LIBOR plus 2.00% [Member] | Interest at daily one-month LIBOR plus 2.00% [Member] | Interest at varying rates based on LIBOR plus 2.0% [Member] | Interest at varying rates based on LIBOR plus 2.0% [Member] | ||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital in non-U.S. subsidiaries | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior long term loans | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | $800,000,000 | ' | ' | $350,000,000 | $350,000,000 | $350,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate of long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | 6.63% | 6.63% | 6.63% | ' | 11.63% | 11.63% | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | 16-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | 27-Oct-14 | ' | ' | ' | ' | ' | 1-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-23 | ' | ' | ' | 15-Oct-20 | ' | ' | ' | ' | 15-Jun-17 | ' | ' | ' | ' |
Redemption price percentage | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | 102.50% | 35.00% | 104.97% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | 106.63% | ' | ' | ' | ' | ' |
Percentage of notes available for redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount, percentage | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum coverage ratio of EBITDA to total interest expense | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio of total debt less available cash to EBITDA | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage ratio of EBITDA to total interest expense | 8.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio of total debt less available cash to EBITDA | 1.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior long term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' |
Senior long term loans net of discount | ' | 440,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 440,523,000 | 435,900,000 | ' | ' |
Debt instrument premium paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,200,000 | ' | ' | ' | ' |
Unamortized deferred financing costs and unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' |
Short-term borrowings | 517,097,000 | 1,099,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt, weighted average interest rate | 1.90% | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 50,000,000 | ' | 35,000,000 | 0 | 0 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Revolving credit facility current borrowings capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | 5,000,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 1.00% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit maturity date | ' | ' | ' | ' | ' | 29-Jul-14 | ' | 16-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-May-14 | ' | ' | ' | ' | ' | ' | 28-Feb-14 | ' | 31-Aug-14 | ' | ' | ' | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warehouse line of credit | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit over LIBOR rate | ' | ' | ' | ' | 1.65% | ' | 2.25% | 2.25% | ' | ' | ' | ' | ' | ' | ' | 1.90% | ' | 1.60% | ' | 1.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | 200,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warehouse lines of credit | 374,597,000 | 1,026,381,000 | ' | ' | ' | ' | ' | 16,464,000 | 452,656,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit principal outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash activity increased (decreased) the warehouse lines of credit | -651,800,000 | 313,000,000 | 234,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Held-for-sale, Mortgage | 381,500,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash activity increased (decreased) the warehouse lines of credit | ($646,700,000) | $313,000,000 | $234,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Lease expiration date | 1-Jan-30 | ' | ' |
Minimum sublease rental income | $2,457,000 | $218,000 | $187,000 |
Letters of credit outstanding | 11,100,000 | ' | ' |
Letters of credit expiration date | 'December 2014 | ' | ' |
Guarantees total | 14,300,000 | ' | ' |
Outstanding pension liability | 68,012,000 | 63,528,000 | ' |
Guarantees expiration date | 'June 2017 | ' | ' |
Cash deposited under reserve arrangement | 16,600,000 | 9,100,000 | ' |
Accrued loan loss | 13,800,000 | 10,600,000 | ' |
Assets available for recourse | 367,400,000 | ' | ' |
Warehouse receivables | 226,400,000 | ' | ' |
Co-investments typically range | 20.00% | ' | ' |
Commitments to investment in future real estate investment | 9,400,000 | ' | ' |
Commitments to investment in unconsolidated real estate subsidiary | 25,000,000 | ' | ' |
Funded loans subject to loss sharing arrangements [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Funded loans unpaid principal | 7,800,000,000 | ' | ' |
Funded loans not subject to loss sharing arrangements [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Funded loans unpaid principal | 369,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Minimum sublease rental income | $11,000,000 | ' | ' |
Co-investments typically range | 2.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Co-investments typically range | 5.00% | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule by Year of Future Minimum Lease Payments for Noncancellable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $188,435 |
2015 | 167,892 |
2016 | 150,095 |
2017 | 133,477 |
2018 | 111,165 |
Thereafter | 403,769 |
Total minimum payment required | $1,154,833 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Composition of Total Rental Expense Under Noncancellable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Minimum rentals | $209,307 | $210,981 | $209,333 |
Less sublease rentals | -2,457 | -218 | -187 |
Rental Expense, Net Total | $206,850 | $210,763 | $209,146 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension_Plan | |||
H | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award limited to percentage of share reserve | 75.00% | ' | ' |
Maximum number of share to be granted per person | 2,000,000 | ' | ' |
Equity incentive plan termination date | 13-Feb-22 | ' | ' |
Stock options, expected term | ' | ' | '5 years |
Grant date fair value of stock option vested | $700,000 | ' | ' |
Weighted average grant date fair value of option granted | ' | ' | $13.49 |
Stock options, total intrinsic value | 31,900,000 | 16,400,000 | 39,900,000 |
Cash received from stock option exercises | 5,780,000 | 20,324,000 | 7,136,000 |
Tax benefit from stock options exercised | 9,900,000 | 2,900,000 | 14,900,000 |
Defined benefit plan | 148,700,000 | 134,500,000 | 154,400,000 |
Company contribution percent per year per hours worked | 20.00% | ' | ' |
Amount of hours worked for matched contributions | 1,000 | ' | ' |
Percent of annual compensation match percentage | 50.00% | ' | ' |
Percent of annual compensation to be matched | 3.00% | ' | ' |
Defined benefit plan, annual compensation expense maximum | 150,000 | ' | ' |
Defined contribution plan, expenses recognized | 15,500,000 | 12,900,000 | 10,900,000 |
Percent of 401(k) that can be invested in common stock | 25.00% | ' | ' |
Number of share held as investment under 401(k) Plan | 1,300,000 | ' | ' |
Number of contributory defined benefit pension plans in the United Kingdom | 2 | ' | ' |
Defined benefit plan, assumed rate of return | 4.47% | 4.60% | ' |
Expected contribution to pension plans | 6,200,000 | ' | ' |
Employer contribution to defined contribution plan | 10,900,000 | 9,600,000 | 8,700,000 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee subscription rate | 75.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee subscription rate | 1.00% | ' | ' |
Equity securities [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 54.80% | ' | ' |
Absolute return strategy fund [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 28.30% | ' | ' |
Other types of investments [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 9.20% | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Significant transfers | 0 | 0 | ' |
Contingently issuable shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plans, option or stock appreciation right per share | $2.25 | ' | ' |
2012 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of share to be granted per person | 3,300,000 | ' | ' |
Unissued common stock available for issuance | 2,205,887 | ' | ' |
Maximum amount of share to be granted per person | 5,000,000 | ' | ' |
Shares available for future grant | 14,717,951 | ' | ' |
2012 Stock Incentive Plan [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of equity incentive and stock option plans | '10 years | ' | ' |
Pension plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, accumulated benefit obligation | 400,200,000 | 352,200,000 | ' |
Actuarial loss amortized from AOCL in to net periodic pension cost | 2,600,000 | ' | ' |
Defined benefit plan, assumed rate of return | 57.20% | ' | ' |
Pension plans [Member] | Equity securities [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 7.60% | ' | ' |
Pension plans [Member] | Absolute return strategy fund [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, assumed rate of return | 28.10% | ' | ' |
Defined benefit plan, target allocation | 7.10% | ' | ' |
Pension plans [Member] | Other types of investments [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 7.00% | ' | ' |
Pension plans [Member] | Fixed income securities [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Defined benefit plan, target allocation | 4.70% | ' | ' |
Time Based Vesting [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of equity incentive and stock option plans | '3 years | ' | ' |
Performance Based Vesting [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of equity incentive and stock option plans | '1 year | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of equity incentive and stock option plans | '3 years | ' | ' |
Shares available for future grant | 0 | 0 | ' |
Stock option exchange, shares issued | 0 | ' | ' |
Stock option exchange, granted exercise price of common stock | $26.50 | ' | ' |
Stock options, aggregate intrinsic value | 14,700,000 | ' | ' |
Stock options, weighted average remaining contractual life | '1 year 10 months 24 days | ' | ' |
Stock options, compensation expense | 400,000 | 2,300,000 | 3,500,000 |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options, expected term | '7 years | ' | ' |
Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options, expected term | '5 years | ' | ' |
Non-Vested stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options, compensation expense | 48,000,000 | 49,400,000 | 40,800,000 |
Stock options, unrecognized estimated compensation cost | $113,000,000 | ' | ' |
Weighted average period of recognition | '2 years 8 months 12 days | ' | ' |
Class A common stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Increase in shares reserved for future issuance | 10,000,000 | ' | ' |
Class A common stock [Member] | 2004 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for future issuance | 20,785,218 | ' | ' |
Class A common stock [Member] | Contingently issuable shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for future issuance | 30,785,218 | ' | ' |
Class A common stock [Member] | 2012 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for future issuance | 16,000,000 | ' | ' |
Class A common stock [Member] | Non-Vested stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards, granted shares in period | 2,596,830 | ' | ' |
Class A common stock [Member] | Non-Vested stock awards [Member] | Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards, granted shares in period | 1,613,906 | 2,353,487 | 644,635 |
Class A common stock [Member] | Non-Vested stock awards [Member] | Restricted Stock Award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards, granted shares in period | 72,580 | 0 | 2,803,221 |
Class A common stock [Member] | Non-Vested stock awards [Member] | EBITDA Based Target Performance [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards, granted shares in period | 329,100 | ' | ' |
Class A common stock [Member] | Non-Vested stock awards [Member] | EPS Based Target Performance [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards, granted shares in period | 653,824 | ' | ' |
Class A common stock [Member] | Non-Vested stock awards [Member] | Maximum [Member] | EPS Based Target Performance [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of target shares possible | 200.00% | ' | ' |
Class A common stock [Member] | Non-Vested stock awards [Member] | Minimum [Member] | EPS Based Target Performance [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of target shares possible | 0.00% | ' | ' |
Class A common stock [Member] | 2004 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plans, common stock outstanding | 1,148,749 | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Outstanding Stock Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercisable, Shares | 1,146,229 | ' | ' |
Stock options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding, Shares | 2,810,939 | 4,792,409 | 6,636,480 |
Exercised, Shares | -1,620,515 | -1,930,092 | -1,822,373 |
Granted, Shares | ' | ' | 16,974 |
Forfeited, Shares | -2,009 | -33,381 | -18,853 |
Expired, Shares | -39,666 | -17,997 | -19,819 |
Outstanding, Shares | 1,148,749 | 2,810,939 | 4,792,409 |
Outstanding, Weighted Average Exercise Price | $7.93 | $8.95 | $7.55 |
Vested and expected to vest, Shares | 1,148,604 | ' | ' |
Exercised, Weighted Average Exercise Price | $3.45 | $10.31 | $3.92 |
Exercisable, Shares | 1,146,229 | ' | ' |
Granted, Weighted Average Exercise Price | ' | ' | $26.50 |
Forfeited, Weighted Average Exercise Price | $13.85 | $10.73 | $13.29 |
Expired, Weighted Average Exercise Price | $23.08 | $14.36 | $14.50 |
Outstanding, Weighted Average Exercise Price | $13.60 | $7.93 | $8.95 |
Vested and expected to vest, Weighted Average Exercise Price | $13.60 | ' | ' |
Exercisable, Weighted Average Exercise Price | $13.57 | ' | ' |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Weighted Average Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Dividend yield | 0.00% |
Risk-free interest rate | 1.65% |
Expected volatility | 61.99% |
Expected life | '5 years |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans - Schedule of Options Outstanding, Weighted Average Exercise Price and Intrinsic Value (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Options, Number Outstanding | 1,148,749 |
Outstanding Options, Weighted Average Remaining Contractual Life | '1 year 10 months 24 days |
Outstanding Options, Weighted Average Exercise Price | $13.60 |
Outstanding Options, Aggregate Intrinsic Value | $14,723,073 |
Exercisable Options, Number Exercisable | 1,146,229 |
Exercisable Options, Weighted Average Exercise Price | $13.57 |
Exercisable Options, Aggregate Intrinsic Value | $14,723,073 |
6.33 - 8.44 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, lower limit | $6.33 |
Exercise price, upper limit | $8.44 |
Outstanding Options, Number Outstanding | 73,445 |
Outstanding Options, Weighted Average Remaining Contractual Life | '2 years 6 months |
Outstanding Options, Weighted Average Exercise Price | $8.29 |
Exercisable Options, Number Exercisable | 73,445 |
Exercisable Options, Weighted Average Exercise Price | $8.29 |
11.10 - 16.48 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, lower limit | $11.10 |
Exercise price, upper limit | $16.48 |
Outstanding Options, Number Outstanding | 1,007,974 |
Outstanding Options, Weighted Average Remaining Contractual Life | '1 year 10 months 24 days |
Outstanding Options, Weighted Average Exercise Price | $13.08 |
Exercisable Options, Number Exercisable | 1,007,974 |
Exercisable Options, Weighted Average Exercise Price | $13.08 |
22.00 - 26.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, lower limit | $22 |
Exercise price, upper limit | $26.50 |
Outstanding Options, Number Outstanding | 30,992 |
Outstanding Options, Weighted Average Remaining Contractual Life | '2 years 10 months 24 days |
Outstanding Options, Weighted Average Exercise Price | $24.19 |
Exercisable Options, Number Exercisable | 28,472 |
Exercisable Options, Weighted Average Exercise Price | $23.99 |
27.19 - 37.43 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, lower limit | $27.19 |
Exercise price, upper limit | $37.43 |
Outstanding Options, Number Outstanding | 36,338 |
Outstanding Options, Weighted Average Remaining Contractual Life | '7 months 6 days |
Outstanding Options, Weighted Average Exercise Price | $29.83 |
Exercisable Options, Number Exercisable | 36,338 |
Exercisable Options, Weighted Average Exercise Price | $29.83 |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans - Schedule of Non-Vested Stock Awards (Detail) (Non-Vested stock awards [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non-Vested stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Balance, Shares / Units | 7,973,489 | 9,886,207 | 9,268,908 |
Granted, Shares / Units | 2,669,410 | 2,353,487 | 3,447,856 |
Vested, Shares / Units | -2,923,485 | -3,677,691 | -2,541,370 |
Forfeited, Shares / Units | -177,905 | -588,514 | -289,187 |
Balance, Shares / Units | 7,541,509 | 7,973,489 | 9,886,207 |
Balance, Weighted Average Market Value Per Share | $17.65 | $15.18 | $14.40 |
Granted, Weighted Average Market Value Per Share | $22.94 | $20.31 | $15.95 |
Vested, Weighted Average Market Value Per Share | $14.48 | $13.18 | $13.47 |
Forfeited, Weighted Average Market Value Per Share | $18.15 | $14.55 | $14.05 |
Balance, Weighted Average Market Value Per Share | $20.76 | $17.65 | $15.18 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans - Schedule of Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Benefit obligation at beginning of period | $352,242 | $316,165 | ' |
Interest cost | 15,414 | 15,513 | 16,556 |
Actuarial loss (gain) | 31,420 | 14,447 | ' |
Benefits paid | -8,374 | -8,768 | ' |
Foreign currency translation | 9,513 | 14,885 | ' |
Benefit obligation at end of period | 400,215 | 352,242 | 316,165 |
Fair value of plan asset at beginning of period | 288,714 | 255,305 | ' |
Actuarial return on plan assets | 38,328 | 24,175 | ' |
Company contributions | 5,508 | 5,886 | ' |
Benefits paid | -8,374 | -8,768 | ' |
Foreign currency translation | 8,027 | 12,116 | ' |
Fair value of plan assets at end of period | 332,203 | 288,714 | 255,305 |
Funded status | -68,012 | -63,528 | ' |
Non-current liabilities | ($68,012) | ($63,528) | ' |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost Not Yet Recognized (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Unamortized actuarial loss | $103,968 | $96,921 |
Accumulated other comprehensive loss | $103,968 | $96,921 |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans - Schedule of Net Periodic Pension Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Interest cost | $15,414 | $15,513 | $16,556 |
Expected return on plan assets | -16,095 | -14,563 | -17,238 |
Amortization of unrecognized net loss | 2,455 | 2,344 | 1,358 |
Net periodic pension cost | 1,774 | 3,294 | 676 |
Net actuarial loss | 7,047 | 2,079 | 25,726 |
Total recognized in other comprehensive loss | 7,047 | 2,079 | 25,726 |
Total recognized in net periodic cost and other comprehensive loss | $8,821 | $5,373 | $26,402 |
Employee_Benefit_Plans_Schedul7
Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Discount rate | 4.47% | 4.60% |
Expected return on plan assets | 7.05% | 5.91% |
Employee_Benefit_Plans_Schedul8
Employee Benefit Plans - Schedule of Changes in Net Periodic Cost Benefit (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rate | 4.44% | 4.60% | 4.88% |
Expected return on plan assets | 6.65% | 5.91% | 6.00% |
Employee_Benefit_Plans_Schedul9
Employee Benefit Plans - Schedule of Allocation of Plan Assets (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan Assets | 100.00% | 100.00% |
Equity securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 54.80% | ' |
Plan Assets | 57.20% | 66.70% |
Absolute return strategy fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 28.30% | ' |
Plan Assets | 28.10% | ' |
Debt securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 7.70% | ' |
Plan Assets | 7.00% | 22.70% |
Other types of investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 9.20% | ' |
Plan Assets | 7.70% | 10.60% |
Recovered_Sheet2
Employee Benefit Plans - Schedule of Fair Value of Pension Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | $6,385 | $1,864 | ' |
Investment securities | 33,773 | ' | ' |
Total assets at fair value | 332,203 | 288,714 | 255,305 |
Equity securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 189,852 | 192,555 | ' |
Fixed income securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 23,273 | 65,414 | ' |
Absolute return strategy fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 93,343 | ' | ' |
Other types of investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 19,350 | 28,881 | ' |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | 6,385 | 1,864 | ' |
Total assets at fair value | 35,538 | 25,117 | ' |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Equity securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 29,153 | 23,253 | ' |
Significant Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total assets at fair value | 293,571 | 253,347 | ' |
Significant Observable Inputs (Level 2) [Member] | Equity securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 160,699 | 169,302 | ' |
Significant Observable Inputs (Level 2) [Member] | Fixed income securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 23,273 | 65,414 | ' |
Significant Observable Inputs (Level 2) [Member] | Absolute return strategy fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 93,343 | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Other types of investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | 16,256 | 18,631 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total assets at fair value | 3,094 | 10,250 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other types of investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment securities | $3,094 | $10,250 | ' |
Recovered_Sheet3
Employee Benefit Plans - Schedule of Pension Assets Measured and Recorded Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Beginning balance | $10,250 | $10,801 |
Actuarial return (loss) on plan assets | 268 | -997 |
Actuarial loss on plan assets sold | -105 | ' |
Sales | -7,381 | ' |
Foreign currency translation | 62 | 446 |
Ending balance | $3,094 | $10,250 |
Recovered_Sheet4
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | ' |
2014 | $10,441 |
2015 | 10,607 |
2016 | 10,441 |
2017 | 11,269 |
2018 | 11,932 |
2019-2023 | 79,549 |
Total | $134,239 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $431,024 | $361,577 | $252,577 |
Foreign | 77,961 | 127,901 | 176,961 |
Income from continuing operations before provision for income taxes | $508,985 | $489,478 | $429,538 |
Income_Taxes_Tax_Provision_Ben
Income Taxes - Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal, Current | $118,741 | $132,266 | $107,671 |
Federal, Deferred | 8,023 | -13,341 | 3,472 |
Federal, Total | 126,764 | 118,925 | 111,143 |
State, Current | 23,324 | 2,943 | 13,763 |
State, Deferred | -14,036 | 12,355 | -10,056 |
State, Total | 9,288 | 15,298 | 3,707 |
Foreign, Current | 85,848 | 56,362 | 78,256 |
Foreign, Deferred | -34,713 | -5,263 | -4,003 |
Foreign, Total | 51,135 | 51,099 | 74,253 |
Tax Provision (Benefit), Total | $187,187 | $185,322 | $189,103 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Pre-Tax Income (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowance | 5.00% | 8.00% | ' |
State taxes, net of federal benefit | 2.00% | 4.00% | 3.00% |
Non-deductible expenses | 1.00% | 2.00% | 3.00% |
Acquisition costs | 1.00% | ' | 3.00% |
Non-controlling interests | -1.00% | 1.00% | -1.00% |
Credits and exemptions | -1.00% | -1.00% | -1.00% |
Foreign earnings repatriation | -5.00% | -14.00% | ' |
Reserves for uncertain tax positions | ' | 1.00% | 2.00% |
Foreign rate differential | ' | ' | -1.00% |
Other | ' | 2.00% | 1.00% |
Effective tax rate | 37.00% | 38.00% | 44.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax [Line Items] | ' | ' | ' | ' |
Tax benefit from stock options exercised | $10,500,000 | $5,300,000 | $15,500,000 | ' |
Income tax benefit charged to additional paid-in capital | 9,900,000 | 2,900,000 | 14,900,000 | ' |
Deferred tax assets before valuation allowances | 126,345,000 | 89,953,000 | ' | ' |
Foreign income tax credits | 55,064,000 | 84,926,000 | ' | ' |
Foreign income tax credits, expiration period | '2023 | ' | ' | ' |
Valuation allowance | 98,589,000 | 76,169,000 | ' | ' |
Increase in valuation allowance | 22,400,000 | ' | ' | ' |
Repatriate to U.S. | 196,200,000 | ' | ' | ' |
Tax savings | 14,500,000 | 28,800,000 | ' | ' |
Undistributed earnings | 1,100,000,000 | ' | ' | ' |
Cash and cash equivalents | 491,912,000 | 1,089,297,000 | 1,093,182,000 | 506,574,000 |
Unrecognized tax benefits | 95,664,000 | 95,575,000 | 91,710,000 | ' |
Unrecognized tax benefits that would affect our effective tax rate | 50,800,000 | 51,500,000 | ' | ' |
Unrecognized tax benefits that would affect our effective tax rate, net of federal benefits received | 48,800,000 | 49,400,000 | ' | ' |
Anticipated settlement of unrecognized tax benefits | 643,000 | 35,000 | ' | ' |
Accrued expense and penalties | 2,600,000 | 3,300,000 | 3,400,000 | ' |
Liability for interest and penalties | 33,000,000 | 30,400,000 | ' | ' |
Interest expense | 25,900,000 | 24,100,000 | ' | ' |
Non-U.S subsidiaries [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 325,000,000 | ' | ' | ' |
2012 [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Repatriate to U.S. | 58,000,000 | ' | ' | ' |
2013 [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Repatriate to U.S. | 133,000,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Anticipated settlement of unrecognized tax benefits | 58,200,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Anticipated settlement of unrecognized tax benefits | 81,800,000 | ' | ' | ' |
Federal net operating losses [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Federal net operating losses | 15,400,000 | ' | ' | ' |
Operating loss carryforward valuation allowance | 5,400,000 | ' | ' | ' |
Operating loss carryforward, expiration period | '2023 | ' | ' | ' |
State net operating losses [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Deferred tax assets before valuation allowances | 3,200,000 | ' | ' | ' |
Operating loss carryforward, expiration period | '2014 | ' | ' | ' |
Foreign net operating losses [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Deferred tax assets before valuation allowances | 36,400,000 | ' | ' | ' |
Operating loss carryforward, expiration period | '2014 | ' | ' | ' |
U.S. foreign tax credits [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | 10,200,000 | ' | ' | ' |
Non-U.S. net operating losses and other assets [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | 8,700,000 | ' | ' | ' |
U.S. net operating losses and other assets [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | 4,700,000 | ' | ' | ' |
Other U.S. assets [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | 1,100,000 | ' | ' | ' |
Foreign net operating loss adjustments [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | 700,000 | ' | ' | ' |
Non-U.S. net operating losses and other foreign assets [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase in valuation allowance | $800,000 | ' | ' | ' |
Income_Taxes_Temporary_Tax_Eff
Income Taxes - Temporary Tax Effects (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Property and equipment | ($56,203) | ($31,263) |
Bad debt and other reserves | 61,737 | 49,531 |
Capitalized costs and intangibles | -202,590 | -302,079 |
Derivative financial instruments | 11,508 | 19,142 |
Bonus | 164,538 | 165,545 |
Investments | 6,269 | 5,750 |
NOL and state tax credits | 45,195 | 41,902 |
Foreign tax credits | 55,064 | 84,926 |
Unconsolidated affiliates | 30,748 | 44,841 |
Pension obligation | 16,062 | 17,491 |
All other | -5,983 | -5,833 |
Net deferred tax assets before valuation allowance | 126,345 | 89,953 |
Valuation allowance | -98,589 | -76,169 |
Net deferred tax assets | $27,756 | $13,784 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning balance, unrecognized tax benefits | ($95,575) | ($91,710) |
Gross increases-tax positions in prior period | -3,784 | -3,092 |
Gross decreases-tax positions in prior period | 6,198 | 5,306 |
Gross increases-current-period tax positions | -4,465 | -5,432 |
Decreases relating to settlements | 643 | 35 |
Reductions as a result of lapse of statute of limitations | 1,040 | 189 |
Foreign exchange movement | 279 | -871 |
Ending balance, unrecognized tax benefits | ($95,664) | ($95,575) |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Line Items] | ' |
Preferred stock shares | 25,000,000 |
Common Stock [Member] | ' |
Equity [Line Items] | ' |
Shares repurchased during the period | 601,917 |
Shares repurchased price per share | $22 |
Earnings_Per_Share_Information2
Earnings Per Share Information - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $114,646 | $94,444 | $69,902 | $37,546 | $172,998 | $39,709 | $75,873 | $26,975 | $316,538 | $315,555 | $239,162 |
Weighted average shares outstanding for basic income per share | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | 328,110,004 | 322,315,576 | 318,454,191 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $0.35 | $0.29 | $0.21 | $0.11 | $0.53 | $0.12 | $0.24 | $0.08 | $0.96 | $0.98 | $0.75 |
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $114,646 | $94,444 | $69,902 | $37,546 | $172,998 | $39,709 | $75,873 | $26,975 | $316,538 | $315,555 | $239,162 |
Weighted average shares outstanding for basic income per share | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | 328,110,004 | 322,315,576 | 318,454,191 |
Dilutive effect of contingently issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,942,919 | 3,082,173 | 3,160,702 |
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 709,931 | 1,646,396 | 2,108,862 |
Weighted average shares outstanding for diluted income per share | 332,519,441 | 332,061,402 | 331,631,185 | 330,802,552 | 329,012,910 | 327,309,341 | 326,081,681 | 325,738,859 | 331,762,854 | 327,044,145 | 323,723,755 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $0.34 | $0.28 | $0.21 | $0.11 | $0.53 | $0.12 | $0.23 | $0.08 | $0.95 | $0.97 | $0.74 |
Earnings_Per_Share_Information3
Earnings Per Share Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Contingently issuable shares [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded in computation of diluted earning per share | 72,580 | 2,210,383 | 11,880 |
Stock options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded in computation of diluted earning per share | 51,426 | 103,423 | 55,587 |
Fiduciary_Funds_Additional_Inf
Fiduciary Funds - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Billions, unless otherwise specified | ||
Uncategorized [Abstract] | ' | ' |
Client deposit held | $2.10 | $1.90 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations from Dispositions of Real Estate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' |
Revenue | $9,362 | $5,663 | $6,737 |
Costs and expenses: | ' | ' | ' |
Operating, administrative and other | 5,416 | 2,750 | 5,264 |
Depreciation and amortization | 880 | 1,260 | 1,211 |
Total costs and expenses | 6,296 | 4,010 | 6,475 |
Gain on disposition of real estate | 28,602 | 1,566 | 56,888 |
Operating income | 31,668 | 3,219 | 57,150 |
Interest income | ' | 4 | ' |
Interest expense | 3,297 | 1,581 | 3,248 |
Income from discontinued operations, before provision for income taxes | 28,371 | 1,642 | 53,902 |
Provision for income taxes | 1,374 | 1,011 | 4,012 |
Income from discontinued operations, net of income taxes | 26,997 | 631 | 49,890 |
Less: Income (loss) from discontinued operations attributable to non-controlling interests | 24,688 | -1,071 | 44,245 |
Income from discontinued operations attributable to CBRE Group, Inc. | $2,309 | $1,702 | $5,645 |
Segments_Summarized_Financial_
Segments - Summarized Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $2,233,851 | $1,733,866 | $1,742,014 | $1,475,063 | $2,005,846 | $1,557,147 | $1,601,117 | $1,349,989 | $7,184,794 | $6,514,099 | $5,905,411 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 190,390 | 169,645 | 115,719 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 64,422 | 60,729 | 104,776 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 982,883 | 861,621 | 693,261 |
Global Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 537,102 | 482,589 | 290,065 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36,194 | 51,290 | 21,271 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,757 | -2,533 | -1,044 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 194,609 | 96,359 | -14,772 |
Development Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 53,242 | 78,849 | 76,343 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,739 | 9,841 | 11,611 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 43,043 | 49,167 | 89,875 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 43,021 | 51,684 | 76,113 |
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,504,520 | 4,103,602 | 3,673,681 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 116,564 | 82,841 | 62,238 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 17,434 | 12,890 | 15,162 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 603,191 | 578,649 | 462,167 |
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,217,109 | 1,031,818 | 1,076,568 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,496 | 14,198 | 10,945 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 71,267 | 54,299 | 87,527 |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 872,821 | 817,241 | 788,754 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,397 | 11,475 | 9,654 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 70,795 | 80,630 | 82,226 |
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,205 | 778 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $71,267 | $54,299 | $87,527 |
Segments_EBITDA_Calculation_by
Segments - EBITDA Calculation by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | $114,646 | $94,444 | $69,902 | $37,546 | $172,998 | $39,709 | $75,873 | $26,975 | $316,538 | $315,555 | $239,162 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 190,390 | 169,645 | 115,719 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 135,082 | 175,068 | 150,249 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 56,295 | ' | ' |
Royalty and management service expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 187,187 | 185,322 | 189,103 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6,289 | 7,643 | 9,443 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 982,883 | 861,621 | 693,261 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | 98,129 | 19,826 | ' |
Global Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -7,056 | -14,872 | -44,938 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36,194 | 51,290 | 21,271 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 38,053 | 44,818 | 20,892 |
Royalty and management service expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 4,771 | 4,172 | 921 |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,809 | 11,805 | -13,404 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 767 | 1,121 | 667 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 194,609 | 96,359 | -14,772 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | 98,129 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36,670 | 51,557 | 22,424 |
Development Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 18,233 | 18,228 | 32,023 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,739 | 9,841 | 11,611 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 7,004 | 11,288 | 12,784 |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13,006 | 11,884 | 19,826 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 365 | 550 | 189 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 43,021 | 51,684 | 76,113 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,143 | 10,834 | 11,669 |
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 539,373 | 267,313 | 182,107 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 116,564 | 82,841 | 62,238 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 89,241 | 124,633 | 118,916 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 56,295 | ' | ' |
Royalty and management service expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -295,154 | -32,214 | -29,729 |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 100,883 | 140,634 | 136,803 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 4,011 | 4,558 | 8,168 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 603,191 | 578,649 | 462,167 |
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -248,888 | 9,846 | 37,155 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,496 | 14,198 | 10,945 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,552 | 9,152 | 1,633 |
Royalty and management service expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 267,199 | 12,654 | 14,142 |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 30,400 | 7,170 | 27,253 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 492 | 18,547 | 3,601 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 71,267 | 54,299 | 87,527 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,826 | ' |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 14,876 | 35,040 | 32,815 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,397 | 11,475 | 9,654 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,990 | 4,641 | 3,535 |
Royalty and management service expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 23,184 | 15,388 | 14,666 |
Provision for (benefit of) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,463 | 14,840 | 22,637 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2,115 | 754 | 1,081 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $70,795 | $80,630 | $82,226 |
Segments_EBITDA_Calculation_by1
Segments - EBITDA Calculation by Segment (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization expense related to discontinued operations | $880,000 | $1,260,000 | $1,211,000 |
Interest expense related to discontinued operations | 3,297,000 | 1,581,000 | 3,248,000 |
Global Investment Management [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization expense related to discontinued operations | 500,000 | 300,000 | 1,200,000 |
Interest expense related to discontinued operations | 1,000,000 | 200,000 | 2,800,000 |
EBITDA related to discontinued operations | 1,400,000 | 500,000 | 4,000,000 |
Development Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization expense related to discontinued operations | 400,000 | 1,000,000 | 100,000 |
Interest expense related to discontinued operations | 2,300,000 | 1,400,000 | 400,000 |
EBITDA related to discontinued operations | 6,500,000 | 5,100,000 | 10,100,000 |
Provision for income taxes related to discontinued operations | $1,300,000 | $1,000,000 | $4,000,000 |
Segments_Schedule_of_Capital_E
Segments - Schedule of Capital Expenditures by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $156,358 | $150,232 | $147,980 |
Global Investment Management [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 9,364 | 29,811 | 4,017 |
Development Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 138 | 197 | 118 |
Americas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 112,570 | 96,785 | 112,340 |
EMEA [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 18,691 | 11,719 | 22,273 |
Asia Pacific [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $15,595 | $11,720 | $9,232 |
Segments_Schedule_of_Identifia
Segments - Schedule of Identifiable Assets by Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | $6,998,414 | $7,809,542 |
Global Investment Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | 1,164,139 | 1,530,121 |
Development Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | 205,953 | 374,532 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | 648,093 | 1,200,431 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | 2,895,593 | 3,256,719 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | 1,628,777 | 945,051 |
Asia Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable assets | $455,859 | $502,688 |
Segments_Schedule_of_Investmen
Segments - Schedule of Investments in Unconsolidated Subsidiaries by Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $198,696 | $206,798 |
Global Investment Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 99,714 | 131,750 |
Development Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 76,791 | 53,435 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 21,777 | 20,702 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $414 | $911 |
Segments_Summary_of_Geographic
Segments - Summary of Geographic Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $2,233,851 | $1,733,866 | $1,742,014 | $1,475,063 | $2,005,846 | $1,557,147 | $1,601,117 | $1,349,989 | $7,184,794 | $6,514,099 | $5,905,411 |
Long-lived assets | 458,596 | ' | ' | ' | 379,176 | ' | ' | ' | 458,596 | 379,176 | ' |
U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,359,277 | 3,932,204 | 3,492,118 |
Long-lived assets | 330,344 | ' | ' | ' | 265,123 | ' | ' | ' | 330,344 | 265,123 | ' |
U. K. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 632,095 | 545,589 | 484,272 |
Long-lived assets | 45,234 | ' | ' | ' | 38,568 | ' | ' | ' | 45,234 | 38,568 | ' |
All other countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,193,422 | 2,036,306 | 1,929,021 |
Long-lived assets | $83,018 | ' | ' | ' | $75,485 | ' | ' | ' | $83,018 | $75,485 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Related parties, amounts of transaction | $98.20 | $66.50 |
Related party transaction, rate | 5.10% | ' |
Related party transaction, maturity date | '2023 | ' |
Guarantor_and_Nonguarantor_Fin2
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $491,912 | $1,089,297 | $1,093,182 | $506,574 |
Restricted cash | 61,155 | 73,676 | ' | ' |
Receivables, net | 1,486,489 | 1,262,823 | ' | ' |
Warehouse receivables | 381,545 | 1,048,340 | ' | ' |
Trading securities | 58,442 | 101,331 | ' | ' |
Income taxes receivable | ' | 17,847 | ' | ' |
Prepaid expenses | 125,151 | 101,617 | ' | ' |
Deferred tax assets, net | 188,533 | 205,746 | ' | ' |
Real estate under development | 19,133 | ' | ' | ' |
Other current assets | 67,452 | 52,695 | ' | ' |
Total Current Assets | 2,879,812 | 4,084,550 | ' | ' |
Property and equipment, net | 458,596 | 379,176 | ' | ' |
Goodwill | 2,290,474 | 1,889,602 | 1,828,407 | ' |
Other intangible assets, net | 841,228 | 786,793 | ' | ' |
Investments in unconsolidated subsidiaries | 198,696 | 206,798 | ' | ' |
Investments in consolidated subsidiaries | ' | ' | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | 822 | 27,316 | ' | ' |
Real estate held for investment | 106,999 | 235,045 | ' | ' |
Available for sale securities | 56,800 | 57,121 | ' | ' |
Other assets, net | 164,987 | 143,141 | ' | ' |
Total Assets | 6,998,414 | 7,809,542 | ' | ' |
Accounts payable and accrued expenses | 817,519 | 582,294 | ' | ' |
Compensation and employee benefits payable | 486,993 | 440,191 | ' | ' |
Accrued bonus and profit sharing | 612,114 | 540,144 | ' | ' |
Income taxes payable | 11,111 | ' | ' | ' |
Warehouse lines of credit | 374,597 | 1,026,381 | ' | ' |
Revolving credit facility | 142,484 | 72,964 | ' | ' |
Other | 16 | 16 | ' | ' |
Total short-term borrowings | 517,097 | 1,099,361 | ' | ' |
Current maturities of long-term debt | 42,245 | 73,156 | ' | ' |
Notes payable on real estate | 62,017 | 35,212 | ' | ' |
Other current liabilities | 56,644 | 43,205 | ' | ' |
Total Current Liabilities | 2,605,740 | 2,972,293 | ' | ' |
6.625% senior notes | ' | 350,000 | ' | ' |
Senior secured term loans | 645,613 | 1,557,069 | ' | ' |
Other long-term debt | 2,822 | 6,857 | ' | ' |
Intercompany loan payable | ' | ' | ' | ' |
Total Long-Term Debt | 1,798,435 | 2,354,449 | ' | ' |
Notes payable on real estate | 68,455 | 189,258 | ' | ' |
Deferred tax liabilities, net | 160,777 | 191,962 | ' | ' |
Non-current tax liabilities | 65,520 | 81,875 | ' | ' |
Pension liability | 68,012 | 63,528 | ' | ' |
Other liabilities | 295,469 | 274,365 | ' | ' |
Total Liabilities | 5,062,408 | 6,127,730 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 1,895,785 | 1,539,211 | ' | ' |
Non-controlling interests | 40,221 | 142,601 | ' | ' |
Total Equity | 1,936,006 | 1,681,812 | 1,417,163 | 1,065,795 |
Total Liabilities and Equity | 6,998,414 | 7,809,542 | ' | ' |
Real estate and other assets held for sale | ' | 130,499 | ' | ' |
Available for sale securities | ' | 679 | ' | ' |
Securities sold, not yet purchased | ' | 54,103 | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | 104,627 | ' | ' |
11.625% senior subordinated notes, net | ' | 440,523 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | -62,755 | -55,603 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' |
Total Current Assets | -62,755 | -55,603 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | -5,740,533 | -5,771,730 | ' | ' |
Intercompany loan receivable | -2,514,112 | -2,221,065 | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' |
Total Assets | -8,317,400 | -8,048,398 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' |
Compensation and employee benefits payable | ' | ' | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | -62,755 | -55,603 | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' |
Total Current Liabilities | -62,755 | -55,603 | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | -2,514,112 | -2,221,065 | ' | ' |
Total Long-Term Debt | -2,514,112 | -2,221,065 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Total Liabilities | -2,576,867 | -2,276,668 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | -5,740,533 | -5,771,730 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | -5,740,533 | -5,771,730 | ' | ' |
Total Liabilities and Equity | -8,317,400 | -8,048,398 | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Securities sold, not yet purchased | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
11.625% senior subordinated notes, net | ' | ' | ' | ' |
5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | 800,000 | ' | ' | ' |
5.00% senior notes [Member] | Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | 350,000 | 350,000 | ' | ' |
6.625% senior notes [Member] | Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 5 | 5 | 5 | 4 |
Restricted cash | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | 15,892 | 17,637 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' |
Total Current Assets | 15,897 | 17,642 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | 2,388,905 | 1,912,207 | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' |
Total Assets | 2,404,802 | 1,929,849 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' |
Compensation and employee benefits payable | ' | ' | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' |
Total Current Liabilities | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | 509,017 | 390,638 | ' | ' |
Total Long-Term Debt | 509,017 | 390,638 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Total Liabilities | 509,017 | 390,638 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 1,895,785 | 1,539,211 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 1,895,785 | 1,539,211 | ' | ' |
Total Liabilities and Equity | 2,404,802 | 1,929,849 | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Securities sold, not yet purchased | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
11.625% senior subordinated notes, net | ' | ' | ' | ' |
Parent [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Parent [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 11,585 | 18,312 | 298,370 | 223,845 |
Restricted cash | 6,871 | 6,863 | ' | ' |
Receivables, net | ' | 5 | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | 18,246 | 6,580 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' |
Total Current Assets | 36,702 | 31,760 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | 2,408,755 | 2,529,531 | ' | ' |
Intercompany loan receivable | 1,814,112 | 1,521,065 | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | 41,724 | 41,035 | ' | ' |
Total Assets | 4,301,293 | 4,123,391 | ' | ' |
Accounts payable and accrued expenses | 18,693 | 8,956 | ' | ' |
Compensation and employee benefits payable | 626 | 626 | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Revolving credit facility | 28,772 | 10,557 | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | 28,772 | 10,557 | ' | ' |
Current maturities of long-term debt | 39,650 | 46,000 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' |
Total Current Liabilities | 87,741 | 66,139 | ' | ' |
6.625% senior notes | ' | 350,000 | ' | ' |
Senior secured term loans | 645,613 | 1,306,500 | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | ' | ' | ' | ' |
Total Long-Term Debt | 1,795,613 | 2,097,023 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | 29,034 | 48,022 | ' | ' |
Total Liabilities | 1,912,388 | 2,211,184 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,388,905 | 1,912,207 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 2,388,905 | 1,912,207 | ' | ' |
Total Liabilities and Equity | 4,301,293 | 4,123,391 | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Securities sold, not yet purchased | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
11.625% senior subordinated notes, net | ' | 440,523 | ' | ' |
CBRE [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | 800,000 | ' | ' | ' |
CBRE [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | 350,000 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 91,244 | 680,112 | 351,455 | 85,483 |
Restricted cash | 2,645 | 4,155 | ' | ' |
Receivables, net | 487,514 | 465,226 | ' | ' |
Warehouse receivables | 148,497 | 602,425 | ' | ' |
Trading securities | 100 | 113 | ' | ' |
Income taxes receivable | ' | ' | ' | ' |
Prepaid expenses | 57,592 | 47,071 | ' | ' |
Deferred tax assets, net | 106,721 | 149,959 | ' | ' |
Real estate under development | ' | ' | ' | ' |
Other current assets | 34,768 | 30,674 | ' | ' |
Total Current Assets | 929,081 | 1,980,414 | ' | ' |
Property and equipment, net | 329,215 | 263,661 | ' | ' |
Goodwill | 1,084,394 | 1,023,842 | ' | ' |
Other intangible assets, net | 492,357 | 463,487 | ' | ' |
Investments in unconsolidated subsidiaries | 136,225 | 119,402 | ' | ' |
Investments in consolidated subsidiaries | 942,873 | 1,329,992 | ' | ' |
Intercompany loan receivable | 700,000 | 700,000 | ' | ' |
Real estate under development | 822 | 799 | ' | ' |
Real estate held for investment | 1,503 | 4,006 | ' | ' |
Available for sale securities | 54,108 | 53,980 | ' | ' |
Other assets, net | 81,176 | 67,099 | ' | ' |
Total Assets | 4,751,754 | 6,006,682 | ' | ' |
Accounts payable and accrued expenses | 161,836 | 122,598 | ' | ' |
Compensation and employee benefits payable | 282,756 | 252,365 | ' | ' |
Accrued bonus and profit sharing | 308,795 | 298,591 | ' | ' |
Income taxes payable | 73,866 | 55,603 | ' | ' |
Warehouse lines of credit | 146,703 | 588,813 | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Other | 16 | 16 | ' | ' |
Total short-term borrowings | 146,719 | 588,829 | ' | ' |
Current maturities of long-term debt | 2,568 | 2,439 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Other current liabilities | 51,366 | 40,989 | ' | ' |
Total Current Liabilities | 1,027,906 | 1,361,414 | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | 2,747 | 6,752 | ' | ' |
Intercompany loan payable | 1,006,996 | 1,779,055 | ' | ' |
Total Long-Term Debt | 1,009,743 | 1,785,807 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | 69,137 | 119,896 | ' | ' |
Non-current tax liabilities | 62,059 | 77,451 | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | 174,154 | 132,583 | ' | ' |
Total Liabilities | 2,342,999 | 3,477,151 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,408,755 | 2,529,531 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 2,408,755 | 2,529,531 | ' | ' |
Total Liabilities and Equity | 4,751,754 | 6,006,682 | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Available for sale securities | ' | 679 | ' | ' |
Securities sold, not yet purchased | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
11.625% senior subordinated notes, net | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 389,078 | 390,868 | 443,352 | 197,242 |
Restricted cash | 51,639 | 62,658 | ' | ' |
Receivables, net | 998,975 | 797,592 | ' | ' |
Warehouse receivables | 233,048 | 445,915 | ' | ' |
Trading securities | 58,342 | 101,218 | ' | ' |
Income taxes receivable | 28,617 | 49,233 | ' | ' |
Prepaid expenses | 67,559 | 54,546 | ' | ' |
Deferred tax assets, net | 81,812 | 55,787 | ' | ' |
Real estate under development | 19,133 | ' | ' | ' |
Other current assets | 32,684 | 22,021 | ' | ' |
Total Current Assets | 1,960,887 | 2,110,337 | ' | ' |
Property and equipment, net | 129,381 | 115,515 | ' | ' |
Goodwill | 1,206,080 | 865,760 | ' | ' |
Other intangible assets, net | 348,871 | 323,306 | ' | ' |
Investments in unconsolidated subsidiaries | 62,471 | 87,396 | ' | ' |
Investments in consolidated subsidiaries | ' | ' | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | ' | 26,517 | ' | ' |
Real estate held for investment | 105,496 | 231,039 | ' | ' |
Available for sale securities | 2,692 | 3,141 | ' | ' |
Other assets, net | 42,087 | 35,007 | ' | ' |
Total Assets | 3,857,965 | 3,798,018 | ' | ' |
Accounts payable and accrued expenses | 636,990 | 450,740 | ' | ' |
Compensation and employee benefits payable | 203,611 | 187,200 | ' | ' |
Accrued bonus and profit sharing | 303,319 | 241,553 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Warehouse lines of credit | 227,894 | 437,568 | ' | ' |
Revolving credit facility | 113,712 | 62,407 | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | 341,606 | 499,975 | ' | ' |
Current maturities of long-term debt | 27 | 24,717 | ' | ' |
Notes payable on real estate | 62,017 | 35,212 | ' | ' |
Other current liabilities | 5,278 | 2,216 | ' | ' |
Total Current Liabilities | 1,552,848 | 1,600,343 | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Senior secured term loans | ' | 250,569 | ' | ' |
Other long-term debt | 75 | 105 | ' | ' |
Intercompany loan payable | 998,099 | 51,372 | ' | ' |
Total Long-Term Debt | 998,174 | 302,046 | ' | ' |
Notes payable on real estate | 68,455 | 189,258 | ' | ' |
Deferred tax liabilities, net | 91,640 | 72,066 | ' | ' |
Non-current tax liabilities | 3,461 | 4,424 | ' | ' |
Pension liability | 68,012 | 63,528 | ' | ' |
Other liabilities | 92,281 | 93,760 | ' | ' |
Total Liabilities | 2,874,871 | 2,325,425 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 942,873 | 1,329,992 | ' | ' |
Non-controlling interests | 40,221 | 142,601 | ' | ' |
Total Equity | 983,094 | 1,472,593 | ' | ' |
Total Liabilities and Equity | 3,857,965 | 3,798,018 | ' | ' |
Real estate and other assets held for sale | ' | 130,499 | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Securities sold, not yet purchased | ' | 54,103 | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | 104,627 | ' | ' |
11.625% senior subordinated notes, net | ' | ' | ' | ' |
Nonguarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Nonguarantor Subsidiaries [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
6.625% senior notes | ' | ' | ' | ' |
Guarantor_and_Nonguarantor_Fin3
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
5.00% senior notes [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Interest rate of long-term debt | 5.00% | ' |
6.625% senior notes [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Interest rate of long-term debt | 6.63% | 6.63% |
11.625% senior subordinated notes [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Interest rate of long-term debt | 11.63% | 11.63% |
Guarantor_and_Nonguarantor_Fin4
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $2,233,851 | $1,733,866 | $1,742,014 | $1,475,063 | $2,005,846 | $1,557,147 | $1,601,117 | $1,349,989 | $7,184,794 | $6,514,099 | $5,905,411 |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 4,189,389 | 3,742,514 | 3,457,130 |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | 2,104,310 | 2,002,914 | 1,882,666 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 190,390 | 169,645 | 115,719 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | 98,129 | 19,826 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,582,218 | 5,934,899 | 5,455,515 |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 13,552 | 5,881 | 12,966 |
Operating (loss) income | 169,211 | 158,119 | 187,624 | 101,174 | 232,723 | 103,595 | 172,700 | 76,063 | 616,128 | 585,081 | 462,862 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 64,422 | 60,729 | 104,776 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 13,523 | 11,093 | 2,706 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6,289 | 7,643 | 9,443 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 135,082 | 175,068 | 150,249 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 56,295 | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 508,985 | 489,478 | 429,538 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 187,187 | 185,322 | 189,103 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 321,798 | 304,156 | 240,435 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 26,997 | 631 | 49,890 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 348,795 | 304,787 | 290,325 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 32,257 | -10,768 | 51,163 |
Net income (loss) attributable to CBRE Group, Inc. | 114,646 | 94,444 | 69,902 | 37,546 | 172,998 | 39,709 | 75,873 | 26,975 | 316,538 | 315,555 | 239,162 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | 42,601 | 47,344 | 41,708 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 42,601 | 47,344 | 41,708 |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -42,601 | -47,344 | -41,708 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 343,247 | 345,262 | 265,344 |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 300,646 | 297,918 | 223,636 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -15,892 | -17,637 | -15,526 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 316,538 | 315,555 | 239,162 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 316,538 | 315,555 | 239,162 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 316,538 | 315,555 | 239,162 |
CBRE [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | 9,660 | 7,367 | 5,331 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,660 | 7,367 | 5,331 |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -9,660 | -7,367 | -5,331 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 137,718 | 133,205 | 105,502 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 120,669 | 143,500 | 118,650 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 56,295 | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 373,914 | 356,344 | 276,944 |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 325,001 | 338,682 | 258,465 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -18,246 | -6,580 | -6,879 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 343,247 | 345,262 | 265,344 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 343,247 | 345,262 | 265,344 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 343,247 | 345,262 | 265,344 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,230,354 | 3,788,613 | 3,360,792 |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,609,700 | 2,318,552 | 2,053,774 |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,007,539 | 931,444 | 976,371 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 105,700 | 81,964 | 58,687 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,722,939 | 3,331,960 | 3,088,832 |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 7,508 | ' | 3,380 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 514,923 | 456,653 | 275,340 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 61,188 | 62,818 | 101,625 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 5,764 | 1,500 | 986 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2,166 | 3,370 | 2,990 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 125,058 | 130,944 | 105,857 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | -304,652 | -38,380 | -35,890 |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -240,965 | 67,070 | 93,019 |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 522,670 | 498,847 | 403,993 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 148,756 | 142,503 | 127,049 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 373,914 | 356,344 | 276,944 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 373,914 | 356,344 | 276,944 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 373,914 | 356,344 | 276,944 |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,954,440 | 2,725,486 | 2,544,619 |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 1,579,689 | 1,423,962 | 1,403,356 |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,044,510 | 1,016,759 | 859,256 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 84,690 | 87,681 | 57,032 |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | 98,129 | 19,826 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,807,018 | 2,548,228 | 2,319,644 |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 6,044 | 5,881 | 9,586 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 153,466 | 183,139 | 234,561 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 3,234 | -2,089 | 3,151 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 7,766 | 9,593 | 1,720 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 4,109 | 4,235 | 6,319 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,059 | 33,791 | 31,110 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 304,652 | 38,380 | 35,890 |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -163,136 | 122,707 | 178,751 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 72,569 | 67,036 | 84,459 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -235,705 | 55,671 | 94,292 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 26,997 | 631 | 49,890 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -208,708 | 56,302 | 144,182 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 32,257 | -10,768 | 51,163 |
Net income (loss) attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -240,965 | 67,070 | 93,019 |
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-amortizable intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity income (loss) from unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -137,704 | -133,167 | -105,368 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -137,704 | -133,167 | -105,368 |
Write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty and management service (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -476,196 | -768,676 | -635,307 |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -476,196 | -768,676 | -635,307 |
(Benefit of) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -476,196 | -768,676 | -635,307 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -476,196 | -768,676 | -635,307 |
Less: Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ($476,196) | ($768,676) | ($635,307) |
Guarantor_and_Nonguarantor_Fin5
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | $348,795 | $304,787 | $290,325 |
Foreign currency translation gain (loss) | 7,390 | -997 | -24,165 |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | 11,512 | -4,924 | -23,623 |
Unrealized holding gains (losses) on available for sale securities, net | 1,151 | 475 | 77 |
Pension liability adjustments, net | -5,638 | -947 | -19,088 |
Other, net | 3,720 | -598 | 2,022 |
Total other comprehensive income (loss) | 18,135 | -6,991 | -64,777 |
Comprehensive income (loss) | 366,930 | 297,796 | 225,548 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 31,471 | -11,154 | 50,223 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 335,459 | 308,950 | 175,325 |
Parent [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | 316,538 | 315,555 | 239,162 |
Foreign currency translation gain (loss) | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | ' | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' | ' |
Pension liability adjustments, net | ' | ' | ' |
Other, net | ' | ' | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive income (loss) | 316,538 | 315,555 | 239,162 |
Less: Comprehensive income (loss) attributable to non-controlling interests | ' | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 316,538 | 315,555 | 239,162 |
CBRE [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | 343,247 | 345,262 | 265,344 |
Foreign currency translation gain (loss) | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | 11,468 | -4,868 | -23,602 |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' | ' |
Pension liability adjustments, net | ' | ' | ' |
Other, net | ' | ' | ' |
Total other comprehensive income (loss) | 11,468 | -4,868 | -23,602 |
Comprehensive income (loss) | 354,715 | 340,394 | 241,742 |
Less: Comprehensive income (loss) attributable to non-controlling interests | ' | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 354,715 | 340,394 | 241,742 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | 373,914 | 356,344 | 276,944 |
Foreign currency translation gain (loss) | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | ' | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | 1,071 | 522 | 77 |
Pension liability adjustments, net | ' | ' | ' |
Other, net | 279 | -871 | 2,022 |
Total other comprehensive income (loss) | 1,350 | -349 | 2,099 |
Comprehensive income (loss) | 375,264 | 355,995 | 279,043 |
Less: Comprehensive income (loss) attributable to non-controlling interests | ' | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 375,264 | 355,995 | 279,043 |
Nonguarantor Subsidiaries [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | -208,708 | 56,302 | 144,182 |
Foreign currency translation gain (loss) | 7,390 | -997 | -24,165 |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | 44 | -56 | -21 |
Unrealized holding gains (losses) on available for sale securities, net | 80 | -47 | ' |
Pension liability adjustments, net | -5,638 | -947 | -19,088 |
Other, net | 3,441 | 273 | ' |
Total other comprehensive income (loss) | 5,317 | -1,774 | -43,274 |
Comprehensive income (loss) | -203,391 | 54,528 | 100,908 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 31,471 | -11,154 | 50,223 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | -234,862 | 65,682 | 50,685 |
Elimination [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Net income (loss) | -476,196 | -768,676 | -635,307 |
Foreign currency translation gain (loss) | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | ' | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' | ' |
Pension liability adjustments, net | ' | ' | ' |
Other, net | ' | ' | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive income (loss) | -476,196 | -768,676 | -635,307 |
Less: Comprehensive income (loss) attributable to non-controlling interests | ' | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | ($476,196) | ($768,676) | ($635,307) |
Guarantor_and_Nonguarantor_Fin6
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantor Obligations [Line Items] | ' | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $745,108 | $291,081 | $361,219 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -156,358 | -150,232 | -147,980 |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | -7,680 | -580,895 |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | -504,147 | -44,898 | -49,790 |
Contributions to unconsolidated subsidiaries | -49,594 | -65,440 | -51,463 |
Distributions from unconsolidated subsidiaries | 82,230 | 62,977 | 109,547 |
Net proceeds from disposition of real estate held for investment | 113,241 | 60,805 | 231,678 |
Additions to real estate held for investment | -2,559 | -6,181 | -15,473 |
Proceeds from the sale of servicing rights and other assets | 32,016 | 40,206 | 27,035 |
(Increase) decrease in restricted cash | 8,469 | -16,205 | -1,696 |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | ' | -73,187 | ' |
Purchase of available for sale securities | -65,111 | -36,355 | -45,281 |
Proceeds from the sale of available for sale securities | 69,688 | 31,751 | 41,479 |
Other investing activities, net | 7,131 | 6,768 | 2,584 |
Net cash used in investing activities | -464,994 | -197,671 | -480,255 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | 715,000 | ' | 1,100,739 |
Repayment of senior secured term loans | -1,639,017 | -68,146 | -47,503 |
Proceeds from revolving credit facility | 610,562 | 41,270 | 1,032,624 |
Repayment of revolving credit facility | -542,150 | -15,230 | -1,005,132 |
Proceeds from issuance of 5.00% senior notes | 800,000 | ' | ' |
Repayment of 11.625% senior subordinated notes | -450,000 | ' | ' |
Proceeds from notes payable on real estate held for investment | 2,762 | 4,652 | 10,300 |
Repayment of notes payable on real estate held for investment | -74,544 | -54,036 | -186,636 |
Proceeds from notes payable on real estate held for sale and under development | 9,526 | 22,276 | 8,454 |
Repayment of notes payable on real estate held for sale and under development | -136,528 | -21,345 | -79,271 |
Stock and stock units repurchased for payment of taxes on stock awards | -16,628 | ' | ' |
Proceeds from exercise of stock options | 5,780 | 20,324 | 7,136 |
Incremental tax benefit from stock options exercised | 9,891 | 2,930 | 14,936 |
Non-controlling interests contributions | 1,092 | 16,075 | 10,231 |
Non-controlling interests distributions | -128,168 | -48,162 | -129,686 |
Payment of financing costs | -29,322 | -359 | -24,738 |
(Increase) decrease in intercompany receivables, net | ' | ' | ' |
Other financing activities, net | -4,537 | -938 | -129 |
Net cash (used in) provided by financing activities | -866,281 | -100,689 | 711,325 |
Effect of currency exchange rate changes on cash and cash equivalents | -11,218 | 3,394 | -5,681 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -597,385 | -3,885 | 586,608 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 1,089,297 | 1,093,182 | 506,574 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 491,912 | 1,089,297 | 1,093,182 |
Cash paid during the period for: | ' | ' | ' |
Interest | 117,150 | 161,945 | 138,035 |
Income tax payments, net | 203,402 | 217,956 | 189,917 |
Parent [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 24,043 | 24,525 | 19,200 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | ' | ' |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | ' | ' |
Contributions to unconsolidated subsidiaries | ' | ' | ' |
Distributions from unconsolidated subsidiaries | ' | ' | ' |
Net proceeds from disposition of real estate held for investment | ' | ' | ' |
Additions to real estate held for investment | ' | ' | ' |
Proceeds from the sale of servicing rights and other assets | ' | ' | ' |
(Increase) decrease in restricted cash | ' | ' | ' |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | ' | ' | ' |
Purchase of available for sale securities | ' | ' | ' |
Proceeds from the sale of available for sale securities | ' | ' | ' |
Other investing activities, net | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | ' | ' | ' |
Repayment of senior secured term loans | ' | ' | ' |
Proceeds from revolving credit facility | ' | ' | ' |
Repayment of revolving credit facility | ' | ' | ' |
Proceeds from issuance of 5.00% senior notes | ' | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | ' | ' |
Proceeds from notes payable on real estate held for investment | ' | ' | ' |
Repayment of notes payable on real estate held for investment | ' | ' | ' |
Proceeds from notes payable on real estate held for sale and under development | ' | ' | ' |
Repayment of notes payable on real estate held for sale and under development | ' | ' | ' |
Stock and stock units repurchased for payment of taxes on stock awards | -16,628 | ' | ' |
Proceeds from exercise of stock options | 5,780 | 20,324 | 7,136 |
Incremental tax benefit from stock options exercised | 9,891 | 2,930 | 14,936 |
Non-controlling interests contributions | ' | ' | ' |
Non-controlling interests distributions | ' | ' | ' |
Payment of financing costs | ' | ' | ' |
(Increase) decrease in intercompany receivables, net | -23,086 | -47,732 | -41,271 |
Other financing activities, net | ' | -47 | ' |
Net cash (used in) provided by financing activities | -24,043 | -24,525 | -19,199 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' | ' |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ' | ' | 1 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 | 4 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 5 | 5 | 5 |
Cash paid during the period for: | ' | ' | ' |
Interest | ' | ' | ' |
Income tax payments, net | ' | ' | ' |
CBRE [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 5,366 | -3,620 | 20,628 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | ' | ' |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | ' | ' |
Contributions to unconsolidated subsidiaries | ' | ' | ' |
Distributions from unconsolidated subsidiaries | ' | ' | ' |
Net proceeds from disposition of real estate held for investment | ' | ' | ' |
Additions to real estate held for investment | ' | ' | ' |
Proceeds from the sale of servicing rights and other assets | ' | ' | ' |
(Increase) decrease in restricted cash | -8 | -2,018 | -15 |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | ' | ' | ' |
Purchase of available for sale securities | ' | ' | ' |
Proceeds from the sale of available for sale securities | ' | ' | ' |
Other investing activities, net | ' | ' | ' |
Net cash used in investing activities | -8 | -2,018 | -15 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | 715,000 | ' | 800,000 |
Repayment of senior secured term loans | -1,382,237 | -46,000 | -42,000 |
Proceeds from revolving credit facility | 439,000 | ' | 967,000 |
Repayment of revolving credit facility | -421,000 | ' | -967,000 |
Proceeds from issuance of 5.00% senior notes | 800,000 | ' | ' |
Repayment of 11.625% senior subordinated notes | -450,000 | ' | ' |
Proceeds from notes payable on real estate held for investment | ' | ' | ' |
Repayment of notes payable on real estate held for investment | ' | ' | ' |
Proceeds from notes payable on real estate held for sale and under development | ' | ' | ' |
Repayment of notes payable on real estate held for sale and under development | ' | ' | ' |
Stock and stock units repurchased for payment of taxes on stock awards | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' |
Incremental tax benefit from stock options exercised | ' | ' | ' |
Non-controlling interests contributions | ' | ' | ' |
Non-controlling interests distributions | ' | ' | ' |
Payment of financing costs | -28,995 | -25 | -23,652 |
(Increase) decrease in intercompany receivables, net | 316,147 | -228,395 | -680,436 |
Other financing activities, net | ' | ' | ' |
Net cash (used in) provided by financing activities | -12,085 | -274,420 | 53,912 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' | ' |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -6,727 | -280,058 | 74,525 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 18,312 | 298,370 | 223,845 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 11,585 | 18,312 | 298,370 |
Cash paid during the period for: | ' | ' | ' |
Interest | 106,433 | 135,257 | 109,520 |
Income tax payments, net | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 663,640 | 209,643 | 99,442 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -112,528 | -95,578 | -111,247 |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | -8,949 | -215,910 |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | -67,095 | -15,980 | -2,290 |
Contributions to unconsolidated subsidiaries | -49,721 | -29,941 | -29,912 |
Distributions from unconsolidated subsidiaries | 63,049 | 58,389 | 92,611 |
Net proceeds from disposition of real estate held for investment | ' | ' | ' |
Additions to real estate held for investment | ' | ' | ' |
Proceeds from the sale of servicing rights and other assets | 15,537 | 27,087 | 20,014 |
(Increase) decrease in restricted cash | 1,510 | -2,809 | 1,188 |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | ' | ' | ' |
Purchase of available for sale securities | -65,111 | -36,355 | -45,281 |
Proceeds from the sale of available for sale securities | 66,222 | 31,751 | 41,479 |
Other investing activities, net | 4,441 | 7,526 | 2,584 |
Net cash used in investing activities | -143,696 | -59,241 | -246,764 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | ' | ' | ' |
Repayment of senior secured term loans | ' | ' | ' |
Proceeds from revolving credit facility | ' | ' | ' |
Repayment of revolving credit facility | ' | ' | ' |
Proceeds from issuance of 5.00% senior notes | ' | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | ' | ' |
Proceeds from notes payable on real estate held for investment | ' | ' | ' |
Repayment of notes payable on real estate held for investment | ' | ' | ' |
Proceeds from notes payable on real estate held for sale and under development | ' | ' | ' |
Repayment of notes payable on real estate held for sale and under development | ' | ' | ' |
Stock and stock units repurchased for payment of taxes on stock awards | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' |
Incremental tax benefit from stock options exercised | ' | ' | ' |
Non-controlling interests contributions | ' | ' | ' |
Non-controlling interests distributions | ' | ' | ' |
Payment of financing costs | ' | ' | ' |
(Increase) decrease in intercompany receivables, net | -1,104,501 | 178,908 | 413,294 |
Other financing activities, net | -4,311 | -953 | ' |
Net cash (used in) provided by financing activities | -1,108,812 | 177,955 | 413,294 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' | ' |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -588,868 | 328,657 | 265,972 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 680,112 | 351,455 | 85,483 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 91,244 | 680,112 | 351,455 |
Cash paid during the period for: | ' | ' | ' |
Interest | 450 | 23 | 24 |
Income tax payments, net | 113,090 | 127,482 | 102,754 |
Nonguarantor Subsidiaries [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 52,059 | 60,233 | 221,949 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -43,830 | -54,654 | -36,733 |
Acquisition of Clarion Real Estate Securities and substantially all of the ING Group N.V. operations in Europe and Asia (collectively the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | ' | 1,269 | -364,985 |
Acquisition of businesses (other than the REIM Acquisitions), including net assets acquired, intangibles and goodwill, net of cash acquired | -437,052 | -28,918 | -47,500 |
Contributions to unconsolidated subsidiaries | 127 | -35,499 | -21,551 |
Distributions from unconsolidated subsidiaries | 19,181 | 4,588 | 16,936 |
Net proceeds from disposition of real estate held for investment | 113,241 | 60,805 | 231,678 |
Additions to real estate held for investment | -2,559 | -6,181 | -15,473 |
Proceeds from the sale of servicing rights and other assets | 16,479 | 13,119 | 7,021 |
(Increase) decrease in restricted cash | 6,967 | -16,996 | -2,869 |
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P. | ' | -73,187 | ' |
Purchase of available for sale securities | ' | ' | ' |
Proceeds from the sale of available for sale securities | 3,466 | ' | ' |
Other investing activities, net | 2,690 | -758 | ' |
Net cash used in investing activities | -321,290 | -136,412 | -233,476 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior secured term loans | ' | ' | 300,739 |
Repayment of senior secured term loans | -256,780 | -22,146 | -5,503 |
Proceeds from revolving credit facility | 171,562 | 41,270 | 65,624 |
Repayment of revolving credit facility | -121,150 | -15,230 | -38,132 |
Proceeds from issuance of 5.00% senior notes | ' | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | ' | ' |
Proceeds from notes payable on real estate held for investment | 2,762 | 4,652 | 10,300 |
Repayment of notes payable on real estate held for investment | -74,544 | -54,036 | -186,636 |
Proceeds from notes payable on real estate held for sale and under development | 9,526 | 22,276 | 8,454 |
Repayment of notes payable on real estate held for sale and under development | -136,528 | -21,345 | -79,271 |
Stock and stock units repurchased for payment of taxes on stock awards | ' | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' |
Incremental tax benefit from stock options exercised | ' | ' | ' |
Non-controlling interests contributions | 1,092 | 16,075 | 10,231 |
Non-controlling interests distributions | -128,168 | -48,162 | -129,686 |
Payment of financing costs | -327 | -334 | -1,086 |
(Increase) decrease in intercompany receivables, net | 811,440 | 97,219 | 308,413 |
Other financing activities, net | -226 | 62 | -129 |
Net cash (used in) provided by financing activities | 278,659 | 20,301 | 263,318 |
Effect of currency exchange rate changes on cash and cash equivalents | -11,218 | 3,394 | -5,681 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -1,790 | -52,484 | 246,110 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 390,868 | 443,352 | 197,242 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 389,078 | 390,868 | 443,352 |
Cash paid during the period for: | ' | ' | ' |
Interest | 10,267 | 26,665 | 28,491 |
Income tax payments, net | $90,312 | $90,474 | $87,163 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $2,233,851 | $1,733,866 | $1,742,014 | $1,475,063 | $2,005,846 | $1,557,147 | $1,601,117 | $1,349,989 | $7,184,794 | $6,514,099 | $5,905,411 |
Operating income | 169,211 | 158,119 | 187,624 | 101,174 | 232,723 | 103,595 | 172,700 | 76,063 | 616,128 | 585,081 | 462,862 |
Net income attributable to CBRE Group, Inc. | $114,646 | $94,444 | $69,902 | $37,546 | $172,998 | $39,709 | $75,873 | $26,975 | $316,538 | $315,555 | $239,162 |
Basic EPS | $0.35 | $0.29 | $0.21 | $0.11 | $0.53 | $0.12 | $0.24 | $0.08 | $0.96 | $0.98 | $0.75 |
Weighted average shares outstanding for basic EPS | 329,912,177 | 328,307,961 | 327,423,589 | 326,759,455 | 325,372,928 | 322,331,850 | 320,852,344 | 320,671,395 | 328,110,004 | 322,315,576 | 318,454,191 |
Diluted EPS | $0.34 | $0.28 | $0.21 | $0.11 | $0.53 | $0.12 | $0.23 | $0.08 | $0.95 | $0.97 | $0.74 |
Weighted average shares outstanding for diluted EPS | 332,519,441 | 332,061,402 | 331,631,185 | 330,802,552 | 329,012,910 | 327,309,341 | 326,081,681 | 325,738,859 | 331,762,854 | 327,044,145 | 323,723,755 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Beginning balance | $35,492 | $33,915 | $33,272 |
Charges to expense | 9,579 | 6,509 | 9,754 |
Write-offs, payments and other | -4,809 | -4,932 | -9,111 |
Ending balance | $40,262 | $35,492 | $33,915 |
Real_Estate_Investments_and_Ac1
Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Related Encumbrances | $130,472 | ' | ' |
Initial Cost of Land | 28,486 | ' | ' |
Initial Cost of Buildings and Improvements | 64,119 | ' | ' |
Initial Cost of Other | 15,230 | ' | ' |
Costs Subsequent to Acquisition | 42,676 | ' | ' |
Land | 28,155 | ' | ' |
Buildings and Improvements | 117,006 | ' | ' |
Other | 5,350 | ' | ' |
Total | 150,511 | 412,061 | 500,824 |
Accumulated Depreciation | -23,557 | -32,878 | -40,724 |
Tranquility Lake, Pearland, TX [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Tranquility Lake, Pearland, TX (E) | ' | ' |
Related Encumbrances | 17,927 | ' | ' |
Initial Cost of Land | 3,510 | ' | ' |
Initial Cost of Buildings and Improvements | 17,490 | ' | ' |
Land | 3,510 | ' | ' |
Buildings and Improvements | 17,490 | ' | ' |
Total | 21,000 | ' | ' |
Accumulated Depreciation | -2,956 | ' | ' |
Depreciable Lives in Years | '30 years | ' | ' |
Date of Construction | '2003 | ' | ' |
Date Acquired | '2010 | ' | ' |
San Miguel, San Antonio, TX [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'San Miguel, San Antonio, TX (E) | ' | ' |
Related Encumbrances | 23,758 | ' | ' |
Initial Cost of Land | 2,145 | ' | ' |
Initial Cost of Buildings and Improvements | 23,205 | ' | ' |
Costs Subsequent to Acquisition | 400 | ' | ' |
Land | 2,145 | ' | ' |
Buildings and Improvements | 23,605 | ' | ' |
Total | 25,750 | ' | ' |
Accumulated Depreciation | -3,916 | ' | ' |
Depreciable Lives in Years | '30 years | ' | ' |
Date of Construction | '2004 | ' | ' |
Date Acquired | '2010 | ' | ' |
814 Commerce, Oak Brook, IL [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | '814 Commerce, Oak Brook, IL | ' | ' |
Related Encumbrances | 21,653 | ' | ' |
Initial Cost of Land | 4,784 | ' | ' |
Initial Cost of Buildings and Improvements | 8,217 | ' | ' |
Costs Subsequent to Acquisition | 2,517 | ' | ' |
Land | 3,299 | ' | ' |
Buildings and Improvements | 12,219 | ' | ' |
Total | 15,518 | ' | ' |
Accumulated Depreciation | -2,409 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '1972 | ' | ' |
Date Acquired | '2007 | ' | ' |
Cascade Station Office II, Portland, OR [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Cascade Station Office II, Portland, OR | ' | ' |
Related Encumbrances | 6,145 | ' | ' |
Initial Cost of Land | 1,233 | ' | ' |
Initial Cost of Buildings and Improvements | 282 | ' | ' |
Costs Subsequent to Acquisition | 7,357 | ' | ' |
Land | 1,886 | ' | ' |
Buildings and Improvements | 6,986 | ' | ' |
Total | 8,872 | ' | ' |
Accumulated Depreciation | -2,063 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '2008 | ' | ' |
Date Acquired | '2007 | ' | ' |
Meriden - 530 Preston Avenue, Meriden, CT [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Meriden-530 Preston Avenue, Meriden, CT | ' | ' |
Related Encumbrances | 5,282 | ' | ' |
Initial Cost of Land | 1,194 | ' | ' |
Initial Cost of Buildings and Improvements | 4,271 | ' | ' |
Initial Cost of Other | 698 | ' | ' |
Costs Subsequent to Acquisition | 840 | ' | ' |
Land | 1,148 | ' | ' |
Buildings and Improvements | 5,830 | ' | ' |
Other | 25 | ' | ' |
Total | 7,003 | ' | ' |
Accumulated Depreciation | -1,589 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '1986 | ' | ' |
Date Acquired | '2008 | ' | ' |
Meriden - 538 Preston Avenue, Meriden, CT [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Meriden-538 Preston Avenue, Meriden, CT | ' | ' |
Related Encumbrances | 6,843 | ' | ' |
Initial Cost of Land | 1,079 | ' | ' |
Initial Cost of Buildings and Improvements | 4,837 | ' | ' |
Initial Cost of Other | 1,292 | ' | ' |
Costs Subsequent to Acquisition | 1,217 | ' | ' |
Land | 1,264 | ' | ' |
Buildings and Improvements | 7,142 | ' | ' |
Other | 19 | ' | ' |
Total | 8,425 | ' | ' |
Accumulated Depreciation | -1,966 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '1989 | ' | ' |
Date Acquired | '2008 | ' | ' |
WestLake Crossing, Humble, TX [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Westlake Crossing, Humble, TX | ' | ' |
Related Encumbrances | 9,850 | ' | ' |
Initial Cost of Land | 2,834 | ' | ' |
Costs Subsequent to Acquisition | 7,439 | ' | ' |
Land | 3,415 | ' | ' |
Buildings and Improvements | 6,858 | ' | ' |
Total | 10,273 | ' | ' |
Accumulated Depreciation | -596 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '2009 | ' | ' |
Date Acquired | '2006 | ' | ' |
Union at Carrollton Square, Carrollton, TX [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Union at Carrollton Square, Carrollton, TX | ' | ' |
Related Encumbrances | 19,470 | ' | ' |
Costs Subsequent to Acquisition | 19,133 | ' | ' |
Land | 667 | ' | ' |
Buildings and Improvements | 18,466 | ' | ' |
Total | 19,133 | ' | ' |
Date of Construction | '2012 | ' | ' |
Date Acquired | '2011 | ' | ' |
105 Commerce, Hazel Township, PA [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | '105 Commerce, Hazel Township, PA | ' | ' |
Initial Cost of Land | 610 | ' | ' |
Costs Subsequent to Acquisition | 212 | ' | ' |
Land | 822 | ' | ' |
Total | 822 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2011 | ' | ' |
MROTC, Oklahoma City, OK [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'MROTC, Oklahoma City, OK | ' | ' |
Related Encumbrances | 8,932 | ' | ' |
Initial Cost of Land | 3,223 | ' | ' |
Initial Cost of Buildings and Improvements | 3,347 | ' | ' |
Costs Subsequent to Acquisition | 2,885 | ' | ' |
Land | 4,274 | ' | ' |
Buildings and Improvements | 4,927 | ' | ' |
Other | 254 | ' | ' |
Total | 9,455 | ' | ' |
Accumulated Depreciation | -3,193 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '2006 | ' | ' |
Date Acquired | '2006 | ' | ' |
MROTC Steel Hangers, Oklahoma City, OK [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'MROTC Steel Hangers, Oklahoma City, OK | ' | ' |
Related Encumbrances | 10,612 | ' | ' |
Initial Cost of Buildings and Improvements | 2,470 | ' | ' |
Initial Cost of Other | 740 | ' | ' |
Costs Subsequent to Acquisition | 10,273 | ' | ' |
Buildings and Improvements | 13,483 | ' | ' |
Total | 13,483 | ' | ' |
Accumulated Depreciation | -4,869 | ' | ' |
Depreciable Lives in Years | '39 years | ' | ' |
Date of Construction | '2006 | ' | ' |
Date Acquired | '2006 | ' | ' |
150 Beachview, Jekyll Island, GA [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | '150 Beachview, Jekyll Island, GA | ' | ' |
Initial Cost of Other | 2,900 | ' | ' |
Costs Subsequent to Acquisition | -566 | ' | ' |
Land | 80 | ' | ' |
Other | 2,254 | ' | ' |
Total | 2,334 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2009 | ' | ' |
Arrowood, Charlotte, NC [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Arrowood, Charlotte, NC | ' | ' |
Initial Cost of Land | 321 | ' | ' |
Costs Subsequent to Acquisition | -321 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
Buccaneer, Jekyll Island, GA [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Buccaneer, Jekyll Island, GA | ' | ' |
Initial Cost of Other | 9,600 | ' | ' |
Costs Subsequent to Acquisition | -6,730 | ' | ' |
Land | 72 | ' | ' |
Other | 2,798 | ' | ' |
Total | 2,870 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2009 | ' | ' |
Centre Point Commons, Bradenton, FL [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Centre Point Commons, Bradenton, FL | ' | ' |
Initial Cost of Land | 383 | ' | ' |
Costs Subsequent to Acquisition | -3 | ' | ' |
Land | 380 | ' | ' |
Total | 380 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
CG Sunland, Phoenix, AZ [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'CG Sunland, Phoenix, AZ | ' | ' |
Initial Cost of Land | 1,472 | ' | ' |
Costs Subsequent to Acquisition | 176 | ' | ' |
Land | 1,648 | ' | ' |
Total | 1,648 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
Fairway Centre, Pasadena, TX [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Fairway Centre, Pasadena, TX | ' | ' |
Initial Cost of Land | 50 | ' | ' |
Costs Subsequent to Acquisition | 334 | ' | ' |
Land | 384 | ' | ' |
Total | 384 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
Lakeline Retail, Cedar Park, TX [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Lakeline Retail, Cedar Park, TX | ' | ' |
Initial Cost of Land | 5 | ' | ' |
Land | 5 | ' | ' |
Total | 5 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
SA Crossroads II, San Antonio, TX [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'SA Crossroads II, San Antonio, TX | ' | ' |
Initial Cost of Land | 2,131 | ' | ' |
Costs Subsequent to Acquisition | -1,530 | ' | ' |
Land | 601 | ' | ' |
Total | 601 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
Sierra Corporate Center, Reno, NV [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'Sierra Corporate Center, Reno, NV | ' | ' |
Initial Cost of Land | 2,056 | ' | ' |
Costs Subsequent to Acquisition | -998 | ' | ' |
Land | 1,058 | ' | ' |
Total | 1,058 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2006 | ' | ' |
TCEP, Austin, TX [Member] | Real Estate Held For Investment [Member] | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Description of Property | 'TCEP, Austin, TX | ' | ' |
Initial Cost of Land | 1,456 | ' | ' |
Costs Subsequent to Acquisition | 41 | ' | ' |
Land | 1,497 | ' | ' |
Total | $1,497 | ' | ' |
Date of Construction | 'N/A | ' | ' |
Date Acquired | '2008 | ' | ' |
Real_Estate_Investments_and_Ac2
Real Estate Investments and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2009 |
Property | Property | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' |
Aggregate cost for Federal Income Tax purposes | $169.30 | ' |
Write downs for impairments of real estate and provisions for loss on real estate | $14.70 | ' |
Number of commercial properties | 2 | 8 |
Real_Estate_Investments_and_Ac3
Real Estate Investments and Accumulated Depreciation - Changes in Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' |
Balance at beginning of year | $412,061 | $500,824 |
Additions and improvements | 31,035 | 43,885 |
Dispositions | -292,099 | -104,454 |
Other adjustments | -486 | -28,194 |
Balance at end of year | 150,511 | 412,061 |
Balance at beginning of year | -32,878 | -40,724 |
Depreciation expense | -6,445 | -13,470 |
Dispositions | 15,766 | 21,316 |
Balance at end of year | ($23,557) | ($32,878) |