Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 332,866,965 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $615,358 | $491,912 |
Restricted cash | 55,580 | 61,155 |
Receivables, less allowance for doubtful accounts of $43,621 and $40,262 at September 30, 2014 and December 31, 2013, respectively | 1,608,628 | 1,486,489 |
Warehouse receivables | 638,134 | 381,545 |
Trading securities | 69,500 | 58,442 |
Income taxes receivable | 58,705 | 0 |
Prepaid expenses | 123,746 | 125,151 |
Deferred tax assets, net | 174,271 | 188,533 |
Real estate and other assets held for sale | 32,846 | ' |
Real estate under development | ' | 19,133 |
Available for sale securities | 663 | ' |
Other current assets | 83,606 | 67,452 |
Total Current Assets | 3,461,037 | 2,879,812 |
Property and equipment, net | 455,859 | 458,596 |
Goodwill | 2,314,943 | 2,290,474 |
Other intangible assets, net of accumulated amortization of $440,436 and $348,566 at September 30, 2014 and December 31, 2013, respectively | 815,366 | 841,228 |
Investments in unconsolidated subsidiaries | 219,437 | 198,696 |
Real estate under development | 827 | 822 |
Real estate held for investment | 37,796 | 106,999 |
Available for sale securities | 65,147 | 56,800 |
Other assets, net | 159,542 | 164,987 |
Total Assets | 7,529,954 | 6,998,414 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 710,408 | 817,519 |
Compensation and employee benefits payable | 554,161 | 486,993 |
Accrued bonus and profit sharing | 472,376 | 612,114 |
Income taxes payable | 0 | 11,111 |
Short-term borrowings: | ' | ' |
Warehouse lines of credit | 631,812 | 374,597 |
Revolving credit facility | 149,159 | 142,484 |
Other | 4,399 | 16 |
Total short-term borrowings | 785,370 | 517,097 |
Current maturities of long-term debt | 42,375 | 42,245 |
Notes payable on real estate | 23,147 | 62,017 |
Liabilities related to real estate and other assets held for sale | 35,822 | ' |
Other current liabilities | 53,350 | 56,644 |
Total Current Liabilities | 2,677,009 | 2,605,740 |
Long-Term Debt: | ' | ' |
Senior secured term loans | 615,875 | 645,613 |
Other long-term debt | 1,452 | 2,822 |
Total Long-Term Debt | 2,067,327 | 1,798,435 |
Notes payable on real estate | 16,886 | 68,455 |
Deferred tax liabilities, net | 125,945 | 160,777 |
Non-current tax liabilities | 65,036 | 65,520 |
Pension liability | 59,912 | 68,012 |
Other liabilities | 335,001 | 295,469 |
Total Liabilities | 5,347,116 | 5,062,408 |
Commitments and contingencies | ' | ' |
CBRE Group, Inc. Stockholders' Equity: | ' | ' |
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 332,829,377 and 331,927,166 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 3,328 | 3,319 |
Additional paid-in capital | 1,022,986 | 981,997 |
Accumulated earnings | 1,336,818 | 1,056,592 |
Accumulated other comprehensive loss | -217,197 | -146,123 |
Total CBRE Group, Inc. Stockholders' Equity | 2,145,935 | 1,895,785 |
Non-controlling interests | 36,903 | 40,221 |
Total Equity | 2,182,838 | 1,936,006 |
Total Liabilities and Equity | 7,529,954 | 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 |
5.25% senior notes [Member] | ' | ' |
Long-Term Debt: | ' | ' |
Senior notes | $300,000 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | 43,621 | 40,262 |
Other intangible assets, accumulated amortization | 440,436 | 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 | 332,829,377 | 331,927,166 |
Class A common stock, shares outstanding | 332,829,377 | 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% |
5.25% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.25% | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $2,275,076 | $1,733,866 | $6,262,724 | $4,950,943 |
Costs and expenses: | ' | ' | ' | ' |
Cost of services | 1,428,986 | 1,032,348 | 3,904,919 | 2,912,391 |
Operating, administrative and other | 601,026 | 496,615 | 1,695,623 | 1,465,614 |
Depreciation and amortization | 67,159 | 47,524 | 195,657 | 137,406 |
Total costs and expenses | 2,097,171 | 1,576,487 | 5,796,199 | 4,515,411 |
Gain on disposition of real estate | 7,235 | 740 | 37,102 | 11,385 |
Operating income | 185,140 | 158,119 | 503,627 | 446,917 |
Equity income from unconsolidated subsidiaries | 43,300 | 13,347 | 67,564 | 29,640 |
Other (loss) income | -113 | 5,125 | 11,052 | 9,352 |
Interest income | 1,598 | 1,484 | 4,321 | 5,002 |
Interest expense | 27,841 | 27,783 | 84,326 | 107,710 |
Write-off of financing costs | 23,087 | ' | 23,087 | 56,295 |
Income from continuing operations before provision for income taxes | 178,997 | 150,292 | 479,151 | 326,906 |
Provision for income taxes | 69,305 | 56,126 | 171,318 | 120,945 |
Income from continuing operations | 109,692 | 94,166 | 307,833 | 205,961 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 24,294 |
Net income | 109,692 | 94,166 | 307,833 | 230,255 |
Less: Net income (loss) attributable to non-controlling interests | 2,593 | -278 | 27,607 | 28,363 |
Net income (loss) attributable to CBRE Group, Inc. | 107,099 | 94,444 | 280,226 | 201,892 |
Basic income per share attributable to CBRE Group, Inc. shareholders | ' | ' | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.32 | $0.29 | $0.85 | $0.61 |
Income from discontinued operations attributable to CBRE Group, Inc. | ' | ' | ' | $0.01 |
Net income attributable to CBRE Group, Inc. | $0.32 | $0.29 | $0.85 | $0.62 |
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | ' | ' | ' | ' |
Income from continuing operations attributable to CBRE Group, Inc. | $0.32 | $0.28 | $0.84 | $0.60 |
Income from discontinued operations attributable to CBRE Group, Inc. | ' | ' | ' | $0.01 |
Net income attributable to CBRE Group, Inc. | $0.32 | $0.28 | $0.84 | $0.61 |
Weighted average shares outstanding for diluted income per share | 334,293,046 | 332,061,402 | 333,855,131 | 331,504,050 |
Amounts attributable to CBRE Group, Inc. shareholders | ' | ' | ' | ' |
Income from continuing operations, net of tax | 107,099 | 94,444 | 280,226 | 199,811 |
Income from discontinued operations, net of tax | ' | ' | ' | 2,081 |
Net income (loss) attributable to CBRE Group, Inc. | $107,099 | $94,444 | $280,226 | $201,892 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $109,692 | $94,166 | $307,833 | $230,255 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation (loss) gain | -109,122 | 45,684 | -72,676 | -1,631 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,844 | 1,793 | 5,470 | 5,304 |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | 854 | -1,962 | -3,460 | 3,645 |
Unrealized holding gains (losses) on available for sale securities, net | 186 | 23 | -670 | -361 |
Other, net | 76 | -852 | 211 | 344 |
Total other comprehensive (loss) income | -106,162 | 44,686 | -71,125 | 7,301 |
Comprehensive income | 3,530 | 138,852 | 236,708 | 237,556 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 2,533 | -296 | 27,556 | 27,587 |
Comprehensive income attributable to CBRE Group, Inc. | $997 | $139,148 | $209,152 | $209,969 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $307,833 | $230,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 195,657 | 138,276 |
Amortization and write-off of financing costs | 11,172 | 27,022 |
Amortization and write-off of debt discount | ' | 9,477 |
Write-down of impaired assets | 8,615 | ' |
Gain on sale of loans, servicing rights and other assets | -60,299 | -65,820 |
Net realized and unrealized gains from investments | -10,637 | -9,352 |
Gain on disposition of real estate held for investment | -28,005 | -17,192 |
Equity income from unconsolidated subsidiaries | -67,564 | -29,640 |
Provision for doubtful accounts | 6,425 | 6,203 |
Deferred income taxes | 6,304 | -4,588 |
Compensation expense related to stock options and non-vested stock awards | 44,130 | 37,542 |
Incremental tax benefit from stock options exercised | -803 | -9,336 |
Distribution of earnings from unconsolidated subsidiaries | 18,556 | 15,114 |
Tenant concessions received | 15,356 | 10,658 |
Purchase of trading securities | -50,973 | -119,232 |
Proceeds from sale of trading securities | 47,830 | 157,770 |
Proceeds from securities sold, not yet purchased | ' | 48,545 |
Securities purchased to cover short sales | ' | -98,321 |
(Increase) decrease in receivables | -138,937 | 29,492 |
Increase in prepaid expenses and other assets | -25,761 | -11,591 |
Decrease in real estate held for sale and under development | 16,417 | 130,543 |
Decrease in accounts payable and accrued expenses | -44,543 | -44,522 |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | -74,914 | -154,003 |
Increase in income taxes receivable/payable | -99,872 | -5,828 |
Increase (decrease) in other liabilities | 421 | -25,868 |
Other operating activities, net | -7,930 | -10,964 |
Net cash provided by operating activities | 68,478 | 234,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -92,618 | -78,743 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | -132,541 | -63,603 |
Contributions to unconsolidated subsidiaries | -40,103 | -32,931 |
Distributions from unconsolidated subsidiaries | 62,978 | 38,847 |
Net proceeds from disposition of real estate held for investment | 77,278 | 110,818 |
Additions to real estate held for investment | -5,043 | -2,412 |
Proceeds from the sale of servicing rights and other assets | 18,169 | 26,226 |
Decrease in restricted cash | 4,431 | 22,134 |
Purchase of available for sale securities | -68,984 | -53,387 |
Proceeds from the sale of available for sale securities | 61,357 | 52,719 |
Other investing activities, net | 570 | 6,594 |
Net cash (used in) provided by investing activities | -114,506 | 26,262 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 715,000 |
Repayment of senior secured term loans | -29,738 | -1,629,105 |
Proceeds from revolving credit facility | 1,688,568 | 399,127 |
Repayment of revolving credit facility | -1,672,359 | -382,414 |
Repayment of 11.625% senior subordinated notes | ' | -450,000 |
Proceeds from notes payable on real estate held for investment | 5,022 | 2,473 |
Repayment of notes payable on real estate held for investment | -27,241 | -73,580 |
Proceeds from notes payable on real estate held for sale and under development | 4,884 | 6,015 |
Repayment of notes payable on real estate held for sale and under development | -44,959 | -112,828 |
Proceeds from short-term borrowings | 4,545 | 4,724 |
Shares repurchased for payment of taxes on stock awards | -16,656 | -16,628 |
Proceeds from exercise of stock options | 4,466 | 4,924 |
Incremental tax benefit from stock options exercised | 803 | 9,336 |
Non-controlling interests contributions | 1,415 | 462 |
Non-controlling interests distributions | -31,998 | -84,918 |
Payment of financing costs | -3,149 | -29,322 |
Other financing activities, net | -1,446 | -2,910 |
Net cash provided by (used in) financing activities | 182,157 | -839,644 |
Effect of currency exchange rate changes on cash and cash equivalents | -12,683 | -7,934 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 123,446 | -586,676 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 491,912 | 1,089,297 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 615,358 | 502,621 |
Cash paid during the period for: | ' | ' |
Interest | 80,636 | 96,238 |
Income tax payments, net | 266,210 | 137,042 |
5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 300,000 | ' |
5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | $800,000 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Sep. 30, 2014 | Sep. 30, 2013 |
5.25% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.25% | ' |
5.00% senior notes [Member] | ' | ' |
Debt instrument, interest rate | 5.00% | 5.00% |
11.625% senior subordinated notes [Member] | ' | ' |
Debt instrument, interest rate | 11.63% | 11.63% |
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 | 307,833 | ' | 280,226 | ' | 27,607 | ' |
Stock options exercised (including tax benefit) | 5,269 | 5,265 | ' | ' | ' | 4 |
Restricted stock awards vesting (including tax benefit) | 8,133 | 8,126 | ' | ' | ' | 7 |
Compensation expense for stock options and non-vested stock awards | 44,130 | 44,130 | ' | ' | ' | ' |
Shares repurchased for payment of taxes on stock awards | -16,656 | -16,654 | ' | ' | ' | -2 |
Foreign currency translation loss | -72,676 | ' | ' | -72,625 | -51 | ' |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 5,470 | ' | ' | 5,470 | ' | ' |
Unrealized losses on interest rate swaps and interest rate caps, net | -3,460 | ' | ' | -3,460 | ' | ' |
Unrealized holding losses on available for sale securities, net | -670 | ' | ' | -670 | ' | ' |
Contributions from non-controlling interests | 1,415 | ' | ' | ' | 1,415 | ' |
Distributions to non-controlling interests | -31,998 | ' | ' | ' | -31,998 | ' |
Other | 42 | 122 | ' | 211 | -291 | ' |
Ending balance at Sep. 30, 2014 | $2,182,838 | $1,022,986 | $1,336,818 | ($217,197) | $36,903 | $3,328 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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. Certain reclassifications have been made to the 2013 financial statements to conform with the 2014 presentation. | |
The results of operations for the three and nine months ended September 30, 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 (as amended), 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 | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective on January 1, 2017. This ASU permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of this ASU on our ongoing financial reporting. |
Goodwill
Goodwill | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
3. Goodwill | |||||||||
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 $474 million, with $433.9 million paid at closing and the remaining contingent consideration (described below) paid in July 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 provided for a contingent payment of up to 50.0 million British pounds sterling if certain performance criteria were met post-acquisition. In measuring the fair value of the contingent consideration at acquisition date, we assigned probabilities of achievement 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 at acquisition date was based on the weighted probability of achievement of a certain earnings before interest, taxes, depreciation and amortization (EBITDA) level for the twelve months ended 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. | |||||||||
During the nine months ended September 30, 2014, the contingent payment was adjusted to 24.4 million British pounds sterling (or $40.0 million) based upon the EBITDA achieved for the twelve months ended March 31, 2014. The reduction of approximately 1.1 million British pounds sterling (or $1.8 million) from what was initially recorded at acquisition date was reflected in earnings for the nine months ended September 30, 2014 in the accompanying consolidated statements of operations. The finalized contingent consideration due of 24.4 million British pounds sterling (approximately $40.0 million) was paid in July 2014. No further amounts are due under the Norland Acquisition agreement. | |||||||||
The purchase accounting for the Norland Acquisition has been finalized. 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. | |||||||||
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 and nine months ended September 30, 2013, including $9.5 million and $30.4 million, respectively, of increased amortization expense as a result of intangible assets acquired in the Norland Acquisition, $0.3 million and $0.9 million, respectively, 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 | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Revenue | $ | 1,885,915 | $ | 5,407,091 | |||||
Operating income | $ | 154,265 | $ | 433,508 | |||||
Net income attributable to CBRE Group, Inc. | $ | 90,601 | $ | 188,944 | |||||
Basic income per share | $ | 0.28 | $ | 0.58 | |||||
Weighted average shares outstanding for basic income per share | 328,307,961 | 327,502,672 | |||||||
Diluted income per share | $ | 0.27 | $ | 0.57 | |||||
Weighted average shares outstanding for diluted income per share | 332,061,402 | 331,504,050 | |||||||
During the nine months ended September 30, 2014, we completed eight in-fill acquisitions, most notably a commercial real estate service provider in Chicago, our former affiliate company in Thailand, a technical real estate consulting firm based in Germany, and project management companies in Germany and Australia. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Variable Interest Entities (VIEs) | ' | ||||||||||||||||
4. Variable Interest Entities (VIEs) | |||||||||||||||||
A consolidated subsidiary (the Venture) in our Global Investment Management segment 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 were owned by the third-party investors. The Venture also formed and was a member of a limited liability company for each property that served as master tenant (Master Tenant). Each Master Tenant leased the property from the Entities through a master lease agreement. Pursuant to the master lease agreements, the Master Tenant had the power to direct the day-to-day asset management activities that most significantly impacted 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 did not direct the day-to-day activities that most significantly impacted the economic performance of the properties held by the Entities. The Venture made voluntary contributions to each of these properties to support their operations beyond the cash flow generated by the properties themselves and such financial support was significant enough that the Venture was deemed to be the primary beneficiary of each Entity. During the first half of 2014, the remaining two commercial properties were sold. As of September 30, 2014, we did not hold any interests in VIEs in which we were the primary beneficiary. | |||||||||||||||||
No financial support was provided by the Venture to the Entities during the nine months ended September 30, 2014 and 2013. The assets of the Entities were the sole collateral for the mortgage notes payable and other liabilities of the Entities and, as such, the creditors and equity investors of these Entities had no recourse to our assets held outside of these Entities. | |||||||||||||||||
Investments in real estate of $39.9 million and nonrecourse mortgage notes payable of $41.7 million ($0.9 million of which is current) attributable to the Entities were 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 December 31, 2013. In addition, a non-controlling deficit of $1.8 million in the accompanying consolidated balance sheets as of December 31, 2013 was attributable to the Entities. | |||||||||||||||||
Operating results relating to the Entities for the three and nine months ended September 30, 2014 and 2013 include the following (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | — | $ | 2,103 | $ | 3,561 | $ | 6,132 | |||||||||
Operating, administrative and other expenses | $ | — | $ | 1,154 | $ | 2,588 | $ | 3,200 | |||||||||
Gain on disposition of real estate | $ | — | $ | — | $ | 23,028 | $ | — | |||||||||
Income from discontinued operations, net of income taxes | $ | — | $ | — | $ | — | $ | 15,236 | |||||||||
Net (loss) income attributable to non-controlling interests | $ | — | $ | (399 | ) | $ | 21,724 | $ | 14,152 | ||||||||
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 September 30, 2014 and December 31, 2013, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Investments in unconsolidated subsidiaries | $ | 28,245 | $ | 33,787 | |||||||||||||
Other assets, current | 3,855 | 3,547 | |||||||||||||||
Co-investment commitments | 200 | 200 | |||||||||||||||
Maximum exposure to loss | $ | 32,300 | $ | 37,534 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 (ASC) (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||||||
There were no significant transfers in and out of Level 1 and Level 2 during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||
The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 6,721 | $ | — | $ | — | $ | 6,721 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 6,820 | — | 6,820 | |||||||||||||||||
Corporate debt securities | — | 18,559 | — | 18,559 | |||||||||||||||||
Asset-backed securities | — | 5,641 | — | 5,641 | |||||||||||||||||
Collateralized mortgage obligations | — | 1,978 | — | 1,978 | |||||||||||||||||
Total debt securities | 6,721 | 32,998 | — | 39,719 | |||||||||||||||||
Equity securities | 26,091 | — | — | 26,091 | |||||||||||||||||
Total available for sale securities | 32,812 | 32,998 | — | 65,810 | |||||||||||||||||
Trading securities | 69,500 | — | — | 69,500 | |||||||||||||||||
Warehouse receivables | — | 638,134 | — | 638,134 | |||||||||||||||||
Foreign currency exchange forward contracts | — | 7,257 | — | 7,257 | |||||||||||||||||
Total assets at fair value | $ | 102,312 | $ | 678,389 | $ | — | $ | 780,701 | |||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 25,837 | $ | — | $ | 25,837 | |||||||||||||
Foreign currency exchange forward contracts | — | 40 | — | 40 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 25,877 | $ | — | $ | 25,877 | |||||||||||||
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 United States (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 September 30, 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 September 30, 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 and nine months ended September 30, 2013. The following non-recurring fair value measurements were recorded during the three and nine months ended September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Net Carrying Value | Fair Value Measured and Recorded Using | Total Impairment | |||||||||||||||||||
as of | Charges for the | ||||||||||||||||||||
September 30, 2014 | Three and Nine Months | ||||||||||||||||||||
Ended | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | 8,615 | |||||||||||
Property and Equipment | |||||||||||||||||||||
During the three and nine months ended September 30, 2014, we recorded an asset impairment of $8.6 million in our Americas segment. This non-cash write-off resulted from the decision (due to a change in strategy) to abandon a property database platform that was being developed in the U.S. This impairment charge was included within operating, administrative and other expenses in the accompanying consolidated statements of operations. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Foreign Currency Exchange Forward Contracts: These assets and 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). | |||||||||||||||||||||
Short-Term Borrowings: The majority of this balance represents outstanding amounts under our warehouse lines of credit for CBRE Capital Markets, Inc. (CBRE Capital Markets) and revolving credit facility. 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 $654.3 million and $687.6 million at September 30, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $655.5 million and $685.3 million at September 30, 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 $793.9 million and $769.4 million at September 30, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $800.0 million at both September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
5.25% Senior Notes: On September 26, 2014, CBRE Services, Inc. (CBRE), our wholly-owned subsidiary, issued $300.0 million in aggregate principal amount of 5.25% senior notes due March 15, 2025 (see Note 11). Based on dealers’ quotes (which falls within Level 2 of the fair value hierarchy), the estimated fair value of our 5.25% senior notes was $298.9 million at September 30, 2014. Their actual carrying value totaled $300.0 million at September 30, 2014. | |||||||||||||||||||||
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 $368.1 million and $372.8 million at September 30, 2014 and December 31, 2013, respectively. Their actual carrying value totaled $350.0 million at both September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Notes Payable on Real Estate: As of September 30, 2014 and December 31, 2013, the carrying value of our notes payable on real estate was $75.0 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 $3.9 million and $4.0 million of these notes payable were recourse to us as of September 30, 2014 and December 31, 2013, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 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. | |
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 attempt 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 and nine months ended September 30, 2014 and 2013. We reclassified $3.0 million and $9.0 million for the three and nine months ended September 30, 2014, respectively, and $3.0 million and $8.8 million for the three and nine months ended September 30, 2013, respectively, from accumulated other comprehensive loss to interest expense. In addition, we recorded a net gain of $1.4 million and a net loss of $5.8 million during the three and nine months ended September 30, 2014, respectively, and a net loss of $3.4 million and a net gain of $5.9 million during the three and nine months ended September 30, 2013, respectively, to other comprehensive income/loss in relation to such interest rate swap agreements. As of September 30, 2014, we estimate that $11.6 million will be reclassified to interest expense during the next twelve months. As of September 30, 2014 and December 31, 2013, the fair values of such interest rate swap agreements were reflected as a $25.8 million liability and a $29.0 million liability, respectively, and were included in other long-term liabilities in the accompanying consolidated balance sheets. | |
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 attempt to protect the value or fix the amount of certain obligations in terms of our reporting currency, the U.S. dollar. In March 2014, we began a foreign currency exchange forward hedging program by entering into 38 foreign currency exchange forward contracts, including agreements to buy U.S. dollars and sell Australian dollars, Canadian dollars, Japanese yen, Euros, and British pound sterling covering an initial notional amount of $209.7 million. The purpose of these forward contracts is to attempt 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. Included in the consolidated statement of operations were net gains of $7.7 million and $4.5 million for the three and nine months ended September 30, 2014, respectively, resulting from net gains on foreign currency exchange forward contracts. As of September 30, 2014, we had nine foreign currency exchange forward contracts outstanding covering a notional amount of $91.6 million. As of September 30, 2014, the fair value of forward contracts with four counterparties aggregated to a $4.7 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of September 30, 2014, the fair value of forward contracts with one counterparty aggregated to a $0.04 million liability position, which was included in other current liabilities in the accompanying consolidated balance sheets. | |
We also routinely monitor our exposure to currency exchange rate changes in connection with certain transactions and sometimes enter into foreign currency exchange option and forward contracts to limit our exposure to such transactions, as appropriate. In the normal course of business, we also sometimes utilize derivative financial instruments in the form of foreign currency exchange contracts to attempt to mitigate foreign currency exchange exposure resulting from intercompany loans. Included in the consolidated statements of operations were net gains of $3.1 million and $2.9 million for the three and nine months ended September 30, 2014, respectively, and net losses of $1.1 million and $1.6 million for the three and nine months ended September 30, 2013, respectively, resulting from net gains/losses on these foreign currency exchange option and forward contracts. As of September 30, 2014, the fair value of such contracts with two counterparties aggregated to a $2.6 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of December 31, 2013, we did not have any such foreign currency exchange contracts outstanding. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Subsidiaries | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Global Investment Management: | |||||||||||||||||
Revenue | $ | 211,357 | $ | 218,745 | $ | 637,605 | $ | 613,279 | |||||||||
Operating income (loss) | $ | 93,731 | $ | (41,654 | ) | $ | (228,168 | ) | $ | (135,790 | ) | ||||||
Net income (loss) | $ | 18,413 | $ | 37,430 | $ | (235,559 | ) | $ | 54,739 | ||||||||
Development Services: | |||||||||||||||||
Revenue | $ | 11,248 | $ | 18,672 | $ | 34,083 | $ | 50,212 | |||||||||
Operating income | $ | 11,736 | $ | 14,848 | $ | 30,143 | $ | 15,987 | |||||||||
Net income | $ | 8,855 | $ | 11,396 | $ | 24,066 | $ | 18,748 | |||||||||
Other: | |||||||||||||||||
Revenue | $ | 42,106 | $ | 48,580 | $ | 113,688 | $ | 117,417 | |||||||||
Operating income | $ | 5,856 | $ | 9,294 | $ | 19,200 | $ | 20,754 | |||||||||
Net income | $ | 6,025 | $ | 9,273 | $ | 19,411 | $ | 20,817 | |||||||||
Total: | |||||||||||||||||
Revenue | $ | 264,711 | $ | 285,997 | $ | 785,376 | $ | 780,908 | |||||||||
Operating income (loss) | $ | 111,323 | $ | (17,512 | ) | $ | (178,825 | ) | $ | (99,049 | ) | ||||||
Net income (loss) | $ | 33,293 | $ | 58,099 | $ | (192,082 | ) | $ | 94,304 | ||||||||
Our Global Investment Management segment invests 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 | 9 Months Ended | ||||
Sep. 30, 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 September 30, 2014 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 9) | $ | 29,994 | |||
Other current assets | 433 | ||||
Property and equipment, net | 1,253 | ||||
Other assets | 1,166 | ||||
Total real estate and other assets held for sale | 32,846 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 10) | 35,001 | ||||
Accounts payable and accrued expenses | 691 | ||||
Other current liabilities | 130 | ||||
Total liabilities related to real estate and other assets held for sale | 35,822 | ||||
Net liabilities related to real estate and other assets held for sale | $ | (2,976 | ) | ||
Real_Estate
Real Estate | 9 Months Ended | ||||||||
Sep. 30, 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): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate included in assets held for sale (see Note 8) | $ | 29,994 | $ | — | |||||
Real estate under development (current) | — | 19,133 | |||||||
Real estate under development (non-current) | 827 | 822 | |||||||
Real estate held for investment (1) | 37,796 | 106,999 | |||||||
Total real estate (2) | $ | 68,617 | $ | 126,954 | |||||
-1 | Net of accumulated depreciation of $12.5 million and $23.6 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||
-2 | Includes lease intangibles of $5.0 million at September 30, 2014 and lease intangibles and tenant origination costs of $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 | 9 Months Ended | ||||||||
Sep. 30, 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): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Current portion of notes payable on real estate | $ | 23,147 | $ | 62,017 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 35,001 | — | |||||||
Total notes payable on real estate, current portion | 58,148 | 62,017 | |||||||
Notes payable on real estate, non-current portion | 16,886 | 68,455 | |||||||
Total notes payable on real estate | $ | 75,034 | $ | 130,472 | |||||
At September 30, 2014 and December 31, 2013, $3.9 million and $1.5 million, respectively, of the current portion of notes payable on real estate and at December 31, 2013, $2.5 million of the non-current portion of notes payable on real estate were recourse to us, in addition to being recourse to the single-purpose entity that held the real estate asset and was the primary obligor on the note payable. |
Debt
Debt | 9 Months Ended |
Sep. 30, 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. 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. During the nine months ended September 30, 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. | |
As of September 30, 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 our 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 September 30, 2014 and December 31, 2013, we had $149.2 million and $142.5 million, respectively, of revolving credit facility principal outstanding with related weighted average interest rates of 1.7% and 2.2%, respectively, which are included in short-term borrowings in the accompanying consolidated balance sheets. As of September 30, 2014, letters of credit totaling $7.4 million were outstanding under the revolving credit facility. These letters of credit, which reduce the amount we may borrow under the revolving credit facility, were primarily issued in the normal course of business as well as in connection with certain insurance programs. | |
Borrowings under the term loan facilities as of September 30, 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 September 30, 2014, we had $655.5 million of term loan facilities principal outstanding (consisting of $443.7 million of tranche A term loan facility and $211.8 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 (consisting of $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 (whether used or unused) of the revolving credit facility commitment. | |
On September 26, 2014, CBRE issued $300.0 million in aggregate principal amount of 5.25% senior notes due March 15, 2025. The 5.25% 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 5.25% senior notes are jointly and severally guaranteed on a senior basis by us and each domestic subsidiary of CBRE that guarantees our Credit Agreement. Interest accrues at a rate of 5.25% per year and is payable semi-annually in arrears on March 15 and September 15, beginning on March 15, 2015. The 5.25% senior notes are redeemable at our option, in whole or in part, prior to December 15, 2024 at a redemption price equal to the greater of (1) 100% of the principal amount of the 5.25% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 15, 2024 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture governing these notes). In addition, at any time on or after December 15, 2024, the 5.25% 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 (but excluding) the date of redemption. 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 5.25% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The amount of the 5.25% senior notes included in the accompanying consolidated balance sheets was $300.0 million at September 30, 2014. | |
On March 14, 2013, CBRE issued $800.0 million in aggregate principal amount of 5.00% senior notes due March 15, 2023. The 5.00% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 5.00% senior notes are jointly and severally guaranteed on a senior basis by us and each domestic 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 September 30, 2014 and December 31, 2013. | |
On October 8, 2010, CBRE issued $350.0 million in aggregate principal amount of 6.625% senior notes due October 15, 2020. The 6.625% senior notes were unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 6.625% senior notes were jointly and severally guaranteed on a senior basis by us and each domestic subsidiary of CBRE that guaranteed our Credit Agreement. Interest accrued at a rate of 6.625% per year and was payable semi-annually in arrears on April 15 and October 15, having commenced on April 15, 2011. The 6.625% senior notes were redeemable at our option, in whole or in part, on or after October 15, 2014 at a redemption price of 104.969% of the principal amount on that date and at declining prices thereafter. In addition, at any time prior to October 15, 2014, the 6.625% senior notes were redeemable by us, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable premium (as defined in the indenture governing these notes), which was based on the greater of 1.00% of the principal amount of the 6.625% senior notes and the excess of the present value of the October 15, 2014 redemption price plus all remaining interest payments through October 15, 2014, over the principal amount of the 6.625% senior notes on such redemption date. On September 26, 2014, we gave the 30-day notice required under the indenture of our intent to call all of the 6.625% senior notes. We redeemed these notes in full on October 27, 2014 in accordance with the provisions of the notes and associated indenture (see Note 18). In connection with this early redemption, we incurred charges of $23.1 million, including a premium of $17.4 million and the write-off of $5.7 million of unamortized deferred financing costs. Such charges were included in the write-off of financing costs for the three and nine months ended September 30, 2014 in the accompanying consolidated statements of operations. The amount of the 6.625% senior notes included in the accompanying consolidated balance sheets was $350.0 million at both September 30, 2014 and December 31, 2013. | |
Our Credit Agreement and the indentures governing our 5.00% senior notes, 5.25% 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 12.29x for the trailing twelve months ended September 30, 2014 and our leverage ratio of total debt less available cash to EBITDA was 1.45x as of September 30, 2014. | |
On June 18, 2009, CBRE issued $450.0 million in aggregate principal amount of 11.625% senior subordinated notes due June 15, 2017 for approximately $435.9 million, net of discount. The 11.625% senior subordinated notes were unsecured senior subordinated obligations of CBRE and were jointly and severally guaranteed on a senior subordinated basis by us and our domestic subsidiaries that guarantee our Credit Agreement. Interest accrued at a rate of 11.625% per year and was payable semi-annually in arrears on June 15 and December 15. As permitted by the indenture governing these notes, on June 15, 2013, we redeemed all of the 11.625% senior subordinated notes. In connection with this early redemption, we paid a premium of $26.2 million and wrote off $16.1 million of unamortized deferred financing costs and unamortized discount. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 unlikely to be significant, 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 materially in excess of that anticipated by management. | |
We had outstanding letters of credit totaling $22.9 million as of September 30, 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 September 2015. | |
We had guarantees totaling $16.7 million as of September 30, 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 $16.7 million mainly represents guarantees of obligations of unconsolidated subsidiaries, which expire at varying dates through August 2017, as well as various guarantees of management contracts in our operations overseas, which expire at the end of each of the respective agreements. The remainder of the guarantees consist of guarantees related to our defined benefit pension plans in the United Kingdom (U.K.) (in excess of our outstanding pension liability of $59.9 million as of September 30, 2014), which are continuous guarantees that will not expire until all amounts have been paid out for our pension liabilities. | |
In addition, as of September 30, 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 $9.2 billion at September 30, 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 $365.9 million at September 30, 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 September 30, 2014 and December 31, 2013, CBRE MCI had $25.1 million and $16.6 million, respectively, of cash deposited under this reserve arrangement, and had provided approximately $16.3 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 $293.4 million (including $137.1 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 September 30, 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 September 30, 2014, we had aggregate commitments of $19.3 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 September 30, 2014, we had committed to fund $26.5 million of additional capital to these unconsolidated subsidiaries. |
Income_Per_Share_Information
Income Per Share Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 107,099 | $ | 94,444 | $ | 280,226 | $ | 201,892 | |||||||||
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 | |||||||||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.32 | $ | 0.29 | $ | 0.85 | $ | 0.62 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 107,099 | $ | 94,444 | $ | 280,226 | $ | 201,892 | |||||||||
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 | |||||||||||||
Dilutive effect of contingently issuable shares | 3,478,244 | 3,172,943 | 3,239,528 | 3,216,664 | |||||||||||||
Dilutive effect of stock options | 395,796 | 580,498 | 418,363 | 784,714 | |||||||||||||
Weighted average shares outstanding for diluted income per share | 334,293,046 | 332,061,402 | 333,855,131 | 331,504,050 | |||||||||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.32 | $ | 0.28 | $ | 0.84 | $ | 0.61 | |||||||||
For the three and nine months ended September 30, 2014, 47,639 of 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 and nine months ended September 30, 2014, options to purchase 582 shares of common stock were excluded from the computation of diluted earnings per share, and for the three and nine months ended September 30, 2013, options to purchase 54,958 shares of common stock were excluded from the computation of diluted earnings per share. These options were excluded because their inclusion would have had an anti-dilutive effect given that the options’ exercise prices were greater than the average market price of our common stock for each period. |
Pensions
Pensions | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 4,503 | $ | 3,774 | $ | 13,411 | $ | 11,429 | |||||||||
Expected return on plan assets | (5,812 | ) | (3,848 | ) | (17,465 | ) | (11,585 | ) | |||||||||
Amortization of unrecognized net loss | 673 | 601 | 2,003 | 1,821 | |||||||||||||
Net periodic pension (benefit) cost | $ | (636 | ) | $ | 527 | $ | (2,051 | ) | $ | 1,665 | |||||||
We contributed $1.6 million and $4.7 million to fund our pension plans during the three and nine months ended September 30, 2014, respectively. We expect to contribute a total of $6.3 million to fund our pension plans for the year ending December 31, 2014. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
15. Discontinued Operations | |||||
On January 1, 2014, we adopted ASU 2014-08 and as a result, no longer anticipate reporting discontinued operations in the ordinary course of our business. Prior to January 1, 2014, if in the ordinary course of business 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 nine months ended September 30, 2013 were reported in our Global Investment Management and Development Services segments as follows (dollars in thousands): | |||||
Revenue | $ | 8,934 | |||
Costs and expenses: | |||||
Operating, administrative and other | 4,899 | ||||
Depreciation and amortization | 870 | ||||
Total costs and expenses | 5,769 | ||||
Gain on disposition of real estate | 25,640 | ||||
Operating income | 28,805 | ||||
Interest expense | 3,147 | ||||
Income from discontinued operations, before provision for income taxes | 25,658 | ||||
Provision for income taxes | 1,364 | ||||
Income from discontinued operations, net of income taxes | 24,294 | ||||
Less: Income from discontinued operations attributable to non-controlling interests | 22,213 | ||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 2,081 | |||
Segments
Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 Pacific. | |||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | |||||||||||||||||
Americas | $ | 1,325,875 | $ | 1,105,768 | $ | 3,583,276 | $ | 3,145,341 | |||||||||
EMEA | 574,493 | 285,496 | 1,604,159 | 784,407 | |||||||||||||
Asia Pacific | 253,742 | 202,701 | 690,599 | 617,262 | |||||||||||||
Global Investment Management | 105,012 | 127,337 | 343,789 | 369,088 | |||||||||||||
Development Services | 15,954 | 12,564 | 40,901 | 34,845 | |||||||||||||
$ | 2,275,076 | $ | 1,733,866 | $ | 6,262,724 | $ | 4,950,943 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
EBITDA | |||||||||||||||||
Americas | $ | 187,476 | $ | 132,195 | $ | 482,642 | $ | 401,852 | |||||||||
EMEA | 37,485 | 17,735 | 88,219 | 28,930 | |||||||||||||
Asia Pacific | 22,767 | 13,056 | 54,773 | 44,916 | |||||||||||||
Global Investment Management | 21,146 | 55,396 | 87,538 | 127,723 | |||||||||||||
Development Services | 24,019 | 6,011 | 37,121 | 21,206 | |||||||||||||
$ | 292,893 | $ | 224,393 | $ | 750,293 | $ | 624,627 | ||||||||||
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 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Americas | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 86,098 | $ | 58,273 | $ | 248,868 | $ | 138,886 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 38,451 | 30,281 | 107,796 | 84,838 | |||||||||||||
Interest expense, net | 3,361 | 14,525 | 12,321 | 69,971 | |||||||||||||
Write-off of financing costs | 23,087 | — | 23,087 | 56,295 | |||||||||||||
Royalty and management service income | (14,949 | ) | (816 | ) | (18,656 | ) | (20,226 | ) | |||||||||
Provision for income taxes | 51,428 | 29,932 | 109,226 | 72,088 | |||||||||||||
EBITDA | $ | 187,476 | $ | 132,195 | $ | 482,642 | $ | 401,852 | |||||||||
EMEA | |||||||||||||||||
Net (loss) income attributable to CBRE Group, Inc. | $ | (748 | ) | $ | 10,346 | $ | (14,705 | ) | $ | 3,682 | |||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 16,080 | 4,194 | 48,862 | 13,101 | |||||||||||||
Interest expense (income), net | 13,145 | 822 | 37,488 | (197 | ) | ||||||||||||
Royalty and management service expense (income) | 8,249 | (4,653 | ) | 1,294 | 3,377 | ||||||||||||
Provision for income taxes | 759 | 7,026 | 15,280 | 8,967 | |||||||||||||
EBITDA | $ | 37,485 | $ | 17,735 | $ | 88,219 | $ | 28,930 | |||||||||
Asia Pacific | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 5,398 | $ | 771 | $ | 9,400 | $ | 10,053 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 4,178 | 2,688 | 10,617 | 8,571 | |||||||||||||
Interest expense, net | 474 | 902 | 1,577 | 2,144 | |||||||||||||
Royalty and management service expense | 5,636 | 4,455 | 13,898 | 13,232 | |||||||||||||
Provision for income taxes | 7,081 | 4,240 | 19,281 | 10,916 | |||||||||||||
EBITDA | $ | 22,767 | $ | 13,056 | $ | 54,773 | $ | 44,916 | |||||||||
Global Investment Management | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 3,075 | $ | 23,001 | $ | 18,137 | $ | 42,617 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization (1) | 7,485 | 9,192 | 25,303 | 27,759 | |||||||||||||
Interest expense, net (2) | 8,331 | 8,819 | 25,917 | 28,364 | |||||||||||||
Royalty and management service expense | 1,064 | 1,014 | 3,464 | 3,617 | |||||||||||||
Provision for income taxes | 1,191 | 13,370 | 14,717 | 25,366 | |||||||||||||
EBITDA (3) | $ | 21,146 | $ | 55,396 | $ | 87,538 | $ | 127,723 | |||||||||
Development Services | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 13,276 | $ | 2,053 | $ | 18,526 | $ | 6,654 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization (4) | 965 | 1,169 | 3,079 | 4,007 | |||||||||||||
Interest expense, net (5) | 932 | 1,231 | 2,702 | 5,573 | |||||||||||||
Provision for income taxes (6) | 8,846 | 1,558 | 12,814 | 4,972 | |||||||||||||
EBITDA (7) | $ | 24,019 | $ | 6,011 | $ | 37,121 | $ | 21,206 | |||||||||
-1 | Includes depreciation and amortization expense related to discontinued operations of $0.5 million for the nine months ended September 30, 2013. | ||||||||||||||||
-2 | Includes interest expense related to discontinued operations of $1.0 million for the nine months ended September 30, 2013. | ||||||||||||||||
-3 | Includes EBITDA related to discontinued operations of $1.4 million for the nine months ended September 30, 2013. | ||||||||||||||||
-4 | Includes depreciation and amortization expense related to discontinued operations of $0.4 million for the nine months ended September 30, 2013. | ||||||||||||||||
-5 | Includes interest expense related to discontinued operations of $2.2 million for the nine months ended September 30, 2013. | ||||||||||||||||
-6 | Includes provision for income taxes related to discontinued operations of $1.3 million for the nine months ended September 30, 2013. | ||||||||||||||||
-7 | Includes EBITDA related to discontinued operations of $6.0 million for the nine months ended September 30, 2013. |
Guarantor_and_Nonguarantor_Fin
Guarantor and Nonguarantor Financial Statements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013; condensed consolidating statements of operations for the three and nine months ended September 30, 2014 and 2013; condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013; and condensed consolidating statements of cash flows for the nine months ended September 30, 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 SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 62,226 | $ | 220,076 | $ | 333,051 | $ | — | $ | 615,358 | |||||||||||||
Restricted cash | — | — | 2,181 | 53,399 | — | 55,580 | |||||||||||||||||||
Receivables, net | — | — | 609,027 | 999,601 | — | 1,608,628 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 468,248 | 169,886 | — | 638,134 | |||||||||||||||||||
Trading securities | — | — | 107 | 69,393 | — | 69,500 | |||||||||||||||||||
Income taxes receivable | 14,643 | — | 21,052 | 40,822 | (17,812 | ) | 58,705 | ||||||||||||||||||
Prepaid expenses | — | — | 53,582 | 70,164 | — | 123,746 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,716 | 67,555 | — | 174,271 | |||||||||||||||||||
Real estate and other assets held for sale | — | — | — | 32,846 | — | 32,846 | |||||||||||||||||||
Available for sale securities | — | — | 663 | — | — | 663 | |||||||||||||||||||
Other current assets | — | 7,207 | 41,765 | 34,634 | — | 83,606 | |||||||||||||||||||
Total Current Assets | 14,648 | 69,433 | 1,523,417 | 1,871,351 | (17,812 | ) | 3,461,037 | ||||||||||||||||||
Property and equipment, net | — | — | 332,425 | 123,434 | — | 455,859 | |||||||||||||||||||
Goodwill | — | — | 1,132,094 | 1,182,849 | — | 2,314,943 | |||||||||||||||||||
Other intangible assets, net | — | — | 487,493 | 327,873 | — | 815,366 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 171,651 | 47,786 | — | 219,437 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,865,363 | 2,940,873 | 931,244 | — | (6,737,480 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 2,023,149 | 700,000 | — | (2,723,149 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 827 | — | — | 827 | |||||||||||||||||||
Real estate held for investment | — | — | 2,556 | 35,240 | — | 37,796 | |||||||||||||||||||
Available for sale securities | — | — | 62,953 | 2,194 | — | 65,147 | |||||||||||||||||||
Other assets, net | — | 34,183 | 86,391 | 38,968 | — | 159,542 | |||||||||||||||||||
Total Assets | $ | 2,880,011 | $ | 5,067,638 | $ | 5,431,051 | $ | 3,629,695 | $ | (9,478,441 | ) | $ | 7,529,954 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 32,435 | $ | 167,910 | $ | 510,063 | $ | — | $ | 710,408 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 310,633 | 242,902 | — | 554,161 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 255,938 | 216,438 | — | 472,376 | |||||||||||||||||||
Income taxes payable | — | 17,812 | — | — | (17,812 | ) | — | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Warehouse lines of credit (a) | — | — | 464,841 | 166,971 | — | 631,812 | |||||||||||||||||||
Revolving credit facility | — | 20,000 | — | 129,159 | — | 149,159 | |||||||||||||||||||
Other | — | — | 16 | 4,383 | — | 4,399 | |||||||||||||||||||
Total short-term borrowings | — | 20,000 | 464,857 | 300,513 | — | 785,370 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,700 | 25 | — | 42,375 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 23,147 | — | 23,147 | |||||||||||||||||||
Liabilities related to real estate and other assets held for sale | — | — | — | 35,822 | — | 35,822 | |||||||||||||||||||
Other current liabilities | — | 40 | 42,020 | 11,290 | — | 53,350 | |||||||||||||||||||
Total Current Liabilities | — | 110,563 | 1,244,058 | 1,340,200 | (17,812 | ) | 2,677,009 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 615,875 | — | — | — | 615,875 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
5.25% senior notes | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Other long-term debt | — | — | 1,408 | 44 | — | 1,452 | |||||||||||||||||||
Intercompany loan payable | 734,076 | — | 938,827 | 1,050,246 | (2,723,149 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 734,076 | 2,065,875 | 940,235 | 1,050,290 | (2,723,149 | ) | 2,067,327 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 16,886 | — | 16,886 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 40,461 | 85,484 | — | 125,945 | |||||||||||||||||||
Non-current tax liabilities | — | — | 51,363 | 13,673 | — | 65,036 | |||||||||||||||||||
Pension liability | — | — | — | 59,912 | — | 59,912 | |||||||||||||||||||
Other liabilities | — | 25,837 | 214,061 | 95,103 | — | 335,001 | |||||||||||||||||||
Total Liabilities | 734,076 | 2,202,275 | 2,490,178 | 2,661,548 | (2,740,961 | ) | 5,347,116 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 2,145,935 | 2,865,363 | 2,940,873 | 931,244 | (6,737,480 | ) | 2,145,935 | ||||||||||||||||||
Non-controlling interests | — | — | — | 36,903 | — | 36,903 | |||||||||||||||||||
Total Equity | 2,145,935 | 2,865,363 | 2,940,873 | 968,147 | (6,737,480 | ) | 2,182,838 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,880,011 | $ | 5,067,638 | $ | 5,431,051 | $ | 3,629,695 | $ | (9,478,441 | ) | $ | 7,529,954 | ||||||||||||
(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, 5.25 % senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, N.A. (TD Bank), Capital One, N.A. (Capital One), Bank of America (BofA), JP Morgan Chase Bank, N.A. (JP Morgan) and Fannie Mae As Soon As Pooled (ASAP) Program lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for our 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 our notes or our other outstanding debt. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,231,633 | $ | 1,043,443 | $ | — | $ | 2,275,076 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 789,931 | 639,055 | — | 1,428,986 | |||||||||||||||||||
Operating, administrative and other | 18,934 | (6,683 | ) | 291,206 | 297,569 | — | 601,026 | ||||||||||||||||||
Depreciation and amortization | — | — | 33,120 | 34,039 | — | 67,159 | |||||||||||||||||||
Total costs and expenses | 18,934 | (6,683 | ) | 1,114,257 | 970,663 | — | 2,097,171 | ||||||||||||||||||
Gain on disposition of real estate | — | — | 35 | 7,200 | — | 7,235 | |||||||||||||||||||
Operating (loss) income | (18,934 | ) | 6,683 | 117,411 | 79,980 | — | 185,140 | ||||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 35,177 | 8,123 | — | 43,300 | |||||||||||||||||||
Other income (loss) | — | — | 894 | (1,007 | ) | — | (113 | ) | |||||||||||||||||
Interest income | — | 49,971 | 448 | 1,150 | (49,971 | ) | 1,598 | ||||||||||||||||||
Interest expense | — | 25,739 | 32,957 | 19,116 | (49,971 | ) | 27,841 | ||||||||||||||||||
Write-off of financing costs | — | 23,087 | — | — | — | 23,087 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (20,336 | ) | 20,336 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 118,981 | 114,063 | 28,313 | — | (261,357 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 100,047 | 121,891 | 169,622 | 48,794 | (261,357 | ) | 178,997 | ||||||||||||||||||
(Benefit of) provision for income taxes | (7,052 | ) | 2,910 | 55,559 | 17,888 | — | 69,305 | ||||||||||||||||||
Net income | 107,099 | 118,981 | 114,063 | 30,906 | (261,357 | ) | 109,692 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2,593 | — | 2,593 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 107,099 | $ | 118,981 | $ | 114,063 | $ | 28,313 | $ | (261,357 | ) | $ | 107,099 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,045,380 | $ | 688,486 | $ | — | $ | 1,733,866 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 654,432 | 377,916 | — | 1,032,348 | |||||||||||||||||||
Operating, administrative and other | 13,782 | 2,661 | 241,964 | 238,208 | — | 496,615 | |||||||||||||||||||
Depreciation and amortization | — | — | 27,129 | 20,395 | — | 47,524 | |||||||||||||||||||
Total costs and expenses | 13,782 | 2,661 | 923,525 | 636,519 | — | 1,576,487 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 1 | 739 | — | 740 | |||||||||||||||||||
Operating (loss) income | (13,782 | ) | (2,661 | ) | 121,856 | 52,706 | — | 158,119 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 11,873 | 1,474 | — | 13,347 | |||||||||||||||||||
Other income | — | — | 2,403 | 2,722 | — | 5,125 | |||||||||||||||||||
Interest income | — | 28,218 | 421 | 1,060 | (28,215 | ) | 1,484 | ||||||||||||||||||
Interest expense | — | 24,557 | 23,417 | 8,024 | (28,215 | ) | 27,783 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (2,687 | ) | 2,687 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 103,088 | 102,461 | 25,957 | — | (231,506 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 89,306 | 103,461 | 141,780 | 47,251 | (231,506 | ) | 150,292 | ||||||||||||||||||
(Benefit of) provision for income taxes | (5,138 | ) | 373 | 39,319 | 21,572 | — | 56,126 | ||||||||||||||||||
Net income | 94,444 | 103,088 | 102,461 | 25,679 | (231,506 | ) | 94,166 | ||||||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | — | (278 | ) | — | (278 | ) | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 94,444 | $ | 103,088 | $ | 102,461 | $ | 25,957 | $ | (231,506 | ) | $ | 94,444 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,356,815 | $ | 2,905,909 | $ | — | $ | 6,262,724 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,113,013 | 1,791,906 | — | 3,904,919 | |||||||||||||||||||
Operating, administrative and other | 39,290 | (1,031 | ) | 815,828 | 841,536 | — | 1,695,623 | ||||||||||||||||||
Depreciation and amortization | — | — | 96,292 | 99,365 | — | 195,657 | |||||||||||||||||||
Total costs and expenses | 39,290 | (1,031 | ) | 3,025,133 | 2,732,807 | — | 5,796,199 | ||||||||||||||||||
Gain on disposition of real estate | — | — | 6,732 | 30,370 | — | 37,102 | |||||||||||||||||||
Operating (loss) income | (39,290 | ) | 1,031 | 338,414 | 203,472 | — | 503,627 | ||||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 61,181 | 6,383 | — | 67,564 | |||||||||||||||||||
Other income | — | 1 | 2,493 | 8,558 | — | 11,052 | |||||||||||||||||||
Interest income | — | 146,356 | 1,579 | 2,737 | (146,351 | ) | 4,321 | ||||||||||||||||||
Interest expense | — | 76,509 | 97,671 | 56,497 | (146,351 | ) | 84,326 | ||||||||||||||||||
Write-off of financing costs | — | 23,087 | — | — | — | 23,087 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (26,973 | ) | 26,973 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 304,873 | 274,893 | 42,016 | — | (621,782 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 265,583 | 322,685 | 374,985 | 137,680 | (621,782 | ) | 479,151 | ||||||||||||||||||
(Benefit of) provision for income taxes | (14,643 | ) | 17,812 | 100,092 | 68,057 | — | 171,318 | ||||||||||||||||||
Net income | 280,226 | 304,873 | 274,893 | 69,623 | (621,782 | ) | 307,833 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 27,607 | — | 27,607 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 280,226 | $ | 304,873 | $ | 274,893 | $ | 42,016 | $ | (621,782 | ) | $ | 280,226 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 2,934,601 | $ | 2,016,342 | $ | — | $ | 4,950,943 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 1,822,138 | 1,090,253 | — | 2,912,391 | |||||||||||||||||||
Operating, administrative and other | 32,860 | 5,695 | 713,948 | 713,111 | — | 1,465,614 | |||||||||||||||||||
Depreciation and amortization | — | — | 77,082 | 60,324 | — | 137,406 | |||||||||||||||||||
Total costs and expenses | 32,860 | 5,695 | 2,613,168 | 1,863,688 | — | 4,515,411 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 7,474 | 3,911 | — | 11,385 | |||||||||||||||||||
Operating (loss) income | (32,860 | ) | (5,695 | ) | 328,907 | 156,565 | — | 446,917 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 29,659 | (19 | ) | — | 29,640 | ||||||||||||||||||
Other (loss) income | — | (7 | ) | 5,300 | 4,059 | — | 9,352 | ||||||||||||||||||
Interest income | — | 93,479 | 1,728 | 3,263 | (93,468 | ) | 5,002 | ||||||||||||||||||
Interest expense | — | 96,121 | 84,753 | 20,304 | (93,468 | ) | 107,710 | ||||||||||||||||||
Write-off of financing costs | — | 56,295 | — | — | — | 56,295 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (27,420 | ) | 27,420 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 222,503 | 263,048 | 60,318 | — | (545,869 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 189,643 | 198,409 | 368,579 | 116,144 | (545,869 | ) | 326,906 | ||||||||||||||||||
(Benefit of) provision for income taxes | (12,249 | ) | (24,094 | ) | 105,531 | 51,757 | — | 120,945 | |||||||||||||||||
Net income from continuing operations | 201,892 | 222,503 | 263,048 | 64,387 | (545,869 | ) | 205,961 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 24,294 | — | 24,294 | |||||||||||||||||||
Net income | 201,892 | 222,503 | 263,048 | 88,681 | (545,869 | ) | 230,255 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 28,363 | — | 28,363 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 201,892 | $ | 222,503 | $ | 263,048 | $ | 60,318 | $ | (545,869 | ) | $ | 201,892 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 107,099 | $ | 118,981 | $ | 114,063 | $ | 30,906 | $ | (261,357 | ) | $ | 109,692 | ||||||||||||
Other comprehensive income (loss) : | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (109,122 | ) | — | (109,122 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 1,844 | — | — | — | 1,844 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 854 | — | — | — | 854 | |||||||||||||||||||
Unrealized holding gains (losses) on available for sale securities, net | — | — | 345 | (159 | ) | — | 186 | ||||||||||||||||||
Other, net | — | — | 76 | — | — | 76 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 2,698 | 421 | (109,281 | ) | — | (106,162 | ) | |||||||||||||||||
Comprehensive income (loss) | 107,099 | 121,679 | 114,484 | (78,375 | ) | (261,357 | ) | 3,530 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 2,533 | — | 2,533 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 107,099 | $ | 121,679 | $ | 114,484 | $ | (80,908 | ) | $ | (261,357 | ) | $ | 997 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 94,444 | $ | 103,088 | $ | 102,461 | $ | 25,679 | $ | (231,506 | ) | $ | 94,166 | ||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 45,684 | — | 45,684 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 1,793 | — | — | — | 1,793 | |||||||||||||||||||
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | — | (2,035 | ) | — | 73 | — | (1,962 | ) | |||||||||||||||||
Unrealized holding (losses) gains on available for sale securities, net | — | — | (316 | ) | 339 | — | 23 | ||||||||||||||||||
Other, net | — | — | (1,106 | ) | 254 | — | (852 | ) | |||||||||||||||||
Total other comprehensive (loss) income | — | (242 | ) | (1,422 | ) | 46,350 | — | 44,686 | |||||||||||||||||
Comprehensive income | 94,444 | 102,846 | 101,039 | 72,029 | (231,506 | ) | 138,852 | ||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | — | — | — | (296 | ) | — | (296 | ) | |||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 94,444 | $ | 102,846 | $ | 101,039 | $ | 72,325 | $ | (231,506 | ) | $ | 139,148 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 280,226 | $ | 304,873 | $ | 274,893 | $ | 69,623 | $ | (621,782 | ) | $ | 307,833 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (72,676 | ) | — | (72,676 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 5,470 | — | — | — | 5,470 | |||||||||||||||||||
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | — | (3,521 | ) | — | 61 | — | (3,460 | ) | |||||||||||||||||
Unrealized holding losses on available for sale securities, net | — | — | (495 | ) | (175 | ) | — | (670 | ) | ||||||||||||||||
Other, net | — | — | 211 | — | — | 211 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 1,949 | (284 | ) | (72,790 | ) | — | (71,125 | ) | ||||||||||||||||
Comprehensive income (loss) | 280,226 | 306,822 | 274,609 | (3,167 | ) | (621,782 | ) | 236,708 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 27,556 | — | 27,556 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 280,226 | $ | 306,822 | $ | 274,609 | $ | (30,723 | ) | $ | (621,782 | ) | $ | 209,152 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 201,892 | $ | 222,503 | $ | 263,048 | $ | 88,681 | $ | (545,869 | ) | $ | 230,255 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (1,631 | ) | — | (1,631 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 5,304 | — | — | — | 5,304 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 3,606 | — | 39 | — | 3,645 | |||||||||||||||||||
Unrealized holding (losses) gains on available for sale securities, net | — | — | (413 | ) | 52 | — | (361 | ) | |||||||||||||||||
Other, net | — | — | 90 | 254 | — | 344 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 8,910 | (323 | ) | (1,286 | ) | — | 7,301 | |||||||||||||||||
Comprehensive income | 201,892 | 231,413 | 262,725 | 87,395 | (545,869 | ) | 237,556 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 27,587 | — | 27,587 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 201,892 | $ | 231,413 | $ | 262,725 | $ | 59,808 | $ | (545,869 | ) | $ | 209,969 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 20,732 | $ | 83,198 | $ | (9,694 | ) | $ | (25,758 | ) | $ | 68,478 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (63,544 | ) | (29,074 | ) | (92,618 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (51,989 | ) | (80,552 | ) | (132,541 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (37,674 | ) | (2,429 | ) | (40,103 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 49,152 | 13,826 | 62,978 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 77,278 | 77,278 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (5,043 | ) | (5,043 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 7,514 | 10,655 | 18,169 | ||||||||||||||||||||
Decrease (increase) in restricted cash | — | 6,871 | 464 | (2,904 | ) | 4,431 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (68,984 | ) | — | (68,984 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 61,357 | — | 61,357 | ||||||||||||||||||||
Other investing activities, net | — | — | 570 | — | 570 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 6,871 | (103,134 | ) | (18,243 | ) | (114,506 | ) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (29,738 | ) | — | — | (29,738 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 1,622,000 | — | 66,568 | 1,688,568 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (1,630,928 | ) | — | (41,431 | ) | (1,672,359 | ) | |||||||||||||||||
Proceeds from issuance of 5.25% senior notes | — | 300,000 | — | — | 300,000 | ||||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 5,022 | 5,022 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (27,241 | ) | (27,241 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 4,884 | 4,884 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (44,959 | ) | (44,959 | ) | ||||||||||||||||||
Proceeds from short-term borrowings, net | — | — | — | 4,545 | 4,545 | ||||||||||||||||||||
Shares repurchased for payment of taxes on stock awards | (16,656 | ) | — | — | — | (16,656 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 4,466 | — | — | — | 4,466 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 803 | — | — | — | 803 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 1,415 | 1,415 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (31,998 | ) | (31,998 | ) | ||||||||||||||||||
Payment of financing costs | — | (3,045 | ) | — | (104 | ) | (3,149 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (9,345 | ) | (297,717 | ) | 243,097 | 63,965 | — | ||||||||||||||||||
Other financing activities, net | — | — | (1,437 | ) | (9 | ) | (1,446 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (20,732 | ) | (39,428 | ) | 241,660 | 657 | 182,157 | ||||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (12,683 | ) | (12,683 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 50,641 | 128,832 | (56,027 | ) | 123,446 | |||||||||||||||||||
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 | $ | 5 | $ | 62,226 | $ | 220,076 | $ | 333,051 | $ | 615,358 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 76,519 | $ | 355 | $ | 3,762 | $ | 80,636 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 177,792 | $ | 88,418 | $ | 266,210 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 22,853 | $ | (16,429 | ) | $ | 100,934 | $ | 127,282 | $ | 234,640 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (55,289 | ) | (23,454 | ) | (78,743 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (17,193 | ) | (46,410 | ) | (63,603 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (33,353 | ) | 422 | (32,931 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 28,750 | 10,097 | 38,847 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 110,818 | 110,818 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (2,412 | ) | (2,412 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 12,620 | 13,606 | 26,226 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (3 | ) | 482 | 21,655 | 22,134 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (53,387 | ) | — | (53,387 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 52,719 | — | 52,719 | ||||||||||||||||||||
Other investing activities, net | — | — | 4,515 | 2,079 | 6,594 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (3 | ) | (60,136 | ) | 86,401 | 26,262 | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 715,000 | — | — | 715,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,372,325 | ) | — | (256,780 | ) | (1,629,105 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 311,000 | — | 88,127 | 399,127 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (311,000 | ) | — | (71,414 | ) | (382,414 | ) | |||||||||||||||||
Proceeds from issuance of 5.00% senior notes | — | 800,000 | — | — | 800,000 | ||||||||||||||||||||
Repayment of 11.625% senior subordinated notes | — | (450,000 | ) | — | — | (450,000 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 2,473 | 2,473 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (73,580 | ) | (73,580 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 6,015 | 6,015 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (112,828 | ) | (112,828 | ) | ||||||||||||||||||
Proceeds from short-term borrowings | — | — | — | 4,724 | 4,724 | ||||||||||||||||||||
Shares repurchased for payment of taxes on stock awards | (16,628 | ) | — | — | — | (16,628 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 4,924 | — | — | — | 4,924 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 9,336 | — | — | — | 9,336 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 462 | 462 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (84,918 | ) | (84,918 | ) | ||||||||||||||||||
Payment of financing costs | — | (28,995 | ) | — | (327 | ) | (29,322 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (20,485 | ) | 400,356 | (603,853 | ) | 223,982 | — | ||||||||||||||||||
Other financing activities, net | — | — | (2,874 | ) | (36 | ) | (2,910 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (22,853 | ) | 64,036 | (606,727 | ) | (274,100 | ) | (839,644 | ) | ||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (7,934 | ) | (7,934 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 47,604 | (565,929 | ) | (68,351 | ) | (586,676 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 18,312 | 680,112 | 390,868 | 1,089,297 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 5 | $ | 65,916 | $ | 114,183 | $ | 322,517 | $ | 502,621 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 84,987 | $ | 450 | $ | 10,801 | $ | 96,238 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 76,234 | $ | 60,808 | $ | 137,042 | |||||||||||||||
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
18. Subsequent Event | |
On October 27, 2014, we redeemed in full all of our outstanding 6.625% senior notes, which had a carrying value of $350.0 million as of September 30, 2014, in accordance with the provisions of the notes and associated indenture. |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of Unaudited Pro Forma Results Prepared for Comparative Purposes | ' | ||||||||
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 | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Revenue | $ | 1,885,915 | $ | 5,407,091 | |||||
Operating income | $ | 154,265 | $ | 433,508 | |||||
Net income attributable to CBRE Group, Inc. | $ | 90,601 | $ | 188,944 | |||||
Basic income per share | $ | 0.28 | $ | 0.58 | |||||
Weighted average shares outstanding for basic income per share | 328,307,961 | 327,502,672 | |||||||
Diluted income per share | $ | 0.27 | $ | 0.57 | |||||
Weighted average shares outstanding for diluted income per share | 332,061,402 | 331,504,050 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Schedule of Operating Results Relating to Entities | ' | ||||||||||||||||
Operating results relating to the Entities for the three and nine months ended September 30, 2014 and 2013 include the following (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | — | $ | 2,103 | $ | 3,561 | $ | 6,132 | |||||||||
Operating, administrative and other expenses | $ | — | $ | 1,154 | $ | 2,588 | $ | 3,200 | |||||||||
Gain on disposition of real estate | $ | — | $ | — | $ | 23,028 | $ | — | |||||||||
Income from discontinued operations, net of income taxes | $ | — | $ | — | $ | — | $ | 15,236 | |||||||||
Net (loss) income attributable to non-controlling interests | $ | — | $ | (399 | ) | $ | 21,724 | $ | 14,152 | ||||||||
Schedule of Maximum Exposure to Loss | ' | ||||||||||||||||
As of September 30, 2014 and December 31, 2013, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Investments in unconsolidated subsidiaries | $ | 28,245 | $ | 33,787 | |||||||||||||
Other assets, current | 3,855 | 3,547 | |||||||||||||||
Co-investment commitments | 200 | 200 | |||||||||||||||
Maximum exposure to loss | $ | 32,300 | $ | 37,534 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Fair Value Measured and Recorded Using | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. treasury securities | $ | 6,721 | $ | — | $ | — | $ | 6,721 | |||||||||||||
Debt securities issued by U.S. federal agencies | — | 6,820 | — | 6,820 | |||||||||||||||||
Corporate debt securities | — | 18,559 | — | 18,559 | |||||||||||||||||
Asset-backed securities | — | 5,641 | — | 5,641 | |||||||||||||||||
Collateralized mortgage obligations | — | 1,978 | — | 1,978 | |||||||||||||||||
Total debt securities | 6,721 | 32,998 | — | 39,719 | |||||||||||||||||
Equity securities | 26,091 | — | — | 26,091 | |||||||||||||||||
Total available for sale securities | 32,812 | 32,998 | — | 65,810 | |||||||||||||||||
Trading securities | 69,500 | — | — | 69,500 | |||||||||||||||||
Warehouse receivables | — | 638,134 | — | 638,134 | |||||||||||||||||
Foreign currency exchange forward contracts | — | 7,257 | — | 7,257 | |||||||||||||||||
Total assets at fair value | $ | 102,312 | $ | 678,389 | $ | — | $ | 780,701 | |||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 25,837 | $ | — | $ | 25,837 | |||||||||||||
Foreign currency exchange forward contracts | — | 40 | — | 40 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 25,877 | $ | — | $ | 25,877 | |||||||||||||
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 | |||||||||||||
Schedule of Non-Recurring Fair Value Measurements | ' | ||||||||||||||||||||
The following non-recurring fair value measurements were recorded during the three and nine months ended September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Net Carrying Value | Fair Value Measured and Recorded Using | Total Impairment | |||||||||||||||||||
as of | Charges for the | ||||||||||||||||||||
September 30, 2014 | Three and Nine Months | ||||||||||||||||||||
Ended | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | 8,615 | |||||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Global Investment Management: | |||||||||||||||||
Revenue | $ | 211,357 | $ | 218,745 | $ | 637,605 | $ | 613,279 | |||||||||
Operating income (loss) | $ | 93,731 | $ | (41,654 | ) | $ | (228,168 | ) | $ | (135,790 | ) | ||||||
Net income (loss) | $ | 18,413 | $ | 37,430 | $ | (235,559 | ) | $ | 54,739 | ||||||||
Development Services: | |||||||||||||||||
Revenue | $ | 11,248 | $ | 18,672 | $ | 34,083 | $ | 50,212 | |||||||||
Operating income | $ | 11,736 | $ | 14,848 | $ | 30,143 | $ | 15,987 | |||||||||
Net income | $ | 8,855 | $ | 11,396 | $ | 24,066 | $ | 18,748 | |||||||||
Other: | |||||||||||||||||
Revenue | $ | 42,106 | $ | 48,580 | $ | 113,688 | $ | 117,417 | |||||||||
Operating income | $ | 5,856 | $ | 9,294 | $ | 19,200 | $ | 20,754 | |||||||||
Net income | $ | 6,025 | $ | 9,273 | $ | 19,411 | $ | 20,817 | |||||||||
Total: | |||||||||||||||||
Revenue | $ | 264,711 | $ | 285,997 | $ | 785,376 | $ | 780,908 | |||||||||
Operating income (loss) | $ | 111,323 | $ | (17,512 | ) | $ | (178,825 | ) | $ | (99,049 | ) | ||||||
Net income (loss) | $ | 33,293 | $ | 58,099 | $ | (192,082 | ) | $ | 94,304 |
Real_Estate_and_Other_Assets_H1
Real Estate and Other Assets Held for Sale and Related Liabilities (Tables) | 9 Months Ended | ||||
Sep. 30, 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 September 30, 2014 (dollars in thousands): | |||||
Assets: | |||||
Real estate held for sale (see Note 9) | $ | 29,994 | |||
Other current assets | 433 | ||||
Property and equipment, net | 1,253 | ||||
Other assets | 1,166 | ||||
Total real estate and other assets held for sale | 32,846 | ||||
Liabilities: | |||||
Notes payable on real estate held for sale (see Note 10) | 35,001 | ||||
Accounts payable and accrued expenses | 691 | ||||
Other current liabilities | 130 | ||||
Total liabilities related to real estate and other assets held for sale | 35,822 | ||||
Net liabilities related to real estate and other assets held for sale | $ | (2,976 | ) | ||
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | ||||||||
Sep. 30, 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): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Real estate included in assets held for sale (see Note 8) | $ | 29,994 | $ | — | |||||
Real estate under development (current) | — | 19,133 | |||||||
Real estate under development (non-current) | 827 | 822 | |||||||
Real estate held for investment (1) | 37,796 | 106,999 | |||||||
Total real estate (2) | $ | 68,617 | $ | 126,954 | |||||
-1 | Net of accumulated depreciation of $12.5 million and $23.6 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||
-2 | Includes lease intangibles of $5.0 million at September 30, 2014 and lease intangibles and tenant origination costs of $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) | 9 Months Ended | ||||||||
Sep. 30, 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): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Current portion of notes payable on real estate | $ | 23,147 | $ | 62,017 | |||||
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 35,001 | — | |||||||
Total notes payable on real estate, current portion | 58,148 | 62,017 | |||||||
Notes payable on real estate, non-current portion | 16,886 | 68,455 | |||||||
Total notes payable on real estate | $ | 75,034 | $ | 130,472 | |||||
Income_Per_Share_Information_T
Income Per Share Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 107,099 | $ | 94,444 | $ | 280,226 | $ | 201,892 | |||||||||
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 | |||||||||||||
Basic income per share attributable to CBRE Group, Inc. shareholders | $ | 0.32 | $ | 0.29 | $ | 0.85 | $ | 0.62 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | |||||||||||||||||
Net income attributable to CBRE Group, Inc. shareholders | $ | 107,099 | $ | 94,444 | $ | 280,226 | $ | 201,892 | |||||||||
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 | |||||||||||||
Dilutive effect of contingently issuable shares | 3,478,244 | 3,172,943 | 3,239,528 | 3,216,664 | |||||||||||||
Dilutive effect of stock options | 395,796 | 580,498 | 418,363 | 784,714 | |||||||||||||
Weighted average shares outstanding for diluted income per share | 334,293,046 | 332,061,402 | 333,855,131 | 331,504,050 | |||||||||||||
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ | 0.32 | $ | 0.28 | $ | 0.84 | $ | 0.61 | |||||||||
Pensions_Tables
Pensions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 4,503 | $ | 3,774 | $ | 13,411 | $ | 11,429 | |||||||||
Expected return on plan assets | (5,812 | ) | (3,848 | ) | (17,465 | ) | (11,585 | ) | |||||||||
Amortization of unrecognized net loss | 673 | 601 | 2,003 | 1,821 | |||||||||||||
Net periodic pension (benefit) cost | $ | (636 | ) | $ | 527 | $ | (2,051 | ) | $ | 1,665 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||
Sep. 30, 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 nine months ended September 30, 2013 were reported in our Global Investment Management and Development Services segments as follows (dollars in thousands): | |||||
Revenue | $ | 8,934 | |||
Costs and expenses: | |||||
Operating, administrative and other | 4,899 | ||||
Depreciation and amortization | 870 | ||||
Total costs and expenses | 5,769 | ||||
Gain on disposition of real estate | 25,640 | ||||
Operating income | 28,805 | ||||
Interest expense | 3,147 | ||||
Income from discontinued operations, before provision for income taxes | 25,658 | ||||
Provision for income taxes | 1,364 | ||||
Income from discontinued operations, net of income taxes | 24,294 | ||||
Less: Income from discontinued operations attributable to non-controlling interests | 22,213 | ||||
Income from discontinued operations attributable to CBRE Group, Inc. | $ | 2,081 | |||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summarized Financial Information by Segment | ' | ||||||||||||||||
Summarized financial information by segment is as follows (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | |||||||||||||||||
Americas | $ | 1,325,875 | $ | 1,105,768 | $ | 3,583,276 | $ | 3,145,341 | |||||||||
EMEA | 574,493 | 285,496 | 1,604,159 | 784,407 | |||||||||||||
Asia Pacific | 253,742 | 202,701 | 690,599 | 617,262 | |||||||||||||
Global Investment Management | 105,012 | 127,337 | 343,789 | 369,088 | |||||||||||||
Development Services | 15,954 | 12,564 | 40,901 | 34,845 | |||||||||||||
$ | 2,275,076 | $ | 1,733,866 | $ | 6,262,724 | $ | 4,950,943 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
EBITDA | |||||||||||||||||
Americas | $ | 187,476 | $ | 132,195 | $ | 482,642 | $ | 401,852 | |||||||||
EMEA | 37,485 | 17,735 | 88,219 | 28,930 | |||||||||||||
Asia Pacific | 22,767 | 13,056 | 54,773 | 44,916 | |||||||||||||
Global Investment Management | 21,146 | 55,396 | 87,538 | 127,723 | |||||||||||||
Development Services | 24,019 | 6,011 | 37,121 | 21,206 | |||||||||||||
$ | 292,893 | $ | 224,393 | $ | 750,293 | $ | 624,627 | ||||||||||
EBITDA Calculation by Segment | ' | ||||||||||||||||
EBITDA for our segments is calculated as follows (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Americas | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 86,098 | $ | 58,273 | $ | 248,868 | $ | 138,886 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 38,451 | 30,281 | 107,796 | 84,838 | |||||||||||||
Interest expense, net | 3,361 | 14,525 | 12,321 | 69,971 | |||||||||||||
Write-off of financing costs | 23,087 | — | 23,087 | 56,295 | |||||||||||||
Royalty and management service income | (14,949 | ) | (816 | ) | (18,656 | ) | (20,226 | ) | |||||||||
Provision for income taxes | 51,428 | 29,932 | 109,226 | 72,088 | |||||||||||||
EBITDA | $ | 187,476 | $ | 132,195 | $ | 482,642 | $ | 401,852 | |||||||||
EMEA | |||||||||||||||||
Net (loss) income attributable to CBRE Group, Inc. | $ | (748 | ) | $ | 10,346 | $ | (14,705 | ) | $ | 3,682 | |||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 16,080 | 4,194 | 48,862 | 13,101 | |||||||||||||
Interest expense (income), net | 13,145 | 822 | 37,488 | (197 | ) | ||||||||||||
Royalty and management service expense (income) | 8,249 | (4,653 | ) | 1,294 | 3,377 | ||||||||||||
Provision for income taxes | 759 | 7,026 | 15,280 | 8,967 | |||||||||||||
EBITDA | $ | 37,485 | $ | 17,735 | $ | 88,219 | $ | 28,930 | |||||||||
Asia Pacific | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 5,398 | $ | 771 | $ | 9,400 | $ | 10,053 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 4,178 | 2,688 | 10,617 | 8,571 | |||||||||||||
Interest expense, net | 474 | 902 | 1,577 | 2,144 | |||||||||||||
Royalty and management service expense | 5,636 | 4,455 | 13,898 | 13,232 | |||||||||||||
Provision for income taxes | 7,081 | 4,240 | 19,281 | 10,916 | |||||||||||||
EBITDA | $ | 22,767 | $ | 13,056 | $ | 54,773 | $ | 44,916 | |||||||||
Global Investment Management | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 3,075 | $ | 23,001 | $ | 18,137 | $ | 42,617 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization (1) | 7,485 | 9,192 | 25,303 | 27,759 | |||||||||||||
Interest expense, net (2) | 8,331 | 8,819 | 25,917 | 28,364 | |||||||||||||
Royalty and management service expense | 1,064 | 1,014 | 3,464 | 3,617 | |||||||||||||
Provision for income taxes | 1,191 | 13,370 | 14,717 | 25,366 | |||||||||||||
EBITDA (3) | $ | 21,146 | $ | 55,396 | $ | 87,538 | $ | 127,723 | |||||||||
Development Services | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 13,276 | $ | 2,053 | $ | 18,526 | $ | 6,654 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization (4) | 965 | 1,169 | 3,079 | 4,007 | |||||||||||||
Interest expense, net (5) | 932 | 1,231 | 2,702 | 5,573 | |||||||||||||
Provision for income taxes (6) | 8,846 | 1,558 | 12,814 | 4,972 | |||||||||||||
EBITDA (7) | $ | 24,019 | $ | 6,011 | $ | 37,121 | $ | 21,206 | |||||||||
-1 | Includes depreciation and amortization expense related to discontinued operations of $0.5 million for the nine months ended September 30, 2013. | ||||||||||||||||
-2 | Includes interest expense related to discontinued operations of $1.0 million for the nine months ended September 30, 2013. | ||||||||||||||||
-3 | Includes EBITDA related to discontinued operations of $1.4 million for the nine months ended September 30, 2013. | ||||||||||||||||
-4 | Includes depreciation and amortization expense related to discontinued operations of $0.4 million for the nine months ended September 30, 2013. | ||||||||||||||||
-5 | Includes interest expense related to discontinued operations of $2.2 million for the nine months ended September 30, 2013. | ||||||||||||||||
-6 | Includes provision for income taxes related to discontinued operations of $1.3 million for the nine months ended September 30, 2013. | ||||||||||||||||
-7 | Includes EBITDA related to discontinued operations of $6.0 million for the nine months ended September 30, 2013. |
Guarantor_and_Nonguarantor_Fin1
Guarantor and Nonguarantor Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 62,226 | $ | 220,076 | $ | 333,051 | $ | — | $ | 615,358 | |||||||||||||
Restricted cash | — | — | 2,181 | 53,399 | — | 55,580 | |||||||||||||||||||
Receivables, net | — | — | 609,027 | 999,601 | — | 1,608,628 | |||||||||||||||||||
Warehouse receivables (a) | — | — | 468,248 | 169,886 | — | 638,134 | |||||||||||||||||||
Trading securities | — | — | 107 | 69,393 | — | 69,500 | |||||||||||||||||||
Income taxes receivable | 14,643 | — | 21,052 | 40,822 | (17,812 | ) | 58,705 | ||||||||||||||||||
Prepaid expenses | — | — | 53,582 | 70,164 | — | 123,746 | |||||||||||||||||||
Deferred tax assets, net | — | — | 106,716 | 67,555 | — | 174,271 | |||||||||||||||||||
Real estate and other assets held for sale | — | — | — | 32,846 | — | 32,846 | |||||||||||||||||||
Available for sale securities | — | — | 663 | — | — | 663 | |||||||||||||||||||
Other current assets | — | 7,207 | 41,765 | 34,634 | — | 83,606 | |||||||||||||||||||
Total Current Assets | 14,648 | 69,433 | 1,523,417 | 1,871,351 | (17,812 | ) | 3,461,037 | ||||||||||||||||||
Property and equipment, net | — | — | 332,425 | 123,434 | — | 455,859 | |||||||||||||||||||
Goodwill | — | — | 1,132,094 | 1,182,849 | — | 2,314,943 | |||||||||||||||||||
Other intangible assets, net | — | — | 487,493 | 327,873 | — | 815,366 | |||||||||||||||||||
Investments in unconsolidated subsidiaries | — | — | 171,651 | 47,786 | — | 219,437 | |||||||||||||||||||
Investments in consolidated subsidiaries | 2,865,363 | 2,940,873 | 931,244 | — | (6,737,480 | ) | — | ||||||||||||||||||
Intercompany loan receivable | — | 2,023,149 | 700,000 | — | (2,723,149 | ) | — | ||||||||||||||||||
Real estate under development | — | — | 827 | — | — | 827 | |||||||||||||||||||
Real estate held for investment | — | — | 2,556 | 35,240 | — | 37,796 | |||||||||||||||||||
Available for sale securities | — | — | 62,953 | 2,194 | — | 65,147 | |||||||||||||||||||
Other assets, net | — | 34,183 | 86,391 | 38,968 | — | 159,542 | |||||||||||||||||||
Total Assets | $ | 2,880,011 | $ | 5,067,638 | $ | 5,431,051 | $ | 3,629,695 | $ | (9,478,441 | ) | $ | 7,529,954 | ||||||||||||
Current Liabilities: | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 32,435 | $ | 167,910 | $ | 510,063 | $ | — | $ | 710,408 | |||||||||||||
Compensation and employee benefits payable | — | 626 | 310,633 | 242,902 | — | 554,161 | |||||||||||||||||||
Accrued bonus and profit sharing | — | — | 255,938 | 216,438 | — | 472,376 | |||||||||||||||||||
Income taxes payable | — | 17,812 | — | — | (17,812 | ) | — | ||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||
Warehouse lines of credit (a) | — | — | 464,841 | 166,971 | — | 631,812 | |||||||||||||||||||
Revolving credit facility | — | 20,000 | — | 129,159 | — | 149,159 | |||||||||||||||||||
Other | — | — | 16 | 4,383 | — | 4,399 | |||||||||||||||||||
Total short-term borrowings | — | 20,000 | 464,857 | 300,513 | — | 785,370 | |||||||||||||||||||
Current maturities of long-term debt | — | 39,650 | 2,700 | 25 | — | 42,375 | |||||||||||||||||||
Notes payable on real estate | — | — | — | 23,147 | — | 23,147 | |||||||||||||||||||
Liabilities related to real estate and other assets held for sale | — | — | — | 35,822 | — | 35,822 | |||||||||||||||||||
Other current liabilities | — | 40 | 42,020 | 11,290 | — | 53,350 | |||||||||||||||||||
Total Current Liabilities | — | 110,563 | 1,244,058 | 1,340,200 | (17,812 | ) | 2,677,009 | ||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||
5.00% senior notes | — | 800,000 | — | — | — | 800,000 | |||||||||||||||||||
Senior secured term loans | — | 615,875 | — | — | — | 615,875 | |||||||||||||||||||
6.625% senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
5.25% senior notes | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Other long-term debt | — | — | 1,408 | 44 | — | 1,452 | |||||||||||||||||||
Intercompany loan payable | 734,076 | — | 938,827 | 1,050,246 | (2,723,149 | ) | — | ||||||||||||||||||
Total Long-Term Debt | 734,076 | 2,065,875 | 940,235 | 1,050,290 | (2,723,149 | ) | 2,067,327 | ||||||||||||||||||
Notes payable on real estate | — | — | — | 16,886 | — | 16,886 | |||||||||||||||||||
Deferred tax liabilities, net | — | — | 40,461 | 85,484 | — | 125,945 | |||||||||||||||||||
Non-current tax liabilities | — | — | 51,363 | 13,673 | — | 65,036 | |||||||||||||||||||
Pension liability | — | — | — | 59,912 | — | 59,912 | |||||||||||||||||||
Other liabilities | — | 25,837 | 214,061 | 95,103 | — | 335,001 | |||||||||||||||||||
Total Liabilities | 734,076 | 2,202,275 | 2,490,178 | 2,661,548 | (2,740,961 | ) | 5,347,116 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Equity: | |||||||||||||||||||||||||
CBRE Group, Inc. Stockholders’ Equity | 2,145,935 | 2,865,363 | 2,940,873 | 931,244 | (6,737,480 | ) | 2,145,935 | ||||||||||||||||||
Non-controlling interests | — | — | — | 36,903 | — | 36,903 | |||||||||||||||||||
Total Equity | 2,145,935 | 2,865,363 | 2,940,873 | 968,147 | (6,737,480 | ) | 2,182,838 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,880,011 | $ | 5,067,638 | $ | 5,431,051 | $ | 3,629,695 | $ | (9,478,441 | ) | $ | 7,529,954 | ||||||||||||
(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, 5.25 % senior notes and our Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, N.A. (TD Bank), Capital One, N.A. (Capital One), Bank of America (BofA), JP Morgan Chase Bank, N.A. (JP Morgan) and Fannie Mae As Soon As Pooled (ASAP) Program lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for our 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 our notes or our other outstanding debt. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,231,633 | $ | 1,043,443 | $ | — | $ | 2,275,076 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 789,931 | 639,055 | — | 1,428,986 | |||||||||||||||||||
Operating, administrative and other | 18,934 | (6,683 | ) | 291,206 | 297,569 | — | 601,026 | ||||||||||||||||||
Depreciation and amortization | — | — | 33,120 | 34,039 | — | 67,159 | |||||||||||||||||||
Total costs and expenses | 18,934 | (6,683 | ) | 1,114,257 | 970,663 | — | 2,097,171 | ||||||||||||||||||
Gain on disposition of real estate | — | — | 35 | 7,200 | — | 7,235 | |||||||||||||||||||
Operating (loss) income | (18,934 | ) | 6,683 | 117,411 | 79,980 | — | 185,140 | ||||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 35,177 | 8,123 | — | 43,300 | |||||||||||||||||||
Other income (loss) | — | — | 894 | (1,007 | ) | — | (113 | ) | |||||||||||||||||
Interest income | — | 49,971 | 448 | 1,150 | (49,971 | ) | 1,598 | ||||||||||||||||||
Interest expense | — | 25,739 | 32,957 | 19,116 | (49,971 | ) | 27,841 | ||||||||||||||||||
Write-off of financing costs | — | 23,087 | — | — | — | 23,087 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (20,336 | ) | 20,336 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 118,981 | 114,063 | 28,313 | — | (261,357 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 100,047 | 121,891 | 169,622 | 48,794 | (261,357 | ) | 178,997 | ||||||||||||||||||
(Benefit of) provision for income taxes | (7,052 | ) | 2,910 | 55,559 | 17,888 | — | 69,305 | ||||||||||||||||||
Net income | 107,099 | 118,981 | 114,063 | 30,906 | (261,357 | ) | 109,692 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2,593 | — | 2,593 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 107,099 | $ | 118,981 | $ | 114,063 | $ | 28,313 | $ | (261,357 | ) | $ | 107,099 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,045,380 | $ | 688,486 | $ | — | $ | 1,733,866 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 654,432 | 377,916 | — | 1,032,348 | |||||||||||||||||||
Operating, administrative and other | 13,782 | 2,661 | 241,964 | 238,208 | — | 496,615 | |||||||||||||||||||
Depreciation and amortization | — | — | 27,129 | 20,395 | — | 47,524 | |||||||||||||||||||
Total costs and expenses | 13,782 | 2,661 | 923,525 | 636,519 | — | 1,576,487 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 1 | 739 | — | 740 | |||||||||||||||||||
Operating (loss) income | (13,782 | ) | (2,661 | ) | 121,856 | 52,706 | — | 158,119 | |||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 11,873 | 1,474 | — | 13,347 | |||||||||||||||||||
Other income | — | — | 2,403 | 2,722 | — | 5,125 | |||||||||||||||||||
Interest income | — | 28,218 | 421 | 1,060 | (28,215 | ) | 1,484 | ||||||||||||||||||
Interest expense | — | 24,557 | 23,417 | 8,024 | (28,215 | ) | 27,783 | ||||||||||||||||||
Royalty and management service (income) expense | — | — | (2,687 | ) | 2,687 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 103,088 | 102,461 | 25,957 | — | (231,506 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 89,306 | 103,461 | 141,780 | 47,251 | (231,506 | ) | 150,292 | ||||||||||||||||||
(Benefit of) provision for income taxes | (5,138 | ) | 373 | 39,319 | 21,572 | — | 56,126 | ||||||||||||||||||
Net income | 94,444 | 103,088 | 102,461 | 25,679 | (231,506 | ) | 94,166 | ||||||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | — | (278 | ) | — | (278 | ) | |||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 94,444 | $ | 103,088 | $ | 102,461 | $ | 25,957 | $ | (231,506 | ) | $ | 94,444 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 3,356,815 | $ | 2,905,909 | $ | — | $ | 6,262,724 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 2,113,013 | 1,791,906 | — | 3,904,919 | |||||||||||||||||||
Operating, administrative and other | 39,290 | (1,031 | ) | 815,828 | 841,536 | — | 1,695,623 | ||||||||||||||||||
Depreciation and amortization | — | — | 96,292 | 99,365 | — | 195,657 | |||||||||||||||||||
Total costs and expenses | 39,290 | (1,031 | ) | 3,025,133 | 2,732,807 | — | 5,796,199 | ||||||||||||||||||
Gain on disposition of real estate | — | — | 6,732 | 30,370 | — | 37,102 | |||||||||||||||||||
Operating (loss) income | (39,290 | ) | 1,031 | 338,414 | 203,472 | — | 503,627 | ||||||||||||||||||
Equity income from unconsolidated subsidiaries | — | — | 61,181 | 6,383 | — | 67,564 | |||||||||||||||||||
Other income | — | 1 | 2,493 | 8,558 | — | 11,052 | |||||||||||||||||||
Interest income | — | 146,356 | 1,579 | 2,737 | (146,351 | ) | 4,321 | ||||||||||||||||||
Interest expense | — | 76,509 | 97,671 | 56,497 | (146,351 | ) | 84,326 | ||||||||||||||||||
Write-off of financing costs | — | 23,087 | — | — | — | 23,087 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (26,973 | ) | 26,973 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 304,873 | 274,893 | 42,016 | — | (621,782 | ) | — | ||||||||||||||||||
Income before (benefit of) provision for income taxes | 265,583 | 322,685 | 374,985 | 137,680 | (621,782 | ) | 479,151 | ||||||||||||||||||
(Benefit of) provision for income taxes | (14,643 | ) | 17,812 | 100,092 | 68,057 | — | 171,318 | ||||||||||||||||||
Net income | 280,226 | 304,873 | 274,893 | 69,623 | (621,782 | ) | 307,833 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 27,607 | — | 27,607 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 280,226 | $ | 304,873 | $ | 274,893 | $ | 42,016 | $ | (621,782 | ) | $ | 280,226 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 2,934,601 | $ | 2,016,342 | $ | — | $ | 4,950,943 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of services | — | — | 1,822,138 | 1,090,253 | — | 2,912,391 | |||||||||||||||||||
Operating, administrative and other | 32,860 | 5,695 | 713,948 | 713,111 | — | 1,465,614 | |||||||||||||||||||
Depreciation and amortization | — | — | 77,082 | 60,324 | — | 137,406 | |||||||||||||||||||
Total costs and expenses | 32,860 | 5,695 | 2,613,168 | 1,863,688 | — | 4,515,411 | |||||||||||||||||||
Gain on disposition of real estate | — | — | 7,474 | 3,911 | — | 11,385 | |||||||||||||||||||
Operating (loss) income | (32,860 | ) | (5,695 | ) | 328,907 | 156,565 | — | 446,917 | |||||||||||||||||
Equity income (loss) from unconsolidated subsidiaries | — | — | 29,659 | (19 | ) | — | 29,640 | ||||||||||||||||||
Other (loss) income | — | (7 | ) | 5,300 | 4,059 | — | 9,352 | ||||||||||||||||||
Interest income | — | 93,479 | 1,728 | 3,263 | (93,468 | ) | 5,002 | ||||||||||||||||||
Interest expense | — | 96,121 | 84,753 | 20,304 | (93,468 | ) | 107,710 | ||||||||||||||||||
Write-off of financing costs | — | 56,295 | — | — | — | 56,295 | |||||||||||||||||||
Royalty and management service (income) expense | — | — | (27,420 | ) | 27,420 | — | — | ||||||||||||||||||
Income from consolidated subsidiaries | 222,503 | 263,048 | 60,318 | — | (545,869 | ) | — | ||||||||||||||||||
Income from continuing operations before (benefit of) provision for income taxes | 189,643 | 198,409 | 368,579 | 116,144 | (545,869 | ) | 326,906 | ||||||||||||||||||
(Benefit of) provision for income taxes | (12,249 | ) | (24,094 | ) | 105,531 | 51,757 | — | 120,945 | |||||||||||||||||
Net income from continuing operations | 201,892 | 222,503 | 263,048 | 64,387 | (545,869 | ) | 205,961 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 24,294 | — | 24,294 | |||||||||||||||||||
Net income | 201,892 | 222,503 | 263,048 | 88,681 | (545,869 | ) | 230,255 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 28,363 | — | 28,363 | |||||||||||||||||||
Net income attributable to CBRE Group, Inc. | $ | 201,892 | $ | 222,503 | $ | 263,048 | $ | 60,318 | $ | (545,869 | ) | $ | 201,892 | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 107,099 | $ | 118,981 | $ | 114,063 | $ | 30,906 | $ | (261,357 | ) | $ | 109,692 | ||||||||||||
Other comprehensive income (loss) : | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (109,122 | ) | — | (109,122 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 1,844 | — | — | — | 1,844 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 854 | — | — | — | 854 | |||||||||||||||||||
Unrealized holding gains (losses) on available for sale securities, net | — | — | 345 | (159 | ) | — | 186 | ||||||||||||||||||
Other, net | — | — | 76 | — | — | 76 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 2,698 | 421 | (109,281 | ) | — | (106,162 | ) | |||||||||||||||||
Comprehensive income (loss) | 107,099 | 121,679 | 114,484 | (78,375 | ) | (261,357 | ) | 3,530 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 2,533 | — | 2,533 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 107,099 | $ | 121,679 | $ | 114,484 | $ | (80,908 | ) | $ | (261,357 | ) | $ | 997 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 94,444 | $ | 103,088 | $ | 102,461 | $ | 25,679 | $ | (231,506 | ) | $ | 94,166 | ||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | 45,684 | — | 45,684 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 1,793 | — | — | — | 1,793 | |||||||||||||||||||
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | — | (2,035 | ) | — | 73 | — | (1,962 | ) | |||||||||||||||||
Unrealized holding (losses) gains on available for sale securities, net | — | — | (316 | ) | 339 | — | 23 | ||||||||||||||||||
Other, net | — | — | (1,106 | ) | 254 | — | (852 | ) | |||||||||||||||||
Total other comprehensive (loss) income | — | (242 | ) | (1,422 | ) | 46,350 | — | 44,686 | |||||||||||||||||
Comprehensive income | 94,444 | 102,846 | 101,039 | 72,029 | (231,506 | ) | 138,852 | ||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | — | — | — | (296 | ) | — | (296 | ) | |||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 94,444 | $ | 102,846 | $ | 101,039 | $ | 72,325 | $ | (231,506 | ) | $ | 139,148 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 280,226 | $ | 304,873 | $ | 274,893 | $ | 69,623 | $ | (621,782 | ) | $ | 307,833 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (72,676 | ) | — | (72,676 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 5,470 | — | — | — | 5,470 | |||||||||||||||||||
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | — | (3,521 | ) | — | 61 | — | (3,460 | ) | |||||||||||||||||
Unrealized holding losses on available for sale securities, net | — | — | (495 | ) | (175 | ) | — | (670 | ) | ||||||||||||||||
Other, net | — | — | 211 | — | — | 211 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 1,949 | (284 | ) | (72,790 | ) | — | (71,125 | ) | ||||||||||||||||
Comprehensive income (loss) | 280,226 | 306,822 | 274,609 | (3,167 | ) | (621,782 | ) | 236,708 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 27,556 | — | 27,556 | |||||||||||||||||||
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ | 280,226 | $ | 306,822 | $ | 274,609 | $ | (30,723 | ) | $ | (621,782 | ) | $ | 209,152 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Elimination | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
Net income | $ | 201,892 | $ | 222,503 | $ | 263,048 | $ | 88,681 | $ | (545,869 | ) | $ | 230,255 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (1,631 | ) | — | (1,631 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | — | 5,304 | — | — | — | 5,304 | |||||||||||||||||||
Unrealized gains on interest rate swaps and interest rate caps, net | — | 3,606 | — | 39 | — | 3,645 | |||||||||||||||||||
Unrealized holding (losses) gains on available for sale securities, net | — | — | (413 | ) | 52 | — | (361 | ) | |||||||||||||||||
Other, net | — | — | 90 | 254 | — | 344 | |||||||||||||||||||
Total other comprehensive income (loss) | — | 8,910 | (323 | ) | (1,286 | ) | — | 7,301 | |||||||||||||||||
Comprehensive income | 201,892 | 231,413 | 262,725 | 87,395 | (545,869 | ) | 237,556 | ||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | 27,587 | — | 27,587 | |||||||||||||||||||
Comprehensive income attributable to CBRE Group, Inc. | $ | 201,892 | $ | 231,413 | $ | 262,725 | $ | 59,808 | $ | (545,869 | ) | $ | 209,969 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 20,732 | $ | 83,198 | $ | (9,694 | ) | $ | (25,758 | ) | $ | 68,478 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (63,544 | ) | (29,074 | ) | (92,618 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (51,989 | ) | (80,552 | ) | (132,541 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (37,674 | ) | (2,429 | ) | (40,103 | ) | |||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 49,152 | 13,826 | 62,978 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 77,278 | 77,278 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (5,043 | ) | (5,043 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 7,514 | 10,655 | 18,169 | ||||||||||||||||||||
Decrease (increase) in restricted cash | — | 6,871 | 464 | (2,904 | ) | 4,431 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (68,984 | ) | — | (68,984 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 61,357 | — | 61,357 | ||||||||||||||||||||
Other investing activities, net | — | — | 570 | — | 570 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 6,871 | (103,134 | ) | (18,243 | ) | (114,506 | ) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Repayment of senior secured term loans | — | (29,738 | ) | — | — | (29,738 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 1,622,000 | — | 66,568 | 1,688,568 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (1,630,928 | ) | — | (41,431 | ) | (1,672,359 | ) | |||||||||||||||||
Proceeds from issuance of 5.25% senior notes | — | 300,000 | — | — | 300,000 | ||||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 5,022 | 5,022 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (27,241 | ) | (27,241 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 4,884 | 4,884 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (44,959 | ) | (44,959 | ) | ||||||||||||||||||
Proceeds from short-term borrowings, net | — | — | — | 4,545 | 4,545 | ||||||||||||||||||||
Shares repurchased for payment of taxes on stock awards | (16,656 | ) | — | — | — | (16,656 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 4,466 | — | — | — | 4,466 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 803 | — | — | — | 803 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 1,415 | 1,415 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (31,998 | ) | (31,998 | ) | ||||||||||||||||||
Payment of financing costs | — | (3,045 | ) | — | (104 | ) | (3,149 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (9,345 | ) | (297,717 | ) | 243,097 | 63,965 | — | ||||||||||||||||||
Other financing activities, net | — | — | (1,437 | ) | (9 | ) | (1,446 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (20,732 | ) | (39,428 | ) | 241,660 | 657 | 182,157 | ||||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (12,683 | ) | (12,683 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 50,641 | 128,832 | (56,027 | ) | 123,446 | |||||||||||||||||||
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 | $ | 5 | $ | 62,226 | $ | 220,076 | $ | 333,051 | $ | 615,358 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 76,519 | $ | 355 | $ | 3,762 | $ | 80,636 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 177,792 | $ | 88,418 | $ | 266,210 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Parent | CBRE | Guarantor | Nonguarantor | Consolidated | |||||||||||||||||||||
Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 22,853 | $ | (16,429 | ) | $ | 100,934 | $ | 127,282 | $ | 234,640 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | — | (55,289 | ) | (23,454 | ) | (78,743 | ) | |||||||||||||||||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | — | — | (17,193 | ) | (46,410 | ) | (63,603 | ) | |||||||||||||||||
Contributions to unconsolidated subsidiaries | — | — | (33,353 | ) | 422 | (32,931 | ) | ||||||||||||||||||
Distributions from unconsolidated subsidiaries | — | — | 28,750 | 10,097 | 38,847 | ||||||||||||||||||||
Net proceeds from disposition of real estate held for investment | — | — | — | 110,818 | 110,818 | ||||||||||||||||||||
Additions to real estate held for investment | — | — | — | (2,412 | ) | (2,412 | ) | ||||||||||||||||||
Proceeds from the sale of servicing rights and other assets | — | — | 12,620 | 13,606 | 26,226 | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | (3 | ) | 482 | 21,655 | 22,134 | |||||||||||||||||||
Purchase of available for sale securities | — | — | (53,387 | ) | — | (53,387 | ) | ||||||||||||||||||
Proceeds from the sale of available for sale securities | — | — | 52,719 | — | 52,719 | ||||||||||||||||||||
Other investing activities, net | — | — | 4,515 | 2,079 | 6,594 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (3 | ) | (60,136 | ) | 86,401 | 26,262 | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Proceeds from senior secured term loans | — | 715,000 | — | — | 715,000 | ||||||||||||||||||||
Repayment of senior secured term loans | — | (1,372,325 | ) | — | (256,780 | ) | (1,629,105 | ) | |||||||||||||||||
Proceeds from revolving credit facility | — | 311,000 | — | 88,127 | 399,127 | ||||||||||||||||||||
Repayment of revolving credit facility | — | (311,000 | ) | — | (71,414 | ) | (382,414 | ) | |||||||||||||||||
Proceeds from issuance of 5.00% senior notes | — | 800,000 | — | — | 800,000 | ||||||||||||||||||||
Repayment of 11.625% senior subordinated notes | — | (450,000 | ) | — | — | (450,000 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for investment | — | — | — | 2,473 | 2,473 | ||||||||||||||||||||
Repayment of notes payable on real estate held for investment | — | — | — | (73,580 | ) | (73,580 | ) | ||||||||||||||||||
Proceeds from notes payable on real estate held for sale and under development | — | — | — | 6,015 | 6,015 | ||||||||||||||||||||
Repayment of notes payable on real estate held for sale and under development | — | — | — | (112,828 | ) | (112,828 | ) | ||||||||||||||||||
Proceeds from short-term borrowings | — | — | — | 4,724 | 4,724 | ||||||||||||||||||||
Shares repurchased for payment of taxes on stock awards | (16,628 | ) | — | — | — | (16,628 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 4,924 | — | — | — | 4,924 | ||||||||||||||||||||
Incremental tax benefit from stock options exercised | 9,336 | — | — | — | 9,336 | ||||||||||||||||||||
Non-controlling interests contributions | — | — | — | 462 | 462 | ||||||||||||||||||||
Non-controlling interests distributions | — | — | — | (84,918 | ) | (84,918 | ) | ||||||||||||||||||
Payment of financing costs | — | (28,995 | ) | — | (327 | ) | (29,322 | ) | |||||||||||||||||
(Increase) decrease in intercompany receivables, net | (20,485 | ) | 400,356 | (603,853 | ) | 223,982 | — | ||||||||||||||||||
Other financing activities, net | — | — | (2,874 | ) | (36 | ) | (2,910 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (22,853 | ) | 64,036 | (606,727 | ) | (274,100 | ) | (839,644 | ) | ||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | (7,934 | ) | (7,934 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 47,604 | (565,929 | ) | (68,351 | ) | (586,676 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 18,312 | 680,112 | 390,868 | 1,089,297 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | $ | 5 | $ | 65,916 | $ | 114,183 | $ | 322,517 | $ | 502,621 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||
Interest | $ | — | $ | 84,987 | $ | 450 | $ | 10,801 | $ | 96,238 | |||||||||||||||
Income tax payments, net | $ | — | $ | — | $ | 76,234 | $ | 60,808 | $ | 137,042 | |||||||||||||||
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (Norland [Member]) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Dec. 23, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 23, 2013 | Dec. 23, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 23, 2013 | |
USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | Maximum [Member] | Maximum [Member] | Maximum [Member] | Class A common stock [Member] | |
Business | USD ($) | GBP (£) | GBP (£) | |||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | $474,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | 433,900,000 | 40,000,000 | 24,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 362,916 |
Business acquisition, percentage of outstanding stock | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 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 | ' | ' | ' | ' | ' | ' |
Business acquisition finalized contingent consideration due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 24,400,000 | ' | ' |
Business acquisition reduction in contingent consideration | ' | ' | ' | ' | 1,800,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill recorded in connection with acquisition deductible for tax purpose | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense of acquired intangible assets | ' | ' | ' | 9,500,000 | ' | ' | 30,400,000 | ' | ' | ' | ' | ' | ' | ' |
Additional interest expense for debt incurred to finance acquisitions | ' | ' | ' | $300,000 | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions completed during the period | ' | ' | ' | ' | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_Summary_of_Unaudited_
Goodwill - Summary of Unaudited Pro Forma Results Prepared for Comparative Purposes (Detail) (Norland [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Norland [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Revenue | $1,885,915 | $5,407,091 |
Operating income | 154,265 | 433,508 |
Net income attributable to CBRE Group, Inc. | $90,601 | $188,944 |
Basic income per share | $0.28 | $0.58 |
Weighted average shares outstanding for basic income per share | 328,307,961 | 327,502,672 |
Diluted income per share | $0.27 | $0.57 |
Weighted average shares outstanding for diluted income per share | 332,061,402 | 331,504,050 |
Variable_Interest_Entities_VIE2
Variable Interest Entities (VIEs) - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Buildings | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of commercial properties sold | 2 | ' | ' |
Financial support funded to the entities | $0 | $0 | ' |
Investments in real estate | ' | ' | 39,900,000 |
Nonrecourse mortgage notes payable | ' | ' | 41,700,000 |
Nonrecourse mortgage notes payable, current | ' | ' | 900,000 |
Non-controlling deficit in entities | ' | ' | $1,800,000 |
Variable_Interest_Entities_VIE3
Variable Interest Entities (VIEs) - Schedule of Operating Results Relating to Entities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Revenue | $2,275,076 | $1,733,866 | $6,262,724 | $4,950,943 |
Operating, administrative and other expenses | 601,026 | 496,615 | 1,695,623 | 1,465,614 |
Gain on disposition of real estate | 7,235 | 740 | 37,102 | 11,385 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 24,294 |
Net (loss) income attributable to non-controlling interests | 2,593 | -278 | 27,607 | 28,363 |
Variable Interest Entities [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Revenue | ' | 2,103 | 3,561 | 6,132 |
Operating, administrative and other expenses | ' | 1,154 | 2,588 | 3,200 |
Gain on disposition of real estate | ' | ' | 23,028 | ' |
Income from discontinued operations, net of income taxes | ' | ' | ' | 15,236 |
Net (loss) income attributable to non-controlling interests | ' | ($399) | $21,724 | $14,152 |
Variable_Interest_Entities_VIE4
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | $219,437 | $198,696 |
Other assets, current | 83,606 | 67,452 |
Co-investment commitments | 19,300 | ' |
Non-Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Investments in unconsolidated subsidiaries | 28,245 | 33,787 |
Other assets, current | 3,855 | 3,547 |
Co-investment commitments | 200 | 200 |
Maximum exposure to loss | $32,300 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | $69,500 | $58,442 |
Warehouse receivables | 638,134 | 381,545 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 65,810 | 56,800 |
Trading securities | 69,500 | 58,442 |
Warehouse receivables | 638,134 | 381,545 |
Foreign currency exchange forward contracts | 7,257 | ' |
Total assets at fair value | 780,701 | 496,787 |
Interest rate swaps | 25,837 | 29,034 |
Foreign currency exchange forward contracts | 40 | ' |
Total liabilities at fair value | 25,877 | 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 | 6,721 | 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 | 6,820 | 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 | 18,559 | 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 | 5,641 | 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 | 1,978 | 2,720 |
Recurring [Member] | Debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 39,719 | 33,773 |
Recurring [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale securities | 26,091 | 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 | 32,812 | 26,715 |
Trading securities | 69,500 | 58,442 |
Total assets at fair value | 102,312 | 85,157 |
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 | 6,721 | 3,688 |
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 | 6,721 | 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 | 26,091 | 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 | 32,998 | 30,085 |
Warehouse receivables | 638,134 | 381,545 |
Foreign currency exchange forward contracts | 7,257 | ' |
Total assets at fair value | 678,389 | 411,630 |
Interest rate swaps | 25,837 | 29,034 |
Foreign currency exchange forward contracts | 40 | ' |
Total liabilities at fair value | 25,877 | 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 | 6,820 | 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 | 18,559 | 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 | 5,641 | 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 | 1,978 | 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 | 32,998 | 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_Measurement_Schedul
Fair Value Measurement - Schedule of Non-Recurring Fair Value Measurements (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Property and equipment, Total impairment charges | $8,615 | $8,615 |
Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Property and equipment, Net Carrying Value | ' | ' |
Property and equipment, Total impairment charges | 8,615 | 8,615 |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Property and equipment, Fair Value | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Property and equipment, Fair Value | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Property and equipment, Fair Value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 26, 2014 | Sep. 30, 2014 | Sep. 26, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
5.00% senior notes [Member] | 5.00% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 5.25% senior notes [Member] | 5.25% senior notes [Member] | 5.25% senior notes [Member] | Senior secured term loans [Member] | Senior secured term loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment recorded | $8,615,000 | $8,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of senior secured term loans | ' | ' | ' | 793,900,000 | 769,400,000 | 368,100,000 | 372,800,000 | ' | 298,900,000 | ' | 654,300,000 | 687,600,000 |
Senior secured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 655,500,000 | 685,300,000 |
Interest rate of long-term debt | ' | ' | ' | 5.00% | 5.00% | 6.63% | 6.63% | ' | 5.25% | 5.25% | ' | ' |
Senior notes | ' | ' | ' | 800,000,000 | 800,000,000 | 350,000,000 | 350,000,000 | ' | 300,000,000 | ' | ' | ' |
Aggregate principal amount issued | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-25 | ' | ' | ' |
Carrying value of notes payable on real estate | 75,034,000 | 75,034,000 | 130,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse of notes payable on real estate | $3,900,000 | $3,900,000 | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2011 | Sep. 30, 2014 | Mar. 31, 2011 | Sep. 30, 2014 | Mar. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Swap | 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] | Foreign currency exchange forward contracts [Member] | Foreign currency exchange forward contracts [Member] | Foreign currency exchange option and forward contract [Member] | Foreign currency exchange option and forward contract [Member] | Foreign currency exchange option and forward contract [Member] | Foreign currency exchange option and forward contract [Member] | Foreign currency exchange option and forward contract [Member] | Foreign currency exchange option and forward contract [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | |||||
Contract | Contract | Contract | Other current assets [Member] | Other current liabilities [Member] | Other current assets [Member] | ||||||||||||||||||||
Counterparty | Counterparty | Counterparty | |||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | $400,000,000 | ' | $200,000,000 | ' | $200,000,000 | $91,600,000 | $91,600,000 | $209,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap agreements entered | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, expiration date | ' | ' | ' | ' | ' | '2017-10 | ' | '2019-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,000,000 | 9,000,000 | 8,800,000 | ' |
Unrealized (losses) and gains on interest rate swaps and interest rate caps, net | 854,000 | -1,962,000 | -3,460,000 | 3,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | -3,400,000 | -5,800,000 | 5,900,000 | ' |
Fair value of interest rate swap reflected as liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,800,000 | ' | 25,800,000 | ' | 29,000,000 |
Amount to be reclassified to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | ' | 11,600,000 | ' | ' |
Number of foreign currency exchange contracts entered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 9 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of forward contracts in asset position | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | 4,700,000 | ' | ' | ' | 2,600,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of counterparties aggregated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 1 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Fair value of forward contracts in liability position | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) on foreign currency exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 4,500,000 | ' | ' | ' | 3,100,000 | -1,100,000 | 2,900,000 | -1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange contracts outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenue | $264,711 | $285,997 | $785,376 | $780,908 |
Operating income (loss) | 111,323 | -17,512 | -178,825 | -99,049 |
Net income (loss) | 33,293 | 58,099 | -192,082 | 94,304 |
Global Investment Management [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenue | 211,357 | 218,745 | 637,605 | 613,279 |
Operating income (loss) | 93,731 | -41,654 | -228,168 | -135,790 |
Net income (loss) | 18,413 | 37,430 | -235,559 | 54,739 |
Development Services [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenue | 11,248 | 18,672 | 34,083 | 50,212 |
Operating income (loss) | 11,736 | 14,848 | 30,143 | 15,987 |
Net income (loss) | 8,855 | 11,396 | 24,066 | 18,748 |
Other [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenue | 42,106 | 48,580 | 113,688 | 117,417 |
Operating income (loss) | 5,856 | 9,294 | 19,200 | 20,754 |
Net income (loss) | $6,025 | $9,273 | $19,411 | $20,817 |
Real_Estate_and_Other_Assets_H2
Real Estate and Other Assets Held for Sale and Related Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Real estate held for sale | $29,994 | $0 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Real estate held for sale | $29,994 | $0 |
Total real estate and other assets held for sale | 32,846 | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 35,822 | ' |
Net liabilities related to real estate and other assets held for sale | -2,976 | ' |
Property and equipment, net [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 1,253 | ' |
Other current assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 433 | ' |
Other assets [Member] | ' | ' |
Assets: | ' | ' |
Total real estate and other assets held for sale | 1,166 | ' |
Notes payable on real estate held for sale [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 35,001 | ' |
Accounts payable and accrued expenses [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | 691 | ' |
Other current liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Total liabilities related to real estate and other assets held for sale | $130 | ' |
Real_Estate_Schedule_of_Real_E
Real Estate - Schedule of Real Estate Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Real estate included in assets held for sale (see Note 8) | $29,994 | $0 |
Real estate under development (current) | ' | 19,133 |
Real estate under development (non-current) | 827 | 822 |
Real estate held for investment | 37,796 | 106,999 |
Total real estate | $68,617 | $126,954 |
Real_Estate_Schedule_of_Real_E1
Real Estate - Schedule of Real Estate Assets (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Accumulated depreciation | $12.50 | $23.60 |
Lease intangibles | 5 | 5.3 |
Tenant origination costs | ' | $0.10 |
Notes_Payable_on_Real_Estate_S
Notes Payable on Real Estate - Schedule of Loans Secured by Real Estate (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Current portion of notes payable on real estate | $23,147 | $62,017 |
Notes payable on real estate included in liabilities related to real estate and other assets held for sale (see Note 8) | 35,001 | ' |
Total notes payable on real estate, current portion | 58,148 | 62,017 |
Notes payable on real estate, non-current portion | 16,886 | 68,455 |
Total notes payable on real estate | $75,034 | $130,472 |
Notes_Payable_on_Real_Estate_A
Notes Payable on Real Estate - Additional Information (Detail) (Notes payable on real estate [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 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 | ' | $2.50 |
Recourses of current portion of notes payable on real estate | $3.90 | $1.50 |
Debt_Tranche_Term_Loan_Facilit
Debt - Tranche Term Loan Facilities - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility principal amount outstanding | $149,159,000 | 142,484,000 |
Spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior secured term loans outstanding | 655,500,000 | 685,300,000 |
Revolving credit sub-facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit sub-facilities current borrowings capacity foreign currency fluctuation provision | 5.00% | ' |
Revolving credit sub-facility [Member] | Canadian subsidiaries [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 10,000,000 | ' |
Revolving credit sub-facility [Member] | Australian and New Zealand subsidiaries [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 35,000,000 | ' |
Revolving credit sub-facility [Member] | U.K. subsidiaries [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 150,000,000 | ' |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 1,200,000,000 | ' |
Revolving credit facility maturity date | 28-Mar-18 | ' |
Revolving credit facility, weighted average interest rates | 1.70% | 2.20% |
Revolving credit facility [Member] | Minimum spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement applicable fixed rate | 1.15% | ' |
Credit Agreement applicable daily rate | 0.13% | ' |
Revolving credit facility [Member] | Maximum spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement applicable fixed rate | 2.25% | ' |
Credit Agreement applicable daily rate | 1.25% | ' |
Letters of credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount drew down | 7,400,000 | ' |
Tranche A and A-1 term loan facility [Member] | Minimum spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement applicable fixed rate | 1.50% | ' |
Credit Agreement applicable daily rate | 0.50% | ' |
Tranche A and A-1 term loan facility [Member] | Maximum spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement applicable fixed rate | 2.75% | ' |
Credit Agreement applicable daily rate | 1.75% | ' |
Tranche B term loan facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 215,000,000 | ' |
Revolving credit facility maturity date | 28-Mar-21 | ' |
Senior secured term loans outstanding | 211,800,000 | 213,400,000 |
Tranche B term loan facility [Member] | Spread over applicable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement applicable fixed rate | 2.75% | ' |
Credit Agreement applicable daily rate | 1.75% | ' |
Tranche A term loan facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amounts available to borrow under 2010 Credit Agreement | 500,000,000 | ' |
Revolving credit facility maturity date | 28-Mar-13 | ' |
Amount drew down | 300,000,000 | ' |
Optional additional borrowing availability period | '120 days | ' |
Senior secured term loans outstanding | 443,700,000 | 471,900,000 |
Senior secured term loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Repayment of senior secured term loans | $1,600,000,000 | ' |
Debt_Credit_Agreement_Addition
Debt - Credit Agreement - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Sep. 26, 2014 | Sep. 26, 2014 | Oct. 08, 2010 | Oct. 08, 2010 | Sep. 30, 2014 | Jun. 18, 2009 | Mar. 14, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 26, 2014 | Sep. 26, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 14, 2013 | Sep. 26, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 08, 2010 | Oct. 08, 2010 | Oct. 27, 2014 | Oct. 27, 2014 | |
Redemption prior to March 15, 2016 [Member] | Redemption on or after March 15, 2018 [Member] | Redemption prior to December 15, 2024 [Member] | Redemption on or after December 15, 2024 [Member] | Redemption on or after October 15, 2014 [Member] | Redemption prior to October 15, 2014 [Member] | 11.625% senior subordinated notes [Member] | 11.625% senior subordinated notes [Member] | 5.00% senior notes [Member] | 5.00% senior notes [Member] | 5.00% senior notes [Member] | 5.25% Senior notes due March 15, 2025 [Member] | 5.25% Senior notes due March 15, 2025 [Member] | 5.25% senior notes [Member] | 5.25% senior notes [Member] | 5.00% senior notes due March 15, 2023 [Member] | 5.00% senior notes due March 15, 2023 [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 6.625% senior notes [Member] | 6.625% Senior notes due October 15, 2020 [Member] | 6.625% Senior notes due October 15, 2020 [Member] | Subsequent Event [Member] | Subsequent Event [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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | $800,000,000 | ' | $300,000,000 | ' | $300,000,000 | ' | $800,000,000 | ' | $350,000,000 | $350,000,000 | ' | $350,000,000 | ' | ' |
Interest rate of long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.63% | ' | 5.00% | 5.00% | ' | 5.25% | 5.25% | 5.25% | ' | 5.00% | ' | 6.63% | 6.63% | ' | 6.63% | ' | 6.63% |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-17 | ' | ' | ' | ' | 15-Mar-25 | ' | ' | 15-Mar-25 | 15-Mar-23 | ' | ' | ' | ' | 15-Oct-20 | ' | ' | ' |
Redemption price percentage | ' | ' | ' | 35.00% | 102.50% | 100.00% | ' | 104.97% | ' | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of notes available for redemption | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of financing costs | 23,087,000 | 23,087,000 | 56,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,087,000 | ' |
Debt instrument premium paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,400,000 | ' |
Unamortized deferred financing costs and unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' |
Principal amount, percentage | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption notice period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' |
Debt instrument redemption description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On September 26, 2014, we gave the 30-day notice required under the indenture of our intent to call all of the 6.625% senior notes. We redeemed these notes in full on October 27, 2014 | ' | ' | ' | ' | ' |
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 | 12.29 | 12.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio of total debt less available cash to EBITDA | 1.45 | 1.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior long term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior long term loans net of discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $435,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding | $22,900,000 | ' |
Letters of credit expiration date | 'September 2015 | ' |
Guarantees total | 16,700,000 | ' |
Outstanding pension liability | 59,912,000 | 68,012,000 |
Guarantees expiration date | 'August 2017 | ' |
Cash deposited under reserve arrangement | 25,100,000 | 16,600,000 |
Accrued loan loss | 16,300,000 | 13,800,000 |
Assets available for recourse | 293,400,000 | ' |
Warehouse receivables | 137,100,000 | ' |
Commitments to investment in future real estate investment | 19,300,000 | ' |
Commitments to investment in unconsolidated real estate subsidiary | 26,500,000 | ' |
Funded loans subject to loss sharing arrangements [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Funded loans unpaid principal | 9,200,000,000 | ' |
Funded loans not subject to loss sharing arrangements [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Funded loans unpaid principal | $365,900,000 | ' |
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 | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | ' | ' | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $107,099 | $94,444 | $280,226 | $201,892 |
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $0.32 | $0.29 | $0.85 | $0.62 |
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | ' | ' | ' | ' |
Net income attributable to CBRE Group, Inc. shareholders | $107,099 | $94,444 | $280,226 | $201,892 |
Weighted average shares outstanding for basic income per share | 330,419,006 | 328,307,961 | 330,197,240 | 327,502,672 |
Dilutive effect of contingently issuable shares | 3,478,244 | 3,172,943 | 3,239,528 | 3,216,664 |
Dilutive effect of stock options | 395,796 | 580,498 | 418,363 | 784,714 |
Weighted average shares outstanding for diluted income per share | 334,293,046 | 332,061,402 | 333,855,131 | 331,504,050 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $0.32 | $0.28 | $0.84 | $0.61 |
Income_Per_Share_Information_A
Income Per Share Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | 47,639 | ' | 47,639 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded in computation of diluted earnings per share | 582 | 54,958 | 582 | 54,958 |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 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 | $4.70 |
Expected contribution to pension plans | ' | $6.30 |
Pensions_Schedule_of_Net_Perio
Pensions - Schedule of Net Periodic Pension (Benefit) Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Interest cost | $4,503 | $3,774 | $13,411 | $11,429 |
Expected return on plan assets | -5,812 | -3,848 | -17,465 | -11,585 |
Amortization of unrecognized net loss | 673 | 601 | 2,003 | 1,821 |
Net periodic pension (benefit) cost | ($636) | $527 | ($2,051) | $1,665 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations from Dispositions of Real Estate (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Revenue | $8,934 |
Costs and expenses: | ' |
Operating, administrative and other | 4,899 |
Depreciation and amortization | 870 |
Total costs and expenses | 5,769 |
Gain on disposition of real estate | 25,640 |
Operating income | 28,805 |
Interest expense | 3,147 |
Income from discontinued operations, before provision for income taxes | 25,658 |
Provision for income taxes | 1,364 |
Income from discontinued operations, net of income taxes | 24,294 |
Less: Income from discontinued operations attributable to non-controlling interests | 22,213 |
Income from discontinued operations attributable to CBRE Group, Inc. | $2,081 |
Segments_Summarized_Financial_
Segments - Summarized Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $2,275,076 | $1,733,866 | $6,262,724 | $4,950,943 |
EBITDA | 292,893 | 224,393 | 750,293 | 624,627 |
Global Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 105,012 | 127,337 | 343,789 | 369,088 |
EBITDA | 21,146 | 55,396 | 87,538 | 127,723 |
Development Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 15,954 | 12,564 | 40,901 | 34,845 |
EBITDA | 24,019 | 6,011 | 37,121 | 21,206 |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 1,325,875 | 1,105,768 | 3,583,276 | 3,145,341 |
EBITDA | 187,476 | 132,195 | 482,642 | 401,852 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 574,493 | 285,496 | 1,604,159 | 784,407 |
EBITDA | 37,485 | 17,735 | 88,219 | 28,930 |
Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 253,742 | 202,701 | 690,599 | 617,262 |
EBITDA | $22,767 | $13,056 | $54,773 | $44,916 |
Segments_EBITDA_Calculation_by
Segments - EBITDA Calculation by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | $107,099 | $94,444 | $280,226 | $201,892 |
Depreciation and amortization | 67,159 | 47,524 | 195,657 | 137,406 |
Write-off of financing costs | 23,087 | ' | 23,087 | 56,295 |
Royalty and management service expense (income) | 0 | 0 | 0 | 0 |
Provision for income taxes | 69,305 | 56,126 | 171,318 | 120,945 |
EBITDA | 292,893 | 224,393 | 750,293 | 624,627 |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 86,098 | 58,273 | 248,868 | 138,886 |
Depreciation and amortization | 38,451 | 30,281 | 107,796 | 84,838 |
Interest expense (income), net | 3,361 | 14,525 | 12,321 | 69,971 |
Write-off of financing costs | 23,087 | 0 | 23,087 | 56,295 |
Royalty and management service expense (income) | -14,949 | -816 | -18,656 | -20,226 |
Provision for income taxes | 51,428 | 29,932 | 109,226 | 72,088 |
EBITDA | 187,476 | 132,195 | 482,642 | 401,852 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | -748 | 10,346 | -14,705 | 3,682 |
Depreciation and amortization | 16,080 | 4,194 | 48,862 | 13,101 |
Interest expense (income), net | 13,145 | 822 | 37,488 | -197 |
Royalty and management service expense (income) | 8,249 | -4,653 | 1,294 | 3,377 |
Provision for income taxes | 759 | 7,026 | 15,280 | 8,967 |
EBITDA | 37,485 | 17,735 | 88,219 | 28,930 |
Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 5,398 | 771 | 9,400 | 10,053 |
Depreciation and amortization | 4,178 | 2,688 | 10,617 | 8,571 |
Interest expense (income), net | 474 | 902 | 1,577 | 2,144 |
Royalty and management service expense (income) | 5,636 | 4,455 | 13,898 | 13,232 |
Provision for income taxes | 7,081 | 4,240 | 19,281 | 10,916 |
EBITDA | 22,767 | 13,056 | 54,773 | 44,916 |
Global Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 3,075 | 23,001 | 18,137 | 42,617 |
Interest expense (income), net | 8,331 | 8,819 | 25,917 | 28,364 |
Royalty and management service expense (income) | 1,064 | 1,014 | 3,464 | 3,617 |
Provision for income taxes | 1,191 | 13,370 | 14,717 | 25,366 |
EBITDA | 21,146 | 55,396 | 87,538 | 127,723 |
Depreciation and amortization | 7,485 | 9,192 | 25,303 | 27,759 |
Development Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to CBRE Group, Inc. | 13,276 | 2,053 | 18,526 | 6,654 |
Interest expense (income), net | 932 | 1,231 | 2,702 | 5,573 |
Provision for income taxes | 8,846 | 1,558 | 12,814 | 4,972 |
EBITDA | 24,019 | 6,011 | 37,121 | 21,206 |
Depreciation and amortization | $965 | $1,169 | $3,079 | $4,007 |
Segments_EBITDA_Calculation_by1
Segments - EBITDA Calculation by Segment (Parenthetical) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | $870,000 |
Interest expense related to discontinued operations | 3,147,000 |
Global Investment Management [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | 500,000 |
Interest expense related to discontinued operations | 1,000,000 |
EBITDA related to discontinued operations | 1,400,000 |
Development Services [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Depreciation and amortization expense related to discontinued operations | 400,000 |
Interest expense related to discontinued operations | 2,200,000 |
EBITDA related to discontinued operations | 6,000,000 |
Provision for income taxes related to discontinued operations | $1,300,000 |
Guarantor_and_Nonguarantor_Fin2
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $615,358 | $491,912 | $502,621 | $1,089,297 |
Restricted cash | 55,580 | 61,155 | ' | ' |
Receivables, net | 1,608,628 | 1,486,489 | ' | ' |
Warehouse receivables | 638,134 | 381,545 | ' | ' |
Trading securities | 69,500 | 58,442 | ' | ' |
Income taxes receivable | 58,705 | 0 | ' | ' |
Prepaid expenses | 123,746 | 125,151 | ' | ' |
Deferred tax assets, net | 174,271 | 188,533 | ' | ' |
Real estate and other assets held for sale | 32,846 | ' | ' | ' |
Available for sale securities | 663 | ' | ' | ' |
Other current assets | 83,606 | 67,452 | ' | ' |
Total Current Assets | 3,461,037 | 2,879,812 | ' | ' |
Property and equipment, net | 455,859 | 458,596 | ' | ' |
Goodwill | 2,314,943 | 2,290,474 | ' | ' |
Other intangible assets, net | 815,366 | 841,228 | ' | ' |
Investments in unconsolidated subsidiaries | 219,437 | 198,696 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Real estate under development | 827 | 822 | ' | ' |
Real estate held for investment | 37,796 | 106,999 | ' | ' |
Available for sale securities | 65,147 | 56,800 | ' | ' |
Other assets, net | 159,542 | 164,987 | ' | ' |
Total Assets | 7,529,954 | 6,998,414 | ' | ' |
Accounts payable and accrued expenses | 710,408 | 817,519 | ' | ' |
Compensation and employee benefits payable | 554,161 | 486,993 | ' | ' |
Accrued bonus and profit sharing | 472,376 | 612,114 | ' | ' |
Income taxes payable | 0 | 11,111 | ' | ' |
Warehouse lines of credit | 631,812 | 374,597 | ' | ' |
Revolving credit facility | 149,159 | 142,484 | ' | ' |
Other | 4,399 | 16 | ' | ' |
Total short-term borrowings | 785,370 | 517,097 | ' | ' |
Current maturities of long-term debt | 42,375 | 42,245 | ' | ' |
Notes payable on real estate | 23,147 | 62,017 | ' | ' |
Liabilities related to real estate and other assets held for sale | 35,822 | ' | ' | ' |
Other current liabilities | 53,350 | 56,644 | ' | ' |
Total Current Liabilities | 2,677,009 | 2,605,740 | ' | ' |
Senior secured term loans | 615,875 | 645,613 | ' | ' |
Other long-term debt | 1,452 | 2,822 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total Long-Term Debt | 2,067,327 | 1,798,435 | ' | ' |
Notes payable on real estate | 16,886 | 68,455 | ' | ' |
Deferred tax liabilities, net | 125,945 | 160,777 | ' | ' |
Non-current tax liabilities | 65,036 | 65,520 | ' | ' |
Pension liability | 59,912 | 68,012 | ' | ' |
Other liabilities | 335,001 | 295,469 | ' | ' |
Total Liabilities | 5,347,116 | 5,062,408 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,145,935 | 1,895,785 | ' | ' |
Non-controlling interests | 36,903 | 40,221 | ' | ' |
Total Equity | 2,182,838 | 1,936,006 | ' | ' |
Total Liabilities and Equity | 7,529,954 | 6,998,414 | ' | ' |
Real estate under development | ' | 19,133 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Warehouse receivables | 0 | 0 | ' | ' |
Trading securities | 0 | 0 | ' | ' |
Income taxes receivable | -17,812 | -62,755 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Deferred tax assets, net | 0 | 0 | ' | ' |
Real estate and other assets held for sale | 0 | ' | ' | ' |
Available for sale securities | 0 | ' | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | -17,812 | -62,755 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in unconsolidated subsidiaries | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | -6,737,480 | -5,740,533 | ' | ' |
Intercompany loan receivable | -2,723,149 | -2,514,112 | ' | ' |
Real estate under development | 0 | 0 | ' | ' |
Real estate held for investment | 0 | 0 | ' | ' |
Available for sale securities | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Total Assets | -9,478,441 | -8,317,400 | ' | ' |
Accounts payable and accrued expenses | 0 | 0 | ' | ' |
Compensation and employee benefits payable | 0 | 0 | ' | ' |
Accrued bonus and profit sharing | 0 | 0 | ' | ' |
Income taxes payable | -17,812 | -62,755 | ' | ' |
Warehouse lines of credit | 0 | 0 | ' | ' |
Revolving credit facility | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total short-term borrowings | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Liabilities related to real estate and other assets held for sale | 0 | ' | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total Current Liabilities | -17,812 | -62,755 | ' | ' |
Senior secured term loans | 0 | 0 | ' | ' |
Other long-term debt | 0 | 0 | ' | ' |
Intercompany loan payable | -2,723,149 | -2,514,112 | ' | ' |
Total Long-Term Debt | -2,723,149 | -2,514,112 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Deferred tax liabilities, net | 0 | 0 | ' | ' |
Non-current tax liabilities | 0 | 0 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total Liabilities | -2,740,961 | -2,576,867 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | -6,737,480 | -5,740,533 | ' | ' |
Non-controlling interests | 0 | 0 | ' | ' |
Total Equity | -6,737,480 | -5,740,533 | ' | ' |
Total Liabilities and Equity | -9,478,441 | -8,317,400 | ' | ' |
Real estate under development | ' | 0 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 5 | 5 | 5 | 5 |
Restricted cash | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Warehouse receivables | 0 | 0 | ' | ' |
Trading securities | 0 | 0 | ' | ' |
Income taxes receivable | 14,643 | 15,892 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Deferred tax assets, net | 0 | 0 | ' | ' |
Real estate and other assets held for sale | 0 | ' | ' | ' |
Available for sale securities | 0 | ' | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | 14,648 | 15,897 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in unconsolidated subsidiaries | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 2,865,363 | 2,388,905 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Real estate under development | 0 | 0 | ' | ' |
Real estate held for investment | 0 | 0 | ' | ' |
Available for sale securities | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Total Assets | 2,880,011 | 2,404,802 | ' | ' |
Accounts payable and accrued expenses | 0 | 0 | ' | ' |
Compensation and employee benefits payable | 0 | 0 | ' | ' |
Accrued bonus and profit sharing | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Warehouse lines of credit | 0 | 0 | ' | ' |
Revolving credit facility | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total short-term borrowings | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Liabilities related to real estate and other assets held for sale | 0 | ' | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' |
Senior secured term loans | 0 | 0 | ' | ' |
Other long-term debt | 0 | 0 | ' | ' |
Intercompany loan payable | 734,076 | 509,017 | ' | ' |
Total Long-Term Debt | 734,076 | 509,017 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Deferred tax liabilities, net | 0 | 0 | ' | ' |
Non-current tax liabilities | 0 | 0 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total Liabilities | 734,076 | 509,017 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,145,935 | 1,895,785 | ' | ' |
Non-controlling interests | 0 | 0 | ' | ' |
Total Equity | 2,145,935 | 1,895,785 | ' | ' |
Total Liabilities and Equity | 2,880,011 | 2,404,802 | ' | ' |
Real estate under development | ' | 0 | ' | ' |
CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 62,226 | 11,585 | 65,916 | 18,312 |
Restricted cash | 0 | 6,871 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Warehouse receivables | 0 | 0 | ' | ' |
Trading securities | 0 | 0 | ' | ' |
Income taxes receivable | 0 | 18,246 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Deferred tax assets, net | 0 | 0 | ' | ' |
Real estate and other assets held for sale | 0 | ' | ' | ' |
Available for sale securities | 0 | ' | ' | ' |
Other current assets | 7,207 | 0 | ' | ' |
Total Current Assets | 69,433 | 36,702 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in unconsolidated subsidiaries | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 2,940,873 | 2,408,755 | ' | ' |
Intercompany loan receivable | 2,023,149 | 1,814,112 | ' | ' |
Real estate under development | 0 | 0 | ' | ' |
Real estate held for investment | 0 | 0 | ' | ' |
Available for sale securities | 0 | 0 | ' | ' |
Other assets, net | 34,183 | 41,724 | ' | ' |
Total Assets | 5,067,638 | 4,301,293 | ' | ' |
Accounts payable and accrued expenses | 32,435 | 18,693 | ' | ' |
Compensation and employee benefits payable | 626 | 626 | ' | ' |
Accrued bonus and profit sharing | 0 | 0 | ' | ' |
Income taxes payable | 17,812 | 0 | ' | ' |
Warehouse lines of credit | 0 | 0 | ' | ' |
Revolving credit facility | 20,000 | 28,772 | ' | ' |
Other | 0 | 0 | ' | ' |
Total short-term borrowings | 20,000 | 28,772 | ' | ' |
Current maturities of long-term debt | 39,650 | 39,650 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Liabilities related to real estate and other assets held for sale | 0 | ' | ' | ' |
Other current liabilities | 40 | 0 | ' | ' |
Total Current Liabilities | 110,563 | 87,741 | ' | ' |
Senior secured term loans | 615,875 | 645,613 | ' | ' |
Other long-term debt | 0 | 0 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total Long-Term Debt | 2,065,875 | 1,795,613 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Deferred tax liabilities, net | 0 | 0 | ' | ' |
Non-current tax liabilities | 0 | 0 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Other liabilities | 25,837 | 29,034 | ' | ' |
Total Liabilities | 2,202,275 | 1,912,388 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,865,363 | 2,388,905 | ' | ' |
Non-controlling interests | 0 | 0 | ' | ' |
Total Equity | 2,865,363 | 2,388,905 | ' | ' |
Total Liabilities and Equity | 5,067,638 | 4,301,293 | ' | ' |
Real estate under development | ' | 0 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 220,076 | 91,244 | 114,183 | 680,112 |
Restricted cash | 2,181 | 2,645 | ' | ' |
Receivables, net | 609,027 | 487,514 | ' | ' |
Warehouse receivables | 468,248 | 148,497 | ' | ' |
Trading securities | 107 | 100 | ' | ' |
Income taxes receivable | 21,052 | 0 | ' | ' |
Prepaid expenses | 53,582 | 57,592 | ' | ' |
Deferred tax assets, net | 106,716 | 106,721 | ' | ' |
Real estate and other assets held for sale | 0 | ' | ' | ' |
Available for sale securities | 663 | ' | ' | ' |
Other current assets | 41,765 | 34,768 | ' | ' |
Total Current Assets | 1,523,417 | 929,081 | ' | ' |
Property and equipment, net | 332,425 | 329,215 | ' | ' |
Goodwill | 1,132,094 | 1,084,394 | ' | ' |
Other intangible assets, net | 487,493 | 492,357 | ' | ' |
Investments in unconsolidated subsidiaries | 171,651 | 136,225 | ' | ' |
Investments in consolidated subsidiaries | 931,244 | 942,873 | ' | ' |
Intercompany loan receivable | 700,000 | 700,000 | ' | ' |
Real estate under development | 827 | 822 | ' | ' |
Real estate held for investment | 2,556 | 1,503 | ' | ' |
Available for sale securities | 62,953 | 54,108 | ' | ' |
Other assets, net | 86,391 | 81,176 | ' | ' |
Total Assets | 5,431,051 | 4,751,754 | ' | ' |
Accounts payable and accrued expenses | 167,910 | 161,836 | ' | ' |
Compensation and employee benefits payable | 310,633 | 282,756 | ' | ' |
Accrued bonus and profit sharing | 255,938 | 308,795 | ' | ' |
Income taxes payable | 0 | 73,866 | ' | ' |
Warehouse lines of credit | 464,841 | 146,703 | ' | ' |
Revolving credit facility | 0 | 0 | ' | ' |
Other | 16 | 16 | ' | ' |
Total short-term borrowings | 464,857 | 146,719 | ' | ' |
Current maturities of long-term debt | 2,700 | 2,568 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Liabilities related to real estate and other assets held for sale | 0 | ' | ' | ' |
Other current liabilities | 42,020 | 51,366 | ' | ' |
Total Current Liabilities | 1,244,058 | 1,027,906 | ' | ' |
Senior secured term loans | 0 | 0 | ' | ' |
Other long-term debt | 1,408 | 2,747 | ' | ' |
Intercompany loan payable | 938,827 | 1,006,996 | ' | ' |
Total Long-Term Debt | 940,235 | 1,009,743 | ' | ' |
Notes payable on real estate | 0 | 0 | ' | ' |
Deferred tax liabilities, net | 40,461 | 69,137 | ' | ' |
Non-current tax liabilities | 51,363 | 62,059 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Other liabilities | 214,061 | 174,154 | ' | ' |
Total Liabilities | 2,490,178 | 2,342,999 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 2,940,873 | 2,408,755 | ' | ' |
Non-controlling interests | 0 | 0 | ' | ' |
Total Equity | 2,940,873 | 2,408,755 | ' | ' |
Total Liabilities and Equity | 5,431,051 | 4,751,754 | ' | ' |
Real estate under development | ' | 0 | ' | ' |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 333,051 | 389,078 | 322,517 | 390,868 |
Restricted cash | 53,399 | 51,639 | ' | ' |
Receivables, net | 999,601 | 998,975 | ' | ' |
Warehouse receivables | 169,886 | 233,048 | ' | ' |
Trading securities | 69,393 | 58,342 | ' | ' |
Income taxes receivable | 40,822 | 28,617 | ' | ' |
Prepaid expenses | 70,164 | 67,559 | ' | ' |
Deferred tax assets, net | 67,555 | 81,812 | ' | ' |
Real estate and other assets held for sale | 32,846 | ' | ' | ' |
Available for sale securities | 0 | ' | ' | ' |
Other current assets | 34,634 | 32,684 | ' | ' |
Total Current Assets | 1,871,351 | 1,960,887 | ' | ' |
Property and equipment, net | 123,434 | 129,381 | ' | ' |
Goodwill | 1,182,849 | 1,206,080 | ' | ' |
Other intangible assets, net | 327,873 | 348,871 | ' | ' |
Investments in unconsolidated subsidiaries | 47,786 | 62,471 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Real estate under development | 0 | 0 | ' | ' |
Real estate held for investment | 35,240 | 105,496 | ' | ' |
Available for sale securities | 2,194 | 2,692 | ' | ' |
Other assets, net | 38,968 | 42,087 | ' | ' |
Total Assets | 3,629,695 | 3,857,965 | ' | ' |
Accounts payable and accrued expenses | 510,063 | 636,990 | ' | ' |
Compensation and employee benefits payable | 242,902 | 203,611 | ' | ' |
Accrued bonus and profit sharing | 216,438 | 303,319 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Warehouse lines of credit | 166,971 | 227,894 | ' | ' |
Revolving credit facility | 129,159 | 113,712 | ' | ' |
Other | 4,383 | 0 | ' | ' |
Total short-term borrowings | 300,513 | 341,606 | ' | ' |
Current maturities of long-term debt | 25 | 27 | ' | ' |
Notes payable on real estate | 23,147 | 62,017 | ' | ' |
Liabilities related to real estate and other assets held for sale | 35,822 | ' | ' | ' |
Other current liabilities | 11,290 | 5,278 | ' | ' |
Total Current Liabilities | 1,340,200 | 1,552,848 | ' | ' |
Senior secured term loans | 0 | 0 | ' | ' |
Other long-term debt | 44 | 75 | ' | ' |
Intercompany loan payable | 1,050,246 | 998,099 | ' | ' |
Total Long-Term Debt | 1,050,290 | 998,174 | ' | ' |
Notes payable on real estate | 16,886 | 68,455 | ' | ' |
Deferred tax liabilities, net | 85,484 | 91,640 | ' | ' |
Non-current tax liabilities | 13,673 | 3,461 | ' | ' |
Pension liability | 59,912 | 68,012 | ' | ' |
Other liabilities | 95,103 | 92,281 | ' | ' |
Total Liabilities | 2,661,548 | 2,874,871 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
CBRE Group, Inc. Stockholders' Equity | 931,244 | 942,873 | ' | ' |
Non-controlling interests | 36,903 | 40,221 | ' | ' |
Total Equity | 968,147 | 983,094 | ' | ' |
Total Liabilities and Equity | 3,629,695 | 3,857,965 | ' | ' |
Real estate under development | ' | 19,133 | ' | ' |
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 | 0 | 0 | ' | ' |
5.00% senior notes [Member] | Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
5.00% senior notes [Member] | CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 800,000 | 800,000 | ' | ' |
5.00% senior notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
5.00% senior notes [Member] | Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
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 | 0 | 0 | ' | ' |
6.625% senior notes [Member] | Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
6.625% senior notes [Member] | CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 350,000 | 350,000 | ' | ' |
6.625% senior notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
6.625% senior notes [Member] | Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | 0 | ' | ' |
5.25% senior notes [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 300,000 | ' | ' | ' |
5.25% senior notes [Member] | Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
5.25% senior notes [Member] | Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
5.25% senior notes [Member] | CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 300,000 | ' | ' | ' |
5.25% senior notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
5.25% senior notes [Member] | Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Senior notes | $0 | ' | ' | ' |
Guarantor_and_Nonguarantor_Fin3
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 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% | ' |
5.25% senior notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Interest rate of long-term debt | 5.25% | ' | ' |
Guarantor_and_Nonguarantor_Fin4
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | $2,275,076 | $1,733,866 | $6,262,724 | $4,950,943 |
Cost of services | 1,428,986 | 1,032,348 | 3,904,919 | 2,912,391 |
Operating, administrative and other | 601,026 | 496,615 | 1,695,623 | 1,465,614 |
Depreciation and amortization | 67,159 | 47,524 | 195,657 | 137,406 |
Total costs and expenses | 2,097,171 | 1,576,487 | 5,796,199 | 4,515,411 |
Gain on disposition of real estate | 7,235 | 740 | 37,102 | 11,385 |
Operating (loss) income | 185,140 | 158,119 | 503,627 | 446,917 |
Equity income (loss) from unconsolidated subsidiaries | 43,300 | 13,347 | 67,564 | 29,640 |
Other (loss) income | -113 | 5,125 | 11,052 | 9,352 |
Interest income | 1,598 | 1,484 | 4,321 | 5,002 |
Interest expense | 27,841 | 27,783 | 84,326 | 107,710 |
Write-off of financing costs | 23,087 | ' | 23,087 | 56,295 |
Royalty and management service (income) expense | 0 | 0 | 0 | 0 |
Income from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Income from continuing operations before provision for income taxes | 178,997 | 150,292 | 479,151 | 326,906 |
(Benefit of) provision for income taxes | 69,305 | 56,126 | 171,318 | 120,945 |
Net income from continuing operations | 109,692 | 94,166 | 307,833 | 205,961 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 24,294 |
Net income | 109,692 | 94,166 | 307,833 | 230,255 |
Less: Net income (loss) attributable to non-controlling interests | 2,593 | -278 | 27,607 | 28,363 |
Net income (loss) attributable to CBRE Group, Inc. | 107,099 | 94,444 | 280,226 | 201,892 |
Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 | 0 |
Operating, administrative and other | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
Gain on disposition of real estate | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Equity income (loss) from unconsolidated subsidiaries | 0 | 0 | 0 | 0 |
Other (loss) income | 0 | 0 | 0 | 0 |
Interest income | -49,971 | -28,215 | -146,351 | -93,468 |
Interest expense | -49,971 | -28,215 | -146,351 | -93,468 |
Write-off of financing costs | 0 | ' | 0 | 0 |
Royalty and management service (income) expense | 0 | 0 | 0 | 0 |
Income from consolidated subsidiaries | -261,357 | -231,506 | -621,782 | -545,869 |
Income from continuing operations before provision for income taxes | -261,357 | -231,506 | -621,782 | -545,869 |
(Benefit of) provision for income taxes | 0 | 0 | 0 | 0 |
Net income from continuing operations | ' | ' | ' | -545,869 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 0 |
Net income | -261,357 | -231,506 | -621,782 | -545,869 |
Less: Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CBRE Group, Inc. | -261,357 | -231,506 | -621,782 | -545,869 |
Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 | 0 |
Operating, administrative and other | 18,934 | 13,782 | 39,290 | 32,860 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | 18,934 | 13,782 | 39,290 | 32,860 |
Gain on disposition of real estate | 0 | 0 | 0 | 0 |
Operating (loss) income | -18,934 | -13,782 | -39,290 | -32,860 |
Equity income (loss) from unconsolidated subsidiaries | 0 | 0 | 0 | 0 |
Other (loss) income | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Write-off of financing costs | 0 | ' | 0 | 0 |
Royalty and management service (income) expense | 0 | 0 | 0 | 0 |
Income from consolidated subsidiaries | 118,981 | 103,088 | 304,873 | 222,503 |
Income from continuing operations before provision for income taxes | 100,047 | 89,306 | 265,583 | 189,643 |
(Benefit of) provision for income taxes | -7,052 | -5,138 | -14,643 | -12,249 |
Net income from continuing operations | ' | ' | ' | 201,892 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 0 |
Net income | 107,099 | 94,444 | 280,226 | 201,892 |
Less: Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CBRE Group, Inc. | 107,099 | 94,444 | 280,226 | 201,892 |
CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 | 0 |
Operating, administrative and other | -6,683 | 2,661 | -1,031 | 5,695 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | -6,683 | 2,661 | -1,031 | 5,695 |
Gain on disposition of real estate | 0 | 0 | 0 | 0 |
Operating (loss) income | 6,683 | -2,661 | 1,031 | -5,695 |
Equity income (loss) from unconsolidated subsidiaries | 0 | 0 | 0 | 0 |
Other (loss) income | 0 | 0 | 1 | -7 |
Interest income | 49,971 | 28,218 | 146,356 | 93,479 |
Interest expense | 25,739 | 24,557 | 76,509 | 96,121 |
Write-off of financing costs | 23,087 | ' | 23,087 | 56,295 |
Royalty and management service (income) expense | 0 | 0 | 0 | 0 |
Income from consolidated subsidiaries | 114,063 | 102,461 | 274,893 | 263,048 |
Income from continuing operations before provision for income taxes | 121,891 | 103,461 | 322,685 | 198,409 |
(Benefit of) provision for income taxes | 2,910 | 373 | 17,812 | -24,094 |
Net income from continuing operations | ' | ' | ' | 222,503 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 0 |
Net income | 118,981 | 103,088 | 304,873 | 222,503 |
Less: Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CBRE Group, Inc. | 118,981 | 103,088 | 304,873 | 222,503 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | 1,231,633 | 1,045,380 | 3,356,815 | 2,934,601 |
Cost of services | 789,931 | 654,432 | 2,113,013 | 1,822,138 |
Operating, administrative and other | 291,206 | 241,964 | 815,828 | 713,948 |
Depreciation and amortization | 33,120 | 27,129 | 96,292 | 77,082 |
Total costs and expenses | 1,114,257 | 923,525 | 3,025,133 | 2,613,168 |
Gain on disposition of real estate | 35 | 1 | 6,732 | 7,474 |
Operating (loss) income | 117,411 | 121,856 | 338,414 | 328,907 |
Equity income (loss) from unconsolidated subsidiaries | 35,177 | 11,873 | 61,181 | 29,659 |
Other (loss) income | 894 | 2,403 | 2,493 | 5,300 |
Interest income | 448 | 421 | 1,579 | 1,728 |
Interest expense | 32,957 | 23,417 | 97,671 | 84,753 |
Write-off of financing costs | 0 | ' | 0 | 0 |
Royalty and management service (income) expense | -20,336 | -2,687 | -26,973 | -27,420 |
Income from consolidated subsidiaries | 28,313 | 25,957 | 42,016 | 60,318 |
Income from continuing operations before provision for income taxes | 169,622 | 141,780 | 374,985 | 368,579 |
(Benefit of) provision for income taxes | 55,559 | 39,319 | 100,092 | 105,531 |
Net income from continuing operations | ' | ' | ' | 263,048 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 0 |
Net income | 114,063 | 102,461 | 274,893 | 263,048 |
Less: Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CBRE Group, Inc. | 114,063 | 102,461 | 274,893 | 263,048 |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Revenue | 1,043,443 | 688,486 | 2,905,909 | 2,016,342 |
Cost of services | 639,055 | 377,916 | 1,791,906 | 1,090,253 |
Operating, administrative and other | 297,569 | 238,208 | 841,536 | 713,111 |
Depreciation and amortization | 34,039 | 20,395 | 99,365 | 60,324 |
Total costs and expenses | 970,663 | 636,519 | 2,732,807 | 1,863,688 |
Gain on disposition of real estate | 7,200 | 739 | 30,370 | 3,911 |
Operating (loss) income | 79,980 | 52,706 | 203,472 | 156,565 |
Equity income (loss) from unconsolidated subsidiaries | 8,123 | 1,474 | 6,383 | -19 |
Other (loss) income | -1,007 | 2,722 | 8,558 | 4,059 |
Interest income | 1,150 | 1,060 | 2,737 | 3,263 |
Interest expense | 19,116 | 8,024 | 56,497 | 20,304 |
Write-off of financing costs | 0 | ' | 0 | 0 |
Royalty and management service (income) expense | 20,336 | 2,687 | 26,973 | 27,420 |
Income from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Income from continuing operations before provision for income taxes | 48,794 | 47,251 | 137,680 | 116,144 |
(Benefit of) provision for income taxes | 17,888 | 21,572 | 68,057 | 51,757 |
Net income from continuing operations | ' | ' | ' | 64,387 |
Income from discontinued operations, net of income taxes | ' | ' | ' | 24,294 |
Net income | 30,906 | 25,679 | 69,623 | 88,681 |
Less: Net income (loss) attributable to non-controlling interests | 2,593 | -278 | 27,607 | 28,363 |
Net income (loss) attributable to CBRE Group, Inc. | $28,313 | $25,957 | $42,016 | $60,318 |
Guarantor_and_Nonguarantor_Fin5
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | $109,692 | $94,166 | $307,833 | $230,255 |
Foreign currency translation (loss) gain | -109,122 | 45,684 | -72,676 | -1,631 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,844 | 1,793 | 5,470 | 5,304 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 854 | -1,962 | -3,460 | 3,645 |
Unrealized holding gains (losses) on available for sale securities, net | 186 | 23 | -670 | -361 |
Other, net | 76 | -852 | 211 | 344 |
Total other comprehensive (loss) income | -106,162 | 44,686 | -71,125 | 7,301 |
Comprehensive income (loss) | 3,530 | 138,852 | 236,708 | 237,556 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 2,533 | -296 | 27,556 | 27,587 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 997 | 139,148 | 209,152 | 209,969 |
Elimination [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | -261,357 | -231,506 | -621,782 | -545,869 |
Foreign currency translation (loss) gain | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 0 | 0 | 0 | 0 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 0 | 0 | 0 | 0 |
Unrealized holding gains (losses) on available for sale securities, net | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | -261,357 | -231,506 | -621,782 | -545,869 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | -261,357 | -231,506 | -621,782 | -545,869 |
Parent [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | 107,099 | 94,444 | 280,226 | 201,892 |
Foreign currency translation (loss) gain | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 0 | 0 | 0 | 0 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 0 | 0 | 0 | 0 |
Unrealized holding gains (losses) on available for sale securities, net | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 107,099 | 94,444 | 280,226 | 201,892 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 107,099 | 94,444 | 280,226 | 201,892 |
CBRE [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | 118,981 | 103,088 | 304,873 | 222,503 |
Foreign currency translation (loss) gain | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,844 | 1,793 | 5,470 | 5,304 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 854 | -2,035 | -3,521 | 3,606 |
Unrealized holding gains (losses) on available for sale securities, net | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | 2,698 | -242 | 1,949 | 8,910 |
Comprehensive income (loss) | 121,679 | 102,846 | 306,822 | 231,413 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 121,679 | 102,846 | 306,822 | 231,413 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | 114,063 | 102,461 | 274,893 | 263,048 |
Foreign currency translation (loss) gain | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 0 | 0 | 0 | 0 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 0 | 0 | 0 | 0 |
Unrealized holding gains (losses) on available for sale securities, net | 345 | -316 | -495 | -413 |
Other, net | 76 | -1,106 | 211 | 90 |
Total other comprehensive (loss) income | 421 | -1,422 | -284 | -323 |
Comprehensive income (loss) | 114,484 | 101,039 | 274,609 | 262,725 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 114,484 | 101,039 | 274,609 | 262,725 |
Nonguarantor Subsidiaries [Member] | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Net income | 30,906 | 25,679 | 69,623 | 88,681 |
Foreign currency translation (loss) gain | -109,122 | 45,684 | -72,676 | -1,631 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 0 | 0 | 0 | 0 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net | 0 | 73 | 61 | 39 |
Unrealized holding gains (losses) on available for sale securities, net | -159 | 339 | -175 | 52 |
Other, net | 0 | 254 | 0 | 254 |
Total other comprehensive (loss) income | -109,281 | 46,350 | -72,790 | -1,286 |
Comprehensive income (loss) | -78,375 | 72,029 | -3,167 | 87,395 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 2,533 | -296 | 27,556 | 27,587 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | ($80,908) | $72,325 | ($30,723) | $59,808 |
Guarantor_and_Nonguarantor_Fin6
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $68,478 | $234,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -92,618 | -78,743 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | -132,541 | -63,603 |
Contributions to unconsolidated subsidiaries | -40,103 | -32,931 |
Distributions from unconsolidated subsidiaries | 62,978 | 38,847 |
Net proceeds from disposition of real estate held for investment | 77,278 | 110,818 |
Additions to real estate held for investment | -5,043 | -2,412 |
Proceeds from the sale of servicing rights and other assets | 18,169 | 26,226 |
Decrease (increase) in restricted cash | 4,431 | 22,134 |
Purchase of available for sale securities | -68,984 | -53,387 |
Proceeds from the sale of available for sale securities | 61,357 | 52,719 |
Other investing activities, net | 570 | 6,594 |
Net cash (used in) provided by investing activities | -114,506 | 26,262 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 715,000 |
Repayment of senior secured term loans | -29,738 | -1,629,105 |
Proceeds from revolving credit facility | 1,688,568 | 399,127 |
Repayment of revolving credit facility | -1,672,359 | -382,414 |
Repayment of 11.625% senior subordinated notes | ' | -450,000 |
Proceeds from notes payable on real estate held for investment | 5,022 | 2,473 |
Repayment of notes payable on real estate held for investment | -27,241 | -73,580 |
Proceeds from notes payable on real estate held for sale and under development | 4,884 | 6,015 |
Repayment of notes payable on real estate held for sale and under development | -44,959 | -112,828 |
Proceeds from short-term borrowings | 4,545 | 4,724 |
Shares repurchased for payment of taxes on stock awards | -16,656 | -16,628 |
Proceeds from exercise of stock options | 4,466 | 4,924 |
Incremental tax benefit from stock options exercised | 803 | 9,336 |
Non-controlling interests contributions | 1,415 | 462 |
Non-controlling interests distributions | -31,998 | -84,918 |
Payment of financing costs | -3,149 | -29,322 |
(Increase) decrease in intercompany receivables, net | 0 | 0 |
Other financing activities, net | -1,446 | -2,910 |
Net cash provided by (used in) financing activities | 182,157 | -839,644 |
Effect of currency exchange rate changes on cash and cash equivalents | -12,683 | -7,934 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 123,446 | -586,676 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 491,912 | 1,089,297 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 615,358 | 502,621 |
Cash paid during the period for: | ' | ' |
Interest | 80,636 | 96,238 |
Income tax payments, net | 266,210 | 137,042 |
5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 300,000 | ' |
5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | 800,000 |
11.625% senior subordinated notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | -450,000 |
Parent [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 20,732 | 22,853 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | 0 | 0 |
Contributions to unconsolidated subsidiaries | 0 | 0 |
Distributions from unconsolidated subsidiaries | 0 | 0 |
Net proceeds from disposition of real estate held for investment | 0 | 0 |
Additions to real estate held for investment | 0 | 0 |
Proceeds from the sale of servicing rights and other assets | 0 | 0 |
Decrease (increase) in restricted cash | 0 | 0 |
Purchase of available for sale securities | 0 | 0 |
Proceeds from the sale of available for sale securities | 0 | 0 |
Other investing activities, net | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 0 |
Repayment of senior secured term loans | 0 | 0 |
Proceeds from revolving credit facility | 0 | 0 |
Repayment of revolving credit facility | 0 | 0 |
Proceeds from notes payable on real estate held for investment | 0 | 0 |
Repayment of notes payable on real estate held for investment | 0 | 0 |
Proceeds from notes payable on real estate held for sale and under development | 0 | 0 |
Repayment of notes payable on real estate held for sale and under development | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 |
Shares repurchased for payment of taxes on stock awards | -16,656 | -16,628 |
Proceeds from exercise of stock options | 4,466 | 4,924 |
Incremental tax benefit from stock options exercised | 803 | 9,336 |
Non-controlling interests contributions | 0 | 0 |
Non-controlling interests distributions | 0 | 0 |
Payment of financing costs | 0 | 0 |
(Increase) decrease in intercompany receivables, net | -9,345 | -20,485 |
Other financing activities, net | 0 | 0 |
Net cash provided by (used in) financing activities | -20,732 | -22,853 |
Effect of currency exchange rate changes on cash and cash equivalents | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 5 | 5 |
Cash paid during the period for: | ' | ' |
Interest | 0 | 0 |
Income tax payments, net | 0 | 0 |
Parent [Member] | 5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 0 | ' |
Parent [Member] | 5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | 0 |
Parent [Member] | 11.625% senior subordinated notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | 0 |
CBRE [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 83,198 | -16,429 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | 0 | 0 |
Contributions to unconsolidated subsidiaries | 0 | 0 |
Distributions from unconsolidated subsidiaries | 0 | 0 |
Net proceeds from disposition of real estate held for investment | 0 | 0 |
Additions to real estate held for investment | 0 | 0 |
Proceeds from the sale of servicing rights and other assets | 0 | 0 |
Decrease (increase) in restricted cash | 6,871 | -3 |
Purchase of available for sale securities | 0 | 0 |
Proceeds from the sale of available for sale securities | 0 | 0 |
Other investing activities, net | 0 | 0 |
Net cash (used in) provided by investing activities | 6,871 | -3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 715,000 |
Repayment of senior secured term loans | -29,738 | -1,372,325 |
Proceeds from revolving credit facility | 1,622,000 | 311,000 |
Repayment of revolving credit facility | -1,630,928 | -311,000 |
Proceeds from notes payable on real estate held for investment | 0 | 0 |
Repayment of notes payable on real estate held for investment | 0 | 0 |
Proceeds from notes payable on real estate held for sale and under development | 0 | 0 |
Repayment of notes payable on real estate held for sale and under development | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 |
Shares repurchased for payment of taxes on stock awards | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Incremental tax benefit from stock options exercised | 0 | 0 |
Non-controlling interests contributions | 0 | 0 |
Non-controlling interests distributions | 0 | 0 |
Payment of financing costs | -3,045 | -28,995 |
(Increase) decrease in intercompany receivables, net | -297,717 | 400,356 |
Other financing activities, net | 0 | 0 |
Net cash provided by (used in) financing activities | -39,428 | 64,036 |
Effect of currency exchange rate changes on cash and cash equivalents | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 50,641 | 47,604 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 11,585 | 18,312 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 62,226 | 65,916 |
Cash paid during the period for: | ' | ' |
Interest | 76,519 | 84,987 |
Income tax payments, net | 0 | 0 |
CBRE [Member] | 5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 300,000 | ' |
CBRE [Member] | 5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | 800,000 |
CBRE [Member] | 11.625% senior subordinated notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | -450,000 |
Guarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | -9,694 | 100,934 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -63,544 | -55,289 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | -51,989 | -17,193 |
Contributions to unconsolidated subsidiaries | -37,674 | -33,353 |
Distributions from unconsolidated subsidiaries | 49,152 | 28,750 |
Net proceeds from disposition of real estate held for investment | 0 | 0 |
Additions to real estate held for investment | 0 | 0 |
Proceeds from the sale of servicing rights and other assets | 7,514 | 12,620 |
Decrease (increase) in restricted cash | 464 | 482 |
Purchase of available for sale securities | -68,984 | -53,387 |
Proceeds from the sale of available for sale securities | 61,357 | 52,719 |
Other investing activities, net | 570 | 4,515 |
Net cash (used in) provided by investing activities | -103,134 | -60,136 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 0 |
Repayment of senior secured term loans | 0 | 0 |
Proceeds from revolving credit facility | 0 | 0 |
Repayment of revolving credit facility | 0 | 0 |
Proceeds from notes payable on real estate held for investment | 0 | 0 |
Repayment of notes payable on real estate held for investment | 0 | 0 |
Proceeds from notes payable on real estate held for sale and under development | 0 | 0 |
Repayment of notes payable on real estate held for sale and under development | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 |
Shares repurchased for payment of taxes on stock awards | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Incremental tax benefit from stock options exercised | 0 | 0 |
Non-controlling interests contributions | 0 | 0 |
Non-controlling interests distributions | 0 | 0 |
Payment of financing costs | 0 | 0 |
(Increase) decrease in intercompany receivables, net | 243,097 | -603,853 |
Other financing activities, net | -1,437 | -2,874 |
Net cash provided by (used in) financing activities | 241,660 | -606,727 |
Effect of currency exchange rate changes on cash and cash equivalents | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 128,832 | -565,929 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 91,244 | 680,112 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 220,076 | 114,183 |
Cash paid during the period for: | ' | ' |
Interest | 355 | 450 |
Income tax payments, net | 177,792 | 76,234 |
Guarantor Subsidiaries [Member] | 5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 0 | ' |
Guarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | 0 |
Guarantor Subsidiaries [Member] | 11.625% senior subordinated notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | 0 |
Nonguarantor Subsidiaries [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | -25,758 | 127,282 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -29,074 | -23,454 |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | -80,552 | -46,410 |
Contributions to unconsolidated subsidiaries | -2,429 | 422 |
Distributions from unconsolidated subsidiaries | 13,826 | 10,097 |
Net proceeds from disposition of real estate held for investment | 77,278 | 110,818 |
Additions to real estate held for investment | -5,043 | -2,412 |
Proceeds from the sale of servicing rights and other assets | 10,655 | 13,606 |
Decrease (increase) in restricted cash | -2,904 | 21,655 |
Purchase of available for sale securities | 0 | 0 |
Proceeds from the sale of available for sale securities | 0 | 0 |
Other investing activities, net | 0 | 2,079 |
Net cash (used in) provided by investing activities | -18,243 | 86,401 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior secured term loans | ' | 0 |
Repayment of senior secured term loans | 0 | -256,780 |
Proceeds from revolving credit facility | 66,568 | 88,127 |
Repayment of revolving credit facility | -41,431 | -71,414 |
Proceeds from notes payable on real estate held for investment | 5,022 | 2,473 |
Repayment of notes payable on real estate held for investment | -27,241 | -73,580 |
Proceeds from notes payable on real estate held for sale and under development | 4,884 | 6,015 |
Repayment of notes payable on real estate held for sale and under development | -44,959 | -112,828 |
Proceeds from short-term borrowings | 4,545 | 4,724 |
Shares repurchased for payment of taxes on stock awards | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Incremental tax benefit from stock options exercised | 0 | 0 |
Non-controlling interests contributions | 1,415 | 462 |
Non-controlling interests distributions | -31,998 | -84,918 |
Payment of financing costs | -104 | -327 |
(Increase) decrease in intercompany receivables, net | 63,965 | 223,982 |
Other financing activities, net | -9 | -36 |
Net cash provided by (used in) financing activities | 657 | -274,100 |
Effect of currency exchange rate changes on cash and cash equivalents | -12,683 | -7,934 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -56,027 | -68,351 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 389,078 | 390,868 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 333,051 | 322,517 |
Cash paid during the period for: | ' | ' |
Interest | 3,762 | 10,801 |
Income tax payments, net | 88,418 | 60,808 |
Nonguarantor Subsidiaries [Member] | 5.25% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | 0 | ' |
Nonguarantor Subsidiaries [Member] | 5.00% senior notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of senior notes | ' | 0 |
Nonguarantor Subsidiaries [Member] | 11.625% senior subordinated notes [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of 11.625% senior subordinated notes | ' | $0 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (6.625% senior notes [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 27, 2014 |
In Thousands, unless otherwise specified | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Debt instrument, interest rate | 6.63% | 6.63% | 6.63% |
Senior notes, carrying value | $350,000 | $350,000 | ' |