Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CBG | ' |
Entity Registrant Name | 'CBRE GROUP, INC. | ' |
Entity Central Index Key | '0001138118 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 332,032,401 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $428,237 | $491,912 |
Restricted cash | 50,829 | 61,155 |
Receivables, less allowance for doubtful accounts of $40,361 and $40,262 at March 31, 2014 and December 31, 2013, respectively | 1,415,383 | 1,486,489 |
Warehouse receivables | 310,730 | 381,545 |
Trading securities | 62,524 | 58,442 |
Income taxes receivable | 50,986 | ' |
Prepaid expenses | 138,989 | 125,151 |
Deferred tax assets, net | 168,118 | 188,533 |
Real estate and other assets held for sale | 41,423 | ' |
Real estate under development | 20,394 | 19,133 |
Available for sale securities | 310 | ' |
Other current assets | 74,314 | 67,452 |
Total Current Assets | 2,762,237 | 2,879,812 |
Property and equipment, net | 446,660 | 458,596 |
Goodwill | 2,304,503 | 2,290,474 |
Other intangible assets, net of accumulated amortization of $385,056 and $348,566 at March 31, 2014 and December 31, 2013, respectively | 830,374 | 841,228 |
Investments in unconsolidated subsidiaries | 201,577 | 198,696 |
Real estate under development | 820 | 822 |
Real estate held for investment | 65,674 | 106,999 |
Available for sale securities | 59,674 | 56,800 |
Other assets, net | 171,839 | 164,987 |
Total Assets | 6,843,358 | 6,998,414 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 734,087 | 817,519 |
Compensation and employee benefits payable | 436,951 | 486,993 |
Accrued bonus and profit sharing | 382,600 | 612,114 |
Income taxes payable | ' | 11,111 |
Short-term borrowings: | ' | ' |
Revolving credit facility | 359,453 | 142,484 |
Warehouse lines of credit | 306,607 | 374,597 |
Other | 16 | 16 |
Total short-term borrowings | 666,076 | 517,097 |
Current maturities of long-term debt | 42,305 | 42,245 |
Notes payable on real estate | 45,841 | 62,017 |
Liabilities related to real estate and other assets held for sale | 18,477 | ' |
Other current liabilities | 53,277 | 56,644 |
Total Current Liabilities | 2,379,614 | 2,605,740 |
Long-Term Debt: | ' | ' |
Senior secured term loans | 635,700 | 645,613 |
Other long-term debt | 2,841 | 2,822 |
Total Long-Term Debt | 1,788,541 | 1,798,435 |
Notes payable on real estate | 67,938 | 68,455 |
Deferred tax liabilities, net | 143,193 | 160,777 |
Non-current tax liabilities | 62,233 | 65,520 |
Pension liability | 67,693 | 68,012 |
Other liabilities | 305,888 | 295,469 |
Total Liabilities | 4,815,100 | 5,062,408 |
Commitments and contingencies | ' | ' |
CBRE Group, Inc. Stockholders' Equity: | ' | ' |
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 332,030,878 and 331,927,166 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 3,320 | 3,319 |
Additional paid-in capital | 995,528 | 981,997 |
Accumulated earnings | 1,124,255 | 1,056,592 |
Accumulated other comprehensive loss | -133,547 | -146,123 |
Total CBRE Group, Inc. Stockholders' Equity | 1,989,556 | 1,895,785 |
Non-controlling interests | 38,702 | 40,221 |
Total Equity | 2,028,258 | 1,936,006 |
Total Liabilities and Equity | 6,843,358 | 6,998,414 |
5.00% senior notes [Member] | ' | ' |
Long-Term Debt: | ' | ' |
Senior notes | 800,000 | 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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | 40,361 | 40,262 |
Other intangible assets, accumulated amortization | 385,056 | 348,566 |
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 | 332,030,878 | 331,927,166 |
Class A common stock, shares outstanding | 332,030,878 | 331,927,166 |
5.00% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.00% | 5.00% |
6.625% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 6.63% | 6.63% |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue | $1,860,842 | $1,475,063 |
Costs and expenses: | ' | ' |
Cost of services | 1,161,460 | 861,216 |
Operating, administrative and other | 528,395 | 469,541 |
Depreciation and amortization | 65,203 | 46,281 |
Total costs and expenses | 1,755,058 | 1,377,038 |
Gain on disposition of real estate | 6,697 | 3,149 |
Operating income | 112,481 | 101,174 |
Equity income from unconsolidated subsidiaries | 15,000 | 9,749 |
Other income | 4,801 | 2,694 |
Interest income | 1,577 | 2,028 |
Interest expense | 28,015 | 42,395 |
Write-off of financing costs | ' | 13,580 |
Income from continuing operations before provision for income taxes | 105,844 | 59,670 |
Provision for income taxes | 37,902 | 19,004 |
Income from continuing operations | 67,942 | 40,666 |
Income from discontinued operations, net of income taxes | ' | 21,189 |
Net income (loss) | 67,942 | 61,855 |
Less: Net income attributable to non-controlling interests | 279 | 24,309 |
Net income (loss) attributable to CBRE Group, Inc. | 67,663 | 37,546 |
Basic income per share attributable to CBRE Group, Inc. shareholders | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.21 | $0.11 |
Income from discontinued operations attributable to CBRE Group, Inc. | ' | ' |
Net income attributable to CBRE Group, Inc. | $0.21 | $0.11 |
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.20 | $0.11 |
Income from discontinued operations attributable to CBRE Group, Inc. | ' | ' |
Net income attributable to CBRE Group, Inc. | $0.20 | $0.11 |
Weighted average shares outstanding for diluted income per share | 333,349,519 | 330,802,552 |
Amounts attributable to CBRE Group, Inc. shareholders | ' | ' |
Income from continuing operations, net of tax | 67,663 | 36,090 |
Income from discontinued operations, net of tax | ' | 1,456 |
Net income (loss) attributable to CBRE Group, Inc. | $67,663 | $37,546 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $67,942 | $61,855 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation gain (loss) | 11,573 | -22,791 |
Unrealized gains on interest rate swaps and interest rate caps, net | 296 | 1,435 |
Unrealized holding gains (losses) on available for sale securities, net | 438 | -168 |
Other, net | 275 | 1,163 |
Total other comprehensive income (loss) | 12,582 | -20,361 |
Comprehensive income | 80,524 | 41,494 |
Less: Comprehensive income attributable to non-controlling interests | 285 | 24,350 |
Comprehensive income attributable to CBRE Group, Inc. | $80,239 | $17,144 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $67,942 | $61,855 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 65,203 | 46,537 |
Amortization and write-off of financing costs | 1,816 | 15,609 |
Gain on sale of loans, servicing rights and other assets | -17,403 | -24,115 |
Net realized and unrealized gains from investments | -4,801 | -2,694 |
Gain on disposition of real estate held for investment | ' | -15,479 |
Equity income from unconsolidated subsidiaries | -15,000 | -9,749 |
Provision for doubtful accounts | 1,564 | 1,971 |
Compensation expense related to stock options and non-vested stock awards | 11,171 | 11,671 |
Incremental tax benefit from stock options exercised | -1,239 | -7,901 |
Distribution of earnings from unconsolidated subsidiaries | 3,417 | 2,224 |
Tenant concessions received | 1,252 | 5,410 |
Purchase of trading securities | -15,809 | -31,896 |
Proceeds from sale of trading securities | 15,726 | 46,191 |
Proceeds from securities sold, not yet purchased | ' | 28,033 |
Securities purchased to cover short sales | ' | -46,789 |
Decrease in receivables | 78,169 | 45,943 |
(Increase) decrease in prepaid expenses and other assets | -25,209 | 920 |
(Increase) decrease in real estate held for sale and under development | -1,521 | 75,890 |
(Decrease) increase in accounts payable and accrued expenses | -70,779 | 23,834 |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | -294,866 | -268,688 |
Increase in income taxes receivable/payable | -59,344 | -31,567 |
Decrease in other liabilities | -5,433 | -4,707 |
Other operating activities, net | -4,822 | -2,389 |
Net cash used in operating activities | -269,966 | -79,886 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -13,653 | -8,815 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | -14,704 | -6,725 |
Contributions to unconsolidated subsidiaries | -9,710 | -7,390 |
Distributions from unconsolidated subsidiaries | 17,279 | 7,118 |
Net proceeds from disposition of real estate held for investment | ' | 34,367 |
Additions to real estate held for investment | ' | -403 |
Proceeds from the sale of servicing rights and other assets | 9,316 | 7,163 |
Decrease in restricted cash | 9,611 | 2,682 |
Purchase of available for sale securities | -12,660 | -34,192 |
Proceeds from the sale of available for sale securities | 10,999 | 19,267 |
Other investing activities, net | 26 | 479 |
Net cash (used in) provided by investing activities | -3,496 | 13,551 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 415,000 |
Repayment of senior secured term loans | -9,913 | -1,609,280 |
Proceeds from revolving credit facility | 617,765 | 123,490 |
Repayment of revolving credit facility | -401,112 | -86,236 |
Proceeds from issuance of 5.00% senior notes | ' | 800,000 |
Proceeds from notes payable on real estate held for investment | ' | 249 |
Repayment of notes payable on real estate held for investment | -906 | -23,958 |
Proceeds from notes payable on real estate held for sale and under development | 2,058 | 1,559 |
Repayment of notes payable on real estate held for sale and under development | ' | -63,550 |
Incremental tax benefit from stock options exercised | 1,239 | 7,901 |
Non-controlling interests contributions | 119 | 65 |
Non-controlling interests distributions | -2,024 | -37,437 |
Payment of financing costs | -9 | -26,016 |
Other financing activities, net | 1,111 | 1,548 |
Net cash provided by (used in) financing activities | 208,328 | -496,665 |
Effect of currency exchange rate changes on cash and cash equivalents | 1,459 | -7,597 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -63,675 | -570,597 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 491,912 | 1,089,297 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 428,237 | 518,700 |
Cash paid during the period for: | ' | ' |
Interest | 29,424 | 20,541 |
Income tax payments, net | $98,063 | $53,721 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (5.00% senior notes [Member]) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
5.00% senior notes [Member] | ' | ' | ' |
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (Unaudited) (USD $) | Total | Additional paid-in capital [Member] | Accumulated earnings [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interests [Member] | Class A common stock [Member] |
In Thousands | ||||||
Beginning balance at Dec. 31, 2013 | $1,936,006 | $981,997 | $1,056,592 | ($146,123) | $40,221 | $3,319 |
Net income | 67,942 | ' | 67,663 | ' | 279 | ' |
Stock options exercised (including tax benefit) | 2,359 | 2,358 | ' | ' | ' | 1 |
Compensation expense for stock options and non-vested stock awards | 11,171 | 11,171 | ' | ' | ' | ' |
Foreign currency translation gain | 11,573 | ' | ' | 11,567 | 6 | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | 296 | ' | ' | 296 | ' | ' |
Unrealized holding gains on available for sale securities, net | 438 | ' | ' | 438 | ' | ' |
Contributions from non-controlling interests | 119 | ' | ' | ' | 119 | ' |
Distributions to non-controlling interests | -2,024 | ' | ' | ' | -2,024 | ' |
Other | 378 | 2 | ' | 275 | 101 | ' |
Ending balance at Mar. 31, 2014 | $2,028,258 | $995,528 | $1,124,255 | ($133,547) | $38,702 | $3,320 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as the “company”, “we”, “us” and “our”), have been prepared in accordance with the rules applicable to Quarterly Reports on Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (GAAP) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, and reported amounts of revenue and expenses. Such estimates include the value of goodwill, intangibles and other long-lived assets, real estate 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. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |
The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2014. The unaudited interim consolidated financial statements and notes to consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December 31, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
In March 2013, the Financial Accounting Standards Board (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. The adoption of this update on January 1, 2014 did not 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. The adoption of this update on January 1, 2014 did not have a material impact on our consolidated financial position. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU states that only disposals representing a strategic shift and having a major effect on an organization’s operations should be presented as discontinued operations. ASU 2014-08 is effective prospectively for all disposals or components of a business classified as held for sale during fiscal periods beginning after December 15, 2014, with early adoption permitted. We elected to early adopt ASU 2014-08 on January 1, 2014. The adoption of this update did not have a material effect on our consolidated financial position, results of operations or disclosure requirements for our consolidated financial statements. |
Norland_Acquisition
Norland Acquisition | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Norland Acquisition | ' | ||||
3. Norland Acquisition | |||||
On December 23, 2013, we acquired 100% of the outstanding stock of London-based Norland Managed Services, Ltd. (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. | |||||
Unaudited pro forma results, assuming the Norland Acquisition had occurred as of January 1, 2013 for purposes of the 2013 pro forma disclosures, are presented below. They include certain adjustments for the three months ended March 31, 2013, including $11.0 million of increased amortization expense as a result of intangible assets acquired in the Norland Acquisition, $0.3 million of additional interest expense as a result of debt incurred to finance the Norland Acquisition, 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 Norland Acquisition occurred on January 1, 2013 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||
Three Months | |||||
Ended | |||||
March 31, 2013 | |||||
Revenue | $ | 1,627,112 | |||
Operating income | $ | 95,876 | |||
Net income attributable to CBRE Group, Inc. | $ | 32,595 | |||
Basic income per share | $ | 0.1 | |||
Weighted average shares outstanding for basic income per share | 326,759,455 | ||||
Diluted income per share | $ | 0.1 | |||
Weighted average shares outstanding for diluted income per share | 330,802,552 |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014 and 2013. | |||||||||
Operating results relating to the Entities for the three months ended March 31, 2014 and 2013 include the following (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue | $ | 2,102 | $ | 2,007 | |||||
Operating, administrative and other expenses | $ | 1,233 | $ | 1,010 | |||||
Income from discontinued operations, net of income taxes | $ | — | $ | 15,236 | |||||
Net income attributable to non-controlling interests | $ | 478 | $ | 14,893 | |||||
Investments in real estate of $39.4 million and $39.9 million and nonrecourse mortgage notes payable of $41.8 million ($0.9 million of which is current) and $41.7 million ($0.9 million of which is current) are included in real estate assets held for sale or investment and notes payable on real estate, respectively, in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively. In addition, non-controlling deficits of $2.3 million and $1.8 million in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013, 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. Our involvement with these entities is in the form of equity co-investments and fee arrangements. | |||||||||
As of March 31, 2014 and December 31, 2013, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Investments in unconsolidated subsidiaries | $ | 33,091 | $ | 33,787 | |||||
Other assets, current | 3,649 | 3,547 | |||||||
Co-investment commitments | 200 | 200 | |||||||
Maximum exposure to loss | $ | 36,940 | $ | 37,534 | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||
The “Fair Value Measurements and Disclosures” Topic of the FASB Accounting Standards Codification (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 three months ended March 31, 2014 and 2013. | |||||||||||||||||
The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. treasury securities | $ | 4,612 | $ | — | $ | — | $ | 4,612 | |||||||||
Debt securities issued by U.S. federal agencies | — | 6,857 | — | 6,857 | |||||||||||||
Corporate debt securities | — | 17,616 | — | 17,616 | |||||||||||||
Asset-backed securities | — | 4,195 | — | 4,195 | |||||||||||||
Collateralized mortgage obligations | — | 1,834 | — | 1,834 | |||||||||||||
Total debt securities | 4,612 | 30,502 | — | 35,114 | |||||||||||||
Equity securities | 24,870 | — | — | 24,870 | |||||||||||||
Total available for sale securities | 29,482 | 30,502 | — | 59,984 | |||||||||||||
Trading securities | 62,524 | — | — | 62,524 | |||||||||||||
Warehouse receivables | — | 310,730 | — | 310,730 | |||||||||||||
Foreign currency exchange forward contracts | — | 940 | — | 940 | |||||||||||||
Total assets at fair value | $ | 92,006 | $ | 342,172 | $ | — | $ | 434,178 | |||||||||
Liabilities | |||||||||||||||||
Interest rate swaps | $ | — | $ | 28,647 | $ | — | $ | 28,647 | |||||||||
Foreign currency exchange forward contracts | 848 | 848 | |||||||||||||||
Total liabilities at fair value | $ | — | $ | 29,495 | $ | — | $ | 29,495 | |||||||||
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 | |||||||||
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 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 March 31, 2014 and December 31, 2013, 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. These assets are classified as Level 2 in the fair value hierarchy as all inputs are readily observable. | |||||||||||||||||
The valuation of interest rate swaps and foreign currency exchange forward contracts 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 and foreign currency exchange forward curves. The fair values of interest rate swaps and foreign currency exchange forward contracts are determined using the market standard methodology of netting the discounted future estimated cash payments/receipts. The estimated cash flows are based on an expectation of future interest rates or foreign currency exchange rates using forward curves derived from observable market interest rate and foreign currency exchange 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 March 31, 2014, we have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy. | |||||||||||||||||
There were no significant non-recurring fair value measurements recorded during the three months ended March 31, 2014 and 2013. | |||||||||||||||||
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 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. | |||||||||||||||||
Short-Term Borrowings: The majority of this balance represents our warehouse lines of credit and our revolving credit facility outstanding for CBRE Capital Markets, Inc. (CBRE Capital Markets). Due to the short-term nature and variable interest rates of these instruments, fair value approximates carrying value. | |||||||||||||||||
Senior Secured Term Loans: Based upon information from third-party banks (which falls within Level 2 of the fair value hierarchy), the estimated fair value of our senior secured term loans was approximately $676.2 million and $687.6 million at March 31, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $675.4 million and $685.3 million at March 31, 2014 and December 31, 2013, respectively (see Note 11). | |||||||||||||||||
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 (which falls within Level 2 of the fair value hierarchy), the estimated fair value of our 5.00% senior notes was $807.1 million and $769.4 million at March 31, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $800.0 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||
6.625% Senior Notes: Based on dealers’ quotes (which falls within Level 2 of the fair value hierarchy), the estimated fair value of our 6.625% senior notes was $374.9 million and $372.8 million at March 31, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $350.0 million at both March 31, 2014 and December 31, 2013. | |||||||||||||||||
Notes Payable on Real Estate: As of March 31, 2014 and December 31, 2013, the carrying value of our notes payable on real estate was $131.9 million and $130.5 million, respectively (see Note 10). 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 of these notes payable were recourse to us as of March 31, 2014 and December 31, 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
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 but 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 our 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. Additionally, certain of our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of our reporting currency, the U.S. dollar. | |
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 in accordance with FASB ASC Topic 815, “Derivatives and Hedging.” 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. There was no significant hedge ineffectiveness for the three months ended March 31, 2014 and 2013. During the three months ended March 31, 2014 and 2013, we recorded net gains of $0.4 million and $2.3 million, respectively, to other comprehensive income in relation to such interest rate swap agreements. As of March 31, 2014 and December 31, 2013, the fair values of such interest rate swap agreements were reflected as a $28.6 million liability and a $29.0 million liability, respectively, and were included in other long-term liabilities in the accompanying consolidated balance sheets. | |
In March 2014, we began a foreign currency exchange hedging program by entering into 38 foreign currency exchange forward contracts. These forward contracts include agreements to buy U.S. dollars and sell Australian dollars, Canadian dollars, Japanese yen, Euros, and British pound sterling covering a notional amount of $209.7 million. The purpose of these forward contracts is to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact our foreign currency denominated EBITDA. Hedge accounting was not elected for any of these contracts. As such, changes in the fair values of these contracts are recorded directly in earnings through other income. The net impact on earnings resulting from gains and/or losses associated with these forward contracts has not been significant. As of March 31, 2014, the fair value of forward contracts with three counterparties aggregated to a $0.9 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of March 31, 2014, the fair value of forward contracts with two counterparties aggregated to a $0.8 million liability position, which was included in other current liabilities in the accompanying consolidated balance sheets. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Subsidiaries | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||
Investments in Unconsolidated Subsidiaries | ' | ||||||||
7. Investments in Unconsolidated Subsidiaries | |||||||||
Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Combined condensed financial information for these entities is as follows (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Global Investment Management: | |||||||||
Revenue | $ | 234,335 | $ | 223,548 | |||||
Operating loss | $ | (171,593 | ) | $ | (15,430 | ) | |||
Net (loss) income | $ | (160,151 | ) | $ | 21,391 | ||||
Development Services: | |||||||||
Revenue | $ | 14,436 | $ | 15,018 | |||||
Operating income | $ | 16,462 | $ | 5,437 | |||||
Net income | $ | 15,083 | $ | 2,760 | |||||
Other: | |||||||||
Revenue | $ | 25,205 | $ | 36,765 | |||||
Operating income | $ | 1,667 | $ | 3,211 | |||||
Net income | $ | 1,688 | $ | 3,160 | |||||
Total: | |||||||||
Revenue | $ | 273,976 | $ | 275,331 | |||||
Operating loss | $ | (153,464 | ) | $ | (6,782 | ) | |||
Net (loss) income | $ | (143,380 | ) | $ | 27,311 | ||||
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. We have also provided development, property management and brokerage services to certain of our unconsolidated subsidiaries in our Development Services segment on an arm’s length basis and earned revenues from these unconsolidated subsidiaries. |
Real_Estate_and_Other_Assets_H
Real Estate and Other Assets Held for Sale and Related Liabilities | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Real Estate and Other Assets Held for Sale and Related Liabilities | ' | ||||
8. 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 the “Property, Plant and Equipment” Topic of the 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 March 31, 2014 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 9) | $ | 40,037 | |||
Other current assets | 602 | ||||
Property and equipment, net | 19 | ||||
Other assets | 765 | ||||
Total real estate and other assets held for sale | 41,423 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 10) | 18,157 | ||||
Accounts payable and accrued expenses | 81 | ||||
Other current liabilities | 61 | ||||
Other liabilities | 178 | ||||
Total liabilities related to real estate and other assets held for sale | 18,477 | ||||
Net real estate and other assets held for sale | $ | 22,946 | |||
Real_Estate
Real Estate | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Real Estate | ' | ||||||||
9. 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): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Real estate included in assets held for sale (see Note 8) | $ | 40,037 | $ | — | |||||
Real estate under development (current) | 20,394 | 19,133 | |||||||
Real estate under development (non-current) | 820 | 822 | |||||||
Real estate held for investment (1) | 65,674 | 106,999 | |||||||
Total real estate (2) | $ | 126,925 | $ | 126,954 | |||||
-1 | Net of accumulated depreciation of $14.7 million and $23.6 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||
-2 | Includes balances for lease intangibles and tenant origination costs of $5.2 million and $0.1 million, respectively, at March 31, 2014 and $5.3 million and $0.1 million, respectively, at December 31, 2013. 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
Notes Payable on Real Estate | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable on Real Estate | ' | ||||||||
10. Notes Payable on Real Estate | |||||||||
We had loans secured by real estate, which consisted of the following (dollars in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Current portion of notes payable on real estate | $ | 45,841 | $ | 62,017 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 18,157 | — | |||||||
Total notes payable on real estate, current portion | 63,998 | 62,017 | |||||||
Notes payable on real estate, non-current portion | 67,938 | 68,455 | |||||||
Total notes payable on real estate | $ | 131,936 | $ | 130,472 | |||||
At March 31, 2014 and December 31, 2013, $1.6 million and $1.5 million, respectively, of the current portion of notes payable on real estate and $2.4 million and $2.5 million, respectively, of the non-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. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
11. Debt | |
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. During the three months ended March 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 March 31, 2014, 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. | |
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 March 31, 2014 and December 31, 2013, we had $359.5 million and $142.5 million, respectively, of revolving credit facility principal outstanding with related weighted average interest rates of 2.4% and 2.2%, respectively, which are included in short-term borrowings in the accompanying consolidated balance sheets. As of March 31, 2014, letters of credit totaling $11.5 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 March 31, 2014 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 March 31, 2014, we had $675.4 million of term loan facilities principal outstanding (including $462.5 million of tranche A term loan facility and $212.9 million of tranche B term loan facility), which are included in the accompanying consolidated balance sheets. 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 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 Services, Inc. (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, if any. The amount of the 5.00% senior notes included in the accompanying consolidated balance sheets was $800.0 million at both March 31, 2014 and December 31, 2013. | |
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 10.43x for the trailing twelve months ended March 31, 2014 and our leverage ratio of total debt less available cash to EBITDA was 1.65x as of March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
12. 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. | |
We had outstanding letters of credit totaling $21.7 million as of March 31, 2014, 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 January 2015. | |
We had guarantees totaling $12.9 million as of March 31, 2014, 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 $12.9 million partly consists of guarantees related to our defined benefit pension plans in the United Kingdom (U.K.) (in excess of our outstanding pension liability of $67.7 million as of March 31, 2014), 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 March 31, 2014, 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, 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 $8.0 billion at March 31, 2014. Additionally, CBRE MCI has funded loans under the DUS Program that are not subject to loss sharing arrangements with unpaid principal balances of approximately $368.0 million at March 31, 2014. 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 March 31, 2014 and December 31, 2013, CBRE MCI had $20.6 million and $16.6 million, respectively, of cash deposited under this reserve arrangement, and had provided approximately $14.1 million and $13.8 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 $202.5 million (including $56.8 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 March 31, 2014. | |
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 March 31, 2014, 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 March 31, 2014, we had committed to fund $23.6 million of additional capital to these unconsolidated subsidiaries. |
Income_Per_Share_Information
Income Per Share Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Income Per Share Information | ' | ||||||||
13. Income Per Share Information | |||||||||
The following is a calculation of income per share (dollars in thousands, except share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 67,663 | $ | 37,546 | |||||
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 | |||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.21 | $ | 0.11 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 67,663 | $ | 37,546 | |||||
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 | |||||||
Dilutive effect of contingently issuable shares | 2,880,113 | 2,999,485 | |||||||
Dilutive effect of stock options | 433,961 | 1,043,612 | |||||||
Weighted average shares outstanding for diluted income per share | 333,349,519 | 330,802,552 | |||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.2 | $ | 0.11 | |||||
For the three months ended March 31, 2014, 20,065 contingently issuable shares were excluded from the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. For the three months ended March 31, 2014 and 2013, options to purchase 37,598 shares and 82,847 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. |
Pensions
Pensions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Pensions | ' | ||||||||
14. Pensions | |||||||||
We have two contributory defined benefit pension plans in the U.K., which we acquired in connection with previous acquisitions. Our subsidiaries based in the U.K. maintain the plans to provide retirement benefits to existing and former employees participating in these plans. During 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 the CBRE Group Personal Pension Plan, a defined contribution plan in the U.K. | |||||||||
Net periodic pension (benefit) cost consisted of the following (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest cost | $ | 4,431 | $ | 3,888 | |||||
Expected return on plan assets | (5,796 | ) | (3,929 | ) | |||||
Amortization of unrecognized net loss | 662 | 619 | |||||||
Net periodic pension (benefit) cost | $ | (703 | ) | $ | 578 | ||||
We contributed $1.6 million to fund our pension plans during the three months ended March 31, 2014. We expect to contribute a total of $6.2 million to fund our pension plans for the year ending December 31, 2014. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
15. Discontinued Operations | |||||
On January 1, 2014, we adopted ASU 2014-08 (See Note 2) and as a result, no longer anticipate reporting discontinued operations in the ordinary course of our business. Prior to January 1, 2014, in the ordinary course of business, if we disposed of real estate assets, or held real estate assets for sale, that were considered components of an entity in accordance with Topic 360, and if we did not have, or expect to have, significant continuing involvement with the operation of these real estate assets after disposition, we were 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 occurred. Real estate operations and dispositions accounted for as discontinued operations for the three months ended March 31, 2013 were reported in our Global Investment Management and Development Services segments as follows (dollars in thousands): | |||||
Three Months Ended | |||||
March 31, 2013 | |||||
Revenue | $ | 3,963 | |||
Costs and expenses: | |||||
Operating, administrative and other | 1,979 | ||||
Depreciation and amortization | 256 | ||||
Total costs and expenses | 2,235 | ||||
Gain on disposition of real estate | 22,181 | ||||
Operating income | 23,909 | ||||
Interest expense | 1,781 | ||||
Income from discontinued operations, before provision for income taxes | 22,128 | ||||
Provision for income taxes | 939 | ||||
Income from discontinued operations, net of income taxes | 21,189 | ||||
Less: Income from discontinued operations attributable to non-controlling interests | 19,733 | ||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 1,456 | |||
Segments
Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segments | ' | ||||||||
16. 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 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. | |||||||||
Summarized financial information by segment is as follows (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue | |||||||||
Americas | $ | 1,021,681 | $ | 925,972 | |||||
EMEA | 518,679 | 228,634 | |||||||
Asia Pacific | 195,643 | 181,431 | |||||||
Global Investment Management | 112,463 | 126,642 | |||||||
Development Services | 12,376 | 12,384 | |||||||
$ | 1,860,842 | $ | 1,475,063 | ||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
EBITDA | |||||||||
Americas | $ | 125,762 | $ | 106,351 | |||||
EMEA | 23,365 | (545 | ) | ||||||
Asia Pacific | 8,241 | 5,847 | |||||||
Global Investment Management | 28,263 | 40,326 | |||||||
Development Services | 11,575 | 7,775 | |||||||
$ | 197,206 | $ | 159,754 | ||||||
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 of 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): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Americas | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 70,466 | $ | 29,538 | |||||
Add: | |||||||||
Depreciation and amortization | 34,158 | 27,833 | |||||||
Interest expense, net | 9,186 | 30,970 | |||||||
Write-off of financing costs | — | 13,580 | |||||||
Royalty and management service income | (864 | ) | (10,223 | ) | |||||
Provision for income taxes | 12,816 | 14,653 | |||||||
EBITDA | $ | 125,762 | $ | 106,351 | |||||
EMEA | |||||||||
Net loss attributable to CBRE Group, Inc. | $ | (6,990 | ) | $ | (5,800 | ) | |||
Add: | |||||||||
Depreciation and amortization | 17,463 | 5,396 | |||||||
Interest expense (income), net | 7,159 | (2,248 | ) | ||||||
Royalty and management service (income) expense | (3,885 | ) | 4,141 | ||||||
Provision for (benefit of) income taxes | 9,618 | (2,034 | ) | ||||||
EBITDA | $ | 23,365 | $ | (545 | ) | ||||
Asia Pacific | |||||||||
Net loss attributable to CBRE Group, Inc. | $ | (4,244 | ) | $ | (1,449 | ) | |||
Add: | |||||||||
Depreciation and amortization | 3,068 | 2,882 | |||||||
Interest expense, net | 335 | 560 | |||||||
Royalty and management service expense | 3,639 | 4,663 | |||||||
Provision for (benefit of) income taxes | 5,443 | (809 | ) | ||||||
EBITDA | $ | 8,241 | $ | 5,847 | |||||
Global Investment Management | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 2,828 | $ | 13,121 | |||||
Add: | |||||||||
Depreciation and amortization (1) | 9,366 | 8,929 | |||||||
Interest expense, net (2) | 8,841 | 10,266 | |||||||
Royalty and management service expense | 1,110 | 1,419 | |||||||
Provision for income taxes | 6,118 | 6,591 | |||||||
EBITDA (3) | $ | 28,263 | $ | 40,326 | |||||
Development Services | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 5,603 | $ | 2,136 | |||||
Add: | |||||||||
Depreciation and amortization (4) | 1,148 | 1,497 | |||||||
Interest expense, net (5) | 917 | 2,600 | |||||||
Provision for income taxes (6) | 3,907 | 1,542 | |||||||
EBITDA (7) | $ | 11,575 | $ | 7,775 | |||||
-1 | Includes depreciation and amortization related to discontinued operations of $0.1 million for the three months ended March 31, 2013. | ||||||||
-2 | Includes interest expense related to discontinued operations of $0.5 million for the three months ended March 31, 2013. | ||||||||
-3 | Includes EBITDA related to discontinued operations of $0.6 million for the three months ended March 31, 2013. | ||||||||
-4 | Includes depreciation and amortization related to discontinued operations of $0.1 million for the three months ended March 31, 2013. | ||||||||
-5 | Includes interest expense related to discontinued operations of $1.3 million for the three months ended March 31, 2013. | ||||||||
-6 | Includes provision for income taxes related to discontinued operations of $0.9 million for the three months ended March 31, 2013. | ||||||||
-7 | Includes EBITDA related to discontinued operations of $3.8 million for the three months ended March 31, 2013. |
Guarantor_and_Nonguarantor_Fin
Guarantor and Nonguarantor Financial Statements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements | ' | ||||||||||||||||||||||||
17. Guarantor and Nonguarantor Financial Statements | |||||||||||||||||||||||||
The following condensed consolidating financial information includes: | |||||||||||||||||||||||||
(1) Condensed consolidating balance sheets as of March 31, 2014 and December 31, 2013; condensed consolidating statements of operations for the three months ended March 31, 2014 and 2013; condensed consolidating statements of comprehensive income (loss) for the three months ended March 31, 2014 and 2013; and condensed consolidating statements of cash flows for the three months ended March 31, 2014 and 2013 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 MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 8,649 | $ | 75,252 | $ | 344,329 | $ | — | $ | 428,237 | |||||||||||||
Restricted cash | — | — | 1,130 | 49,699 | — | 50,829 | |||||||||||||||||||
Receivables, net | — | — | 496,992 | 918,391 | — | 1,415,383 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 243,342 | 67,388 | — | 310,730 | |||||||||||||||||||
Trading securities | — | — | 106 | 62,418 | — | 62,524 | |||||||||||||||||||
Income taxes receivable | 3,606 | — | 16,159 | 41,016 | (9,795 | ) | 50,986 | ||||||||||||||||||
Prepaid expenses | — | — | 56,453 | 82,536 | — | 138,989 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,716 | 61,402 | — | 168,118 | |||||||||||||||||||
Real estate and other assets held for sale | — | — | — | 41,423 | — | 41,423 | |||||||||||||||||||
Real estate under development | — | — | — | 20,394 | — | 20,394 | |||||||||||||||||||
Available for sale securities | — | — | 310 | — | — | 310 | |||||||||||||||||||
Other current assets | — | 890 | 41,544 | 31,880 | — | 74,314 | |||||||||||||||||||
Total Current Assets | 3,613 | 9,539 | 1,038,004 | 1,720,876 | (9,795 | ) | 2,762,237 | ||||||||||||||||||
Property and equipment, net | — | — | 320,468 | 126,192 | — | 446,660 | |||||||||||||||||||
Goodwill | — | — | 1,089,776 | 1,214,727 | — | 2,304,503 | |||||||||||||||||||
Other intangible assets, net | — | — | 485,586 | 344,788 | — | 830,374 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 143,014 | 58,563 | — | 201,577 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,571,055 | 2,800,277 | 929,232 | — | (6,300,564 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 1,868,949 | 700,000 | — | (2,568,949 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 820 | — | — | 820 | |||||||||||||||||||
Real estate held for investment | — | — | 1,503 | 64,171 | — | 65,674 | |||||||||||||||||||
Available for sale securities | — | — | 56,863 | 2,811 | — | 59,674 | |||||||||||||||||||
Other assets, net | — | 39,787 | 85,348 | 46,704 | — | 171,839 | |||||||||||||||||||
Total Assets | $ | 2,574,668 | $ | 4,718,552 | $ | 4,850,614 | $ | 3,578,832 | $ | (8,879,308 | ) | $ | 6,843,358 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 14,398 | $ | 148,832 | $ | 570,857 | $ | — | $ | 734,087 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 228,915 | 207,410 | — | 436,951 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 99,193 | 283,407 | — | 382,600 | |||||||||||||||||||
Income taxes payable | — | 9,795 | — | — | (9,795 | ) | — | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Revolving credit facility | — | 267,833 | — | 91,620 | — | 359,453 | |||||||||||||||||||
Warehouse lines of credit (a) | — | — | 241,009 | 65,598 | — | 306,607 | |||||||||||||||||||
Other | — | — | 16 | — | — | 16 | |||||||||||||||||||
Total short-term borrowings | — | 267,833 | 241,025 | 157,218 | — | 666,076 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,628 | 27 | — | 42,305 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 45,841 | — | 45,841 | |||||||||||||||||||
Liabilities related to real estate and other assets held for sale | — | — | — | 18,477 | — | 18,477 | |||||||||||||||||||
Other current liabilities | — | 848 | 42,737 | 9,692 | — | 53,277 | |||||||||||||||||||
Total Current Liabilities | — | 333,150 | 763,330 | 1,292,929 | (9,795 | ) | 2,379,614 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 635,700 | — | — | — | 635,700 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Other long-term debt | — | — | 2,775 | 66 | — | 2,841 | |||||||||||||||||||
Intercompany loan payable | 585,112 | — | 977,585 | 1,006,252 | (2,568,949 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 585,112 | 1,785,700 | 980,360 | 1,006,318 | (2,568,949 | ) | 1,788,541 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 67,938 | — | 67,938 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 73,623 | 69,570 | — | 143,193 | |||||||||||||||||||
Non-current tax liabilities | — | — | 47,042 | 15,191 | — | 62,233 | |||||||||||||||||||
Pension liability | — | — | — | 67,693 | — | 67,693 | |||||||||||||||||||
Other liabilities | — | 28,647 | 185,982 | 91,259 | — | 305,888 | |||||||||||||||||||
Total Liabilities | 585,112 | 2,147,497 | 2,050,337 | 2,610,898 | (2,578,744 | ) | 4,815,100 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 1,989,556 | 2,571,055 | 2,800,277 | 929,232 | (6,300,564 | ) | 1,989,556 | ||||||||||||||||||
Non-controlling interests | — | — | — | 38,702 | — | 38,702 | |||||||||||||||||||
Total Equity | 1,989,556 | 2,571,055 | 2,800,277 | 967,934 | (6,300,564 | ) | 2,028,258 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,574,668 | $ | 4,718,552 | $ | 4,850,614 | $ | 3,578,832 | $ | (8,879,308 | ) | $ | 6,843,358 | ||||||||||||
(a) | Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 6.625% senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan Chase Bank, N.A. (JP Morgan), TD Bank, N.A. (TD Bank), Bank of America (BofA) and Capital One, N.A.(Capital One), lines of credit are pledged to JP Morgan, TD Bank, BofA and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt. | ||||||||||||||||||||||||
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 STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 956,638 | $ | 904,204 | $ | — | $ | 1,860,842 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 594,917 | 566,543 | — | 1,161,460 | |||||||||||||||||||
Operating, administrative and other | 9,672 | 1,399 | 253,985 | 263,339 | — | 528,395 | |||||||||||||||||||
Depreciation and amortization | — | — | 31,181 | 34,022 | — | 65,203 | |||||||||||||||||||
Total costs and expenses | 9,672 | 1,399 | 880,083 | 863,904 | — | 1,755,058 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 6,697 | — | — | 6,697 | |||||||||||||||||||
Operating (loss) income | (9,672 | ) | (1,399 | ) | 83,252 | 40,300 | — | 112,481 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 17,202 | (2,202 | ) | — | 15,000 | ||||||||||||||||||
Other income | — | — | 842 | 3,959 | — | 4,801 | |||||||||||||||||||
Interest income | — | 52,270 | 600 | 972 | (52,265 | ) | 1,577 | ||||||||||||||||||
Interest expense | — | 24,602 | 42,026 | 13,652 | (52,265 | ) | 28,015 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (1,858 | ) | 1,858 | — | — | ||||||||||||||||||
Income (loss) from consolidated subsidiaries | 73,729 | 57,255 | (2,837 | ) | — | (128,147 | ) | — | |||||||||||||||||
Income before (benefit of) provision for income taxes | 64,057 | 83,524 | 58,891 | 27,519 | (128,147 | ) | 105,844 | ||||||||||||||||||
(Benefit of) provision for income taxes | (3,606 | ) | 9,795 | 1,636 | 30,077 | — | 37,902 | ||||||||||||||||||
Net income (loss) | 67,663 | 73,729 | 57,255 | (2,558 | ) | (128,147 | ) | 67,942 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 279 | — | 279 | |||||||||||||||||||
Net income (loss) attributable to CBRE Group, Inc. | $ | 67,663 | $ | 73,729 | $ | 57,255 | $ | (2,837 | ) | $ | (128,147 | ) | $ | 67,663 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 848,408 | $ | 626,655 | $ | — | $ | 1,475,063 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 524,655 | 336,561 | — | 861,216 | |||||||||||||||||||
Operating, administrative and other | 9,367 | 1,331 | 228,183 | 230,660 | — | 469,541 | |||||||||||||||||||
Depreciation and amortization | — | — | 25,122 | 21,159 | — | 46,281 | |||||||||||||||||||
Total costs and expenses | 9,367 | 1,331 | 777,960 | 588,380 | — | 1,377,038 | |||||||||||||||||||
Gain on disposition of real estate | — | — | — | 3,149 | — | 3,149 | |||||||||||||||||||
Operating (loss) income | (9,367 | ) | (1,331 | ) | 70,448 | 41,424 | — | 101,174 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 9,692 | 57 | — | 9,749 | |||||||||||||||||||
Other (loss) income | — | (7 | ) | 926 | 1,775 | — | 2,694 | ||||||||||||||||||
Interest income | — | 32,280 | 793 | 1,230 | (32,275 | ) | 2,028 | ||||||||||||||||||
Interest expense | — | 36,903 | 33,177 | 4,590 | (32,275 | ) | 42,395 | ||||||||||||||||||
Write-off of financing costs | — | 13,580 | — | — | — | 13,580 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (13,385 | ) | 13,385 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 43,421 | 55,678 | 14,397 | — | (113,496 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 34,054 | 36,137 | 76,464 | 26,511 | (113,496 | ) | 59,670 | ||||||||||||||||||
(Benefit of) provision for income taxes | (3,492 | ) | (7,284 | ) | 20,786 | 8,994 | — | 19,004 | |||||||||||||||||
Income from continuing operations | 37,546 | 43,421 | 55,678 | 17,517 | (113,496 | ) | 40,666 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 21,189 | — | 21,189 | |||||||||||||||||||
Net income | 37,546 | 43,421 | 55,678 | 38,706 | (113,496 | ) | 61,855 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 24,309 | — | 24,309 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 37,546 | $ | 43,421 | $ | 55,678 | $ | 14,397 | $ | (113,496 | ) | $ | 37,546 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income (loss) | $ | 67,663 | $ | 73,729 | $ | 57,255 | $ | (2,558 | ) | $ | (128,147 | ) | $ | 67,942 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 11,573 | — | 11,573 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 235 | — | 61 | — | 296 | |||||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 368 | 70 | — | 438 | |||||||||||||||||||
Other, net | — | — | 275 | — | — | 275 | |||||||||||||||||||
Total other comprehensive income | — | 235 | 643 | 11,704 | — | 12,582 | |||||||||||||||||||
Comprehensive income | 67,663 | 73,964 | 57,898 | 9,146 | (128,147 | ) | 80,524 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 285 | — | 285 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 67,663 | $ | 73,964 | $ | 57,898 | $ | 8,861 | $ | (128,147 | ) | $ | 80,239 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 37,546 | $ | 43,421 | $ | 55,678 | $ | 38,706 | $ | (113,496 | ) | $ | 61,855 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (22,791 | ) | — | (22,791 | ) | |||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 1,428 | — | 7 | — | 1,435 | |||||||||||||||||||
Unrealized holding losses on available for sale securities, net | — | — | (168 | ) | — | — | (168 | ) | |||||||||||||||||
Other, net | — | — | 1,163 | — | — | 1,163 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 1,428 | 995 | (22,784 | ) | — | (20,361 | ) | |||||||||||||||||
Comprehensive income | 37,546 | 44,849 | 56,673 | 15,922 | (113,496 | ) | 41,494 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 24,350 | — | 24,350 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 37,546 | $ | 44,849 | $ | 56,673 | $ | (8,428 | ) | $ | (113,496 | ) | $ | 17,144 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 17,391 | $ | 42,115 | $ | (333,507 | ) | $ | 4,035 | $ | (269,966 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (8,070 | ) | (5,583 | ) | (13,653 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill | — | — | (5,310 | ) | (9,394 | ) | (14,704 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (9,709 | ) | (1 | ) | (9,710 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 17,121 | 158 | 17,279 | ||||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 8,354 | 962 | 9,316 | ||||||||||||||||||||
Decrease in restricted cash | — | 6,871 | 1,515 | 1,225 | 9,611 | ||||||||||||||||||||
Purchase of available for sale securities | — | — | (12,660 | ) | — | (12,660 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 10,999 | — | 10,999 | ||||||||||||||||||||
Other investing activities, net | — | — | 23 | 3 | 26 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 6,871 | 2,263 | (12,630 | ) | (3,496 | ) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (9,913 | ) | — | — | (9,913 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 613,000 | — | 4,765 | 617,765 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (374,000 | ) | — | (27,112 | ) | (401,112 | ) | |||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (906 | ) | (906 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 2,058 | 2,058 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 1,239 | — | — | — | 1,239 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 119 | 119 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (2,024 | ) | (2,024 | ) | ||||||||||||||||||
Payment of financing costs | — | — | — | (9 | ) | (9 | ) | ||||||||||||||||||
(Increase) decrease in intercompany receivables, net | (19,748 | ) | (281,009 | ) | 315,252 | (14,495 | ) | — | |||||||||||||||||
Other financing activities, net | 1,120 | — | — | (9 | ) | 1,111 | |||||||||||||||||||
Net cash (used in) provided by financing activities | (17,389 | ) | (51,922 | ) | 315,252 | (37,613 | ) | 208,328 | |||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | 1,459 | 1,459 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2 | (2,936 | ) | (15,992 | ) | (44,749 | ) | (63,675 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 11,585 | 91,244 | 389,078 | 491,912 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 7 | $ | 8,649 | $ | 75,252 | $ | 344,329 | $ | 428,237 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 27,256 | $ | 200 | $ | 1,968 | $ | 29,424 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 68,200 | $ | 29,863 | $ | 98,063 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 20,538 | $ | 19,553 | $ | (237,083 | ) | $ | 117,106 | $ | (79,886 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (5,732 | ) | (3,083 | ) | (8,815 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill | — | — | — | (6,725 | ) | (6,725 | ) | ||||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (7,691 | ) | 301 | (7,390 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 7,110 | 8 | 7,118 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 34,367 | 34,367 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (403 | ) | (403 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 2,890 | 4,273 | 7,163 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | (147 | ) | 2,829 | 2,682 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (34,192 | ) | — | (34,192 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 19,267 | — | 19,267 | ||||||||||||||||||||
Other investing activities, net | — | — | 479 | — | 479 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (18,016 | ) | 31,567 | 13,551 | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 415,000 | — | — | 415,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,352,500 | ) | — | (256,780 | ) | (1,609,280 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 100,000 | — | 23,490 | 123,490 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (33,000 | ) | — | (53,236 | ) | (86,236 | ) | |||||||||||||||||
Proceeds from issuance of 5.00% senior notes | — | 800,000 | — | — | 800,000 | ||||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 249 | 249 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (23,958 | ) | (23,958 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 1,559 | 1,559 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (63,550 | ) | (63,550 | ) | ||||||||||||||||||
Incremental tax benefit from stock options exercised | 7,901 | — | — | — | 7,901 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 65 | 65 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (37,437 | ) | (37,437 | ) | ||||||||||||||||||
Payment of financing costs | — | (25,695 | ) | — | (321 | ) | (26,016 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (31,406 | ) | 74,066 | (283,970 | ) | 241,310 | — | ||||||||||||||||||
Other financing activities, net | 2,998 | — | (1,437 | ) | (13 | ) | 1,548 | ||||||||||||||||||
Net cash used in financing activities | (20,507 | ) | (22,129 | ) | (285,407 | ) | (168,622 | ) | (496,665 | ) | |||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (7,597 | ) | (7,597 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 31 | (2,576 | ) | (540,506 | ) | (27,546 | ) | (570,597 | ) | ||||||||||||||||
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 | $ | 36 | $ | 15,736 | $ | 139,606 | $ | 363,322 | $ | 518,700 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 14,502 | $ | 220 | $ | 5,819 | $ | 20,541 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 40,131 | $ | 13,590 | $ | 53,721 |
Norland_Acquisition_Tables
Norland Acquisition (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Unaudited Pro Forma Results Prepared for Comparative Purpose | ' | ||||
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, 2013 and may not be indicative of future operating results (dollars in thousands, except share data): | |||||
Three Months | |||||
Ended | |||||
March 31, 2013 | |||||
Revenue | $ | 1,627,112 | |||
Operating income | $ | 95,876 | |||
Net income attributable to CBRE Group, Inc. | $ | 32,595 | |||
Basic income per share | $ | 0.1 | |||
Weighted average shares outstanding for basic income per share | 326,759,455 | ||||
Diluted income per share | $ | 0.1 | |||
Weighted average shares outstanding for diluted income per share | 330,802,552 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Operating Results Relating to Entities | ' | ||||||||
Operating results relating to the Entities for the three months ended March 31, 2014 and 2013 include the following (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue | $ | 2,102 | $ | 2,007 | |||||
Operating, administrative and other expenses | $ | 1,233 | $ | 1,010 | |||||
Income from discontinued operations, net of income taxes | $ | — | $ | 15,236 | |||||
Net income attributable to non-controlling interests | $ | 478 | $ | 14,893 | |||||
Schedule of Maximum Exposure to Loss | ' | ||||||||
As of March 31, 2014 and December 31, 2013, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Investments in unconsolidated subsidiaries | $ | 33,091 | $ | 33,787 | |||||
Other assets, current | 3,649 | 3,547 | |||||||
Co-investment commitments | 200 | 200 | |||||||
Maximum exposure to loss | $ | 36,940 | $ | 37,534 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. treasury securities | $ | 4,612 | $ | — | $ | — | $ | 4,612 | |||||||||
Debt securities issued by U.S. federal agencies | — | 6,857 | — | 6,857 | |||||||||||||
Corporate debt securities | — | 17,616 | — | 17,616 | |||||||||||||
Asset-backed securities | — | 4,195 | — | 4,195 | |||||||||||||
Collateralized mortgage obligations | — | 1,834 | — | 1,834 | |||||||||||||
Total debt securities | 4,612 | 30,502 | — | 35,114 | |||||||||||||
Equity securities | 24,870 | — | — | 24,870 | |||||||||||||
Total available for sale securities | 29,482 | 30,502 | — | 59,984 | |||||||||||||
Trading securities | 62,524 | — | — | 62,524 | |||||||||||||
Warehouse receivables | — | 310,730 | — | 310,730 | |||||||||||||
Foreign currency exchange forward contracts | — | 940 | — | 940 | |||||||||||||
Total assets at fair value | $ | 92,006 | $ | 342,172 | $ | — | $ | 434,178 | |||||||||
Liabilities | |||||||||||||||||
Interest rate swaps | $ | — | $ | 28,647 | $ | — | $ | 28,647 | |||||||||
Foreign currency exchange forward contracts | 848 | 848 | |||||||||||||||
Total liabilities at fair value | $ | — | $ | 29,495 | $ | — | $ | 29,495 | |||||||||
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 | |||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Subsidiaries (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||
Schedule of Condensed Financial Information of Equity Method Investments | ' | ||||||||
Combined condensed financial information for these entities is as follows (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Global Investment Management: | |||||||||
Revenue | $ | 234,335 | $ | 223,548 | |||||
Operating loss | $ | (171,593 | ) | $ | (15,430 | ) | |||
Net (loss) income | $ | (160,151 | ) | $ | 21,391 | ||||
Development Services: | |||||||||
Revenue | $ | 14,436 | $ | 15,018 | |||||
Operating income | $ | 16,462 | $ | 5,437 | |||||
Net income | $ | 15,083 | $ | 2,760 | |||||
Other: | |||||||||
Revenue | $ | 25,205 | $ | 36,765 | |||||
Operating income | $ | 1,667 | $ | 3,211 | |||||
Net income | $ | 1,688 | $ | 3,160 | |||||
Total: | |||||||||
Revenue | $ | 273,976 | $ | 275,331 | |||||
Operating loss | $ | (153,464 | ) | $ | (6,782 | ) | |||
Net (loss) income | $ | (143,380 | ) | $ | 27,311 |
Real_Estate_and_Other_Assets_H1
Real Estate and Other Assets Held for Sale and Related Liabilities (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 March 31, 2014 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 9) | $ | 40,037 | |||
Other current assets | 602 | ||||
Property and equipment, net | 19 | ||||
Other assets | 765 | ||||
Total real estate and other assets held for sale | 41,423 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 10) | 18,157 | ||||
Accounts payable and accrued expenses | 81 | ||||
Other current liabilities | 61 | ||||
Other liabilities | 178 | ||||
Total liabilities related to real estate and other assets held for sale | 18,477 | ||||
Net real estate and other assets held for sale | $ | 22,946 | |||
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Real estate included in assets held for sale (see Note 8) | $ | 40,037 | $ | — | |||||
Real estate under development (current) | 20,394 | 19,133 | |||||||
Real estate under development (non-current) | 820 | 822 | |||||||
Real estate held for investment (1) | 65,674 | 106,999 | |||||||
Total real estate (2) | $ | 126,925 | $ | 126,954 | |||||
-1 | Net of accumulated depreciation of $14.7 million and $23.6 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||
-2 | Includes balances for lease intangibles and tenant origination costs of $5.2 million and $0.1 million, respectively, at March 31, 2014 and $5.3 million and $0.1 million, respectively, at December 31, 2013. 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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Loans Secured by Real Estate | ' | ||||||||
We had loans secured by real estate, which consisted of the following (dollars in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Current portion of notes payable on real estate | $ | 45,841 | $ | 62,017 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 18,157 | — | |||||||
Total notes payable on real estate, current portion | 63,998 | 62,017 | |||||||
Notes payable on real estate, non-current portion | 67,938 | 68,455 | |||||||
Total notes payable on real estate | $ | 131,936 | $ | 130,472 | |||||
Income_Per_Share_Information_T
Income Per Share Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Income Per Share | ' | ||||||||
The following is a calculation of income per share (dollars in thousands, except share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 67,663 | $ | 37,546 | |||||
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 | |||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.21 | $ | 0.11 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 67,663 | $ | 37,546 | |||||
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 | |||||||
Dilutive effect of contingently issuable shares | 2,880,113 | 2,999,485 | |||||||
Dilutive effect of stock options | 433,961 | 1,043,612 | |||||||
Weighted average shares outstanding for diluted income per share | 333,349,519 | 330,802,552 | |||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.2 | $ | 0.11 | |||||
Pensions_Tables
Pensions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Periodic Pension (Benefit) Cost | ' | ||||||||
Net periodic pension (benefit) cost consisted of the following (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest cost | $ | 4,431 | $ | 3,888 | |||||
Expected return on plan assets | (5,796 | ) | (3,929 | ) | |||||
Amortization of unrecognized net loss | 662 | 619 | |||||||
Net periodic pension (benefit) cost | $ | (703 | ) | $ | 578 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 three months ended March 31, 2013 were reported in our Global Investment Management and Development Services segments as follows (dollars in thousands): | |||||
Three Months Ended | |||||
March 31, 2013 | |||||
Revenue | $ | 3,963 | |||
Costs and expenses: | |||||
Operating, administrative and other | 1,979 | ||||
Depreciation and amortization | 256 | ||||
Total costs and expenses | 2,235 | ||||
Gain on disposition of real estate | 22,181 | ||||
Operating income | 23,909 | ||||
Interest expense | 1,781 | ||||
Income from discontinued operations, before provision for income taxes | 22,128 | ||||
Provision for income taxes | 939 | ||||
Income from discontinued operations, net of income taxes | 21,189 | ||||
Less: Income from discontinued operations attributable to non-controlling interests | 19,733 | ||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 1,456 | |||
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Summarized Financial Information by Segment | ' | ||||||||
Summarized financial information by segment is as follows (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue | |||||||||
Americas | $ | 1,021,681 | $ | 925,972 | |||||
EMEA | 518,679 | 228,634 | |||||||
Asia Pacific | 195,643 | 181,431 | |||||||
Global Investment Management | 112,463 | 126,642 | |||||||
Development Services | 12,376 | 12,384 | |||||||
$ | 1,860,842 | $ | 1,475,063 | ||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
EBITDA | |||||||||
Americas | $ | 125,762 | $ | 106,351 | |||||
EMEA | 23,365 | (545 | ) | ||||||
Asia Pacific | 8,241 | 5,847 | |||||||
Global Investment Management | 28,263 | 40,326 | |||||||
Development Services | 11,575 | 7,775 | |||||||
$ | 197,206 | $ | 159,754 | ||||||
EBITDA Calculation by Segment | ' | ||||||||
EBITDA for our segments is calculated as follows (dollars in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Americas | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 70,466 | $ | 29,538 | |||||
Add: | |||||||||
Depreciation and amortization | 34,158 | 27,833 | |||||||
Interest expense, net | 9,186 | 30,970 | |||||||
Write-off of financing costs | — | 13,580 | |||||||
Royalty and management service income | (864 | ) | (10,223 | ) | |||||
Provision for income taxes | 12,816 | 14,653 | |||||||
EBITDA | $ | 125,762 | $ | 106,351 | |||||
EMEA | |||||||||
Net loss attributable to CBRE Group, Inc. | $ | (6,990 | ) | $ | (5,800 | ) | |||
Add: | |||||||||
Depreciation and amortization | 17,463 | 5,396 | |||||||
Interest expense (income), net | 7,159 | (2,248 | ) | ||||||
Royalty and management service (income) expense | (3,885 | ) | 4,141 | ||||||
Provision for (benefit of) income taxes | 9,618 | (2,034 | ) | ||||||
EBITDA | $ | 23,365 | $ | (545 | ) | ||||
Asia Pacific | |||||||||
Net loss attributable to CBRE Group, Inc. | $ | (4,244 | ) | $ | (1,449 | ) | |||
Add: | |||||||||
Depreciation and amortization | 3,068 | 2,882 | |||||||
Interest expense, net | 335 | 560 | |||||||
Royalty and management service expense | 3,639 | 4,663 | |||||||
Provision for (benefit of) income taxes | 5,443 | (809 | ) | ||||||
EBITDA | $ | 8,241 | $ | 5,847 | |||||
Global Investment Management | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 2,828 | $ | 13,121 | |||||
Add: | |||||||||
Depreciation and amortization (1) | 9,366 | 8,929 | |||||||
Interest expense, net (2) | 8,841 | 10,266 | |||||||
Royalty and management service expense | 1,110 | 1,419 | |||||||
Provision for income taxes | 6,118 | 6,591 | |||||||
EBITDA (3) | $ | 28,263 | $ | 40,326 | |||||
Development Services | |||||||||
Net income attributable to CBRE Group, Inc. | $ | 5,603 | $ | 2,136 | |||||
Add: | |||||||||
Depreciation and amortization (4) | 1,148 | 1,497 | |||||||
Interest expense, net (5) | 917 | 2,600 | |||||||
Provision for income taxes (6) | 3,907 | 1,542 | |||||||
EBITDA (7) | $ | 11,575 | $ | 7,775 | |||||
-1 | Includes depreciation and amortization related to discontinued operations of $0.1 million for the three months ended March 31, 2013. | ||||||||
-2 | Includes interest expense related to discontinued operations of $0.5 million for the three months ended March 31, 2013. | ||||||||
-3 | Includes EBITDA related to discontinued operations of $0.6 million for the three months ended March 31, 2013. | ||||||||
-4 | Includes depreciation and amortization related to discontinued operations of $0.1 million for the three months ended March 31, 2013. | ||||||||
-5 | Includes interest expense related to discontinued operations of $1.3 million for the three months ended March 31, 2013. | ||||||||
-6 | Includes provision for income taxes related to discontinued operations of $0.9 million for the three months ended March 31, 2013. | ||||||||
-7 | Includes EBITDA related to discontinued operations of $3.8 million for the three months ended March 31, 2013. |
Guarantor_and_Nonguarantor_Fin1
Guarantor and Nonguarantor Financial Statements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 8,649 | $ | 75,252 | $ | 344,329 | $ | — | $ | 428,237 | |||||||||||||
Restricted cash | — | — | 1,130 | 49,699 | — | 50,829 | |||||||||||||||||||
Receivables, net | — | — | 496,992 | 918,391 | — | 1,415,383 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 243,342 | 67,388 | — | 310,730 | |||||||||||||||||||
Trading securities | — | — | 106 | 62,418 | — | 62,524 | |||||||||||||||||||
Income taxes receivable | 3,606 | — | 16,159 | 41,016 | (9,795 | ) | 50,986 | ||||||||||||||||||
Prepaid expenses | — | — | 56,453 | 82,536 | — | 138,989 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,716 | 61,402 | — | 168,118 | |||||||||||||||||||
Real estate and other assets held for sale | — | — | — | 41,423 | — | 41,423 | |||||||||||||||||||
Real estate under development | — | — | — | 20,394 | — | 20,394 | |||||||||||||||||||
Available for sale securities | — | — | 310 | — | — | 310 | |||||||||||||||||||
Other current assets | — | 890 | 41,544 | 31,880 | — | 74,314 | |||||||||||||||||||
Total Current Assets | 3,613 | 9,539 | 1,038,004 | 1,720,876 | (9,795 | ) | 2,762,237 | ||||||||||||||||||
Property and equipment, net | — | — | 320,468 | 126,192 | — | 446,660 | |||||||||||||||||||
Goodwill | — | — | 1,089,776 | 1,214,727 | — | 2,304,503 | |||||||||||||||||||
Other intangible assets, net | — | — | 485,586 | 344,788 | — | 830,374 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 143,014 | 58,563 | — | 201,577 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,571,055 | 2,800,277 | 929,232 | — | (6,300,564 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 1,868,949 | 700,000 | — | (2,568,949 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 820 | — | — | 820 | |||||||||||||||||||
Real estate held for investment | — | — | 1,503 | 64,171 | — | 65,674 | |||||||||||||||||||
Available for sale securities | — | — | 56,863 | 2,811 | — | 59,674 | |||||||||||||||||||
Other assets, net | — | 39,787 | 85,348 | 46,704 | — | 171,839 | |||||||||||||||||||
Total Assets | $ | 2,574,668 | $ | 4,718,552 | $ | 4,850,614 | $ | 3,578,832 | $ | (8,879,308 | ) | $ | 6,843,358 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 14,398 | $ | 148,832 | $ | 570,857 | $ | — | $ | 734,087 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 228,915 | 207,410 | — | 436,951 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 99,193 | 283,407 | — | 382,600 | |||||||||||||||||||
Income taxes payable | — | 9,795 | — | — | (9,795 | ) | — | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Revolving credit facility | — | 267,833 | — | 91,620 | — | 359,453 | |||||||||||||||||||
Warehouse lines of credit (a) | — | — | 241,009 | 65,598 | — | 306,607 | |||||||||||||||||||
Other | — | — | 16 | — | — | 16 | |||||||||||||||||||
Total short-term borrowings | — | 267,833 | 241,025 | 157,218 | — | 666,076 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,628 | 27 | — | 42,305 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 45,841 | — | 45,841 | |||||||||||||||||||
Liabilities related to real estate and other assets held for sale | — | — | — | 18,477 | — | 18,477 | |||||||||||||||||||
Other current liabilities | — | 848 | 42,737 | 9,692 | — | 53,277 | |||||||||||||||||||
Total Current Liabilities | — | 333,150 | 763,330 | 1,292,929 | (9,795 | ) | 2,379,614 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 635,700 | — | — | — | 635,700 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Other long-term debt | — | — | 2,775 | 66 | — | 2,841 | |||||||||||||||||||
Intercompany loan payable | 585,112 | — | 977,585 | 1,006,252 | (2,568,949 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 585,112 | 1,785,700 | 980,360 | 1,006,318 | (2,568,949 | ) | 1,788,541 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 67,938 | — | 67,938 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 73,623 | 69,570 | — | 143,193 | |||||||||||||||||||
Non-current tax liabilities | — | — | 47,042 | 15,191 | — | 62,233 | |||||||||||||||||||
Pension liability | — | — | — | 67,693 | — | 67,693 | |||||||||||||||||||
Other liabilities | — | 28,647 | 185,982 | 91,259 | — | 305,888 | |||||||||||||||||||
Total Liabilities | 585,112 | 2,147,497 | 2,050,337 | 2,610,898 | (2,578,744 | ) | 4,815,100 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 1,989,556 | 2,571,055 | 2,800,277 | 929,232 | (6,300,564 | ) | 1,989,556 | ||||||||||||||||||
Non-controlling interests | — | — | — | 38,702 | — | 38,702 | |||||||||||||||||||
Total Equity | 1,989,556 | 2,571,055 | 2,800,277 | 967,934 | (6,300,564 | ) | 2,028,258 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,574,668 | $ | 4,718,552 | $ | 4,850,614 | $ | 3,578,832 | $ | (8,879,308 | ) | $ | 6,843,358 | ||||||||||||
(a) | Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 6.625% senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan Chase Bank, N.A. (JP Morgan), TD Bank, N.A. (TD Bank), Bank of America (BofA) and Capital One, N.A.(Capital One), lines of credit are pledged to JP Morgan, TD Bank, BofA and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt. | ||||||||||||||||||||||||
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 Statement of Operations | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 956,638 | $ | 904,204 | $ | — | $ | 1,860,842 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 594,917 | 566,543 | — | 1,161,460 | |||||||||||||||||||
Operating, administrative and other | 9,672 | 1,399 | 253,985 | 263,339 | — | 528,395 | |||||||||||||||||||
Depreciation and amortization | — | — | 31,181 | 34,022 | — | 65,203 | |||||||||||||||||||
Total costs and expenses | 9,672 | 1,399 | 880,083 | 863,904 | — | 1,755,058 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 6,697 | — | — | 6,697 | |||||||||||||||||||
Operating (loss) income | (9,672 | ) | (1,399 | ) | 83,252 | 40,300 | — | 112,481 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 17,202 | (2,202 | ) | — | 15,000 | ||||||||||||||||||
Other income | — | — | 842 | 3,959 | — | 4,801 | |||||||||||||||||||
Interest income | — | 52,270 | 600 | 972 | (52,265 | ) | 1,577 | ||||||||||||||||||
Interest expense | — | 24,602 | 42,026 | 13,652 | (52,265 | ) | 28,015 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (1,858 | ) | 1,858 | — | — | ||||||||||||||||||
Income (loss) from consolidated subsidiaries | 73,729 | 57,255 | (2,837 | ) | — | (128,147 | ) | — | |||||||||||||||||
Income before (benefit of) provision for income taxes | 64,057 | 83,524 | 58,891 | 27,519 | (128,147 | ) | 105,844 | ||||||||||||||||||
(Benefit of) provision for income taxes | (3,606 | ) | 9,795 | 1,636 | 30,077 | — | 37,902 | ||||||||||||||||||
Net income (loss) | 67,663 | 73,729 | 57,255 | (2,558 | ) | (128,147 | ) | 67,942 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 279 | — | 279 | |||||||||||||||||||
Net income (loss) attributable to CBRE Group, Inc. | $ | 67,663 | $ | 73,729 | $ | 57,255 | $ | (2,837 | ) | $ | (128,147 | ) | $ | 67,663 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 848,408 | $ | 626,655 | $ | — | $ | 1,475,063 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 524,655 | 336,561 | — | 861,216 | |||||||||||||||||||
Operating, administrative and other | 9,367 | 1,331 | 228,183 | 230,660 | — | 469,541 | |||||||||||||||||||
Depreciation and amortization | — | — | 25,122 | 21,159 | — | 46,281 | |||||||||||||||||||
Total costs and expenses | 9,367 | 1,331 | 777,960 | 588,380 | — | 1,377,038 | |||||||||||||||||||
Gain on disposition of real estate | — | — | — | 3,149 | — | 3,149 | |||||||||||||||||||
Operating (loss) income | (9,367 | ) | (1,331 | ) | 70,448 | 41,424 | — | 101,174 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 9,692 | 57 | — | 9,749 | |||||||||||||||||||
Other (loss) income | — | (7 | ) | 926 | 1,775 | — | 2,694 | ||||||||||||||||||
Interest income | — | 32,280 | 793 | 1,230 | (32,275 | ) | 2,028 | ||||||||||||||||||
Interest expense | — | 36,903 | 33,177 | 4,590 | (32,275 | ) | 42,395 | ||||||||||||||||||
Write-off of financing costs | — | 13,580 | — | — | — | 13,580 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (13,385 | ) | 13,385 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 43,421 | 55,678 | 14,397 | — | (113,496 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 34,054 | 36,137 | 76,464 | 26,511 | (113,496 | ) | 59,670 | ||||||||||||||||||
(Benefit of) provision for income taxes | (3,492 | ) | (7,284 | ) | 20,786 | 8,994 | — | 19,004 | |||||||||||||||||
Income from continuing operations | 37,546 | 43,421 | 55,678 | 17,517 | (113,496 | ) | 40,666 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 21,189 | — | 21,189 | |||||||||||||||||||
Net income | 37,546 | 43,421 | 55,678 | 38,706 | (113,496 | ) | 61,855 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 24,309 | — | 24,309 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 37,546 | $ | 43,421 | $ | 55,678 | $ | 14,397 | $ | (113,496 | ) | $ | 37,546 | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income (loss) | $ | 67,663 | $ | 73,729 | $ | 57,255 | $ | (2,558 | ) | $ | (128,147 | ) | $ | 67,942 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 11,573 | — | 11,573 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 235 | — | 61 | — | 296 | |||||||||||||||||||
Unrealized holding gains on available for sale securities, net | — | — | 368 | 70 | — | 438 | |||||||||||||||||||
Other, net | — | — | 275 | — | — | 275 | |||||||||||||||||||
Total other comprehensive income | — | 235 | 643 | 11,704 | — | 12,582 | |||||||||||||||||||
Comprehensive income | 67,663 | 73,964 | 57,898 | 9,146 | (128,147 | ) | 80,524 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 285 | — | 285 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 67,663 | $ | 73,964 | $ | 57,898 | $ | 8,861 | $ | (128,147 | ) | $ | 80,239 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 37,546 | $ | 43,421 | $ | 55,678 | $ | 38,706 | $ | (113,496 | ) | $ | 61,855 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (22,791 | ) | — | (22,791 | ) | |||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 1,428 | — | 7 | — | 1,435 | |||||||||||||||||||
Unrealized holding losses on available for sale securities, net | — | — | (168 | ) | — | — | (168 | ) | |||||||||||||||||
Other, net | — | — | 1,163 | — | — | 1,163 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 1,428 | 995 | (22,784 | ) | — | (20,361 | ) | |||||||||||||||||
Comprehensive income | 37,546 | 44,849 | 56,673 | 15,922 | (113,496 | ) | 41,494 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 24,350 | — | 24,350 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 37,546 | $ | 44,849 | $ | 56,673 | $ | (8,428 | ) | $ | (113,496 | ) | $ | 17,144 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 17,391 | $ | 42,115 | $ | (333,507 | ) | $ | 4,035 | $ | (269,966 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (8,070 | ) | (5,583 | ) | (13,653 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill | — | — | (5,310 | ) | (9,394 | ) | (14,704 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (9,709 | ) | (1 | ) | (9,710 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 17,121 | 158 | 17,279 | ||||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 8,354 | 962 | 9,316 | ||||||||||||||||||||
Decrease in restricted cash | — | 6,871 | 1,515 | 1,225 | 9,611 | ||||||||||||||||||||
Purchase of available for sale securities | — | — | (12,660 | ) | — | (12,660 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 10,999 | — | 10,999 | ||||||||||||||||||||
Other investing activities, net | — | — | 23 | 3 | 26 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 6,871 | 2,263 | (12,630 | ) | (3,496 | ) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (9,913 | ) | — | — | (9,913 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 613,000 | — | 4,765 | 617,765 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (374,000 | ) | — | (27,112 | ) | (401,112 | ) | |||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (906 | ) | (906 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 2,058 | 2,058 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 1,239 | — | — | — | 1,239 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 119 | 119 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (2,024 | ) | (2,024 | ) | ||||||||||||||||||
Payment of financing costs | — | — | — | (9 | ) | (9 | ) | ||||||||||||||||||
(Increase) decrease in intercompany receivables, net | (19,748 | ) | (281,009 | ) | 315,252 | (14,495 | ) | — | |||||||||||||||||
Other financing activities, net | 1,120 | — | — | (9 | ) | 1,111 | |||||||||||||||||||
Net cash (used in) provided by financing activities | (17,389 | ) | (51,922 | ) | 315,252 | (37,613 | ) | 208,328 | |||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | 1,459 | 1,459 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2 | (2,936 | ) | (15,992 | ) | (44,749 | ) | (63,675 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 11,585 | 91,244 | 389,078 | 491,912 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 7 | $ | 8,649 | $ | 75,252 | $ | 344,329 | $ | 428,237 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 27,256 | $ | 200 | $ | 1,968 | $ | 29,424 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 68,200 | $ | 29,863 | $ | 98,063 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 20,538 | $ | 19,553 | $ | (237,083 | ) | $ | 117,106 | $ | (79,886 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (5,732 | ) | (3,083 | ) | (8,815 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill | — | — | — | (6,725 | ) | (6,725 | ) | ||||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (7,691 | ) | 301 | (7,390 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 7,110 | 8 | 7,118 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 34,367 | 34,367 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (403 | ) | (403 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 2,890 | 4,273 | 7,163 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | (147 | ) | 2,829 | 2,682 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (34,192 | ) | — | (34,192 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 19,267 | — | 19,267 | ||||||||||||||||||||
Other investing activities, net | — | — | 479 | — | 479 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (18,016 | ) | 31,567 | 13,551 | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 415,000 | — | — | 415,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,352,500 | ) | — | (256,780 | ) | (1,609,280 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 100,000 | — | 23,490 | 123,490 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (33,000 | ) | — | (53,236 | ) | (86,236 | ) | |||||||||||||||||
Proceeds from issuance of 5.00% senior notes | — | 800,000 | — | — | 800,000 | ||||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 249 | 249 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (23,958 | ) | (23,958 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 1,559 | 1,559 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (63,550 | ) | (63,550 | ) | ||||||||||||||||||
Incremental tax benefit from stock options exercised | 7,901 | — | — | — | 7,901 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 65 | 65 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (37,437 | ) | (37,437 | ) | ||||||||||||||||||
Payment of financing costs | — | (25,695 | ) | — | (321 | ) | (26,016 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (31,406 | ) | 74,066 | (283,970 | ) | 241,310 | — | ||||||||||||||||||
Other financing activities, net | 2,998 | — | (1,437 | ) | (13 | ) | 1,548 | ||||||||||||||||||
Net cash used in financing activities | (20,507 | ) | (22,129 | ) | (285,407 | ) | (168,622 | ) | (496,665 | ) | |||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (7,597 | ) | (7,597 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 31 | (2,576 | ) | (540,506 | ) | (27,546 | ) | (570,597 | ) | ||||||||||||||||
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 | $ | 36 | $ | 15,736 | $ | 139,606 | $ | 363,322 | $ | 518,700 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 14,502 | $ | 220 | $ | 5,819 | $ | 20,541 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 40,131 | $ | 13,590 | $ | 53,721 | |||||||||||||||
Norland_Acquisition_Additional
Norland Acquisition - Additional Information (Detail) (Norland [Member]) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
Dec. 23, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 23, 2013 | Mar. 31, 2014 | Dec. 23, 2013 | |
USD ($) | USD ($) | GBP (£) | GBP (£) | Maximum [Member] | Class A common stock [Member] | |
GBP (£) | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | $475,000,000 | ' | ' | ' | ' | ' |
Business acquisition, cash paid | 433,900,000 | ' | ' | ' | ' | ' |
Business acquisition, remaining contingent consideration payable | '2014 | ' | ' | ' | ' | ' |
Business acquisition, shares issued | ' | ' | ' | ' | ' | 362,916 |
Business acquisition, percentage of outstanding stock | 100.00% | ' | ' | ' | ' | ' |
Business acquisition, acquisition date | 23-Dec-13 | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' |
Amortization expense of acquired intangible assets | ' | 11,000,000 | ' | ' | ' | ' |
Additional interest expense for debt incurred to finance Acquisitions | ' | $300,000 | ' | ' | ' | ' |
Norland_Acquisition_Summary_of
Norland Acquisition - Summary of Unaudited Pro Forma Results Prepared for Comparative Purpose (Detail) (Norland [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 |
Norland [Member] | ' |
Business Acquisition [Line Items] | ' |
Revenue | $1,627,112 |
Operating income | 95,876 |
Net income attributable to CBRE Group, Inc. | $32,595 |
Basic income per share | $0.10 |
Weighted average shares outstanding for basic income per share | 326,759,455 |
Diluted income per share | $0.10 |
Weighted average shares outstanding for diluted income per share | 330,802,552 |
Variable_Interest_Entities_VIE2
Variable Interest Entities (VIEs) - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Previously unconsolidated variable interest entities [Member] | Previously unconsolidated variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Financial support funded to the entities | ' | ' | $0 | $0 |
Investments in real estate | 39,400,000 | 39,900,000 | ' | ' |
Nonrecourse mortgage notes payable | 41,800,000 | 41,700,000 | ' | ' |
Nonrecourse mortgage notes payable, current | 900,000 | 900,000 | ' | ' |
Non-controlling interests in entities | $2,300,000 | $1,800,000 | ' | ' |
Variable_Interest_Entities_VIE3
Variable Interest Entities (VIEs) - Schedule of Operating Results Relating to Entities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Revenue | $1,860,842 | $1,475,063 |
Operating, administrative and other expenses | 528,395 | 469,541 |
Income from discontinued operations, net of income taxes | ' | 21,189 |
Net income attributable to non-controlling interests | 279 | 24,309 |
Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Revenue | 2,102 | 2,007 |
Operating, administrative and other expenses | 1,233 | 1,010 |
Income from discontinued operations, net of income taxes | ' | 15,236 |
Net income attributable to non-controlling interests | $478 | $14,893 |
Variable_Interest_Entities_VIE4
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $201,577 | $198,696 |
Other assets, current | 74,314 | 67,452 |
Co-investment commitments | 9,400 | ' |
Non-Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 33,091 | 33,787 |
Other assets, current | 3,649 | 3,547 |
Co-investment commitments | 200 | 200 |
Maximum exposure to loss | $36,940 | $37,534 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warehouse receivables | $310,730 | $381,545 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 59,984 | 56,800 |
Trading securities | 62,524 | 58,442 |
Warehouse receivables | 310,730 | 381,545 |
Foreign currency exchange forward contracts | 940 | ' |
Total assets at fair value | 434,178 | 496,787 |
Interest rate swaps | 28,647 | 29,034 |
Foreign currency exchange forward contracts | 848 | ' |
Total liabilities at fair value | 29,495 | 29,034 |
Recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 4,612 | 3,688 |
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 | 6,857 | 6,528 |
Recurring [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 17,616 | 17,456 |
Recurring [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 4,195 | 3,381 |
Recurring [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,834 | 2,720 |
Recurring [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 35,114 | 33,773 |
Recurring [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 24,870 | 23,027 |
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 | 29,482 | 26,715 |
Trading securities | 62,524 | 58,442 |
Warehouse receivables | ' | ' |
Foreign currency exchange forward contracts | ' | ' |
Total assets at fair value | 92,006 | 85,157 |
Interest rate swaps | ' | ' |
Foreign currency exchange forward contracts | ' | ' |
Total liabilities at fair value | ' | ' |
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 | 4,612 | 3,688 |
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 | 4,612 | 3,688 |
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 | 24,870 | 23,027 |
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 | 30,502 | 30,085 |
Trading securities | ' | ' |
Warehouse receivables | 310,730 | 381,545 |
Foreign currency exchange forward contracts | 940 | ' |
Total assets at fair value | 342,172 | 411,630 |
Interest rate swaps | 28,647 | 29,034 |
Foreign currency exchange forward contracts | 848 | ' |
Total liabilities at fair value | 29,495 | 29,034 |
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 | 6,857 | 6,528 |
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 | 17,616 | 17,456 |
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 | 4,195 | 3,381 |
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 | 1,834 | 2,720 |
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 | 30,502 | 30,085 |
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 | ' | ' |
Foreign currency exchange forward contracts | ' | ' |
Total assets at fair value | ' | ' |
Interest rate swaps | ' | ' |
Foreign currency exchange forward contracts | ' | ' |
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_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying value of notes payable on real estate | $131,936,000 | $130,472,000 | ' |
Recourse of notes payable on real estate | 4,000,000 | 4,000,000 | ' |
5.00% senior notes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Estimated fair value of senior secured term loans | 807,100,000 | 769,400,000 | ' |
Interest rate of long-term debt | 5.00% | 5.00% | 5.00% |
Senior notes | 800,000,000 | 800,000,000 | ' |
6.625% senior notes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Estimated fair value of senior secured term loans | 374,900,000 | 372,800,000 | ' |
Interest rate of long-term debt | 6.63% | 6.63% | ' |
Senior notes | 350,000,000 | 350,000,000 | ' |
Senior secured term loans [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Estimated fair value of senior secured term loans | 676,200,000 | 687,600,000 | ' |
Senior secured term loans | $675,400,000 | $685,300,000 | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Swap | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap agreement expiring on October 2017 [Member] | Interest rate swap agreement expiring on October 2017 [Member] | Interest rate swap agreement expiring on September 2019 [Member] | Interest rate swap agreement expiring on September 2019 [Member] | Foreign currency exchange forward contracts [Member] | Foreign currency exchange forward contracts [Member] | Foreign currency exchange forward contracts [Member] | |||
Contract | Other current assets [Member] | Other current liabilities [Member] | |||||||||||
Counterparty | Counterparty | ||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | $400,000,000 | ' | ' | ' | ' | $200,000,000 | ' | $200,000,000 | $209,700,000 | ' | ' |
Number of interest rate swap agreements entered | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, expiration date | ' | ' | ' | ' | ' | ' | '2017-10 | ' | '2019-09 | ' | ' | ' | ' |
Ineffectiveness of significant hedge | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | 296,000 | 1,435,000 | ' | 400,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap reflected as liability | ' | ' | ' | 28,600,000 | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency exchange contracts entered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' |
Fair value of forward contracts in asset position | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940,000 | ' | ' |
Number of counterparties aggregated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 |
Fair value of forward contracts in liability position | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $848,000 | ' | ' |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenue | $273,976 | $275,331 |
Operating (loss) income | -153,464 | -6,782 |
Net (loss) income | -143,380 | 27,311 |
Global Investment Management [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenue | 234,335 | 223,548 |
Operating (loss) income | -171,593 | -15,430 |
Net (loss) income | -160,151 | 21,391 |
Development Services [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenue | 14,436 | 15,018 |
Operating (loss) income | 16,462 | 5,437 |
Net (loss) income | 15,083 | 2,760 |
Other [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenue | 25,205 | 36,765 |
Operating (loss) income | 1,667 | 3,211 |
Net (loss) income | $1,688 | $3,160 |
Real_Estate_and_Other_Assets_H2
Real Estate and Other Assets Held for Sale and Related Liabilities - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Real estate held for sale | $40,037 | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Real estate held for sale | $40,037 | ' |
Total real estate and other assets held for sale | 41,423 | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 18,477 | ' |
Net real estate and other assets held for sale | 22,946 | ' |
Property and equipment, net [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 19 | ' |
Other current assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 602 | ' |
Other assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 765 | ' |
Notes payable on real estate held for sale [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 18,157 | ' |
Accounts payable and accrued expenses [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 81 | ' |
Other current liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 61 | ' |
Other liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | $178 | ' |
Real_Estate_Schedule_of_Real_E
Real Estate - Schedule of Real Estate Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Real estate included in assets held for sale (see Note 8) | $40,037 | ' |
Real estate under development (current) | 20,394 | 19,133 |
Real estate under development (non-current) | 820 | 822 |
Real estate held for investment | 65,674 | 106,999 |
Total real estate | $126,925 | $126,954 |
Real_Estate_Schedule_of_Real_E1
Real Estate - Schedule of Real Estate Assets (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Accumulated depreciation | $14.70 | $23.60 |
Lease intangibles | 5.2 | 5.3 |
Tenant origination costs | $0.10 | $0.10 |
Notes_Payable_on_Real_Estate_S
Notes Payable on Real Estate - Schedule of Loans Secured by Real Estate (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Current portion of notes payable on real estate | $45,841 | $62,017 |
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 18,157 | ' |
Total notes payable on real estate, current portion | 63,998 | 62,017 |
Notes payable on real estate, non-current portion | 67,938 | 68,455 |
Total notes payable on real estate | $131,936 | $130,472 |
Notes_Payable_on_Real_Estate_A
Notes Payable on Real Estate - Additional Information (Detail) (Notes payable on real estate [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Notes payable on real estate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Recourses of non-current portion of notes payable on real estate | $2.40 | $2.50 |
Recourses of current portion of notes payable on real estate | $1.60 | $1.50 |
Debt_Tranche_Term_Loan_Facilit
Debt - Tranche Term Loan Facilities - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Spread over applicable interest rate [Member] | Spread over applicable interest rate [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] | 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] | Senior secured term loans [Member] | |||
Minimum spread over applicable interest rate [Member] | Maximum spread over applicable interest rate [Member] | Spread over applicable interest rate [Member] | Canadian subsidiaries [Member] | Australian and New Zealand subsidiaries [Member] | U.K. subsidiaries [Member] | Minimum spread over applicable interest rate [Member] | Maximum spread over applicable interest rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of senior secured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 |
Amounts available to borrow under 2010 Credit Agreement | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | 500,000,000 | ' | 215,000,000 | ' | ' | ' | 10,000,000 | 35,000,000 | 150,000,000 | ' | ' | ' | ' |
Revolving credit facility maturity date | ' | ' | ' | ' | 28-Mar-18 | ' | ' | ' | 28-Mar-13 | ' | 28-Mar-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drew down | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | ' | ' | ' |
Optional additional borrowing availability period | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 359,453,000 | 142,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, weighted average interest rates | ' | ' | ' | ' | 2.40% | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loans outstanding | ' | ' | $675,400,000 | $685,300,000 | ' | ' | ' | ' | $462,500,000 | $471,900,000 | $212,900,000 | $213,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Credit_Agreement_Addition
Debt - Credit Agreement - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 31, 2014 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Redemption on or after March 15, 2018 [Member] | Redemption prior to March 15, 2016 [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] | 5.00% senior notes [Member] | 5.00% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital in non-U.S. subsidiaries | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior long term loans | ' | ' | ' | ' | $800,000 | ' | $800,000 | $800,000 | ' | $350,000 | $350,000 |
Interest rate of long term debt | ' | ' | ' | ' | 5.00% | ' | 5.00% | 5.00% | 5.00% | 6.63% | 6.63% |
Debt instrument maturity date | ' | ' | ' | 15-Mar-23 | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage | ' | 102.50% | 35.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' |
Percentage of notes available for redemption | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 10.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio of total debt less available cash to EBITDA | 1.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding | $21,700,000 | ' |
Letters of credit expiration date | 'January 2015 | ' |
Guarantees total | 12,900,000 | ' |
Outstanding pension liability | 67,693,000 | 68,012,000 |
Guarantees expiration date | 'June 2017 | ' |
Cash deposited under reserve arrangement | 20,600,000 | 16,600,000 |
Accrued loan loss | 14,100,000 | 13,800,000 |
Assets available for recourse | 202,500,000 | ' |
Warehouse receivables | 56,800,000 | ' |
Commitments to investment in future real estate investment | 9,400,000 | ' |
Commitments to investment in unconsolidated real estate subsidiary | 23,600,000 | ' |
Funded loans subject to loss sharing arrangements [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Funded loans unpaid principal | 8,000,000,000 | ' |
Funded loans not subject to loss sharing arrangements [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Funded loans unpaid principal | $368,000,000 | ' |
Minimum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Co-investments typically range | 2.00% | ' |
Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Co-investments typically range | 5.00% | ' |
Income_Per_Share_Information_C
Income Per Share Information - Computation of Basic and Diluted Income Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $67,663 | $37,546 |
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $0.21 | $0.11 |
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $67,663 | $37,546 |
Weighted average shares outstanding for basic income per share | 330,035,445 | 326,759,455 |
Dilutive effect of contingently issuable shares | 2,880,113 | 2,999,485 |
Dilutive effect of stock options | 433,961 | 1,043,612 |
Weighted average shares outstanding for diluted income per share | 333,349,519 | 330,802,552 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $0.20 | $0.11 |
Income_Per_Share_Information_A
Income Per Share Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Contingently issuable shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Shares excluded in computation of diluted earnings per share | 20,065 | ' |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Shares excluded in computation of diluted earnings per share | 37,598 | 82,847 |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Pension_Plan | |
Compensation And Retirement Disclosure [Abstract] | ' |
Number of contributory defined benefit pension plans in the United Kingdom | 2 |
Contributed fund to pension plans | $1.60 |
Expected contribution to pension plans | $6.20 |
Pensions_Schedule_of_Net_Perio
Pensions - Schedule of Net Periodic Pension (Benefit) Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Interest cost | $4,431 | $3,888 |
Expected return on plan assets | -5,796 | -3,929 |
Amortization of unrecognized net loss | 662 | 619 |
Net periodic pension (benefit) cost | ($703) | $578 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations from Dispositions of Real Estate (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Revenue | $3,963 |
Costs and expenses: | ' |
Operating, administrative and other | 1,979 |
Depreciation and amortization | 256 |
Total costs and expenses | 2,235 |
Gain on disposition of real estate | 22,181 |
Operating income | 23,909 |
Interest expense | 1,781 |
Income from discontinued operations, before provision for income taxes | 22,128 |
Provision for income taxes | 939 |
Income from discontinued operations, net of income taxes | 21,189 |
Less: Income from discontinued operations attributable to non-controlling interests | 19,733 |
Income from discontinued operations attributable to CBRE Group, Inc. | $1,456 |
Segments_Summarized_Financial_
Segments - Summarized Financial Information by Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $1,860,842 | $1,475,063 |
EBITDA | 197,206 | 159,754 |
Global Investment Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 112,463 | 126,642 |
EBITDA | 28,263 | 40,326 |
Development Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 12,376 | 12,384 |
EBITDA | 11,575 | 7,775 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 1,021,681 | 925,972 |
EBITDA | 125,762 | 106,351 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 518,679 | 228,634 |
EBITDA | 23,365 | -545 |
Asia Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 195,643 | 181,431 |
EBITDA | $8,241 | $5,847 |
Segments_EBITDA_Calculation_by
Segments - EBITDA Calculation by Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | $67,663 | $37,546 |
Depreciation and amortization | 65,203 | 46,281 |
Write-off of financing costs | ' | 13,580 |
Royalty and management service (income) expense | ' | ' |
Provision for (benefit of) income taxes | 37,902 | 19,004 |
EBITDA | 197,206 | 159,754 |
Global Investment Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 2,828 | 13,121 |
Interest expense (income), net | 8,841 | 10,266 |
Royalty and management service (income) expense | 1,110 | 1,419 |
Provision for (benefit of) income taxes | 6,118 | 6,591 |
EBITDA | 28,263 | 40,326 |
Depreciation and amortization | 9,366 | 8,929 |
Development Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 5,603 | 2,136 |
Interest expense (income), net | 917 | 2,600 |
Provision for (benefit of) income taxes | 3,907 | 1,542 |
EBITDA | 11,575 | 7,775 |
Depreciation and amortization | 1,148 | 1,497 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 70,466 | 29,538 |
Depreciation and amortization | 34,158 | 27,833 |
Interest expense (income), net | 9,186 | 30,970 |
Write-off of financing costs | ' | 13,580 |
Royalty and management service (income) expense | -864 | -10,223 |
Provision for (benefit of) income taxes | 12,816 | 14,653 |
EBITDA | 125,762 | 106,351 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | -6,990 | -5,800 |
Depreciation and amortization | 17,463 | 5,396 |
Interest expense (income), net | 7,159 | -2,248 |
Royalty and management service (income) expense | -3,885 | 4,141 |
Provision for (benefit of) income taxes | 9,618 | -2,034 |
EBITDA | 23,365 | -545 |
Asia Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | -4,244 | -1,449 |
Depreciation and amortization | 3,068 | 2,882 |
Interest expense (income), net | 335 | 560 |
Royalty and management service (income) expense | 3,639 | 4,663 |
Provision for (benefit of) income taxes | 5,443 | -809 |
EBITDA | $8,241 | $5,847 |
Segments_EBITDA_Calculation_by1
Segments - EBITDA Calculation by Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | $256,000 |
Interest expense related to discontinued operations | 1,781,000 |
Global Investment Management [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | 100,000 |
Interest expense related to discontinued operations | 500,000 |
EBITDA related to discontinued operations | 600,000 |
Development Services [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | 100,000 |
Interest expense related to discontinued operations | 1,300,000 |
EBITDA related to discontinued operations | 3,800,000 |
Provision for income taxes related to discontinued operations | $900,000 |
Guarantor_and_Nonguarantor_Fin2
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $428,237 | $491,912 | $518,700 | $1,089,297 |
Restricted cash | 50,829 | 61,155 | ' | ' |
Receivables, net | 1,415,383 | 1,486,489 | ' | ' |
Warehouse receivables | 310,730 | 381,545 | ' | ' |
Trading securities | 62,524 | 58,442 | ' | ' |
Income taxes receivable | 50,986 | ' | ' | ' |
Prepaid expenses | 138,989 | 125,151 | ' | ' |
Deferred tax assets, net | 168,118 | 188,533 | ' | ' |
Real estate and other assets held for sale | 41,423 | ' | ' | ' |
Real estate under development | 20,394 | 19,133 | ' | ' |
Available for sale securities | 310 | ' | ' | ' |
Other current assets | 74,314 | 67,452 | ' | ' |
Total Current Assets | 2,762,237 | 2,879,812 | ' | ' |
Property and equipment, net | 446,660 | 458,596 | ' | ' |
Goodwill | 2,304,503 | 2,290,474 | ' | ' |
Other intangible assets, net | 830,374 | 841,228 | ' | ' |
Investments in unconsolidated subsidiaries | 201,577 | 198,696 | ' | ' |
Investments in consolidated subsidiaries | ' | ' | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | 820 | 822 | ' | ' |
Real estate held for investment | 65,674 | 106,999 | ' | ' |
Available for sale securities | 59,674 | 56,800 | ' | ' |
Other assets, net | 171,839 | 164,987 | ' | ' |
Total Assets | 6,843,358 | 6,998,414 | ' | ' |
Accounts payable and accrued expenses | 734,087 | 817,519 | ' | ' |
Compensation and employee benefits payable | 436,951 | 486,993 | ' | ' |
Accrued bonus and profit sharing | 382,600 | 612,114 | ' | ' |
Income taxes payable | ' | 11,111 | ' | ' |
Revolving credit facility | 359,453 | 142,484 | ' | ' |
Warehouse lines of credit | 306,607 | 374,597 | ' | ' |
Other | 16 | 16 | ' | ' |
Total short-term borrowings | 666,076 | 517,097 | ' | ' |
Current maturities of long-term debt | 42,305 | 42,245 | ' | ' |
Notes payable on real estate | 45,841 | 62,017 | ' | ' |
Liabilities related to real estate and other assets held for sale | 18,477 | ' | ' | ' |
Other current liabilities | 53,277 | 56,644 | ' | ' |
Total Current Liabilities | 2,379,614 | 2,605,740 | ' | ' |
Senior secured term loans | 635,700 | 645,613 | ' | ' |
Other long-term debt | 2,841 | 2,822 | ' | ' |
Intercompany loan payable | ' | ' | ' | ' |
Total Long-Term Debt | 1,788,541 | 1,798,435 | ' | ' |
Notes payable on real estate | 67,938 | 68,455 | ' | ' |
Deferred tax liabilities, net | 143,193 | 160,777 | ' | ' |
Non-current tax liabilities | 62,233 | 65,520 | ' | ' |
Pension liability | 67,693 | 68,012 | ' | ' |
Other liabilities | 305,888 | 295,469 | ' | ' |
Total Liabilities | 4,815,100 | 5,062,408 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 1,989,556 | 1,895,785 | ' | ' |
Non-controlling interests | 38,702 | 40,221 | ' | ' |
Total Equity | 2,028,258 | 1,936,006 | ' | ' |
Total Liabilities and Equity | 6,843,358 | 6,998,414 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | -9,795 | -62,755 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' |
Total Current Assets | -9,795 | -62,755 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | -6,300,564 | -5,740,533 | ' | ' |
Intercompany loan receivable | -2,568,949 | -2,514,112 | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' |
Total Assets | -8,879,308 | -8,317,400 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' |
Compensation and employee benefits payable | ' | ' | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | -9,795 | -62,755 | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' |
Total Current Liabilities | -9,795 | -62,755 | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | -2,568,949 | -2,514,112 | ' | ' |
Total Long-Term Debt | -2,568,949 | -2,514,112 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Total Liabilities | -2,578,744 | -2,576,867 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | -6,300,564 | -5,740,533 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | -6,300,564 | -5,740,533 | ' | ' |
Total Liabilities and Equity | -8,879,308 | -8,317,400 | ' | ' |
5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 800,000 | 800,000 | ' | ' |
5.00% senior notes [Member] | Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 350,000 | 350,000 | ' | ' |
6.625% senior notes [Member] | Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 7 | 5 | 36 | 5 |
Restricted cash | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | 3,606 | 15,892 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' |
Total Current Assets | 3,613 | 15,897 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | 2,571,055 | 2,388,905 | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' |
Total Assets | 2,574,668 | 2,404,802 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' |
Compensation and employee benefits payable | ' | ' | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' |
Total Current Liabilities | ' | ' | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | 585,112 | 509,017 | ' | ' |
Total Long-Term Debt | 585,112 | 509,017 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Total Liabilities | 585,112 | 509,017 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 1,989,556 | 1,895,785 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 1,989,556 | 1,895,785 | ' | ' |
Total Liabilities and Equity | 2,574,668 | 2,404,802 | ' | ' |
Parent [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Parent [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 8,649 | 11,585 | 15,736 | 18,312 |
Restricted cash | ' | 6,871 | ' | ' |
Receivables, net | ' | ' | ' | ' |
Warehouse receivables | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' |
Income taxes receivable | ' | 18,246 | ' | ' |
Prepaid expenses | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other current assets | 890 | ' | ' | ' |
Total Current Assets | 9,539 | 36,702 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' |
Investments in unconsolidated subsidiaries | ' | ' | ' | ' |
Investments in consolidated subsidiaries | 2,800,277 | 2,408,755 | ' | ' |
Intercompany loan receivable | 1,868,949 | 1,814,112 | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other assets, net | 39,787 | 41,724 | ' | ' |
Total Assets | 4,718,552 | 4,301,293 | ' | ' |
Accounts payable and accrued expenses | 14,398 | 18,693 | ' | ' |
Compensation and employee benefits payable | 626 | 626 | ' | ' |
Accrued bonus and profit sharing | ' | ' | ' | ' |
Income taxes payable | 9,795 | ' | ' | ' |
Revolving credit facility | 267,833 | 28,772 | ' | ' |
Warehouse lines of credit | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | 267,833 | 28,772 | ' | ' |
Current maturities of long-term debt | 39,650 | 39,650 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
Other current liabilities | 848 | ' | ' | ' |
Total Current Liabilities | 333,150 | 87,741 | ' | ' |
Senior secured term loans | 635,700 | 645,613 | ' | ' |
Other long-term debt | ' | ' | ' | ' |
Intercompany loan payable | ' | ' | ' | ' |
Total Long-Term Debt | 1,785,700 | 1,795,613 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' |
Non-current tax liabilities | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | 28,647 | 29,034 | ' | ' |
Total Liabilities | 2,147,497 | 1,912,388 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,571,055 | 2,388,905 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 2,571,055 | 2,388,905 | ' | ' |
Total Liabilities and Equity | 4,718,552 | 4,301,293 | ' | ' |
CBRE [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 800,000 | 800,000 | ' | ' |
CBRE [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 350,000 | 350,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 75,252 | 91,244 | 139,606 | 680,112 |
Restricted cash | 1,130 | 2,645 | ' | ' |
Receivables, net | 496,992 | 487,514 | ' | ' |
Warehouse receivables | 243,342 | 148,497 | ' | ' |
Trading securities | 106 | 100 | ' | ' |
Income taxes receivable | 16,159 | ' | ' | ' |
Prepaid expenses | 56,453 | 57,592 | ' | ' |
Deferred tax assets, net | 106,716 | 106,721 | ' | ' |
Real estate and other assets held for sale | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Available for sale securities | 310 | ' | ' | ' |
Other current assets | 41,544 | 34,768 | ' | ' |
Total Current Assets | 1,038,004 | 929,081 | ' | ' |
Property and equipment, net | 320,468 | 329,215 | ' | ' |
Goodwill | 1,089,776 | 1,084,394 | ' | ' |
Other intangible assets, net | 485,586 | 492,357 | ' | ' |
Investments in unconsolidated subsidiaries | 143,014 | 136,225 | ' | ' |
Investments in consolidated subsidiaries | 929,232 | 942,873 | ' | ' |
Intercompany loan receivable | 700,000 | 700,000 | ' | ' |
Real estate under development | 820 | 822 | ' | ' |
Real estate held for investment | 1,503 | 1,503 | ' | ' |
Available for sale securities | 56,863 | 54,108 | ' | ' |
Other assets, net | 85,348 | 81,176 | ' | ' |
Total Assets | 4,850,614 | 4,751,754 | ' | ' |
Accounts payable and accrued expenses | 148,832 | 161,836 | ' | ' |
Compensation and employee benefits payable | 228,915 | 282,756 | ' | ' |
Accrued bonus and profit sharing | 99,193 | 308,795 | ' | ' |
Income taxes payable | ' | 73,866 | ' | ' |
Revolving credit facility | ' | ' | ' | ' |
Warehouse lines of credit | 241,009 | 146,703 | ' | ' |
Other | 16 | 16 | ' | ' |
Total short-term borrowings | 241,025 | 146,719 | ' | ' |
Current maturities of long-term debt | 2,628 | 2,568 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Liabilities related to real estate and other assets held for sale | ' | ' | ' | ' |
Other current liabilities | 42,737 | 51,366 | ' | ' |
Total Current Liabilities | 763,330 | 1,027,906 | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | 2,775 | 2,747 | ' | ' |
Intercompany loan payable | 977,585 | 1,006,996 | ' | ' |
Total Long-Term Debt | 980,360 | 1,009,743 | ' | ' |
Notes payable on real estate | ' | ' | ' | ' |
Deferred tax liabilities, net | 73,623 | 69,137 | ' | ' |
Non-current tax liabilities | 47,042 | 62,059 | ' | ' |
Pension liability | ' | ' | ' | ' |
Other liabilities | 185,982 | 174,154 | ' | ' |
Total Liabilities | 2,050,337 | 2,342,999 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,800,277 | 2,408,755 | ' | ' |
Non-controlling interests | ' | ' | ' | ' |
Total Equity | 2,800,277 | 2,408,755 | ' | ' |
Total Liabilities and Equity | 4,850,614 | 4,751,754 | ' | ' |
Guarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 344,329 | 389,078 | 363,322 | 390,868 |
Restricted cash | 49,699 | 51,639 | ' | ' |
Receivables, net | 918,391 | 998,975 | ' | ' |
Warehouse receivables | 67,388 | 233,048 | ' | ' |
Trading securities | 62,418 | 58,342 | ' | ' |
Income taxes receivable | 41,016 | 28,617 | ' | ' |
Prepaid expenses | 82,536 | 67,559 | ' | ' |
Deferred tax assets, net | 61,402 | 81,812 | ' | ' |
Real estate and other assets held for sale | 41,423 | ' | ' | ' |
Real estate under development | 20,394 | 19,133 | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Other current assets | 31,880 | 32,684 | ' | ' |
Total Current Assets | 1,720,876 | 1,960,887 | ' | ' |
Property and equipment, net | 126,192 | 129,381 | ' | ' |
Goodwill | 1,214,727 | 1,206,080 | ' | ' |
Other intangible assets, net | 344,788 | 348,871 | ' | ' |
Investments in unconsolidated subsidiaries | 58,563 | 62,471 | ' | ' |
Investments in consolidated subsidiaries | ' | ' | ' | ' |
Intercompany loan receivable | ' | ' | ' | ' |
Real estate under development | ' | ' | ' | ' |
Real estate held for investment | 64,171 | 105,496 | ' | ' |
Available for sale securities | 2,811 | 2,692 | ' | ' |
Other assets, net | 46,704 | 42,087 | ' | ' |
Total Assets | 3,578,832 | 3,857,965 | ' | ' |
Accounts payable and accrued expenses | 570,857 | 636,990 | ' | ' |
Compensation and employee benefits payable | 207,410 | 203,611 | ' | ' |
Accrued bonus and profit sharing | 283,407 | 303,319 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Revolving credit facility | 91,620 | 113,712 | ' | ' |
Warehouse lines of credit | 65,598 | 227,894 | ' | ' |
Other | ' | ' | ' | ' |
Total short-term borrowings | 157,218 | 341,606 | ' | ' |
Current maturities of long-term debt | 27 | 27 | ' | ' |
Notes payable on real estate | 45,841 | 62,017 | ' | ' |
Liabilities related to real estate and other assets held for sale | 18,477 | ' | ' | ' |
Other current liabilities | 9,692 | 5,278 | ' | ' |
Total Current Liabilities | 1,292,929 | 1,552,848 | ' | ' |
Senior secured term loans | ' | ' | ' | ' |
Other long-term debt | 66 | 75 | ' | ' |
Intercompany loan payable | 1,006,252 | 998,099 | ' | ' |
Total Long-Term Debt | 1,006,318 | 998,174 | ' | ' |
Notes payable on real estate | 67,938 | 68,455 | ' | ' |
Deferred tax liabilities, net | 69,570 | 91,640 | ' | ' |
Non-current tax liabilities | 15,191 | 3,461 | ' | ' |
Pension liability | 67,693 | 68,012 | ' | ' |
Other liabilities | 91,259 | 92,281 | ' | ' |
Total Liabilities | 2,610,898 | 2,874,871 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 929,232 | 942,873 | ' | ' |
Non-controlling interests | 38,702 | 40,221 | ' | ' |
Total Equity | 967,934 | 983,094 | ' | ' |
Total Liabilities and Equity | 3,578,832 | 3,857,965 | ' | ' |
Nonguarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Nonguarantor Subsidiaries [Member] | 6.625% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Guarantor_and_Nonguarantor_Fin3
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
5.00% senior notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Interest rate of long-term debt | 5.00% | 5.00% | 5.00% |
6.625% senior notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Interest rate of long-term debt | 6.63% | 6.63% | ' |
Guarantor_and_Nonguarantor_Fin4
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | $1,860,842 | $1,475,063 |
Cost of services | 1,161,460 | 861,216 |
Operating, administrative and other | 528,395 | 469,541 |
Depreciation and amortization | 65,203 | 46,281 |
Total costs and expenses | 1,755,058 | 1,377,038 |
Gain on disposition of real estate | 6,697 | 3,149 |
Operating (loss) income | 112,481 | 101,174 |
Equity income (loss) from unconsolidated subsidiaries | 15,000 | 9,749 |
Other (loss) income | 4,801 | 2,694 |
Interest income | 1,577 | 2,028 |
Interest expense | 28,015 | 42,395 |
Write-off of financing costs | ' | 13,580 |
Royalty and management service (income) expense | ' | ' |
Income (loss) from consolidated subsidiaries | ' | ' |
Income from continuing operations before (benefit of) provision for income taxes | 105,844 | 59,670 |
Income before (benefit of) provision for income taxes | 105,844 | ' |
(Benefit of) provision for income taxes | 37,902 | 19,004 |
Income from continuing operations | 67,942 | 40,666 |
Income from discontinued operations, net of income taxes | ' | 21,189 |
Net income (loss) | 67,942 | 61,855 |
Less: Net income attributable to non-controlling interests | 279 | 24,309 |
Net income (loss) attributable to CBRE Group, Inc. | 67,663 | 37,546 |
Elimination [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | ' | ' |
Cost of services | ' | ' |
Operating, administrative and other | ' | ' |
Depreciation and amortization | ' | ' |
Total costs and expenses | ' | ' |
Gain on disposition of real estate | ' | ' |
Operating (loss) income | ' | ' |
Equity income (loss) from unconsolidated subsidiaries | ' | ' |
Other (loss) income | ' | ' |
Interest income | -52,265 | -32,275 |
Interest expense | -52,265 | -32,275 |
Write-off of financing costs | ' | ' |
Royalty and management service (income) expense | ' | ' |
Income (loss) from consolidated subsidiaries | -128,147 | -113,496 |
Income from continuing operations before (benefit of) provision for income taxes | ' | -113,496 |
Income before (benefit of) provision for income taxes | -128,147 | ' |
(Benefit of) provision for income taxes | ' | ' |
Income from continuing operations | ' | -113,496 |
Income from discontinued operations, net of income taxes | ' | ' |
Net income (loss) | -128,147 | -113,496 |
Less: Net income attributable to non-controlling interests | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | -128,147 | -113,496 |
Parent [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | ' | ' |
Cost of services | ' | ' |
Operating, administrative and other | 9,672 | 9,367 |
Depreciation and amortization | ' | ' |
Total costs and expenses | 9,672 | 9,367 |
Gain on disposition of real estate | ' | ' |
Operating (loss) income | -9,672 | -9,367 |
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 | 73,729 | 43,421 |
Income from continuing operations before (benefit of) provision for income taxes | ' | 34,054 |
Income before (benefit of) provision for income taxes | 64,057 | ' |
(Benefit of) provision for income taxes | -3,606 | -3,492 |
Income from continuing operations | ' | 37,546 |
Income from discontinued operations, net of income taxes | ' | ' |
Net income (loss) | 67,663 | 37,546 |
Less: Net income attributable to non-controlling interests | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 67,663 | 37,546 |
CBRE [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | ' | ' |
Cost of services | ' | ' |
Operating, administrative and other | 1,399 | 1,331 |
Depreciation and amortization | ' | ' |
Total costs and expenses | 1,399 | 1,331 |
Gain on disposition of real estate | ' | ' |
Operating (loss) income | -1,399 | -1,331 |
Equity income (loss) from unconsolidated subsidiaries | ' | ' |
Other (loss) income | ' | -7 |
Interest income | 52,270 | 32,280 |
Interest expense | 24,602 | 36,903 |
Write-off of financing costs | ' | 13,580 |
Royalty and management service (income) expense | ' | ' |
Income (loss) from consolidated subsidiaries | 57,255 | 55,678 |
Income from continuing operations before (benefit of) provision for income taxes | ' | 36,137 |
Income before (benefit of) provision for income taxes | 83,524 | ' |
(Benefit of) provision for income taxes | 9,795 | -7,284 |
Income from continuing operations | ' | 43,421 |
Income from discontinued operations, net of income taxes | ' | ' |
Net income (loss) | 73,729 | 43,421 |
Less: Net income attributable to non-controlling interests | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 73,729 | 43,421 |
Guarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | 956,638 | 848,408 |
Cost of services | 594,917 | 524,655 |
Operating, administrative and other | 253,985 | 228,183 |
Depreciation and amortization | 31,181 | 25,122 |
Total costs and expenses | 880,083 | 777,960 |
Gain on disposition of real estate | 6,697 | ' |
Operating (loss) income | 83,252 | 70,448 |
Equity income (loss) from unconsolidated subsidiaries | 17,202 | 9,692 |
Other (loss) income | 842 | 926 |
Interest income | 600 | 793 |
Interest expense | 42,026 | 33,177 |
Write-off of financing costs | ' | ' |
Royalty and management service (income) expense | -1,858 | -13,385 |
Income (loss) from consolidated subsidiaries | -2,837 | 14,397 |
Income from continuing operations before (benefit of) provision for income taxes | ' | 76,464 |
Income before (benefit of) provision for income taxes | 58,891 | ' |
(Benefit of) provision for income taxes | 1,636 | 20,786 |
Income from continuing operations | ' | 55,678 |
Income from discontinued operations, net of income taxes | ' | ' |
Net income (loss) | 57,255 | 55,678 |
Less: Net income attributable to non-controlling interests | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 57,255 | 55,678 |
Nonguarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Revenue | 904,204 | 626,655 |
Cost of services | 566,543 | 336,561 |
Operating, administrative and other | 263,339 | 230,660 |
Depreciation and amortization | 34,022 | 21,159 |
Total costs and expenses | 863,904 | 588,380 |
Gain on disposition of real estate | ' | 3,149 |
Operating (loss) income | 40,300 | 41,424 |
Equity income (loss) from unconsolidated subsidiaries | -2,202 | 57 |
Other (loss) income | 3,959 | 1,775 |
Interest income | 972 | 1,230 |
Interest expense | 13,652 | 4,590 |
Write-off of financing costs | ' | ' |
Royalty and management service (income) expense | 1,858 | 13,385 |
Income (loss) from consolidated subsidiaries | ' | ' |
Income from continuing operations before (benefit of) provision for income taxes | ' | 26,511 |
Income before (benefit of) provision for income taxes | 27,519 | ' |
(Benefit of) provision for income taxes | 30,077 | 8,994 |
Income from continuing operations | ' | 17,517 |
Income from discontinued operations, net of income taxes | ' | 21,189 |
Net income (loss) | -2,558 | 38,706 |
Less: Net income attributable to non-controlling interests | 279 | 24,309 |
Net income (loss) attributable to CBRE Group, Inc. | ($2,837) | $14,397 |
Guarantor_and_Nonguarantor_Fin5
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | $67,942 | $61,855 |
Foreign currency translation gain (loss) | 11,573 | -22,791 |
Unrealized gains on interest rate swaps and interest rate caps, net | 296 | 1,435 |
Unrealized holding gains (losses) on available for sale securities, net | 438 | -168 |
Other, net | 275 | 1,163 |
Total other comprehensive income (loss) | 12,582 | -20,361 |
Comprehensive income | 80,524 | 41,494 |
Less: Comprehensive income attributable to non-controlling interests | 285 | 24,350 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 80,239 | 17,144 |
Elimination [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | -128,147 | -113,496 |
Foreign currency translation gain (loss) | ' | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' |
Other, net | ' | ' |
Total other comprehensive income (loss) | ' | ' |
Comprehensive income | -128,147 | -113,496 |
Less: Comprehensive income attributable to non-controlling interests | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | -128,147 | -113,496 |
Parent [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | 67,663 | 37,546 |
Foreign currency translation gain (loss) | ' | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' |
Other, net | ' | ' |
Total other comprehensive income (loss) | ' | ' |
Comprehensive income | 67,663 | 37,546 |
Less: Comprehensive income attributable to non-controlling interests | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 67,663 | 37,546 |
CBRE [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | 73,729 | 43,421 |
Foreign currency translation gain (loss) | ' | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | 235 | 1,428 |
Unrealized holding gains (losses) on available for sale securities, net | ' | ' |
Other, net | ' | ' |
Total other comprehensive income (loss) | 235 | 1,428 |
Comprehensive income | 73,964 | 44,849 |
Less: Comprehensive income attributable to non-controlling interests | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 73,964 | 44,849 |
Guarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | 57,255 | 55,678 |
Foreign currency translation gain (loss) | ' | ' |
Unrealized gains on interest rate swaps and interest rate caps, net | ' | ' |
Unrealized holding gains (losses) on available for sale securities, net | 368 | -168 |
Other, net | 275 | 1,163 |
Total other comprehensive income (loss) | 643 | 995 |
Comprehensive income | 57,898 | 56,673 |
Less: Comprehensive income attributable to non-controlling interests | ' | ' |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 57,898 | 56,673 |
Nonguarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net income (loss) | -2,558 | 38,706 |
Foreign currency translation gain (loss) | 11,573 | -22,791 |
Unrealized gains on interest rate swaps and interest rate caps, net | 61 | 7 |
Unrealized holding gains (losses) on available for sale securities, net | 70 | ' |
Other, net | ' | ' |
Total other comprehensive income (loss) | 11,704 | -22,784 |
Comprehensive income | 9,146 | 15,922 |
Less: Comprehensive income attributable to non-controlling interests | 285 | 24,350 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | $8,861 | ($8,428) |
Guarantor_and_Nonguarantor_Fin6
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ($269,966) | ($79,886) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -13,653 | -8,815 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | -14,704 | -6,725 |
Contributions to unconsolidated subsidiaries | -9,710 | -7,390 |
Distributions from unconsolidated subsidiaries | 17,279 | 7,118 |
Net proceeds from disposition of real estate held for investment | ' | 34,367 |
Additions to real estate held for investment | ' | -403 |
Proceeds from the sale of servicing rights and other assets | 9,316 | 7,163 |
(Increase) decrease in restricted cash | 9,611 | 2,682 |
Purchase of available for sale securities | -12,660 | -34,192 |
Proceeds from the sale of available for sale securities | 10,999 | 19,267 |
Other investing activities, net | 26 | 479 |
Net cash (used in) provided by investing activities | -3,496 | 13,551 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 415,000 |
Repayment of senior secured term loans | -9,913 | -1,609,280 |
Proceeds from revolving credit facility | 617,765 | 123,490 |
Repayment of revolving credit facility | -401,112 | -86,236 |
Proceeds from issuance of 5.00% senior notes | ' | 800,000 |
Proceeds from notes payable on real estate held for investment | ' | 249 |
Repayment of notes payable on real estate held for investment | -906 | -23,958 |
Proceeds from notes payable on real estate held for sale and under development | 2,058 | 1,559 |
Repayment of notes payable on real estate held for sale and under development | ' | -63,550 |
Incremental tax benefit from stock options exercised | 1,239 | 7,901 |
Non-controlling interests contributions | 119 | 65 |
Non-controlling interests distributions | -2,024 | -37,437 |
Payment of financing costs | -9 | -26,016 |
(Increase) decrease in intercompany receivables, net | ' | ' |
Other financing activities, net | 1,111 | 1,548 |
Net cash provided by (used in) financing activities | 208,328 | -496,665 |
Effect of currency exchange rate changes on cash and cash equivalents | 1,459 | -7,597 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -63,675 | -570,597 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 491,912 | 1,089,297 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 428,237 | 518,700 |
Cash paid during the period for: | ' | ' |
Interest | 29,424 | 20,541 |
Income tax payments, net | 98,063 | 53,721 |
Parent [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 17,391 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | ' | ' |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | ' | ' |
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 | ' | ' |
Purchase of available for sale securities | ' | ' |
Proceeds from the sale of available for sale securities | ' | ' |
Other investing activities, net | ' | ' |
Net cash (used in) provided by 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 | ' | ' |
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 | ' | ' |
Incremental tax benefit from stock options exercised | 1,239 | 7,901 |
Non-controlling interests contributions | ' | ' |
Non-controlling interests distributions | ' | ' |
Payment of financing costs | ' | ' |
(Increase) decrease in intercompany receivables, net | -19,748 | -31,406 |
Other financing activities, net | 1,120 | 2,998 |
Net cash provided by (used in) financing activities | -17,389 | -20,507 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2 | 31 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 7 | 36 |
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: | 42,115 | 19,553 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | ' | ' |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | ' | ' |
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 | 6,871 | ' |
Purchase of available for sale securities | ' | ' |
Proceeds from the sale of available for sale securities | ' | ' |
Other investing activities, net | ' | ' |
Net cash (used in) provided by investing activities | 6,871 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 415,000 |
Repayment of senior secured term loans | -9,913 | -1,352,500 |
Proceeds from revolving credit facility | 613,000 | 100,000 |
Repayment of revolving credit facility | -374,000 | -33,000 |
Proceeds from issuance of 5.00% senior notes | ' | 800,000 |
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 | ' | ' |
Incremental tax benefit from stock options exercised | ' | ' |
Non-controlling interests contributions | ' | ' |
Non-controlling interests distributions | ' | ' |
Payment of financing costs | ' | -25,695 |
(Increase) decrease in intercompany receivables, net | -281,009 | 74,066 |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities | -51,922 | -22,129 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -2,936 | -2,576 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 11,585 | 18,312 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 8,649 | 15,736 |
Cash paid during the period for: | ' | ' |
Interest | 27,256 | 14,502 |
Income tax payments, net | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | -333,507 | -237,083 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -8,070 | -5,732 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | -5,310 | ' |
Contributions to unconsolidated subsidiaries | -9,709 | -7,691 |
Distributions from unconsolidated subsidiaries | 17,121 | 7,110 |
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 | 8,354 | 2,890 |
(Increase) decrease in restricted cash | 1,515 | -147 |
Purchase of available for sale securities | -12,660 | -34,192 |
Proceeds from the sale of available for sale securities | 10,999 | 19,267 |
Other investing activities, net | 23 | 479 |
Net cash (used in) provided by investing activities | 2,263 | -18,016 |
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 | ' | ' |
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 | ' | ' |
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 | 315,252 | -283,970 |
Other financing activities, net | ' | -1,437 |
Net cash provided by (used in) financing activities | 315,252 | -285,407 |
Effect of currency exchange rate changes on cash and cash equivalents | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -15,992 | -540,506 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 91,244 | 680,112 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 75,252 | 139,606 |
Cash paid during the period for: | ' | ' |
Interest | 200 | 220 |
Income tax payments, net | 68,200 | 40,131 |
Nonguarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 4,035 | 117,106 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -5,583 | -3,083 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill | -9,394 | -6,725 |
Contributions to unconsolidated subsidiaries | -1 | 301 |
Distributions from unconsolidated subsidiaries | 158 | 8 |
Net proceeds from disposition of real estate held for investment | ' | 34,367 |
Additions to real estate held for investment | ' | -403 |
Proceeds from the sale of servicing rights and other assets | 962 | 4,273 |
(Increase) decrease in restricted cash | 1,225 | 2,829 |
Purchase of available for sale securities | ' | ' |
Proceeds from the sale of available for sale securities | ' | ' |
Other investing activities, net | 3 | ' |
Net cash (used in) provided by investing activities | -12,630 | 31,567 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | ' |
Repayment of senior secured term loans | ' | -256,780 |
Proceeds from revolving credit facility | 4,765 | 23,490 |
Repayment of revolving credit facility | -27,112 | -53,236 |
Proceeds from issuance of 5.00% senior notes | ' | ' |
Proceeds from notes payable on real estate held for investment | ' | 249 |
Repayment of notes payable on real estate held for investment | -906 | -23,958 |
Proceeds from notes payable on real estate held for sale and under development | 2,058 | 1,559 |
Repayment of notes payable on real estate held for sale and under development | ' | -63,550 |
Incremental tax benefit from stock options exercised | ' | ' |
Non-controlling interests contributions | 119 | 65 |
Non-controlling interests distributions | -2,024 | -37,437 |
Payment of financing costs | -9 | -321 |
(Increase) decrease in intercompany receivables, net | -14,495 | 241,310 |
Other financing activities, net | -9 | -13 |
Net cash provided by (used in) financing activities | -37,613 | -168,622 |
Effect of currency exchange rate changes on cash and cash equivalents | 1,459 | -7,597 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -44,749 | -27,546 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 389,078 | 390,868 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 344,329 | 363,322 |
Cash paid during the period for: | ' | ' |
Interest | 1,968 | 5,819 |
Income tax payments, net | $29,863 | $13,590 |