Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CBG | |
Entity Registrant Name | CBRE GROUP, INC. | |
Entity Central Index Key | 1,138,118 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 333,179,917 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 336,422 | $ 740,884 |
Restricted cash | 66,011 | 28,090 |
Receivables, less allowance for doubtful accounts of $44,060 and $41,831 at June 30, 2015 and December 31, 2014, respectively | 1,604,620 | 1,736,229 |
Warehouse receivables | 750,816 | 506,294 |
Trading securities | 68,553 | 62,804 |
Income taxes receivable | 49,995 | 12,709 |
Prepaid expenses | 154,460 | 142,719 |
Deferred tax assets, net | 204,858 | 205,866 |
Real estate and other assets held for sale | 1,899 | 3,845 |
Available for sale securities | 1,129 | 663 |
Other current assets | 104,193 | 84,401 |
Total Current Assets | 3,342,956 | 3,524,504 |
Property and equipment, net | 484,032 | 497,926 |
Goodwill | 2,313,819 | 2,333,821 |
Other intangible assets, net of accumulated amortization of $520,767 and $463,400 at June 30, 2015 and December 31, 2014, respectively | 806,102 | 802,360 |
Investments in unconsolidated subsidiaries | 222,539 | 218,280 |
Real estate under development | 13,868 | 4,630 |
Real estate held for investment | 21,217 | 37,129 |
Available for sale securities | 58,123 | 59,512 |
Other assets, net | 197,603 | 168,943 |
Total Assets | 7,460,259 | 7,647,105 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 764,524 | 827,530 |
Compensation and employee benefits payable | 577,967 | 623,814 |
Accrued bonus and profit sharing | 421,108 | 788,858 |
Short-term borrowings: | ||
Warehouse lines of credit | 743,592 | 501,185 |
Revolving credit facility | 4,840 | |
Other | 895 | 25 |
Total short-term borrowings | 744,487 | 506,050 |
Current maturities of long-term debt | 13,894 | 42,407 |
Notes payable on real estate | 1,625 | 23,229 |
Other current liabilities | 71,169 | 63,746 |
Total Current Liabilities | 2,594,774 | 2,875,634 |
Long-Term Debt: | ||
Senior term loans | 484,375 | 605,963 |
Other long-term debt | 7 | 26 |
Total Long-Term Debt | 1,711,156 | 1,832,802 |
Notes payable on real estate | 23,194 | 19,614 |
Deferred tax liabilities, net | 167,294 | 149,233 |
Non-current tax liabilities | 48,869 | 46,003 |
Pension liability | 91,028 | 92,923 |
Other liabilities | 320,416 | 329,498 |
Total Liabilities | $ 4,956,731 | $ 5,345,707 |
Commitments and contingencies | ||
CBRE Group, Inc. Stockholders' Equity: | ||
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 333,100,934 and 332,991,031 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | $ 3,331 | $ 3,330 |
Additional paid-in capital | 1,067,934 | 1,039,425 |
Accumulated earnings | 1,759,061 | 1,541,095 |
Accumulated other comprehensive loss | (370,734) | (324,020) |
Total CBRE Group, Inc. Stockholders' Equity | 2,459,592 | 2,259,830 |
Non-controlling interests | 43,936 | 41,568 |
Total Equity | 2,503,528 | 2,301,398 |
Total Liabilities and Equity | 7,460,259 | 7,647,105 |
5.00% senior notes [Member] | ||
Long-Term Debt: | ||
Senior notes | 800,000 | 800,000 |
5.25% senior notes [Member] | ||
Long-Term Debt: | ||
Senior notes | $ 426,774 | $ 426,813 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables, allowance for doubtful accounts | $ 44,060 | $ 41,831 |
Other intangible assets, accumulated amortization | $ 520,767 | $ 463,400 |
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 | 333,100,934 | 332,991,031 |
Class A common stock, shares outstanding | 333,100,934 | 332,991,031 |
5.00% senior notes [Member] | Senior notes [Member] | ||
Debt instrument, interest rate | 5.00% | 5.00% |
5.25% senior notes [Member] | Senior notes [Member] | ||
Debt instrument, interest rate | 5.25% | 5.25% |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,390,506 | $ 2,126,806 | $ 4,443,009 | $ 3,987,648 |
Costs and expenses: | ||||
Cost of services | 1,487,974 | 1,314,473 | 2,778,751 | 2,475,933 |
Operating, administrative and other | 610,158 | 566,202 | 1,141,933 | 1,094,597 |
Depreciation and amortization | 70,605 | 63,295 | 140,451 | 128,498 |
Total costs and expenses | 2,168,737 | 1,943,970 | 4,061,135 | 3,699,028 |
Gain on disposition of real estate | 6,986 | 23,170 | 6,986 | 29,867 |
Operating income | 228,755 | 206,006 | 388,860 | 318,487 |
Equity income from unconsolidated subsidiaries | 6,693 | 9,264 | 22,144 | 24,264 |
Other (loss) income | (1,069) | 6,364 | 18 | 11,165 |
Interest income | 1,402 | 1,146 | 3,699 | 2,723 |
Interest expense | 26,154 | 28,470 | 52,368 | 56,485 |
Write-off of financing costs | 2,685 | |||
Income before provision for income taxes | 209,627 | 194,310 | 359,668 | 300,154 |
Provision for income taxes | 76,474 | 64,111 | 133,377 | 102,013 |
Net income | 133,153 | 130,199 | 226,291 | 198,141 |
Less: Net income attributable to non-controlling interests | 8,124 | 24,735 | 8,325 | 25,014 |
Net income attributable to CBRE Group, Inc. | $ 125,029 | $ 105,464 | $ 217,966 | $ 173,127 |
Basic income per share attributable to CBRE Group, Inc. | $ 0.38 | $ 0.32 | $ 0.66 | $ 0.52 |
Weighted average shares outstanding for basic income per share | 331,999,935 | 330,133,061 | 331,988,489 | 330,084,525 |
Diluted income per share attributable to CBRE Group, Inc. | $ 0.37 | $ 0.32 | $ 0.65 | $ 0.52 |
Weighted average shares outstanding for diluted income per share | 336,154,524 | 333,918,620 | 335,926,626 | 333,634,342 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 133,153 | $ 130,199 | $ 226,291 | $ 198,141 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 57,508 | 24,873 | (47,912) | 36,446 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,809 | 1,826 | 3,604 | 3,626 |
Unrealized gains (losses) on interest rate swaps and interest rate caps, net of tax | 263 | (2,810) | (2,511) | (4,314) |
Unrealized holding gains (losses) on available for sale securities, net of tax | 237 | (1,294) | 71 | (856) |
Other, net | 16 | (140) | 18 | 135 |
Total other comprehensive income (loss) | 59,833 | 22,455 | (46,730) | 35,037 |
Comprehensive income | 192,986 | 152,654 | 179,561 | 233,178 |
Less: Comprehensive income attributable to non-controlling interests | 8,141 | 24,738 | 8,309 | 25,023 |
Comprehensive income attributable to CBRE Group, Inc. | $ 184,845 | $ 127,916 | $ 171,252 | $ 208,155 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 226,291 | $ 198,141 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 140,451 | 128,498 |
Amortization and write-off of financing costs | 7,264 | 3,645 |
Gain on sale of loans, servicing rights and other assets | (74,135) | (33,277) |
Net realized and unrealized gains from investments | (18) | (11,165) |
Gain on disposition of real estate held for investment | (6,488) | (23,028) |
Equity income from unconsolidated subsidiaries | (22,144) | (24,264) |
Provision for doubtful accounts | 4,412 | 4,507 |
Deferred income taxes | (2,410) | (7,884) |
Compensation expense related to equity awards | 29,132 | 24,471 |
Incremental tax benefit from stock options exercised | (1,078) | (2,158) |
Distribution of earnings from unconsolidated subsidiaries | 13,174 | 9,297 |
Tenant concessions received | 6,262 | 6,199 |
Purchase of trading securities | (42,653) | (35,728) |
Proceeds from sale of trading securities | 35,596 | 32,786 |
Decrease (increase) in receivables | 113,769 | (123,958) |
Increase in prepaid expenses and other assets | (43,118) | (21,841) |
(Increase) decrease in real estate held for sale and under development | (3,417) | 4,438 |
Decrease in accounts payable and accrued expenses | (9,767) | (62,939) |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | (390,333) | (223,419) |
Increase in income taxes receivable/payable | (14,125) | (72,131) |
(Decrease) increase in other liabilities | (4,971) | 10,820 |
Other operating activities, net | (3,885) | (4,994) |
Net cash used in operating activities | (42,191) | (223,984) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (50,388) | (53,605) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (94,975) | (29,777) |
Contributions to unconsolidated subsidiaries | (27,571) | (25,440) |
Distributions from unconsolidated subsidiaries | 27,269 | 22,847 |
Net proceeds from disposition of real estate held for investment | 68,183 | |
Additions to real estate held for investment | (1,411) | (5,144) |
Proceeds from the sale of servicing rights and other assets | 12,615 | 12,820 |
(Increase) decrease in restricted cash | (38,678) | 14,201 |
Purchase of available for sale securities | (23,453) | (41,466) |
Proceeds from the sale of available for sale securities | 24,563 | 35,056 |
Other investing activities, net | 1,192 | 327 |
Net cash used in investing activities | (170,837) | (1,998) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (648,738) | (19,825) |
Proceeds from revolving credit facility | 831,000 | 1,154,568 |
Repayment of revolving credit facility | (835,512) | (962,315) |
Proceeds from notes payable on real estate held for investment | 3,575 | |
Repayment of notes payable on real estate held for investment | (776) | (22,990) |
Proceeds from notes payable on real estate held for sale and under development | 4,404 | 4,885 |
Repayment of notes payable on real estate held for sale and under development | (32,984) | |
Proceeds from short-term borrowings, net | 569 | 6,538 |
Shares repurchased for payment of taxes on equity awards | (5,113) | (15) |
Proceeds from exercise of stock options | 3,214 | 2,209 |
Incremental tax benefit from stock options exercised | 1,078 | 2,158 |
Non-controlling interests contributions | 4,405 | 574 |
Non-controlling interests distributions | (10,637) | (24,120) |
Payment of financing costs | (22,225) | (104) |
Other financing activities, net | (2,138) | (1,431) |
Net cash (used in) provided by financing activities | (180,469) | 110,723 |
Effect of currency exchange rate changes on cash and cash equivalents | (10,965) | 5,213 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (404,462) | (110,046) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 740,884 | 491,912 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 336,422 | 381,866 |
Cash paid during the period for: | ||
Interest | 43,123 | 51,214 |
Income tax payments, net | $ 148,011 | $ 182,315 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Additional paid-in capital [Member] | Accumulated earnings [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interests [Member] | Class A common stock [Member] |
Beginning balance at Dec. 31, 2014 | $ 2,301,398 | $ 1,039,425 | $ 1,541,095 | $ (324,020) | $ 41,568 | $ 3,330 |
Net income | 226,291 | 217,966 | 8,325 | |||
Stock options exercised (including tax benefit) | 4,292 | 4,290 | 2 | |||
Compensation expense for equity awards | 29,132 | 29,132 | ||||
Shares repurchased for payment of taxes on equity awards | (5,113) | (5,112) | (1) | |||
Foreign currency translation (loss) gain | (47,912) | (47,896) | (16) | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 3,604 | 3,604 | ||||
Unrealized losses on interest rate swaps, net of tax | (2,511) | (2,511) | ||||
Unrealized holding gains on available for sale securities, net of tax | 71 | 71 | ||||
Contributions from non-controlling interests | 4,405 | 4,405 | ||||
Distributions to non-controlling interests | (10,637) | (10,637) | ||||
Other | 508 | 199 | 18 | 291 | ||
Ending balance at Jun. 30, 2015 | $ 2,503,528 | $ 1,067,934 | $ 1,759,061 | $ (370,734) | $ 43,936 | $ 3,331 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 our opinion, 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 us 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 our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust 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 2014 financial statements to conform with the 2015 presentation. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2015. 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, 2014, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December 31, 2014. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
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). In February 2015, the FASB issued ASU 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis. In April 2015, the FASB issued ASU 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” |
Acquisition of Global WorkPlace
Acquisition of Global WorkPlace Solutions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition of Global WorkPlace Solutions | 3. Acquisition of Global WorkPlace Solutions On March 31, 2015, CBRE, Inc., our wholly-owned subsidiary, entered into a Stock and Asset Purchase Agreement with Johnson Controls, Inc. (JCI) to acquire JCI’s Global WorkPlace Solutions (GWS) business. GWS is a market-leading provider of Integrated Facilities Management solutions for major occupiers of commercial real estate and has significant operations around the world. The purchase price is $1.475 billion, payable in cash, with adjustments for working capital and other items. We expect to fund the acquisition through a combination of cash on hand and proceeds from the incurrence of debt. The closing of the transaction is subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to close in the late third quarter or early fourth quarter of 2015. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2015 | |
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 2014, the remaining two commercial properties were sold. The venture did not provide any financial support to the Entities during the six months ended June 30, 2014. 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. Operating results relating to the Entities for the three and six months ended June 30, 2014 included the following (dollars in thousands): Three Months June 30, 2014 Six Months June 30, 2014 Revenue $ 1,459 $ 3,561 Operating, administrative and other expenses $ 1,355 $ 2,588 Gain on disposition of real estate $ 23,028 $ 23,028 Net income attributable to non-controlling interests $ 22,202 $ 21,724 We also 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 June 30, 2015 and December 31, 2014, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, December 31, Investments in unconsolidated subsidiaries $ 22,263 $ 26,353 Other assets, current 3,523 3,337 Co-investment commitments 200 200 Maximum exposure to loss $ 25,986 $ 29,890 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The “ Fair Value Measurements and Disclosures • 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 or out of Level 1 and Level 2 during the three and six months ended June 30, 2015 and 2014. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014. The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 (dollars in thousands): As of June 30, 2015 Fair Value Measured and Recorded Using Total Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. treasury securities $ 4,553 $ — $ — $ 4,553 Debt securities issued by U.S. federal agencies — 6,469 — 6,469 Corporate debt securities — 18,418 — 18,418 Asset-backed securities — 3,023 — 3,023 Collateralized mortgage obligations — 1,910 — 1,910 Total debt securities 4,553 29,820 — 34,373 Equity securities 24,879 — — 24,879 Total available for sale securities 29,432 29,820 — 59,252 Trading securities 68,553 — — 68,553 Warehouse receivables — 750,816 — 750,816 Loan commitments — — 6,569 6,569 Foreign currency exchange forward contracts — 7,127 — 7,127 Total assets at fair value $ 97,985 $ 787,763 $ 6,569 $ 892,317 Liabilities Interest rate swaps $ — $ 25,106 $ — $ 25,106 Securities sold, not yet purchased 3,472 — — 3,472 Foreign currency exchange forward contracts — 5,061 — 5,061 Total liabilities at fair value $ 3,472 $ 30,167 $ — $ 33,639 As of December 31, 2014 Fair Value Measured and Recorded Using Total Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. treasury securities $ 4,813 $ — $ — $ 4,813 Debt securities issued by U.S. federal agencies — 6,690 — 6,690 Corporate debt securities — 16,664 — 16,664 Asset-backed securities — 3,755 — 3,755 Collateralized mortgage obligations — 1,959 — 1,959 Total debt securities 4,813 29,068 — 33,881 Equity securities 26,294 — — 26,294 Total available for sale securities 31,107 29,068 — 60,175 Trading securities 62,804 — — 62,804 Warehouse receivables — 506,294 — 506,294 Loan commitments — — 2,372 2,372 Foreign currency exchange forward contracts — 1,235 — 1,235 Total assets at fair value $ 93,911 $ 536,597 $ 2,372 $ 632,880 Liabilities Interest rate swaps $ — $ 26,895 $ — $ 26,895 Securities sold, not yet purchased 1,830 — — 1,830 Foreign currency exchange forward contracts — 1,397 — 1,397 Total liabilities at fair value $ 1,830 $ 28,292 $ — $ 30,122 There were no significant non-recurring fair value measurements recorded during the three and six months ended June 30, 2015 and 2014. The following table provides additional information about fair value measurements for the Level 3 assets for the six months ended June 30, 2015 (dollars in thousands): Balance at January 1, 2015 $ 2,372 Net gains included in earnings 10,584 Settlements (6,387 ) Transfers into (out of) Level 3 — Ending balance at June 30, 2015 $ 6,569 FASB ASC Topic 825, “ Financial Instruments Cash and Cash Equivalents and Restricted Cash Receivables, less Allowance for Doubtful Accounts: Warehouse Receivables: Trading and Available for Sale Securities: Foreign Currency Exchange Forward Contracts and Loan Commitments: Securities Sold, not yet Purchased Short-Term Borrowings Senior Term Loans Interest Rate Swaps widely-accepted 5.00% Senior Notes 5.25% Senior Notes Notes Payable on Real Estate: |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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 Additionally, 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 (reporting) currency, which is U.S. dollars. 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, British pound sterling, Canadian dollars, euros and Japanese yen, 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 some of 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 losses of $11.1 million and net gains of $7.3 million from foreign currency exchange forward contracts for the three and six months ended June 30, 2015, respectively, and net losses of $3.4 million from foreign currency exchange forward contracts for both the three and six months ended June 30, 2014. As of June 30, 2015, we had 83 foreign currency exchange forward contracts outstanding covering a notional amount of $367.7 million. As of June 30, 2015, the fair value of forward contracts with five counterparties aggregated to a $7.1 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of June 30, 2015, the fair value of forward contracts with six counterparties aggregated to a $4.6 million liability position, which was included in other current liabilities in the accompanying consolidated balance sheets. As of December 31, 2014, the fair value of forward contracts with two counterparties aggregated to a $0.5 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of December 31, 2014, the fair value of forward contracts with four counterparties aggregated to a $1.3 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 ordinary 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 losses of $0.6 million and $0.2 million for the three and six months ended June 30, 2015 resulting from net losses on these foreign currency exchange option and forward contracts. The net impact on earnings resulting from gains and/or losses associated with these contracts during the three and six months ended June 30, 2014 was not significant. As of June 30, 2015, we had four foreign currency exchange option and forward contracts outstanding covering a notional amount of $33.0 million. As of June 30, 2015, the fair value of forward contracts with two counterparties aggregated to a $0.5 million liability position, which was included in other current liabilities in the accompanying consolidated balance sheets. As of December 31, 2014, the fair value of forward contracts with one counterparty aggregated to a $0.8 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of December 31, 2014, the fair value of forward contracts with one counterparty aggregated to a $0.1 million liability position, which was included in other current liabilities in the accompanying consolidated balance sheets. We also enter into loan commitments that relate to the origination of commercial mortgage loans that will be held for resale. FASB ASC Topic 815 requires that these commitments be recorded at their fair values as derivatives. Included in the consolidated statements of operations were net gains of $6.6 million and $10.6 million for the three and six months ended June 30, 2015, respectively, resulting from these loan commitments. The net impact on earnings resulting from gains and/or losses associated with these loan commitments during the three and six months ended June 30, 2014 was not significant. As of June 30, 2015, the fair value of such contracts with three counterparties aggregated to a $6.6 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of December 31, 2014, the fair value of such contracts with three counterparties aggregated to a $2.4 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. |
Investments in Unconsolidated S
Investments in Unconsolidated Subsidiaries | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, 2015 2014 2015 2014 Global Investment Management: Revenue $ 251,172 $ 191,913 $ 506,899 $ 426,248 Operating loss $ (109,353 ) $ (150,306 ) $ (80,726 ) $ (321,899 ) Net loss $ (188,240 ) $ (93,821 ) $ (231,196 ) $ (253,972 ) Development Services: Revenue $ 10,316 $ 8,399 $ 19,575 $ 22,835 Operating income $ 2,301 $ 1,945 $ 41,348 $ 18,407 Net (loss) income $ (149 ) $ 128 $ 37,487 $ 15,211 Other: Revenue $ 45,979 $ 46,377 $ 73,566 $ 71,582 Operating income $ 11,105 $ 11,677 $ 14,631 $ 13,344 Net income $ 11,264 $ 11,698 $ 14,901 $ 13,386 Total: Revenue $ 307,467 $ 246,689 $ 600,040 $ 520,665 Operating loss $ (95,947 ) $ (136,684 ) $ (24,747 ) $ (290,148 ) Net loss $ (177,125 ) $ (81,995 ) $ (178,808 ) $ (225,375 ) 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 He
Real Estate and Other Assets Held for Sale and Related Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
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 Real estate and other assets held for sale and related liabilities were as follows (dollars in thousands): June 30, December 31, Assets: Real estate held for sale (see Note 9) $ 1,899 $ 3,840 Other current assets — 5 Total real estate and other assets held for sale 1,899 3,845 Liabilities: Accounts payable and accrued expenses 13 61 Total liabilities related to real estate and other assets held for sale 13 61 Net real estate and other assets held for sale $ 1,886 $ 3,784 |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2015 | |
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 segment and consisted of the following (dollars in thousands): June 30, December 31, Real estate included in assets held for sale (see Note 8) $ 1,899 $ 3,840 Real estate under development (non-current) 13,868 4,630 Real estate held for investment (1) 21,217 37,129 Total real estate (2) $ 36,984 $ 45,599 (1) Net of accumulated depreciation of $10.1 million and $12.3 million at June 30, 2015 and December 31, 2014, respectively. (2) Includes balances for lease intangibles of $0.1 million and $3.6 million at June 30, 2015 and December 31, 2014, respectively. We record lease intangibles 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. |
Notes Payable on Real Estate
Notes Payable on Real Estate | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, December 31, Current portion of notes payable on real estate $ 1,625 $ 23,229 Notes payable on real estate, non-current portion 23,194 19,614 Total notes payable on real estate $ 24,819 $ 42,843 At both June 30, 2015 and December 31, 2014, none of our notes payable on real estate was recourse to us, but was recourse to the single-purpose entity that held the real estate asset and was the primary obligor on the note payable. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt We maintain credit facilities with third-party The 2015 Credit Agreement is now an unsecured credit facility that is jointly and severally guaranteed by us and substantially all of our material domestic subsidiaries. As of June 30, 2015, the 2015 Credit Agreement provides for the following: (1) a $2.6 billion revolving credit facility, which includes the capacity to obtain letters of credit and swingline loans and matures on January 9, 2020; and (2) a $500.0 million tranche A term loan facility requiring quarterly principal payments, which began on June 30, 2015 and continue through maturity on January 9, 2020. The revolving credit facility under the 2015 Credit Agreement allows for borrowings outside of the United States (U.S.), with a $75.0 million sub-facility available to one of our Canadian subsidiaries, a $100.0 million sub-facility available to one of our Australian subsidiaries and one of our New Zealand subsidiaries and a $300.0 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 2015 Credit Agreement. Borrowings under the revolving credit facility bear interest at varying rates, based at our option, on either (1) the applicable fixed rate plus 0.85% to 1.00% or (2) the daily rate, in each case as determined by reference to our Credit Rating (as defined in the 2015 Credit Agreement). The 2015 Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused) and as of June 30, 2015, no amounts were outstanding under our revolving credit facility other than letters of credit totaling $2.0 million. These letters of credit, which reduce the amount we may borrow under the revolving credit facility, were primarily issued in the ordinary course of business. As of December 31, 2014, we had $4.8 million of revolving credit facility principal outstanding under the 2013 Credit Agreement with a related weighted average annual interest rate of 1.4%, which was included in short-term borrowings in the accompanying consolidated balance sheets. Borrowings under the tranche A term loan facility under the 2015 Credit Agreement as of June 30, 2015 bear interest, based on our option, on either (1) the applicable fixed rate plus 0.95% to 1.25% or (2) the daily rate plus 0.0% to 0.25%, in each case as determined by reference to our Credit Rating (as defined in the 2015 Credit Agreement). As of June 30, 2015, we had $496.9 million of term loan facility principal outstanding under the 2015 Credit Agreement, which was included in the accompanying consolidated balance sheets. As of December 31, 2014, we had $645.6 million of term loan facilities principal outstanding (including $434.4 million of tranche A term loan facility and $211.2 million of tranche B term loan facility) under the 2013 Credit Agreement, which are also included in the accompanying consolidated balance sheets. Our 2015 Credit Agreement and the indentures governing our 5.00% senior notes and 5.25% senior notes contain 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 2015 Credit Agreement also requires us to maintain a minimum coverage ratio of EBITDA (as defined in the 2015 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 2015 Credit Agreement) of 4.25x as of the end of each fiscal quarter. Our coverage ratio of EBITDA to total interest expense was 13.74x for the trailing twelve months ended June 30, 2015 and our leverage ratio of total debt less available cash to EBITDA was 1.15x as of June 30, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
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. We believe that any losses in excess of the amounts accrued therefor as liabilities on our financial statements are unlikely to be significant, but 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 what we anticipated. In January 2008, CBRE Multifamily Capital, Inc. (CBRE MCI), a wholly-owned subsidiary of CBRE Capital Markets, entered into an agreement with Federal National Mortgage Association (Fannie Mae), under Fannie Mae’s Delegated Underwriting and Servicing 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 select 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 $11.3 billion at June 30, 2015. Additionally, CBRE MCI has funded loans under the DUS Program that are not subject to loss sharing arrangements with unpaid principal balances of approximately $51.6 million at June 30, 2015. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of June 30, 2015 and December 31, 2014, CBRE MCI had a $32.0 million and a $29.0 million, respectively, letter of credit under this reserve arrangement, and had provided approximately $19.9 million and $16.8 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 $267.0 million (including $112.7 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 June 30, 2015. We had outstanding letters of credit totaling $41.4 million as of June 30, 2015, 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. CBRE MCI’s letter of credit totaling $32.0 million referred to in the preceding paragraph represented the majority of the $41.4 million outstanding letters of credit. The remaining letters of credit are primarily executed by us in the ordinary course of business and expire at varying dates through June 2016. We had guarantees totaling $19.9 million as of June 30, 2015, 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 excluding guarantees related to operating leases. The $19.9 million primarily represents guarantees of obligations of unconsolidated subsidiaries, which expire at varying dates through December 2018, as well as various guarantees of management contracts in our operations overseas, which expire at the end of each of the respective agreements. In addition, as of June 30, 2015, we had numerous non-recourse carveout, completion and budget guarantees relating to development projects. These guarantees are commonplace in our industry and are made by us in the ordinary course of our Development Services business. Non-recourse carveout guarantees generally require that our project-entity borrower not commit specified improper acts, with us potentially liable for all or a portion of such entity’s indebtedness or other damages suffered by the lender if those acts occur. Completion and budget guarantees generally require 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 use “guaranteed maximum price” contracts with reputable, bondable 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. 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 June 30, 2015, we had aggregate commitments of $20.7 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 June 30, 2015, we had committed to fund $20.6 million of additional capital to these unconsolidated subsidiaries. |
Income Per Share Information
Income Per Share Information | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Computation of basic income per share attributable to CBRE Group, Inc. shareholders: Net income attributable to CBRE Group, Inc. shareholders $ 125,029 $ 105,464 $ 217,966 $ 173,127 Weighted average shares outstanding for basic income per share 331,999,935 330,133,061 331,988,489 330,084,525 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.38 $ 0.32 $ 0.66 $ 0.52 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: Net income attributable to CBRE Group, Inc. shareholders $ 125,029 $ 105,464 $ 217,966 $ 173,127 Weighted average shares outstanding for basic income per share 331,999,935 330,133,061 331,988,489 330,084,525 Dilutive effect of contingently issuable shares 3,913,275 3,360,227 3,678,940 3,120,170 Dilutive effect of stock options 241,314 425,332 259,197 429,647 Weighted average shares outstanding for diluted income per share 336,154,524 333,918,620 335,926,626 333,634,342 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.37 $ 0.32 $ 0.65 $ 0.52 For both the three and six months ended June 30, 2015, 47,082 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 both the three and six months ended June 30, 2014, 10,503 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 six months ended June 30, 2014, options to purchase 7,314 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 such period. |
Pensions
Pensions | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions | 14. Pensions We have two contributory defined benefit pension plans in the United Kingdom (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 cost (benefit) consisted of the following (dollars in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest cost $ 3,686 $ 4,477 $ 7,427 $ 8,908 Expected return on plan assets (4,547 ) (5,857 ) (9,159 ) (11,653 ) Amortization of unrecognized net loss 1,016 668 2,047 1,330 Net periodic pension cost (benefit) $ 155 $ (712 ) $ 315 $ (1,415 ) With respect to these pension plans, our historical policy has been to contribute annually to the plans, an amount to fund pension liabilities as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if these investments do not perform well in the future, we may be required to provide additional contributions to cover any pension underfunding. We contributed $1.5 million and $3.4 million to fund our pension plans during the three and six months ended June 30, 2015, respectively. We expect to contribute a total of $6.3 million to fund our pension plans for the year ending December 31, 2015. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments | 15. 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 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue Americas $ 1,434,489 $ 1,235,720 $ 2,662,105 $ 2,257,401 EMEA 585,714 510,987 1,079,738 1,029,666 Asia Pacific 261,828 241,214 470,194 436,857 Global Investment Management 94,053 126,314 204,277 238,777 Development Services 14,422 12,571 26,695 24,947 $ 2,390,506 $ 2,126,806 $ 4,443,009 $ 3,987,648 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 EBITDA Americas $ 203,411 $ 169,404 $ 390,732 $ 295,166 EMEA 47,810 27,369 55,388 50,734 Asia Pacific 28,154 23,765 38,704 32,006 Global Investment Management 16,304 38,129 51,184 66,392 Development Services 1,181 1,527 7,140 13,102 $ 296,860 $ 260,194 $ 543,148 $ 457,400 EBITDA represents earnings before net interest expense, write-off of financing costs, income taxes, depreciation and amortization. EBITDA is not a recognized measurement under U.S. generally accepted accounting principles (GAAP) and when analyzing our operating performance, investors 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. We generally use EBITDA to evaluate operating performance and for other discretionary purposes, and we believe that this measure provides a more complete understanding of ongoing operations, enhances comparability of current results to prior periods and may be useful for investors to analyze our financial performance because EBITDA eliminates the impact of selected charges that may obscure trends in the underlying performance of our business. We further believe that investors may find EBITDA useful in evaluating our operating performance compared to that of other companies in our industry because EBITDA calculations generally eliminate the effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income taxes and the accounting effects of capital spending. EBITDA may vary for different companies for reasons unrelated to overall operating performance. EBITDA is not intended to be a measure of free cash flow for our discretionary use because it does not consider certain cash requirements such as tax and debt service payments. EBITDA may also differ from the amount calculated under similarly titled definitions in our debt agreements, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein 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 Six Months Ended 2015 2014 2015 2014 Americas Net income attributable to CBRE Group, Inc. $ 96,857 $ 92,304 $ 192,059 $ 162,770 Add: Depreciation and amortization 44,591 35,187 87,541 69,345 Interest expense (income), net 4,247 (226 ) 7,793 8,960 Write-off of financing costs — — 2,685 — Royalty and management service expense (income) 2,370 (2,843 ) 2,478 (3,707 ) Provision for income taxes 55,346 44,982 98,176 57,798 EBITDA $ 203,411 $ 169,404 $ 390,732 $ 295,166 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 19,929 $ (6,967 ) $ 1,443 $ (13,957 ) Add: Depreciation and amortization 14,607 15,319 29,399 32,782 Interest expense, net 11,375 17,184 22,822 24,343 Royalty and management service income (4,975 ) (3,070 ) (6,192 ) (6,955 ) Provision for income taxes 6,874 4,903 7,916 14,521 EBITDA $ 47,810 $ 27,369 $ 55,388 $ 50,734 Asia Pacific Net income attributable to CBRE Group, Inc. $ 10,949 $ 8,246 $ 13,608 $ 4,002 Add: Depreciation and amortization 3,783 3,371 7,629 6,439 Interest expense, net 991 768 1,889 1,103 Royalty and management service expense 1,586 4,623 1,649 8,262 Provision for income taxes 10,845 6,757 13,929 12,200 EBITDA $ 28,154 $ 23,765 $ 38,704 $ 32,006 Global Investment Management Net (loss) income attributable to CBRE Group, Inc. $ (2,688 ) $ 12,234 $ 8,020 $ 15,062 Add: Depreciation and amortization 7,061 8,452 14,672 17,818 Interest expense, net 7,818 8,745 15,502 17,586 Royalty and management service expense 1,019 1,290 2,065 2,400 Provision for income taxes 3,094 7,408 10,925 13,526 EBITDA $ 16,304 $ 38,129 $ 51,184 $ 66,392 Development Services Net (loss) income attributable to CBRE Group, Inc. $ (18 ) $ (353 ) $ 2,836 $ 5,250 Add: Depreciation and amortization 563 966 1,210 2,114 Interest expense, net 321 853 663 1,770 Provision for income taxes 315 61 2,431 3,968 EBITDA $ 1,181 $ 1,527 $ 7,140 $ 13,102 |
Guarantor and Nonguarantor Fina
Guarantor and Nonguarantor Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor and Nonguarantor Financial Statements | 16. Guarantor and Nonguarantor Financial Statements The following condensed consolidating financial information includes: (1) Condensed consolidating balance sheets as of June 30, 2015 and December 31, 2014; condensed consolidating statements of operations for the three and six months ended June 30, 2015 and 2014; condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014; and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 of (a) CBRE Group, Inc., as the parent, (b) CBRE Services, Inc. (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 JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 5 $ 15,041 $ 56,547 $ 264,829 $ — $ 336,422 Restricted cash — — 1,150 64,861 — 66,011 Receivables, net — — 593,479 1,011,141 — 1,604,620 Warehouse receivables (a) — — 628,013 122,803 — 750,816 Trading securities — — 101 68,452 — 68,553 Income taxes receivable 9,625 — 27,942 12,428 — 49,995 Prepaid expenses — — 59,910 94,550 — 154,460 Deferred tax assets, net — — 140,746 64,112 — 204,858 Real estate and other assets held for sale — — 1,058 841 — 1,899 Available for sale securities — — 1,129 — — 1,129 Other current assets — 7,077 59,473 37,643 — 104,193 Total Current Assets 9,630 22,118 1,569,548 1,741,660 — 3,342,956 Property and equipment, net — — 345,569 138,463 — 484,032 Goodwill — — 1,205,056 1,108,763 — 2,313,819 Other intangible assets, net — — 512,318 293,784 — 806,102 Investments in unconsolidated subsidiaries — — 185,767 36,772 — 222,539 Investments in consolidated subsidiaries 3,343,116 2,493,405 930,412 — (6,766,933 ) — Intercompany loan receivable — 2,552,719 700,000 — (3,252,719 ) — Real estate under development — — 842 13,026 — 13,868 Real estate held for investment — — 5,675 15,542 — 21,217 Available for sale securities — — 56,304 1,819 — 58,123 Other assets, net — 48,726 113,133 35,744 — 197,603 Total Assets $ 3,352,746 $ 5,116,968 $ 5,624,624 $ 3,385,573 $ (10,019,652 ) $ 7,460,259 Current Liabilities: Accounts payable and accrued expenses $ — $ 19,664 $ 209,244 $ 535,616 $ — $ 764,524 Compensation and employee benefits payable — 626 346,696 230,645 — 577,967 Accrued bonus and profit sharing — — 207,347 213,761 — 421,108 Short-term borrowings: Warehouse lines of credit (a) — — 624,360 119,232 — 743,592 Other — — 16 879 — 895 Total short-term borrowings — — 624,376 120,111 — 744,487 Current maturities of long-term debt — 12,500 1,380 14 — 13,894 Notes payable on real estate — — — 1,625 — 1,625 Other current liabilities — 4,807 60,873 5,489 — 71,169 Total Current Liabilities — 37,597 1,449,916 1,107,261 — 2,594,774 Long-Term Debt: 5.00% senior notes — 800,000 — — — 800,000 Senior term loans — 484,375 — — — 484,375 5.25% senior notes — 426,774 — — — 426,774 Other long-term debt — — — 7 — 7 Intercompany loan payable 893,154 — 1,306,364 1,053,201 (3,252,719 ) — Total Long-Term Debt 893,154 1,711,149 1,306,364 1,053,208 (3,252,719 ) 1,711,156 Notes payable on real estate — — — 23,194 — 23,194 Deferred tax liabilities, net — — 106,438 60,856 — 167,294 Non-current tax liabilities — — 48,869 — — 48,869 Pension liability — — — 91,028 — 91,028 Other liabilities — 25,106 219,632 75,678 — 320,416 Total Liabilities 893,154 1,773,852 3,131,219 2,411,225 (3,252,719 ) 4,956,731 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,459,592 3,343,116 2,493,405 930,412 (6,766,933 ) 2,459,592 Non-controlling interests — — — 43,936 — 43,936 Total Equity 2,459,592 3,343,116 2,493,405 974,348 (6,766,933 ) 2,503,528 Total Liabilities and Equity $ 3,352,746 $ 5,116,968 $ 5,624,624 $ 3,385,573 $ (10,019,652 ) $ 7,460,259 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, N.A. (TD Bank), JP Morgan Chase Bank, N.A. (JP Morgan), Bank of America (BofA), Capital One, N.A. (Capital One) and Fannie Mae ASAP lines of credit are pledged to TD Bank, JP Morgan, BofA, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 5 $ 18,262 $ 374,103 $ 348,514 $ — $ 740,884 Restricted cash — — 630 27,460 — 28,090 Receivables, net — — 605,044 1,131,185 — 1,736,229 Warehouse receivables (a) — — 339,921 166,373 — 506,294 Trading securities — — 115 62,689 — 62,804 Income taxes receivable 19,443 — — 10,603 (17,337 ) 12,709 Prepaid expenses — — 62,902 79,817 — 142,719 Deferred tax assets, net — — 140,761 65,105 — 205,866 Real estate and other assets held for sale — — — 3,845 — 3,845 Available for sale securities — — 663 — — 663 Other current assets — 1,185 50,429 32,787 — 84,401 Total Current Assets 19,448 19,447 1,574,568 1,928,378 (17,337 ) 3,524,504 Property and equipment, net — — 361,899 136,027 — 497,926 Goodwill — — 1,196,418 1,137,403 — 2,333,821 Other intangible assets, net — — 493,058 309,302 — 802,360 Investments in unconsolidated subsidiaries — — 173,738 44,542 — 218,280 Investments in consolidated subsidiaries 3,019,410 2,433,913 914,895 — (6,368,218 ) — Intercompany loan receivable — 2,453,215 700,000 — (3,153,215 ) — Real estate under development — — 828 3,802 — 4,630 Real estate held for investment — — 6,814 30,315 — 37,129 Available for sale securities — — 57,714 1,798 — 59,512 Other assets, net — 33,581 98,139 37,223 — 168,943 Total Assets $ 3,038,858 $ 4,940,156 $ 5,578,071 $ 3,628,790 $ (9,538,770 ) $ 7,647,105 Current Liabilities: Accounts payable and accrued expenses $ — $ 19,541 $ 257,591 $ 550,398 $ — $ 827,530 Compensation and employee benefits payable — 626 346,663 276,525 — 623,814 Accrued bonus and profit sharing — — 425,329 363,529 — 788,858 Income taxes payable — — 17,337 — (17,337 ) — Short-term borrowings: Warehouse lines of credit (a) — — 337,184 164,001 — 501,185 Revolving credit facility — — — 4,840 — 4,840 Other — — 16 9 — 25 Total short-term borrowings — — 337,200 168,850 — 506,050 Current maturities of long-term debt — 39,650 2,734 23 — 42,407 Notes payable on real estate — — — 23,229 — 23,229 Other current liabilities — 1,258 58,357 4,131 — 63,746 Total Current Liabilities — 61,075 1,445,211 1,386,685 (17,337 ) 2,875,634 Long-Term Debt: 5.00% senior notes — 800,000 — — — 800,000 Senior term loans — 605,963 — — — 605,963 5.25% senior notes — 426,813 — — — 426,813 Other long-term debt — — — 26 — 26 Intercompany loan payable 779,028 — 1,350,424 1,023,763 (3,153,215 ) — Total Long-Term Debt 779,028 1,832,776 1,350,424 1,023,789 (3,153,215 ) 1,832,802 Notes payable on real estate — — — 19,614 — 19,614 Deferred tax liabilities, net — — 87,486 61,747 — 149,233 Non-current tax liabilities — — 45,936 67 — 46,003 Pension liability — — — 92,923 — 92,923 Other liabilities — 26,895 215,101 87,502 — 329,498 Total Liabilities 779,028 1,920,746 3,144,158 2,672,327 (3,170,552 ) 5,345,707 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,259,830 3,019,410 2,433,913 914,895 (6,368,218 ) 2,259,830 Non-controlling interests — — — 41,568 — 41,568 Total Equity 2,259,830 3,019,410 2,433,913 956,463 (6,368,218 ) 2,301,398 Total Liabilities and Equity $ 3,038,858 $ 4,940,156 $ 5,578,071 $ 3,628,790 $ (9,538,770 ) $ 7,647,105 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 5.25% senior notes and our 2013 Credit Agreement, a substantial majority of warehouse receivables funded under BofA, JP Morgan, Capital One and Fannie Mae ASAP lines of credit are pledged to BofA, JP Morgan, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Subsidiaries Nonguarantor Subsidiaries Elimination Consolidated Total Revenue $ — $ — $ 1,341,591 $ 1,048,915 $ — $ 2,390,506 Costs and expenses: Cost of services — — 849,131 638,843 — 1,487,974 Operating, administrative and other 12,362 11,698 301,412 284,686 — 610,158 Depreciation and amortization — — 39,282 31,323 — 70,605 Total costs and expenses 12,362 11,698 1,189,825 954,852 — 2,168,737 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (12,362 ) (11,698 ) 151,907 100,908 — 228,755 Equity income (loss) from unconsolidated subsidiaries — — 8,591 (1,898 ) — 6,693 Other income (loss) — 1 335 (1,405 ) — (1,069 ) Interest income — 52,361 78,199 990 (130,148 ) 1,402 Interest expense — 102,816 36,373 17,113 (130,148 ) 26,154 Royalty and management service expense (income) — — 236 (236 ) — — Income from consolidated subsidiaries 132,726 171,425 43,680 — (347,831 ) — Income before (benefit of) provision for income taxes 120,364 109,273 246,103 81,718 (347,831 ) 209,627 (Benefit of) provision for income taxes (4,665 ) (23,453 ) 74,678 29,914 — 76,474 Net income 125,029 132,726 171,425 51,804 (347,831 ) 133,153 Less: Net income attributable to non-controlling interests — — — 8,124 — 8,124 Net income attributable to CBRE Group, Inc. $ 125,029 $ 132,726 $ 171,425 $ 43,680 $ (347,831 ) $ 125,029 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,168,544 $ 958,262 $ — $ 2,126,806 Costs and expenses: Cost of services — — 728,165 586,308 — 1,314,473 Operating, administrative and other 10,684 4,253 270,637 280,628 — 566,202 Depreciation and amortization — — 31,991 31,304 — 63,295 Total costs and expenses 10,684 4,253 1,030,793 898,240 — 1,943,970 Gain on disposition of real estate — — — 23,170 — 23,170 Operating (loss) income (10,684 ) (4,253 ) 137,751 83,192 — 206,006 Equity income from unconsolidated subsidiaries — — 8,802 462 — 9,264 Other income — 1 757 5,606 — 6,364 Interest income — 44,115 531 615 (44,115 ) 1,146 Interest expense — 26,168 22,688 23,729 (44,115 ) 28,470 Royalty and management service (income) expense — — (4,779 ) 4,779 — — Income from consolidated subsidiaries 112,163 103,575 16,540 — (232,278 ) — Income before (benefit of) provision for income taxes 101,479 117,270 146,472 61,367 (232,278 ) 194,310 (Benefit of) provision for income taxes (3,985 ) 5,107 42,897 20,092 — 64,111 Net income 105,464 112,163 103,575 41,275 (232,278 ) 130,199 Less: Net income attributable to non-controlling interests — — — 24,735 — 24,735 Net income attributable to CBRE Group, Inc. $ 105,464 $ 112,163 $ 103,575 $ 16,540 $ (232,278 ) $ 105,464 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 2,499,462 $ 1,943,547 $ — $ 4,443,009 Costs and expenses: Cost of services — — 1,566,774 1,211,977 — 2,778,751 Operating, administrative and other 25,506 (6,922 ) 585,999 537,350 — 1,141,933 Depreciation and amortization — — 75,809 64,642 — 140,451 Total costs and expenses 25,506 (6,922 ) 2,228,582 1,813,969 — 4,061,135 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (25,506 ) 6,922 271,021 136,423 — 388,860 Equity income (loss) from unconsolidated subsidiaries — — 23,912 (1,768 ) — 22,144 Other income (loss) — 1 1,259 (1,242 ) — 18 Interest income — 107,728 78,873 2,613 (185,515 ) 3,699 Interest expense — 127,702 75,775 34,406 (185,515 ) 52,368 Write-off of financing costs — 2,685 — — — 2,685 Royalty and management service (income) expense — — (3,866 ) 3,866 — — Income from consolidated subsidiaries 233,847 243,645 43,905 — (521,397 ) — Income before (benefit of) provision for income taxes 208,341 227,909 347,061 97,754 (521,397 ) 359,668 (Benefit of) provision for income taxes (9,625 ) (5,938 ) 103,416 45,524 — 133,377 Net income 217,966 233,847 243,645 52,230 (521,397 ) 226,291 Less: Net income attributable to non-controlling interests — — — 8,325 — 8,325 Net income attributable to CBRE Group, Inc. $ 217,966 $ 233,847 $ 243,645 $ 43,905 $ (521,397 ) $ 217,966 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 2,125,182 $ 1,862,466 $ — $ 3,987,648 Costs and expenses: Cost of services — — 1,323,082 1,152,851 — 2,475,933 Operating, administrative and other 20,356 5,652 524,622 543,967 — 1,094,597 Depreciation and amortization — — 63,172 65,326 — 128,498 Total costs and expenses 20,356 5,652 1,910,876 1,762,144 — 3,699,028 Gain on disposition of real estate — — 6,697 23,170 — 29,867 Operating (loss) income (20,356 ) (5,652 ) 221,003 123,492 — 318,487 Equity income (loss) from unconsolidated subsidiaries — — 26,004 (1,740 ) — 24,264 Other income — 1 1,599 9,565 — 11,165 Interest income — 96,385 1,131 1,587 (96,380 ) 2,723 Interest expense — 50,770 64,714 37,381 (96,380 ) 56,485 Royalty and management service (income) expense — — (6,637 ) 6,637 — — Income from consolidated subsidiaries 185,892 160,830 13,703 — (360,425 ) — Income before (benefit of) provision for income taxes 165,536 200,794 205,363 88,886 (360,425 ) 300,154 (Benefit of) provision for income taxes (7,591 ) 14,902 44,533 50,169 — 102,013 Net income 173,127 185,892 160,830 38,717 (360,425 ) 198,141 Less: Net income attributable to non-controlling interests — — — 25,014 — 25,014 Net income attributable to CBRE Group, Inc. $ 173,127 $ 185,892 $ 160,830 $ 13,703 $ (360,425 ) $ 173,127 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 125,029 $ 132,726 $ 171,425 $ 51,804 $ (347,831 ) $ 133,153 Other comprehensive income: Foreign currency translation gain — — — 57,508 — 57,508 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,809 — — — 1,809 Unrealized gains on interest rate swaps, net of tax — 263 — — — 263 Unrealized holding gains (losses) on available for sale securities, net of tax — — 258 (21 ) — 237 Other, net — — 16 — — 16 Total other comprehensive income — 2,072 274 57,487 — 59,833 Comprehensive income 125,029 134,798 171,699 109,291 (347,831 ) 192,986 Less: Comprehensive income attributable to non-controlling interests — — — 8,141 — 8,141 Comprehensive income attributable to CBRE Group, Inc. $ 125,029 $ 134,798 $ 171,699 $ 101,150 $ (347,831 ) $ 184,845 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 105,464 $ 112,163 $ 103,575 $ 41,275 $ (232,278 ) $ 130,199 Other comprehensive (loss) income: Foreign currency translation gain — — — 24,873 — 24,873 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,826 — — — 1,826 Unrealized losses on interest rate swaps and interest rate caps, net of tax — (2,810 ) — — — (2,810 ) Unrealized holding losses on available for sale securities, net of tax — — (1,208 ) (86 ) — (1,294 ) Other, net — — (140 ) — — (140 ) Total other comprehensive (loss) income — (984 ) (1,348 ) 24,787 — 22,455 Comprehensive income 105,464 111,179 102,227 66,062 (232,278 ) 152,654 Less: Comprehensive income attributable to non-controlling interests — — — 24,738 — 24,738 Comprehensive income attributable to CBRE Group, Inc. $ 105,464 $ 111,179 $ 102,227 $ 41,324 $ (232,278 ) $ 127,916 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 217,966 $ 233,847 $ 243,645 $ 52,230 $ (521,397 ) $ 226,291 Other comprehensive income (loss): Foreign currency translation loss — — — (47,912 ) — (47,912 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 3,604 — — — 3,604 Unrealized losses on interest rate swaps, net of tax — (2,511 ) — — — (2,511 ) Unrealized holding (losses) gains on available for sale securities, net of tax — — (29 ) 100 — 71 Other, net — — 18 — — 18 Total other comprehensive income (loss) — 1,093 (11 ) (47,812 ) — (46,730 ) Comprehensive income 217,966 234,940 243,634 4,418 (521,397 ) 179,561 Less: Comprehensive income attributable to non-controlling interests — — — 8,309 — 8,309 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 217,966 $ 234,940 $ 243,634 $ (3,891 ) $ (521,397 ) $ 171,252 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 173,127 $ 185,892 $ 160,830 $ 38,717 $ (360,425 ) $ 198,141 Other comprehensive (loss) income: Foreign currency translation gain — — — 36,446 — 36,446 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 3,626 — — — 3,626 Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax — (4,375 ) — 61 — (4,314 ) Unrealized holding losses on available for sale securities, net of tax — — (840 ) (16 ) — (856 ) Other, net — — 135 — — 135 Total other comprehensive (loss) income — (749 ) (705 ) 36,491 — 35,037 Comprehensive income 173,127 185,143 160,125 75,208 (360,425 ) 233,178 Less: Comprehensive income attributable to non-controlling interests — — — 25,023 — 25,023 Comprehensive income attributable to CBRE Group, Inc. $ 173,127 $ 185,143 $ 160,125 $ 50,185 $ (360,425 ) $ 208,155 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 23,264 $ (4,978 ) $ (6,437 ) $ (54,040 ) $ (42,191 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (25,039 ) (25,349 ) (50,388 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (91,413 ) (3,562 ) (94,975 ) Contributions to unconsolidated subsidiaries — — (26,662 ) (909 ) (27,571 ) Distributions from unconsolidated subsidiaries — — 25,060 2,209 27,269 Additions to real estate held for investment — — — (1,411 ) (1,411 ) Proceeds from the sale of servicing rights and other assets — — 5,439 7,176 12,615 Increase in restricted cash — — (520 ) (38,158 ) (38,678 ) Purchase of available for sale securities — — (23,453 ) — (23,453 ) Proceeds from the sale of available for sale securities — — 24,563 — 24,563 Other investing activities, net — — 1,192 — 1,192 Net cash used in investing activities — — (110,833 ) (60,004 ) (170,837 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 500,000 — — 500,000 Repayment of senior term loans — (648,738 ) — — (648,738 ) Proceeds from revolving credit facility — 831,000 — — 831,000 Repayment of revolving credit facility — (831,000 ) — (4,512 ) (835,512 ) Repayment of notes payable on real estate held for investment — — — (776 ) (776 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,404 4,404 Proceeds from short-term borrowings, net — — — 569 569 Shares repurchased for payment of taxes on equity awards (5,113 ) — — — (5,113 ) Proceeds from exercise of stock options 3,214 — — — 3,214 Incremental tax benefit from stock options exercised 1,078 — — — 1,078 Non-controlling interests contributions — — — 4,405 4,405 Non-controlling interests distributions — — — (10,637 ) (10,637 ) Payment of financing costs — (22,225 ) — — (22,225 ) (Increase) decrease in intercompany receivables, net (22,443 ) 172,720 (198,173 ) 47,896 — Other financing activities, net — — (2,113 ) (25 ) (2,138 ) Net cash (used in) provided by financing activities (23,264 ) 1,757 (200,286 ) 41,324 (180,469 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (10,965 ) (10,965 ) NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,221 ) (317,556 ) (83,685 ) (404,462 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 15,041 $ 56,547 $ 264,829 $ 336,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 42,137 $ 83 $ 903 $ 43,123 Income tax payments, net $ — $ — $ 87,405 $ 60,606 $ 148,011 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 20,007 $ 49,743 $ (160,250 ) $ (133,484 ) $ (223,984 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (35,954 ) (17,651 ) (53,605 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (5,230 ) (24,547 ) (29,777 ) Contributions to unconsolidated subsidiaries — — (23,059 ) (2,381 ) (25,440 ) Distributions from unconsolidated subsidiaries — — 20,914 1,933 22,847 Net proceeds from disposition of real estate held for investment — — — 68,183 68,183 Additions to real estate held for investment — — — (5,144 ) (5,144 ) Proceeds from the sale of servicing rights and other assets — — 5,810 7,010 12,820 Decrease in restricted cash — 6,871 746 6,584 14,201 Purchase of available for sale securities — — (41,466 ) — (41,466 ) Proceeds from the sale of available for sale securities — — 35,056 — 35,056 Other investing activities, net — — 327 — 327 Net cash provided by (used in) investing activities — 6,871 (42,856 ) 33,987 (1,998 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (19,825 ) — — (19,825 ) Proceeds from revolving credit facility — 1,088,000 — 66,568 1,154,568 Repayment of revolving credit facility — (932,928 ) — (29,387 ) (962,315 ) Proceeds from notes payable on real estate held for investment — — — 3,575 3,575 Repayment of notes payable on real estate held for investment — — — (22,990 ) (22,990 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,885 4,885 Repayment of notes payable on real estate held for sale and under development — — — (32,984 ) (32,984 ) Proceeds from short-term borrowings, net — — — 6,538 6,538 Shares repurchased for payment of taxes on equity awards (15 ) — — — (15 ) Proceeds from exercise of stock options 2,209 — — — 2,209 Incremental tax benefit from stock options exercised 2,158 — — — 2,158 Non-controlling interests contributions — — — 574 574 Non-controlling interests distributions — — — (24,120 ) (24,120 ) Payment of financing costs — — — (104 ) (104 ) (Increase) decrease in intercompany receivables, net (24,374 ) (194,120 ) 200,344 18,150 — Other financing activities, net 15 — (1,437 ) (9 ) (1,431 ) Net cash (used in) provided by financing activities (20,007 ) (58,873 ) 198,907 (9,304 ) 110,723 Effect of currency exchange rate changes on cash and cash equivalents — — — 5,213 5,213 NET DECREASE IN CASH AND CASH EQUIVALENTS — (2,259 ) (4,199 ) (103,588 ) (110,046 ) 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 $ 9,326 $ 87,045 $ 285,490 $ 381,866 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 47,204 $ 355 $ 3,655 $ 51,214 Income tax payments, net $ — $ — $ 128,176 $ 54,139 $ 182,315 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In July 2015, we entered into three interest rate swap agreements, all with effective dates in August 2015, and designated them as cash flow hedges in accordance with FASB ASC Topic 815, “Derivatives and Hedging.” On August 6, 2015, we entered into an underwriting agreement related to the public offering and sale of $600.0 million in aggregate principal amount of 4.875% Senior Notes due 2026 (the “2026 Notes”), to be issued by our wholly-owned subsidiary, CBRE. The 2026 Notes will be guaranteed on a full and unconditional basis by us and each domestic subsidiary of CBRE that guarantees our 2015 Credit Agreement. We expect to issue the 2026 Notes on August 13, 2015, subject to customary closing conditions. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | The “ Fair Value Measurements and Disclosures • 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. |
Variable Interest Entities (V26
Variable Interest Entities (VIEs) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Operating Results Relating to Entities | Operating results relating to the Entities for the three and six months ended June 30, 2014 included the following (dollars in thousands): Three Months June 30, 2014 Six Months June 30, 2014 Revenue $ 1,459 $ 3,561 Operating, administrative and other expenses $ 1,355 $ 2,588 Gain on disposition of real estate $ 23,028 $ 23,028 Net income attributable to non-controlling interests $ 22,202 $ 21,724 |
Schedule of Maximum Exposure to Loss | As of June 30, 2015 and December 31, 2014, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, December 31, Investments in unconsolidated subsidiaries $ 22,263 $ 26,353 Other assets, current 3,523 3,337 Co-investment commitments 200 200 Maximum exposure to loss $ 25,986 $ 29,890 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 (dollars in thousands): As of June 30, 2015 Fair Value Measured and Recorded Using Total Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. treasury securities $ 4,553 $ — $ — $ 4,553 Debt securities issued by U.S. federal agencies — 6,469 — 6,469 Corporate debt securities — 18,418 — 18,418 Asset-backed securities — 3,023 — 3,023 Collateralized mortgage obligations — 1,910 — 1,910 Total debt securities 4,553 29,820 — 34,373 Equity securities 24,879 — — 24,879 Total available for sale securities 29,432 29,820 — 59,252 Trading securities 68,553 — — 68,553 Warehouse receivables — 750,816 — 750,816 Loan commitments — — 6,569 6,569 Foreign currency exchange forward contracts — 7,127 — 7,127 Total assets at fair value $ 97,985 $ 787,763 $ 6,569 $ 892,317 Liabilities Interest rate swaps $ — $ 25,106 $ — $ 25,106 Securities sold, not yet purchased 3,472 — — 3,472 Foreign currency exchange forward contracts — 5,061 — 5,061 Total liabilities at fair value $ 3,472 $ 30,167 $ — $ 33,639 As of December 31, 2014 Fair Value Measured and Recorded Using Total Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. treasury securities $ 4,813 $ — $ — $ 4,813 Debt securities issued by U.S. federal agencies — 6,690 — 6,690 Corporate debt securities — 16,664 — 16,664 Asset-backed securities — 3,755 — 3,755 Collateralized mortgage obligations — 1,959 — 1,959 Total debt securities 4,813 29,068 — 33,881 Equity securities 26,294 — — 26,294 Total available for sale securities 31,107 29,068 — 60,175 Trading securities 62,804 — — 62,804 Warehouse receivables — 506,294 — 506,294 Loan commitments — — 2,372 2,372 Foreign currency exchange forward contracts — 1,235 — 1,235 Total assets at fair value $ 93,911 $ 536,597 $ 2,372 $ 632,880 Liabilities Interest rate swaps $ — $ 26,895 $ — $ 26,895 Securities sold, not yet purchased 1,830 — — 1,830 Foreign currency exchange forward contracts — 1,397 — 1,397 Total liabilities at fair value $ 1,830 $ 28,292 $ — $ 30,122 |
Schedule of Fair Value Measurements for Level 3 Assets | The following table provides additional information about fair value measurements for these Level 3 assets for the six months ended June 30, 2015 (dollars in thousands): Balance at January 1, 2015 $ 2,372 Net gains included in earnings 10,584 Settlements (6,387 ) Transfers into (out of) Level 3 — Ending balance at June 30, 2015 $ 6,569 |
Investments in Unconsolidated28
Investments in Unconsolidated Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, 2015 2014 2015 2014 Global Investment Management: Revenue $ 251,172 $ 191,913 $ 506,899 $ 426,248 Operating loss $ (109,353 ) $ (150,306 ) $ (80,726 ) $ (321,899 ) Net loss $ (188,240 ) $ (93,821 ) $ (231,196 ) $ (253,972 ) Development Services: Revenue $ 10,316 $ 8,399 $ 19,575 $ 22,835 Operating income $ 2,301 $ 1,945 $ 41,348 $ 18,407 Net (loss) income $ (149 ) $ 128 $ 37,487 $ 15,211 Other: Revenue $ 45,979 $ 46,377 $ 73,566 $ 71,582 Operating income $ 11,105 $ 11,677 $ 14,631 $ 13,344 Net income $ 11,264 $ 11,698 $ 14,901 $ 13,386 Total: Revenue $ 307,467 $ 246,689 $ 600,040 $ 520,665 Operating loss $ (95,947 ) $ (136,684 ) $ (24,747 ) $ (290,148 ) Net loss $ (177,125 ) $ (81,995 ) $ (178,808 ) $ (225,375 ) |
Real Estate and Other Assets 29
Real Estate and Other Assets Held for Sale and Related Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 (dollars in thousands): June 30, December 31, Assets: Real estate held for sale (see Note 9) $ 1,899 $ 3,840 Other current assets — 5 Total real estate and other assets held for sale 1,899 3,845 Liabilities: Accounts payable and accrued expenses 13 61 Total liabilities related to real estate and other assets held for sale 13 61 Net real estate and other assets held for sale $ 1,886 $ 3,784 |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Assets | Our real estate is reported in our Development Services segment and consisted of the following (dollars in thousands): June 30, December 31, Real estate included in assets held for sale (see Note 8) $ 1,899 $ 3,840 Real estate under development (non-current) 13,868 4,630 Real estate held for investment (1) 21,217 37,129 Total real estate (2) $ 36,984 $ 45,599 (1) Net of accumulated depreciation of $10.1 million and $12.3 million at June 30, 2015 and December 31, 2014, respectively. (2) Includes balances for lease intangibles of $0.1 million and $3.6 million at June 30, 2015 and December 31, 2014, respectively. We record lease intangibles 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. |
Notes Payable on Real Estate (T
Notes Payable on Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, December 31, Current portion of notes payable on real estate $ 1,625 $ 23,229 Notes payable on real estate, non-current portion 23,194 19,614 Total notes payable on real estate $ 24,819 $ 42,843 |
Income Per Share Information (T
Income Per Share Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following is a calculation of income per share (dollars in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Computation of basic income per share attributable to CBRE Group, Inc. shareholders: Net income attributable to CBRE Group, Inc. shareholders $ 125,029 $ 105,464 $ 217,966 $ 173,127 Weighted average shares outstanding for basic income per share 331,999,935 330,133,061 331,988,489 330,084,525 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.38 $ 0.32 $ 0.66 $ 0.52 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: Net income attributable to CBRE Group, Inc. shareholders $ 125,029 $ 105,464 $ 217,966 $ 173,127 Weighted average shares outstanding for basic income per share 331,999,935 330,133,061 331,988,489 330,084,525 Dilutive effect of contingently issuable shares 3,913,275 3,360,227 3,678,940 3,120,170 Dilutive effect of stock options 241,314 425,332 259,197 429,647 Weighted average shares outstanding for diluted income per share 336,154,524 333,918,620 335,926,626 333,634,342 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.37 $ 0.32 $ 0.65 $ 0.52 |
Pensions (Tables)
Pensions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Pension Cost (Benefit) | Net periodic pension cost (benefit) consisted of the following (dollars in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest cost $ 3,686 $ 4,477 $ 7,427 $ 8,908 Expected return on plan assets (4,547 ) (5,857 ) (9,159 ) (11,653 ) Amortization of unrecognized net loss 1,016 668 2,047 1,330 Net periodic pension cost (benefit) $ 155 $ (712 ) $ 315 $ (1,415 ) |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue Americas $ 1,434,489 $ 1,235,720 $ 2,662,105 $ 2,257,401 EMEA 585,714 510,987 1,079,738 1,029,666 Asia Pacific 261,828 241,214 470,194 436,857 Global Investment Management 94,053 126,314 204,277 238,777 Development Services 14,422 12,571 26,695 24,947 $ 2,390,506 $ 2,126,806 $ 4,443,009 $ 3,987,648 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 EBITDA Americas $ 203,411 $ 169,404 $ 390,732 $ 295,166 EMEA 47,810 27,369 55,388 50,734 Asia Pacific 28,154 23,765 38,704 32,006 Global Investment Management 16,304 38,129 51,184 66,392 Development Services 1,181 1,527 7,140 13,102 $ 296,860 $ 260,194 $ 543,148 $ 457,400 |
EBITDA Calculation by Segment | EBITDA for our segments is calculated as follows (dollars in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Americas Net income attributable to CBRE Group, Inc. $ 96,857 $ 92,304 $ 192,059 $ 162,770 Add: Depreciation and amortization 44,591 35,187 87,541 69,345 Interest expense (income), net 4,247 (226 ) 7,793 8,960 Write-off of financing costs — — 2,685 — Royalty and management service expense (income) 2,370 (2,843 ) 2,478 (3,707 ) Provision for income taxes 55,346 44,982 98,176 57,798 EBITDA $ 203,411 $ 169,404 $ 390,732 $ 295,166 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 19,929 $ (6,967 ) $ 1,443 $ (13,957 ) Add: Depreciation and amortization 14,607 15,319 29,399 32,782 Interest expense, net 11,375 17,184 22,822 24,343 Royalty and management service income (4,975 ) (3,070 ) (6,192 ) (6,955 ) Provision for income taxes 6,874 4,903 7,916 14,521 EBITDA $ 47,810 $ 27,369 $ 55,388 $ 50,734 Asia Pacific Net income attributable to CBRE Group, Inc. $ 10,949 $ 8,246 $ 13,608 $ 4,002 Add: Depreciation and amortization 3,783 3,371 7,629 6,439 Interest expense, net 991 768 1,889 1,103 Royalty and management service expense 1,586 4,623 1,649 8,262 Provision for income taxes 10,845 6,757 13,929 12,200 EBITDA $ 28,154 $ 23,765 $ 38,704 $ 32,006 Global Investment Management Net (loss) income attributable to CBRE Group, Inc. $ (2,688 ) $ 12,234 $ 8,020 $ 15,062 Add: Depreciation and amortization 7,061 8,452 14,672 17,818 Interest expense, net 7,818 8,745 15,502 17,586 Royalty and management service expense 1,019 1,290 2,065 2,400 Provision for income taxes 3,094 7,408 10,925 13,526 EBITDA $ 16,304 $ 38,129 $ 51,184 $ 66,392 Development Services Net (loss) income attributable to CBRE Group, Inc. $ (18 ) $ (353 ) $ 2,836 $ 5,250 Add: Depreciation and amortization 563 966 1,210 2,114 Interest expense, net 321 853 663 1,770 Provision for income taxes 315 61 2,431 3,968 EBITDA $ 1,181 $ 1,527 $ 7,140 $ 13,102 |
Guarantor and Nonguarantor Fi35
Guarantor and Nonguarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 5 $ 15,041 $ 56,547 $ 264,829 $ — $ 336,422 Restricted cash — — 1,150 64,861 — 66,011 Receivables, net — — 593,479 1,011,141 — 1,604,620 Warehouse receivables (a) — — 628,013 122,803 — 750,816 Trading securities — — 101 68,452 — 68,553 Income taxes receivable 9,625 — 27,942 12,428 — 49,995 Prepaid expenses — — 59,910 94,550 — 154,460 Deferred tax assets, net — — 140,746 64,112 — 204,858 Real estate and other assets held for sale — — 1,058 841 — 1,899 Available for sale securities — — 1,129 — — 1,129 Other current assets — 7,077 59,473 37,643 — 104,193 Total Current Assets 9,630 22,118 1,569,548 1,741,660 — 3,342,956 Property and equipment, net — — 345,569 138,463 — 484,032 Goodwill — — 1,205,056 1,108,763 — 2,313,819 Other intangible assets, net — — 512,318 293,784 — 806,102 Investments in unconsolidated subsidiaries — — 185,767 36,772 — 222,539 Investments in consolidated subsidiaries 3,343,116 2,493,405 930,412 — (6,766,933 ) — Intercompany loan receivable — 2,552,719 700,000 — (3,252,719 ) — Real estate under development — — 842 13,026 — 13,868 Real estate held for investment — — 5,675 15,542 — 21,217 Available for sale securities — — 56,304 1,819 — 58,123 Other assets, net — 48,726 113,133 35,744 — 197,603 Total Assets $ 3,352,746 $ 5,116,968 $ 5,624,624 $ 3,385,573 $ (10,019,652 ) $ 7,460,259 Current Liabilities: Accounts payable and accrued expenses $ — $ 19,664 $ 209,244 $ 535,616 $ — $ 764,524 Compensation and employee benefits payable — 626 346,696 230,645 — 577,967 Accrued bonus and profit sharing — — 207,347 213,761 — 421,108 Short-term borrowings: Warehouse lines of credit (a) — — 624,360 119,232 — 743,592 Other — — 16 879 — 895 Total short-term borrowings — — 624,376 120,111 — 744,487 Current maturities of long-term debt — 12,500 1,380 14 — 13,894 Notes payable on real estate — — — 1,625 — 1,625 Other current liabilities — 4,807 60,873 5,489 — 71,169 Total Current Liabilities — 37,597 1,449,916 1,107,261 — 2,594,774 Long-Term Debt: 5.00% senior notes — 800,000 — — — 800,000 Senior term loans — 484,375 — — — 484,375 5.25% senior notes — 426,774 — — — 426,774 Other long-term debt — — — 7 — 7 Intercompany loan payable 893,154 — 1,306,364 1,053,201 (3,252,719 ) — Total Long-Term Debt 893,154 1,711,149 1,306,364 1,053,208 (3,252,719 ) 1,711,156 Notes payable on real estate — — — 23,194 — 23,194 Deferred tax liabilities, net — — 106,438 60,856 — 167,294 Non-current tax liabilities — — 48,869 — — 48,869 Pension liability — — — 91,028 — 91,028 Other liabilities — 25,106 219,632 75,678 — 320,416 Total Liabilities 893,154 1,773,852 3,131,219 2,411,225 (3,252,719 ) 4,956,731 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,459,592 3,343,116 2,493,405 930,412 (6,766,933 ) 2,459,592 Non-controlling interests — — — 43,936 — 43,936 Total Equity 2,459,592 3,343,116 2,493,405 974,348 (6,766,933 ) 2,503,528 Total Liabilities and Equity $ 3,352,746 $ 5,116,968 $ 5,624,624 $ 3,385,573 $ (10,019,652 ) $ 7,460,259 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, N.A. (TD Bank), JP Morgan Chase Bank, N.A. (JP Morgan), Bank of America (BofA), Capital One, N.A. (Capital One) and Fannie Mae ASAP lines of credit are pledged to TD Bank, JP Morgan, BofA, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 5 $ 18,262 $ 374,103 $ 348,514 $ — $ 740,884 Restricted cash — — 630 27,460 — 28,090 Receivables, net — — 605,044 1,131,185 — 1,736,229 Warehouse receivables (a) — — 339,921 166,373 — 506,294 Trading securities — — 115 62,689 — 62,804 Income taxes receivable 19,443 — — 10,603 (17,337 ) 12,709 Prepaid expenses — — 62,902 79,817 — 142,719 Deferred tax assets, net — — 140,761 65,105 — 205,866 Real estate and other assets held for sale — — — 3,845 — 3,845 Available for sale securities — — 663 — — 663 Other current assets — 1,185 50,429 32,787 — 84,401 Total Current Assets 19,448 19,447 1,574,568 1,928,378 (17,337 ) 3,524,504 Property and equipment, net — — 361,899 136,027 — 497,926 Goodwill — — 1,196,418 1,137,403 — 2,333,821 Other intangible assets, net — — 493,058 309,302 — 802,360 Investments in unconsolidated subsidiaries — — 173,738 44,542 — 218,280 Investments in consolidated subsidiaries 3,019,410 2,433,913 914,895 — (6,368,218 ) — Intercompany loan receivable — 2,453,215 700,000 — (3,153,215 ) — Real estate under development — — 828 3,802 — 4,630 Real estate held for investment — — 6,814 30,315 — 37,129 Available for sale securities — — 57,714 1,798 — 59,512 Other assets, net — 33,581 98,139 37,223 — 168,943 Total Assets $ 3,038,858 $ 4,940,156 $ 5,578,071 $ 3,628,790 $ (9,538,770 ) $ 7,647,105 Current Liabilities: Accounts payable and accrued expenses $ — $ 19,541 $ 257,591 $ 550,398 $ — $ 827,530 Compensation and employee benefits payable — 626 346,663 276,525 — 623,814 Accrued bonus and profit sharing — — 425,329 363,529 — 788,858 Income taxes payable — — 17,337 — (17,337 ) — Short-term borrowings: Warehouse lines of credit (a) — — 337,184 164,001 — 501,185 Revolving credit facility — — — 4,840 — 4,840 Other — — 16 9 — 25 Total short-term borrowings — — 337,200 168,850 — 506,050 Current maturities of long-term debt — 39,650 2,734 23 — 42,407 Notes payable on real estate — — — 23,229 — 23,229 Other current liabilities — 1,258 58,357 4,131 — 63,746 Total Current Liabilities — 61,075 1,445,211 1,386,685 (17,337 ) 2,875,634 Long-Term Debt: 5.00% senior notes — 800,000 — — — 800,000 Senior term loans — 605,963 — — — 605,963 5.25% senior notes — 426,813 — — — 426,813 Other long-term debt — — — 26 — 26 Intercompany loan payable 779,028 — 1,350,424 1,023,763 (3,153,215 ) — Total Long-Term Debt 779,028 1,832,776 1,350,424 1,023,789 (3,153,215 ) 1,832,802 Notes payable on real estate — — — 19,614 — 19,614 Deferred tax liabilities, net — — 87,486 61,747 — 149,233 Non-current tax liabilities — — 45,936 67 — 46,003 Pension liability — — — 92,923 — 92,923 Other liabilities — 26,895 215,101 87,502 — 329,498 Total Liabilities 779,028 1,920,746 3,144,158 2,672,327 (3,170,552 ) 5,345,707 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,259,830 3,019,410 2,433,913 914,895 (6,368,218 ) 2,259,830 Non-controlling interests — — — 41,568 — 41,568 Total Equity 2,259,830 3,019,410 2,433,913 956,463 (6,368,218 ) 2,301,398 Total Liabilities and Equity $ 3,038,858 $ 4,940,156 $ 5,578,071 $ 3,628,790 $ (9,538,770 ) $ 7,647,105 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 5.25% senior notes and our 2013 Credit Agreement, a substantial majority of warehouse receivables funded under BofA, JP Morgan, Capital One and Fannie Mae ASAP lines of credit are pledged to BofA, JP Morgan, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. |
Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Subsidiaries Nonguarantor Subsidiaries Elimination Consolidated Total Revenue $ — $ — $ 1,341,591 $ 1,048,915 $ — $ 2,390,506 Costs and expenses: Cost of services — — 849,131 638,843 — 1,487,974 Operating, administrative and other 12,362 11,698 301,412 284,686 — 610,158 Depreciation and amortization — — 39,282 31,323 — 70,605 Total costs and expenses 12,362 11,698 1,189,825 954,852 — 2,168,737 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (12,362 ) (11,698 ) 151,907 100,908 — 228,755 Equity income (loss) from unconsolidated subsidiaries — — 8,591 (1,898 ) — 6,693 Other income (loss) — 1 335 (1,405 ) — (1,069 ) Interest income — 52,361 78,199 990 (130,148 ) 1,402 Interest expense — 102,816 36,373 17,113 (130,148 ) 26,154 Royalty and management service expense (income) — — 236 (236 ) — — Income from consolidated subsidiaries 132,726 171,425 43,680 — (347,831 ) — Income before (benefit of) provision for income taxes 120,364 109,273 246,103 81,718 (347,831 ) 209,627 (Benefit of) provision for income taxes (4,665 ) (23,453 ) 74,678 29,914 — 76,474 Net income 125,029 132,726 171,425 51,804 (347,831 ) 133,153 Less: Net income attributable to non-controlling interests — — — 8,124 — 8,124 Net income attributable to CBRE Group, Inc. $ 125,029 $ 132,726 $ 171,425 $ 43,680 $ (347,831 ) $ 125,029 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,168,544 $ 958,262 $ — $ 2,126,806 Costs and expenses: Cost of services — — 728,165 586,308 — 1,314,473 Operating, administrative and other 10,684 4,253 270,637 280,628 — 566,202 Depreciation and amortization — — 31,991 31,304 — 63,295 Total costs and expenses 10,684 4,253 1,030,793 898,240 — 1,943,970 Gain on disposition of real estate — — — 23,170 — 23,170 Operating (loss) income (10,684 ) (4,253 ) 137,751 83,192 — 206,006 Equity income from unconsolidated subsidiaries — — 8,802 462 — 9,264 Other income — 1 757 5,606 — 6,364 Interest income — 44,115 531 615 (44,115 ) 1,146 Interest expense — 26,168 22,688 23,729 (44,115 ) 28,470 Royalty and management service (income) expense — — (4,779 ) 4,779 — — Income from consolidated subsidiaries 112,163 103,575 16,540 — (232,278 ) — Income before (benefit of) provision for income taxes 101,479 117,270 146,472 61,367 (232,278 ) 194,310 (Benefit of) provision for income taxes (3,985 ) 5,107 42,897 20,092 — 64,111 Net income 105,464 112,163 103,575 41,275 (232,278 ) 130,199 Less: Net income attributable to non-controlling interests — — — 24,735 — 24,735 Net income attributable to CBRE Group, Inc. $ 105,464 $ 112,163 $ 103,575 $ 16,540 $ (232,278 ) $ 105,464 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 2,499,462 $ 1,943,547 $ — $ 4,443,009 Costs and expenses: Cost of services — — 1,566,774 1,211,977 — 2,778,751 Operating, administrative and other 25,506 (6,922 ) 585,999 537,350 — 1,141,933 Depreciation and amortization — — 75,809 64,642 — 140,451 Total costs and expenses 25,506 (6,922 ) 2,228,582 1,813,969 — 4,061,135 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (25,506 ) 6,922 271,021 136,423 — 388,860 Equity income (loss) from unconsolidated subsidiaries — — 23,912 (1,768 ) — 22,144 Other income (loss) — 1 1,259 (1,242 ) — 18 Interest income — 107,728 78,873 2,613 (185,515 ) 3,699 Interest expense — 127,702 75,775 34,406 (185,515 ) 52,368 Write-off of financing costs — 2,685 — — — 2,685 Royalty and management service (income) expense — — (3,866 ) 3,866 — — Income from consolidated subsidiaries 233,847 243,645 43,905 — (521,397 ) — Income before (benefit of) provision for income taxes 208,341 227,909 347,061 97,754 (521,397 ) 359,668 (Benefit of) provision for income taxes (9,625 ) (5,938 ) 103,416 45,524 — 133,377 Net income 217,966 233,847 243,645 52,230 (521,397 ) 226,291 Less: Net income attributable to non-controlling interests — — — 8,325 — 8,325 Net income attributable to CBRE Group, Inc. $ 217,966 $ 233,847 $ 243,645 $ 43,905 $ (521,397 ) $ 217,966 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 2,125,182 $ 1,862,466 $ — $ 3,987,648 Costs and expenses: Cost of services — — 1,323,082 1,152,851 — 2,475,933 Operating, administrative and other 20,356 5,652 524,622 543,967 — 1,094,597 Depreciation and amortization — — 63,172 65,326 — 128,498 Total costs and expenses 20,356 5,652 1,910,876 1,762,144 — 3,699,028 Gain on disposition of real estate — — 6,697 23,170 — 29,867 Operating (loss) income (20,356 ) (5,652 ) 221,003 123,492 — 318,487 Equity income (loss) from unconsolidated subsidiaries — — 26,004 (1,740 ) — 24,264 Other income — 1 1,599 9,565 — 11,165 Interest income — 96,385 1,131 1,587 (96,380 ) 2,723 Interest expense — 50,770 64,714 37,381 (96,380 ) 56,485 Royalty and management service (income) expense — — (6,637 ) 6,637 — — Income from consolidated subsidiaries 185,892 160,830 13,703 — (360,425 ) — Income before (benefit of) provision for income taxes 165,536 200,794 205,363 88,886 (360,425 ) 300,154 (Benefit of) provision for income taxes (7,591 ) 14,902 44,533 50,169 — 102,013 Net income 173,127 185,892 160,830 38,717 (360,425 ) 198,141 Less: Net income attributable to non-controlling interests — — — 25,014 — 25,014 Net income attributable to CBRE Group, Inc. $ 173,127 $ 185,892 $ 160,830 $ 13,703 $ (360,425 ) $ 173,127 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 125,029 $ 132,726 $ 171,425 $ 51,804 $ (347,831 ) $ 133,153 Other comprehensive income: Foreign currency translation gain — — — 57,508 — 57,508 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,809 — — — 1,809 Unrealized gains on interest rate swaps, net of tax — 263 — — — 263 Unrealized holding gains (losses) on available for sale securities, net of tax — — 258 (21 ) — 237 Other, net — — 16 — — 16 Total other comprehensive income — 2,072 274 57,487 — 59,833 Comprehensive income 125,029 134,798 171,699 109,291 (347,831 ) 192,986 Less: Comprehensive income attributable to non-controlling interests — — — 8,141 — 8,141 Comprehensive income attributable to CBRE Group, Inc. $ 125,029 $ 134,798 $ 171,699 $ 101,150 $ (347,831 ) $ 184,845 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 105,464 $ 112,163 $ 103,575 $ 41,275 $ (232,278 ) $ 130,199 Other comprehensive (loss) income: Foreign currency translation gain — — — 24,873 — 24,873 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,826 — — — 1,826 Unrealized losses on interest rate swaps and interest rate caps, net of tax — (2,810 ) — — — (2,810 ) Unrealized holding losses on available for sale securities, net of tax — — (1,208 ) (86 ) — (1,294 ) Other, net — — (140 ) — — (140 ) Total other comprehensive (loss) income — (984 ) (1,348 ) 24,787 — 22,455 Comprehensive income 105,464 111,179 102,227 66,062 (232,278 ) 152,654 Less: Comprehensive income attributable to non-controlling interests — — — 24,738 — 24,738 Comprehensive income attributable to CBRE Group, Inc. $ 105,464 $ 111,179 $ 102,227 $ 41,324 $ (232,278 ) $ 127,916 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 217,966 $ 233,847 $ 243,645 $ 52,230 $ (521,397 ) $ 226,291 Other comprehensive income (loss): Foreign currency translation loss — — — (47,912 ) — (47,912 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 3,604 — — — 3,604 Unrealized losses on interest rate swaps, net of tax — (2,511 ) — — — (2,511 ) Unrealized holding (losses) gains on available for sale securities, net of tax — — (29 ) 100 — 71 Other, net — — 18 — — 18 Total other comprehensive income (loss) — 1,093 (11 ) (47,812 ) — (46,730 ) Comprehensive income 217,966 234,940 243,634 4,418 (521,397 ) 179,561 Less: Comprehensive income attributable to non-controlling interests — — — 8,309 — 8,309 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 217,966 $ 234,940 $ 243,634 $ (3,891 ) $ (521,397 ) $ 171,252 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 173,127 $ 185,892 $ 160,830 $ 38,717 $ (360,425 ) $ 198,141 Other comprehensive (loss) income: Foreign currency translation gain — — — 36,446 — 36,446 Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 3,626 — — — 3,626 Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax — (4,375 ) — 61 — (4,314 ) Unrealized holding losses on available for sale securities, net of tax — — (840 ) (16 ) — (856 ) Other, net — — 135 — — 135 Total other comprehensive (loss) income — (749 ) (705 ) 36,491 — 35,037 Comprehensive income 173,127 185,143 160,125 75,208 (360,425 ) 233,178 Less: Comprehensive income attributable to non-controlling interests — — — 25,023 — 25,023 Comprehensive income attributable to CBRE Group, Inc. $ 173,127 $ 185,143 $ 160,125 $ 50,185 $ (360,425 ) $ 208,155 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 23,264 $ (4,978 ) $ (6,437 ) $ (54,040 ) $ (42,191 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (25,039 ) (25,349 ) (50,388 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (91,413 ) (3,562 ) (94,975 ) Contributions to unconsolidated subsidiaries — — (26,662 ) (909 ) (27,571 ) Distributions from unconsolidated subsidiaries — — 25,060 2,209 27,269 Additions to real estate held for investment — — — (1,411 ) (1,411 ) Proceeds from the sale of servicing rights and other assets — — 5,439 7,176 12,615 Increase in restricted cash — — (520 ) (38,158 ) (38,678 ) Purchase of available for sale securities — — (23,453 ) — (23,453 ) Proceeds from the sale of available for sale securities — — 24,563 — 24,563 Other investing activities, net — — 1,192 — 1,192 Net cash used in investing activities — — (110,833 ) (60,004 ) (170,837 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 500,000 — — 500,000 Repayment of senior term loans — (648,738 ) — — (648,738 ) Proceeds from revolving credit facility — 831,000 — — 831,000 Repayment of revolving credit facility — (831,000 ) — (4,512 ) (835,512 ) Repayment of notes payable on real estate held for investment — — — (776 ) (776 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,404 4,404 Proceeds from short-term borrowings, net — — — 569 569 Shares repurchased for payment of taxes on equity awards (5,113 ) — — — (5,113 ) Proceeds from exercise of stock options 3,214 — — — 3,214 Incremental tax benefit from stock options exercised 1,078 — — — 1,078 Non-controlling interests contributions — — — 4,405 4,405 Non-controlling interests distributions — — — (10,637 ) (10,637 ) Payment of financing costs — (22,225 ) — — (22,225 ) (Increase) decrease in intercompany receivables, net (22,443 ) 172,720 (198,173 ) 47,896 — Other financing activities, net — — (2,113 ) (25 ) (2,138 ) Net cash (used in) provided by financing activities (23,264 ) 1,757 (200,286 ) 41,324 (180,469 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (10,965 ) (10,965 ) NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,221 ) (317,556 ) (83,685 ) (404,462 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 15,041 $ 56,547 $ 264,829 $ 336,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 42,137 $ 83 $ 903 $ 43,123 Income tax payments, net $ — $ — $ 87,405 $ 60,606 $ 148,011 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 20,007 $ 49,743 $ (160,250 ) $ (133,484 ) $ (223,984 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (35,954 ) (17,651 ) (53,605 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (5,230 ) (24,547 ) (29,777 ) Contributions to unconsolidated subsidiaries — — (23,059 ) (2,381 ) (25,440 ) Distributions from unconsolidated subsidiaries — — 20,914 1,933 22,847 Net proceeds from disposition of real estate held for investment — — — 68,183 68,183 Additions to real estate held for investment — — — (5,144 ) (5,144 ) Proceeds from the sale of servicing rights and other assets — — 5,810 7,010 12,820 Decrease in restricted cash — 6,871 746 6,584 14,201 Purchase of available for sale securities — — (41,466 ) — (41,466 ) Proceeds from the sale of available for sale securities — — 35,056 — 35,056 Other investing activities, net — — 327 — 327 Net cash provided by (used in) investing activities — 6,871 (42,856 ) 33,987 (1,998 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (19,825 ) — — (19,825 ) Proceeds from revolving credit facility — 1,088,000 — 66,568 1,154,568 Repayment of revolving credit facility — (932,928 ) — (29,387 ) (962,315 ) Proceeds from notes payable on real estate held for investment — — — 3,575 3,575 Repayment of notes payable on real estate held for investment — — — (22,990 ) (22,990 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,885 4,885 Repayment of notes payable on real estate held for sale and under development — — — (32,984 ) (32,984 ) Proceeds from short-term borrowings, net — — — 6,538 6,538 Shares repurchased for payment of taxes on equity awards (15 ) — — — (15 ) Proceeds from exercise of stock options 2,209 — — — 2,209 Incremental tax benefit from stock options exercised 2,158 — — — 2,158 Non-controlling interests contributions — — — 574 574 Non-controlling interests distributions — — — (24,120 ) (24,120 ) Payment of financing costs — — — (104 ) (104 ) (Increase) decrease in intercompany receivables, net (24,374 ) (194,120 ) 200,344 18,150 — Other financing activities, net 15 — (1,437 ) (9 ) (1,431 ) Net cash (used in) provided by financing activities (20,007 ) (58,873 ) 198,907 (9,304 ) 110,723 Effect of currency exchange rate changes on cash and cash equivalents — — — 5,213 5,213 NET DECREASE IN CASH AND CASH EQUIVALENTS — (2,259 ) (4,199 ) (103,588 ) (110,046 ) 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 $ 9,326 $ 87,045 $ 285,490 $ 381,866 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 47,204 $ 355 $ 3,655 $ 51,214 Income tax payments, net $ — $ — $ 128,176 $ 54,139 $ 182,315 |
Acquisition of Global WorkPla36
Acquisition of Global WorkPlace Solutions - Additional Information (Detail) - Jun. 30, 2015 - Global WorkPlace Solutions (GWS) [Member] - USD ($) $ in Millions | Total |
Business Acquisition [Line Items] | |
Date of business purchase agreement | Mar. 31, 2015 |
Purchase price payable in cash | $ 1,475 |
Variable Interest Entities (V37
Variable Interest Entities (VIEs) - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014USD ($) | Dec. 31, 2014Buildings | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of commercial properties sold | 2 | |
Financial support funded to the entities | $ | $ 0 |
Variable Interest Entities (V38
Variable Interest Entities (VIEs) - Schedule of Operating Results Relating to Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 2,390,506 | $ 2,126,806 | $ 4,443,009 | $ 3,987,648 |
Operating, administrative and other expenses | 610,158 | 566,202 | 1,141,933 | 1,094,597 |
Gain on disposition of real estate | 6,986 | 23,170 | 6,986 | 29,867 |
Net income attributable to non-controlling interests | $ 8,124 | 24,735 | $ 8,325 | 25,014 |
Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 1,459 | 3,561 | ||
Operating, administrative and other expenses | 1,355 | 2,588 | ||
Gain on disposition of real estate | 23,028 | 23,028 | ||
Net income attributable to non-controlling interests | $ 22,202 | $ 21,724 |
Variable Interest Entities (V39
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | $ 222,539 | $ 218,280 |
Other assets, current | 104,193 | 84,401 |
Co-investment commitments | 20,700 | |
Non-Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | 22,263 | 26,353 |
Other assets, current | 3,523 | 3,337 |
Co-investment commitments | 200 | 200 |
Maximum exposure to loss | $ 25,986 | $ 29,890 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value measurements assets, significant transfers from level 1 to level 2 | $ 0 | $ 0 | |
Fair value measurements assets, significant transfers from level 2 to level 1 | 0 | 0 | |
Fair value measurements liabilities, significant transfers from level 1 to level 2 | 0 | 0 | |
Fair value measurements liabilities, significant transfers from level 2 to level 1 | 0 | $ 0 | |
Senior term loans | 484,375,000 | $ 605,963,000 | |
Carrying value of notes payable on real estate | 24,819,000 | 42,843,000 | |
Recourse of notes payable on real estate | 0 | 0 | |
5.00% senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | 810,000,000 | 818,000,000 | |
Senior notes | $ 800,000,000 | $ 800,000,000 | |
5.00% senior notes [Member] | Senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 5.00% | 5.00% | |
5.25% senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 439,900,000 | $ 439,700,000 | |
Senior notes | $ 426,774,000 | $ 426,813,000 | |
5.25% senior notes [Member] | Senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 5.25% | 5.25% | |
Senior term loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 496,900,000 | $ 645,100,000 | |
Senior term loans | $ 496,900,000 | $ 645,600,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 68,553 | $ 62,804 |
Warehouse receivables | 750,816 | 506,294 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 59,252 | 60,175 |
Trading securities | 68,553 | 62,804 |
Warehouse receivables | 750,816 | 506,294 |
Loan commitments | 6,569 | 2,372 |
Foreign currency exchange forward contracts | 7,127 | 1,235 |
Total assets at fair value | 892,317 | 632,880 |
Interest rate swaps | 25,106 | 26,895 |
Securities sold, not yet purchased | 3,472 | 1,830 |
Foreign currency exchange forward contracts | 5,061 | 1,397 |
Total liabilities at fair value | 33,639 | 30,122 |
Recurring [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 4,553 | 4,813 |
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 | 6,469 | 6,690 |
Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 18,418 | 16,664 |
Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,023 | 3,755 |
Recurring [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,910 | 1,959 |
Recurring [Member] | Debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 34,373 | 33,881 |
Recurring [Member] | Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 24,879 | 26,294 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 29,432 | 31,107 |
Trading securities | 68,553 | 62,804 |
Total assets at fair value | 97,985 | 93,911 |
Securities sold, not yet purchased | 3,472 | 1,830 |
Total liabilities at fair value | 3,472 | 1,830 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 4,553 | 4,813 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 4,553 | 4,813 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 24,879 | 26,294 |
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 | 29,820 | 29,068 |
Warehouse receivables | 750,816 | 506,294 |
Foreign currency exchange forward contracts | 7,127 | 1,235 |
Total assets at fair value | 787,763 | 536,597 |
Interest rate swaps | 25,106 | 26,895 |
Foreign currency exchange forward contracts | 5,061 | 1,397 |
Total liabilities at fair value | 30,167 | 28,292 |
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 | 6,469 | 6,690 |
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 | 18,418 | 16,664 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,023 | 3,755 |
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 | 1,910 | 1,959 |
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 | 29,820 | 29,068 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan commitments | 6,569 | 2,372 |
Total assets at fair value | $ 6,569 | $ 2,372 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements for Level 3 Assets (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 2,372 |
Net gains included in earnings | 10,584 |
Settlements | (6,387) |
Transfers into (out of) Level 3 | 0 |
Ending balance | $ 6,569 |
Derivative Financial Instrume43
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015USD ($)ContractCounterpartyContracts | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ContractCounterpartyContracts | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Counterparty | Mar. 31, 2014USD ($)Contract | Mar. 31, 2011USD ($)Swap | |
Derivative [Line Items] | |||||||
Derivative notional amount | $ 400,000,000 | ||||||
Number of interest rate swap agreements entered | Swap | 5 | ||||||
Ineffectiveness of significant hedge | $ 0 | $ 0 | $ 0 | $ 0 | |||
Interest rate swaps reclassified to interest expense | 26,154,000 | 28,470,000 | 52,368,000 | 56,485,000 | |||
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | 263,000 | (2,810,000) | (2,511,000) | (4,314,000) | |||
Reclassification out of accumulated other comprehensive income [Member] | |||||||
Derivative [Line Items] | |||||||
Amount to be reclassified to interest expense | 11,000,000 | 11,000,000 | |||||
Reclassification out of accumulated other comprehensive income [Member] | Accumulated net gain (loss) from designated or qualifying cash flow hedges [Member] | |||||||
Derivative [Line Items] | |||||||
Interest rate swaps reclassified to interest expense | 3,000,000 | 3,000,000 | 5,900,000 | 5,900,000 | |||
Loan commitments [Member] | |||||||
Derivative [Line Items] | |||||||
Fair value of forward contracts in asset position | 6,600,000 | 6,600,000 | $ 2,400,000 | ||||
Net gain on loan commitments | $ 6,600,000 | $ 10,600,000 | |||||
Loan commitments [Member] | Other current assets [Member] | |||||||
Derivative [Line Items] | |||||||
Number of counterparties aggregated | Counterparty | 3 | 3 | 3 | ||||
Foreign currency exchange forward contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 367,700,000 | $ 367,700,000 | $ 209,700,000 | ||||
Number of foreign currency exchange contracts entered | Contract | 83 | 83 | 38 | ||||
Net gains (losses) on foreign currency exchange | $ (11,100,000) | (3,400,000) | $ 7,300,000 | (3,400,000) | |||
Fair value of forward contracts in asset position | 7,100,000 | 7,100,000 | $ 500,000 | ||||
Fair value of forward contracts in liabilities position | $ 4,600,000 | $ 4,600,000 | $ 1,300,000 | ||||
Foreign currency exchange forward contracts [Member] | Other current assets [Member] | |||||||
Derivative [Line Items] | |||||||
Number of counterparties aggregated | Counterparty | 5 | 5 | 2 | ||||
Foreign currency exchange forward contracts [Member] | Other current liabilities [Member] | |||||||
Derivative [Line Items] | |||||||
Number of counterparties aggregated | Counterparty | 6 | 6 | 4 | ||||
Interest rate swaps [Member] | |||||||
Derivative [Line Items] | |||||||
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | $ 400,000 | $ (4,600,000) | $ (4,100,000) | $ (7,200,000) | |||
Fair value of interest rate swap reflected as liability | 25,100,000 | 25,100,000 | $ 26,900,000 | ||||
Foreign currency exchange option and forward contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 33,000,000 | $ 33,000,000 | |||||
Number of foreign currency exchange contracts entered | Contracts | 4,000,000 | 4,000,000 | |||||
Net gains (losses) on foreign currency exchange | $ (600,000) | $ (200,000) | |||||
Fair value of forward contracts in asset position | $ 500,000 | $ 500,000 | 800,000 | ||||
Fair value of forward contracts in liabilities position | $ 100,000 | ||||||
Foreign currency exchange option and forward contract [Member] | Other current assets [Member] | |||||||
Derivative [Line Items] | |||||||
Number of counterparties aggregated | Counterparty | 2 | 2 | 1 | ||||
Foreign currency exchange option and forward contract [Member] | Other current liabilities [Member] | |||||||
Derivative [Line Items] | |||||||
Number of counterparties aggregated | Counterparty | 1 | ||||||
Interest rate swap agreement expiring on October 2017 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 200,000,000 | ||||||
Interest rate swap, expiration date | 2017-10 | ||||||
Interest rate swap agreement expiring on September 2019 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 200,000,000 | ||||||
Interest rate swap, expiration date | 2019-09 |
Investments in Unconsolidated44
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | $ 307,467 | $ 246,689 | $ 600,040 | $ 520,665 |
Operating income (loss) | (95,947) | (136,684) | (24,747) | (290,148) |
Net (loss) income | (177,125) | (81,995) | (178,808) | (225,375) |
Global Investment Management [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 251,172 | 191,913 | 506,899 | 426,248 |
Operating income (loss) | (109,353) | (150,306) | (80,726) | (321,899) |
Net (loss) income | (188,240) | (93,821) | (231,196) | (253,972) |
Development Services [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 10,316 | 8,399 | 19,575 | 22,835 |
Operating income (loss) | 2,301 | 1,945 | 41,348 | 18,407 |
Net (loss) income | (149) | 128 | 37,487 | 15,211 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 45,979 | 46,377 | 73,566 | 71,582 |
Operating income (loss) | 11,105 | 11,677 | 14,631 | 13,344 |
Net (loss) income | $ 11,264 | $ 11,698 | $ 14,901 | $ 13,386 |
Real Estate and Other Assets 45
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Real estate held for sale | $ 1,899 | $ 3,840 |
Total real estate and other assets held for sale | 1,899 | 3,845 |
Liabilities: | ||
Total liabilities related to real estate and other assets held for sale | 13 | 61 |
Net real estate and other assets held for sale | 1,886 | 3,784 |
Other current assets [Member] | ||
Assets: | ||
Total real estate and other assets held for sale | 5 | |
Accounts payable and accrued expenses [Member] | ||
Liabilities: | ||
Total liabilities related to real estate and other assets held for sale | $ 13 | $ 61 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Real estate included in assets held for sale | $ 1,899 | $ 3,840 |
Real estate under development (non-current) | 13,868 | 4,630 |
Real estate held for investment | 21,217 | 37,129 |
Total real estate | $ 36,984 | $ 45,599 |
Real Estate - Schedule of Rea47
Real Estate - Schedule of Real Estate Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Accumulated depreciation | $ 10.1 | $ 12.3 |
Lease intangibles | $ 0.1 | $ 3.6 |
Notes Payable on Real Estate -
Notes Payable on Real Estate - Schedule of Loans Secured by Real Estate (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Current portion of notes payable on real estate | $ 1,625 | $ 23,229 |
Notes payable on real estate, non-current portion | 23,194 | 19,614 |
Total notes payable on real estate | $ 24,819 | $ 42,843 |
Debt- Tranche Term Loan Facilit
Debt- Tranche Term Loan Facilities - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Revolving credit facility principal amount outstanding | $ 4,840,000 | ||
Spread over applicable interest rate [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured term loans outstanding | 645,600,000 | ||
2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 2,600,000,000 | ||
Revolving credit facility maturity date | Jan. 9, 2020 | ||
Revolving credit sub-facilities current borrowings capacity foreign currency fluctuation provision | 5.00% | ||
Revolving credit facility principal amount outstanding | $ 0 | ||
2015 Credit Agreement [Member] | Minimum spread over applicable interest rate [Member] | |||
Debt Instrument [Line Items] | |||
Credit Agreement applicable fixed rate | 0.85% | ||
2015 Credit Agreement [Member] | Maximum spread over applicable interest rate [Member] | |||
Debt Instrument [Line Items] | |||
Credit Agreement applicable fixed rate | 1.00% | ||
2015 Credit Agreement [Member] | Canadian subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 75,000,000 | ||
2015 Credit Agreement [Member] | Australian and New Zealand subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | 100,000,000 | ||
2015 Credit Agreement [Member] | U.K. subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | 300,000,000 | ||
Tranche A term loan facility [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 500,000,000 | ||
Revolving credit facility maturity date | Jan. 9, 2020 | ||
Senior secured term loans outstanding | 434,400,000 | ||
Tranche A term loan facility [Member] | 5.25% senior notes [Member] | 2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount issued | $ 125,000,000 | ||
Interest rate of long-term debt | 5.25% | ||
2013 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility principal amount outstanding | $ 4,800,000 | ||
Revolving credit facility, weighted average annual interest rates | 1.40% | ||
Letters of credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, amount outstanding | $ 2,000,000 | ||
Tranche A and A-1 term loan facility [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured term loans outstanding | $ 496,900,000 | ||
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 | 0.95% | ||
Credit Agreement applicable daily rate | 0.00% | ||
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 | 1.25% | ||
Credit Agreement applicable daily rate | 0.25% | ||
Tranche B term loan facility [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured term loans outstanding | $ 211,200,000 |
Debt - Credit Agreement - Addit
Debt - Credit Agreement - Additional Information (Detail) - Jun. 30, 2015 | Total |
Debt Instrument [Line Items] | |
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 | 13.74 |
Leverage ratio of total debt less available cash to EBITDA | 1.15 |
5.00% senior notes [Member] | |
Debt Instrument [Line Items] | |
Interest rate of long-term debt | 5.00% |
5.25% Senior notes due March 15, 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate of long-term debt | 5.25% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 41,400,000 | |
Accrued loan loss | 19,900,000 | $ 16,800,000 |
Assets available for recourse | 267,000,000 | |
Warehouse receivables | $ 112,700,000 | |
Letters of credit expiration date | 2016-06 | |
Guarantees total | $ 19,900,000 | |
Guarantees expiration date | 2018-12 | |
Commitments to investment in future real estate investment | $ 20,700,000 | |
Commitments to investment in unconsolidated real estate subsidiary | 20,600,000 | |
Funded loans subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 11,300,000,000 | |
Funded loans not subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 51,600,000 | |
Letters of credit outstanding | $ 32,000,000 | $ 29,000,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Co-investments typically range | 2.00% | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Co-investments typically range | 5.00% |
Income Per Share Information -
Income Per Share Information - Computation of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 125,029 | $ 105,464 | $ 217,966 | $ 173,127 |
Weighted average shares outstanding for basic income per share | 331,999,935 | 330,133,061 | 331,988,489 | 330,084,525 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $ 0.38 | $ 0.32 | $ 0.66 | $ 0.52 |
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 125,029 | $ 105,464 | $ 217,966 | $ 173,127 |
Weighted average shares outstanding for basic income per share | 331,999,935 | 330,133,061 | 331,988,489 | 330,084,525 |
Dilutive effect of contingently issuable shares | 3,913,275 | 3,360,227 | 3,678,940 | 3,120,170 |
Dilutive effect of stock options | 241,314 | 425,332 | 259,197 | 429,647 |
Weighted average shares outstanding for diluted income per share | 336,154,524 | 333,918,620 | 335,926,626 | 333,634,342 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ 0.37 | $ 0.32 | $ 0.65 | $ 0.52 |
Income Per Share Information 53
Income Per Share Information - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Contingently issuable shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded in computation of diluted earning per share | 47,082 | 10,503 | 47,082 | 10,503 |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded in computation of diluted earning per share | 7,314 | 7,314 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - Jun. 30, 2015 $ in Millions | USD ($) | USD ($)Pension_Plan |
Compensation and Retirement Disclosure [Abstract] | ||
Number of contributory defined benefit pension plans in the United Kingdom | Pension_Plan | 2 | |
Contributed fund to pension plans | $ 1.5 | $ 3.4 |
Expected contribution to pension plans | $ 6.3 |
Pensions - Schedule of Net Peri
Pensions - Schedule of Net Periodic Pension Cost (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Interest cost | $ 3,686 | $ 4,477 | $ 7,427 | $ 8,908 |
Expected return on plan assets | (4,547) | (5,857) | (9,159) | (11,653) |
Amortization of unrecognized net loss | 1,016 | 668 | 2,047 | 1,330 |
Net periodic pension cost (benefit) | $ 155 | $ (712) | $ 315 | $ (1,415) |
Segments - Summarized Financial
Segments - Summarized Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,390,506 | $ 2,126,806 | $ 4,443,009 | $ 3,987,648 |
EBITDA | 296,860 | 260,194 | 543,148 | 457,400 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 94,053 | 126,314 | 204,277 | 238,777 |
EBITDA | 16,304 | 38,129 | 51,184 | 66,392 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 14,422 | 12,571 | 26,695 | 24,947 |
EBITDA | 1,181 | 1,527 | 7,140 | 13,102 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,434,489 | 1,235,720 | 2,662,105 | 2,257,401 |
EBITDA | 203,411 | 169,404 | 390,732 | 295,166 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 585,714 | 510,987 | 1,079,738 | 1,029,666 |
EBITDA | 47,810 | 27,369 | 55,388 | 50,734 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 261,828 | 241,214 | 470,194 | 436,857 |
EBITDA | $ 28,154 | $ 23,765 | $ 38,704 | $ 32,006 |
Segments - EBITDA Calculation b
Segments - EBITDA Calculation by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | $ 125,029 | $ 105,464 | $ 217,966 | $ 173,127 |
Depreciation and amortization | 70,605 | 63,295 | 140,451 | 128,498 |
Write-off of financing costs | 2,685 | |||
Provision for income taxes | 76,474 | 64,111 | 133,377 | 102,013 |
EBITDA | 296,860 | 260,194 | 543,148 | 457,400 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 96,857 | 92,304 | 192,059 | 162,770 |
Depreciation and amortization | 44,591 | 35,187 | 87,541 | 69,345 |
Interest expense (income), net | 4,247 | (226) | 7,793 | 8,960 |
Write-off of financing costs | 2,685 | |||
Royalty and management service expense (income) | 2,370 | (2,843) | 2,478 | (3,707) |
Provision for income taxes | 55,346 | 44,982 | 98,176 | 57,798 |
EBITDA | 203,411 | 169,404 | 390,732 | 295,166 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 19,929 | (6,967) | 1,443 | (13,957) |
Depreciation and amortization | 14,607 | 15,319 | 29,399 | 32,782 |
Interest expense (income), net | 11,375 | 17,184 | 22,822 | 24,343 |
Royalty and management service expense (income) | (4,975) | (3,070) | (6,192) | (6,955) |
Provision for income taxes | 6,874 | 4,903 | 7,916 | 14,521 |
EBITDA | 47,810 | 27,369 | 55,388 | 50,734 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 10,949 | 8,246 | 13,608 | 4,002 |
Depreciation and amortization | 3,783 | 3,371 | 7,629 | 6,439 |
Interest expense (income), net | 991 | 768 | 1,889 | 1,103 |
Royalty and management service expense (income) | 1,586 | 4,623 | 1,649 | 8,262 |
Provision for income taxes | 10,845 | 6,757 | 13,929 | 12,200 |
EBITDA | 28,154 | 23,765 | 38,704 | 32,006 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | (2,688) | 12,234 | 8,020 | 15,062 |
Depreciation and amortization | 7,061 | 8,452 | 14,672 | 17,818 |
Interest expense (income), net | 7,818 | 8,745 | 15,502 | 17,586 |
Royalty and management service expense (income) | 1,019 | 1,290 | 2,065 | 2,400 |
Provision for income taxes | 3,094 | 7,408 | 10,925 | 13,526 |
EBITDA | 16,304 | 38,129 | 51,184 | 66,392 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | (18) | (353) | 2,836 | 5,250 |
Depreciation and amortization | 563 | 966 | 1,210 | 2,114 |
Interest expense (income), net | 321 | 853 | 663 | 1,770 |
Provision for income taxes | 315 | 61 | 2,431 | 3,968 |
EBITDA | $ 1,181 | $ 1,527 | $ 7,140 | $ 13,102 |
Guarantor and Nonguarantor Fi58
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 336,422 | $ 740,884 | $ 381,866 | $ 491,912 |
Restricted cash | 66,011 | 28,090 | ||
Receivables, net | 1,604,620 | 1,736,229 | ||
Warehouse receivables | 750,816 | 506,294 | ||
Trading securities | 68,553 | 62,804 | ||
Income taxes receivable | 49,995 | 12,709 | ||
Prepaid expenses | 154,460 | 142,719 | ||
Deferred tax assets, net | 204,858 | 205,866 | ||
Real estate and other assets held for sale | 1,899 | 3,845 | ||
Available for sale securities | 1,129 | 663 | ||
Other current assets | 104,193 | 84,401 | ||
Total Current Assets | 3,342,956 | 3,524,504 | ||
Property and equipment, net | 484,032 | 497,926 | ||
Goodwill | 2,313,819 | 2,333,821 | ||
Other intangible assets, net | 806,102 | 802,360 | ||
Investments in unconsolidated subsidiaries | 222,539 | 218,280 | ||
Real estate under development | 13,868 | 4,630 | ||
Real estate held for investment | 21,217 | 37,129 | ||
Available for sale securities | 58,123 | 59,512 | ||
Other assets, net | 197,603 | 168,943 | ||
Total Assets | 7,460,259 | 7,647,105 | ||
Accounts payable and accrued expenses | 764,524 | 827,530 | ||
Compensation and employee benefits payable | 577,967 | 623,814 | ||
Accrued bonus and profit sharing | 421,108 | 788,858 | ||
Warehouse lines of credit | 743,592 | 501,185 | ||
Other | 895 | 25 | ||
Total short-term borrowings | 744,487 | 506,050 | ||
Current maturities of long-term debt | 13,894 | 42,407 | ||
Notes payable on real estate | 1,625 | 23,229 | ||
Other current liabilities | 71,169 | 63,746 | ||
Total Current Liabilities | 2,594,774 | 2,875,634 | ||
Senior term loans | 484,375 | 605,963 | ||
Other long-term debt | 7 | 26 | ||
Total Long-Term Debt | 1,711,156 | 1,832,802 | ||
Notes payable on real estate | 23,194 | 19,614 | ||
Deferred tax liabilities, net | 167,294 | 149,233 | ||
Non-current tax liabilities | 48,869 | 46,003 | ||
Pension liability | 91,028 | 92,923 | ||
Other liabilities | 320,416 | 329,498 | ||
Total Liabilities | $ 4,956,731 | $ 5,345,707 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ 2,459,592 | $ 2,259,830 | ||
Non-controlling interests | 43,936 | 41,568 | ||
Total Equity | 2,503,528 | 2,301,398 | ||
Total Liabilities and Equity | 7,460,259 | 7,647,105 | ||
Revolving credit facility | 4,840 | |||
Elimination [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Income taxes receivable | (17,337) | |||
Total Current Assets | (17,337) | |||
Investments in consolidated subsidiaries | (6,766,933) | (6,368,218) | ||
Intercompany loan receivable | (3,252,719) | (3,153,215) | ||
Total Assets | (10,019,652) | (9,538,770) | ||
Income taxes payable | (17,337) | |||
Total Current Liabilities | (17,337) | |||
Intercompany loan payable | (3,252,719) | (3,153,215) | ||
Total Long-Term Debt | (3,252,719) | (3,153,215) | ||
Total Liabilities | $ (3,252,719) | $ (3,170,552) | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ (6,766,933) | $ (6,368,218) | ||
Total Equity | (6,766,933) | (6,368,218) | ||
Total Liabilities and Equity | (10,019,652) | (9,538,770) | ||
Parent [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 5 | 5 | 5 | 5 |
Income taxes receivable | 9,625 | 19,443 | ||
Total Current Assets | 9,630 | 19,448 | ||
Investments in consolidated subsidiaries | 3,343,116 | 3,019,410 | ||
Total Assets | 3,352,746 | 3,038,858 | ||
Intercompany loan payable | 893,154 | 779,028 | ||
Total Long-Term Debt | 893,154 | 779,028 | ||
Total Liabilities | $ 893,154 | $ 779,028 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ 2,459,592 | $ 2,259,830 | ||
Total Equity | 2,459,592 | 2,259,830 | ||
Total Liabilities and Equity | 3,352,746 | 3,038,858 | ||
CBRE [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 15,041 | 18,262 | 9,326 | 11,585 |
Other current assets | 7,077 | 1,185 | ||
Total Current Assets | 22,118 | 19,447 | ||
Investments in consolidated subsidiaries | 2,493,405 | 2,433,913 | ||
Intercompany loan receivable | 2,552,719 | 2,453,215 | ||
Other assets, net | 48,726 | 33,581 | ||
Total Assets | 5,116,968 | 4,940,156 | ||
Accounts payable and accrued expenses | 19,664 | 19,541 | ||
Compensation and employee benefits payable | 626 | 626 | ||
Current maturities of long-term debt | 12,500 | 39,650 | ||
Other current liabilities | 4,807 | 1,258 | ||
Total Current Liabilities | 37,597 | 61,075 | ||
Senior term loans | 484,375 | 605,963 | ||
Total Long-Term Debt | 1,711,149 | 1,832,776 | ||
Other liabilities | 25,106 | 26,895 | ||
Total Liabilities | $ 1,773,852 | $ 1,920,746 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ 3,343,116 | $ 3,019,410 | ||
Total Equity | 3,343,116 | 3,019,410 | ||
Total Liabilities and Equity | 5,116,968 | 4,940,156 | ||
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 56,547 | 374,103 | 87,045 | 91,244 |
Restricted cash | 1,150 | 630 | ||
Receivables, net | 593,479 | 605,044 | ||
Warehouse receivables | 628,013 | 339,921 | ||
Trading securities | 101 | 115 | ||
Income taxes receivable | 27,942 | |||
Prepaid expenses | 59,910 | 62,902 | ||
Deferred tax assets, net | 140,746 | 140,761 | ||
Real estate and other assets held for sale | 1,058 | |||
Available for sale securities | 1,129 | 663 | ||
Other current assets | 59,473 | 50,429 | ||
Total Current Assets | 1,569,548 | 1,574,568 | ||
Property and equipment, net | 345,569 | 361,899 | ||
Goodwill | 1,205,056 | 1,196,418 | ||
Other intangible assets, net | 512,318 | 493,058 | ||
Investments in unconsolidated subsidiaries | 185,767 | 173,738 | ||
Investments in consolidated subsidiaries | 930,412 | 914,895 | ||
Intercompany loan receivable | 700,000 | 700,000 | ||
Real estate under development | 842 | 828 | ||
Real estate held for investment | 5,675 | 6,814 | ||
Available for sale securities | 56,304 | 57,714 | ||
Other assets, net | 113,133 | 98,139 | ||
Total Assets | 5,624,624 | 5,578,071 | ||
Accounts payable and accrued expenses | 209,244 | 257,591 | ||
Compensation and employee benefits payable | 346,696 | 346,663 | ||
Accrued bonus and profit sharing | 207,347 | 425,329 | ||
Income taxes payable | 17,337 | |||
Warehouse lines of credit | 624,360 | 337,184 | ||
Other | 16 | 16 | ||
Total short-term borrowings | 624,376 | 337,200 | ||
Current maturities of long-term debt | 1,380 | 2,734 | ||
Other current liabilities | 60,873 | 58,357 | ||
Total Current Liabilities | 1,449,916 | 1,445,211 | ||
Intercompany loan payable | 1,306,364 | 1,350,424 | ||
Total Long-Term Debt | 1,306,364 | 1,350,424 | ||
Deferred tax liabilities, net | 106,438 | 87,486 | ||
Non-current tax liabilities | 48,869 | 45,936 | ||
Other liabilities | 219,632 | 215,101 | ||
Total Liabilities | $ 3,131,219 | $ 3,144,158 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ 2,493,405 | $ 2,433,913 | ||
Total Equity | 2,493,405 | 2,433,913 | ||
Total Liabilities and Equity | 5,624,624 | 5,578,071 | ||
Nonguarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 264,829 | 348,514 | $ 285,490 | $ 389,078 |
Restricted cash | 64,861 | 27,460 | ||
Receivables, net | 1,011,141 | 1,131,185 | ||
Warehouse receivables | 122,803 | 166,373 | ||
Trading securities | 68,452 | 62,689 | ||
Income taxes receivable | 12,428 | 10,603 | ||
Prepaid expenses | 94,550 | 79,817 | ||
Deferred tax assets, net | 64,112 | 65,105 | ||
Real estate and other assets held for sale | 841 | 3,845 | ||
Other current assets | 37,643 | 32,787 | ||
Total Current Assets | 1,741,660 | 1,928,378 | ||
Property and equipment, net | 138,463 | 136,027 | ||
Goodwill | 1,108,763 | 1,137,403 | ||
Other intangible assets, net | 293,784 | 309,302 | ||
Investments in unconsolidated subsidiaries | 36,772 | 44,542 | ||
Real estate under development | 13,026 | 3,802 | ||
Real estate held for investment | 15,542 | 30,315 | ||
Available for sale securities | 1,819 | 1,798 | ||
Other assets, net | 35,744 | 37,223 | ||
Total Assets | 3,385,573 | 3,628,790 | ||
Accounts payable and accrued expenses | 535,616 | 550,398 | ||
Compensation and employee benefits payable | 230,645 | 276,525 | ||
Accrued bonus and profit sharing | 213,761 | 363,529 | ||
Warehouse lines of credit | 119,232 | 164,001 | ||
Other | 879 | 9 | ||
Total short-term borrowings | 120,111 | 168,850 | ||
Current maturities of long-term debt | 14 | 23 | ||
Notes payable on real estate | 1,625 | 23,229 | ||
Other current liabilities | 5,489 | 4,131 | ||
Total Current Liabilities | 1,107,261 | 1,386,685 | ||
Other long-term debt | 7 | 26 | ||
Intercompany loan payable | 1,053,201 | 1,023,763 | ||
Total Long-Term Debt | 1,053,208 | 1,023,789 | ||
Notes payable on real estate | 23,194 | 19,614 | ||
Deferred tax liabilities, net | 60,856 | 61,747 | ||
Non-current tax liabilities | 67 | |||
Pension liability | 91,028 | 92,923 | ||
Other liabilities | 75,678 | 87,502 | ||
Total Liabilities | $ 2,411,225 | $ 2,672,327 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | $ 930,412 | $ 914,895 | ||
Non-controlling interests | 43,936 | 41,568 | ||
Total Equity | 974,348 | 956,463 | ||
Total Liabilities and Equity | 3,385,573 | 3,628,790 | ||
Revolving credit facility | 4,840 | |||
5.00% senior notes [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Senior notes | 800,000 | 800,000 | ||
5.00% senior notes [Member] | CBRE [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Senior notes | 800,000 | 800,000 | ||
5.25% senior notes [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Senior notes | 426,774 | 426,813 | ||
5.25% senior notes [Member] | CBRE [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Senior notes | $ 426,774 | $ 426,813 |
Guarantor and Nonguarantor Fi59
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) - Senior notes [Member] | Jun. 30, 2015 | Dec. 31, 2014 |
5.00% senior notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
5.25% senior notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
Guarantor and Nonguarantor Fi60
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantor Obligations [Line Items] | ||||
Revenue | $ 2,390,506 | $ 2,126,806 | $ 4,443,009 | $ 3,987,648 |
Cost of services | 1,487,974 | 1,314,473 | 2,778,751 | 2,475,933 |
Operating, administrative and other | 610,158 | 566,202 | 1,141,933 | 1,094,597 |
Depreciation and amortization | 70,605 | 63,295 | 140,451 | 128,498 |
Total costs and expenses | 2,168,737 | 1,943,970 | 4,061,135 | 3,699,028 |
Gain on disposition of real estate | 6,986 | 23,170 | 6,986 | 29,867 |
Operating (loss) income | 228,755 | 206,006 | 388,860 | 318,487 |
Equity income (loss) from unconsolidated subsidiaries | 6,693 | 9,264 | 22,144 | 24,264 |
Other income (loss) | (1,069) | 6,364 | 18 | 11,165 |
Interest income | 1,402 | 1,146 | 3,699 | 2,723 |
Interest expense | 26,154 | 28,470 | 52,368 | 56,485 |
Write-off of financing costs | 2,685 | |||
Income before provision for income taxes | 209,627 | 194,310 | 359,668 | 300,154 |
(Benefit of) provision for income taxes | 76,474 | 64,111 | 133,377 | 102,013 |
Net income | 133,153 | 130,199 | 226,291 | 198,141 |
Less: Net income attributable to non-controlling interests | 8,124 | 24,735 | 8,325 | 25,014 |
Net income attributable to CBRE Group, Inc. | 125,029 | 105,464 | 217,966 | 173,127 |
Elimination [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Interest income | (130,148) | (44,115) | (185,515) | (96,380) |
Interest expense | (130,148) | (44,115) | (185,515) | (96,380) |
Income from consolidated subsidiaries | (347,831) | (232,278) | (521,397) | (360,425) |
Income before provision for income taxes | (347,831) | (232,278) | (521,397) | (360,425) |
Net income | (347,831) | (232,278) | (521,397) | (360,425) |
Net income attributable to CBRE Group, Inc. | (347,831) | (232,278) | (521,397) | (360,425) |
Parent [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating, administrative and other | 12,362 | 10,684 | 25,506 | 20,356 |
Total costs and expenses | 12,362 | 10,684 | 25,506 | 20,356 |
Operating (loss) income | (12,362) | (10,684) | (25,506) | (20,356) |
Income from consolidated subsidiaries | 132,726 | 112,163 | 233,847 | 185,892 |
Income before provision for income taxes | 120,364 | 101,479 | 208,341 | 165,536 |
(Benefit of) provision for income taxes | (4,665) | (3,985) | (9,625) | (7,591) |
Net income | 125,029 | 105,464 | 217,966 | 173,127 |
Net income attributable to CBRE Group, Inc. | 125,029 | 105,464 | 217,966 | 173,127 |
CBRE [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating, administrative and other | 11,698 | 4,253 | (6,922) | 5,652 |
Total costs and expenses | 11,698 | 4,253 | (6,922) | 5,652 |
Operating (loss) income | (11,698) | (4,253) | 6,922 | (5,652) |
Other income (loss) | 1 | 1 | 1 | 1 |
Interest income | 52,361 | 44,115 | 107,728 | 96,385 |
Interest expense | 102,816 | 26,168 | 127,702 | 50,770 |
Write-off of financing costs | 2,685 | |||
Income from consolidated subsidiaries | 171,425 | 103,575 | 243,645 | 160,830 |
Income before provision for income taxes | 109,273 | 117,270 | 227,909 | 200,794 |
(Benefit of) provision for income taxes | (23,453) | 5,107 | (5,938) | 14,902 |
Net income | 132,726 | 112,163 | 233,847 | 185,892 |
Net income attributable to CBRE Group, Inc. | 132,726 | 112,163 | 233,847 | 185,892 |
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenue | 1,341,591 | 1,168,544 | 2,499,462 | 2,125,182 |
Cost of services | 849,131 | 728,165 | 1,566,774 | 1,323,082 |
Operating, administrative and other | 301,412 | 270,637 | 585,999 | 524,622 |
Depreciation and amortization | 39,282 | 31,991 | 75,809 | 63,172 |
Total costs and expenses | 1,189,825 | 1,030,793 | 2,228,582 | 1,910,876 |
Gain on disposition of real estate | 141 | 141 | 6,697 | |
Operating (loss) income | 151,907 | 137,751 | 271,021 | 221,003 |
Equity income (loss) from unconsolidated subsidiaries | 8,591 | 8,802 | 23,912 | 26,004 |
Other income (loss) | 335 | 757 | 1,259 | 1,599 |
Interest income | 78,199 | 531 | 78,873 | 1,131 |
Interest expense | 36,373 | 22,688 | 75,775 | 64,714 |
Royalty and management service (income) expense | 236 | (4,779) | (3,866) | (6,637) |
Income from consolidated subsidiaries | 43,680 | 16,540 | 43,905 | 13,703 |
Income before provision for income taxes | 246,103 | 146,472 | 347,061 | 205,363 |
(Benefit of) provision for income taxes | 74,678 | 42,897 | 103,416 | 44,533 |
Net income | 171,425 | 103,575 | 243,645 | 160,830 |
Net income attributable to CBRE Group, Inc. | 171,425 | 103,575 | 243,645 | 160,830 |
Nonguarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Revenue | 1,048,915 | 958,262 | 1,943,547 | 1,862,466 |
Cost of services | 638,843 | 586,308 | 1,211,977 | 1,152,851 |
Operating, administrative and other | 284,686 | 280,628 | 537,350 | 543,967 |
Depreciation and amortization | 31,323 | 31,304 | 64,642 | 65,326 |
Total costs and expenses | 954,852 | 898,240 | 1,813,969 | 1,762,144 |
Gain on disposition of real estate | 6,845 | 23,170 | 6,845 | 23,170 |
Operating (loss) income | 100,908 | 83,192 | 136,423 | 123,492 |
Equity income (loss) from unconsolidated subsidiaries | (1,898) | 462 | (1,768) | (1,740) |
Other income (loss) | (1,405) | 5,606 | (1,242) | 9,565 |
Interest income | 990 | 615 | 2,613 | 1,587 |
Interest expense | 17,113 | 23,729 | 34,406 | 37,381 |
Royalty and management service (income) expense | (236) | 4,779 | 3,866 | 6,637 |
Income before provision for income taxes | 81,718 | 61,367 | 97,754 | 88,886 |
(Benefit of) provision for income taxes | 29,914 | 20,092 | 45,524 | 50,169 |
Net income | 51,804 | 41,275 | 52,230 | 38,717 |
Less: Net income attributable to non-controlling interests | 8,124 | 24,735 | 8,325 | 25,014 |
Net income attributable to CBRE Group, Inc. | $ 43,680 | $ 16,540 | $ 43,905 | $ 13,703 |
Guarantor and Nonguarantor Fi61
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantor Obligations [Line Items] | ||||
Net income | $ 133,153 | $ 130,199 | $ 226,291 | $ 198,141 |
Foreign currency translation (loss) gain | 57,508 | 24,873 | (47,912) | 36,446 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,809 | 1,826 | 3,604 | 3,626 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | 263 | (2,810) | (2,511) | (4,314) |
Unrealized holding (losses) gains on available for sale securities, net of tax | 237 | (1,294) | 71 | (856) |
Other, net | 16 | (140) | 18 | 135 |
Total other comprehensive (loss) income | 59,833 | 22,455 | (46,730) | 35,037 |
Comprehensive income (loss) | 192,986 | 152,654 | 179,561 | 233,178 |
Less: Comprehensive income attributable to non-controlling interests | 8,141 | 24,738 | 8,309 | 25,023 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 184,845 | 127,916 | 171,252 | 208,155 |
Elimination [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income | (347,831) | (232,278) | (521,397) | (360,425) |
Comprehensive income (loss) | (347,831) | (232,278) | (521,397) | (360,425) |
Comprehensive income (loss) attributable to CBRE Group, Inc. | (347,831) | (232,278) | (521,397) | (360,425) |
Parent [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income | 125,029 | 105,464 | 217,966 | 173,127 |
Comprehensive income (loss) | 125,029 | 105,464 | 217,966 | 173,127 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 125,029 | 105,464 | 217,966 | 173,127 |
CBRE [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income | 132,726 | 112,163 | 233,847 | 185,892 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,809 | 1,826 | 3,604 | 3,626 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | 263 | (2,810) | (2,511) | (4,375) |
Total other comprehensive (loss) income | 2,072 | (984) | 1,093 | (749) |
Comprehensive income (loss) | 134,798 | 111,179 | 234,940 | 185,143 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 134,798 | 111,179 | 234,940 | 185,143 |
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income | 171,425 | 103,575 | 243,645 | 160,830 |
Unrealized holding (losses) gains on available for sale securities, net of tax | 258 | (1,208) | (29) | (840) |
Other, net | 16 | (140) | 18 | 135 |
Total other comprehensive (loss) income | 274 | (1,348) | (11) | (705) |
Comprehensive income (loss) | 171,699 | 102,227 | 243,634 | 160,125 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 171,699 | 102,227 | 243,634 | 160,125 |
Nonguarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Net income | 51,804 | 41,275 | 52,230 | 38,717 |
Foreign currency translation (loss) gain | 57,508 | 24,873 | (47,912) | 36,446 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | 61 | |||
Unrealized holding (losses) gains on available for sale securities, net of tax | (21) | (86) | 100 | (16) |
Total other comprehensive (loss) income | 57,487 | 24,787 | (47,812) | 36,491 |
Comprehensive income (loss) | 109,291 | 66,062 | 4,418 | 75,208 |
Less: Comprehensive income attributable to non-controlling interests | 8,141 | 24,738 | 8,309 | 25,023 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ 101,150 | $ 41,324 | $ (3,891) | $ 50,185 |
Guarantor and Nonguarantor Fi62
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantor Obligations [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ (42,191) | $ (223,984) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (50,388) | (53,605) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (94,975) | (29,777) |
Contributions to unconsolidated subsidiaries | (27,571) | (25,440) |
Distributions from unconsolidated subsidiaries | 27,269 | 22,847 |
Net proceeds from disposition of real estate held for investment | 68,183 | |
Additions to real estate held for investment | (1,411) | (5,144) |
Proceeds from the sale of servicing rights and other assets | 12,615 | 12,820 |
(Increase) decrease in restricted cash | (38,678) | 14,201 |
Purchase of available for sale securities | (23,453) | (41,466) |
Proceeds from the sale of available for sale securities | 24,563 | 35,056 |
Other investing activities, net | 1,192 | 327 |
Net cash (used in) provided by investing activities | (170,837) | (1,998) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (648,738) | (19,825) |
Proceeds from revolving credit facility | 831,000 | 1,154,568 |
Repayment of revolving credit facility | (835,512) | (962,315) |
Proceeds from notes payable on real estate held for investment | 3,575 | |
Repayment of notes payable on real estate held for investment | (776) | (22,990) |
Proceeds from notes payable on real estate held for sale and under development | 4,404 | 4,885 |
Repayment of notes payable on real estate held for sale and under development | (32,984) | |
Proceeds from short-term borrowings, net | 569 | 6,538 |
Shares repurchased for payment of taxes on equity awards | (5,113) | (15) |
Proceeds from exercise of stock options | 3,214 | 2,209 |
Incremental tax benefit from stock options exercised | 1,078 | 2,158 |
Non-controlling interests contributions | 4,405 | 574 |
Non-controlling interests distributions | (10,637) | (24,120) |
Payment of financing costs | (22,225) | (104) |
Other financing activities, net | (2,138) | (1,431) |
Net cash (used in) provided by financing activities | (180,469) | 110,723 |
Effect of currency exchange rate changes on cash and cash equivalents | (10,965) | 5,213 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (404,462) | (110,046) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 740,884 | 491,912 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 336,422 | 381,866 |
Cash paid during the period for: | ||
Interest | 43,123 | 51,214 |
Income tax payments, net | 148,011 | 182,315 |
Parent [Member] | ||
Guarantor Obligations [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 23,264 | 20,007 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares repurchased for payment of taxes on equity awards | (5,113) | (15) |
Proceeds from exercise of stock options | 3,214 | 2,209 |
Incremental tax benefit from stock options exercised | 1,078 | 2,158 |
(Increase) decrease in intercompany receivables, net | (22,443) | (24,374) |
Other financing activities, net | 15 | |
Net cash (used in) provided by financing activities | (23,264) | (20,007) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 5 | 5 |
CBRE [Member] | ||
Guarantor Obligations [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (4,978) | 49,743 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
(Increase) decrease in restricted cash | 6,871 | |
Net cash (used in) provided by investing activities | 6,871 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (648,738) | (19,825) |
Proceeds from revolving credit facility | 831,000 | 1,088,000 |
Repayment of revolving credit facility | (831,000) | (932,928) |
Payment of financing costs | (22,225) | |
(Increase) decrease in intercompany receivables, net | 172,720 | (194,120) |
Net cash (used in) provided by financing activities | 1,757 | (58,873) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (3,221) | (2,259) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 18,262 | 11,585 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 15,041 | 9,326 |
Cash paid during the period for: | ||
Interest | 42,137 | 47,204 |
Guarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (6,437) | (160,250) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (25,039) | (35,954) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (91,413) | (5,230) |
Contributions to unconsolidated subsidiaries | (26,662) | (23,059) |
Distributions from unconsolidated subsidiaries | 25,060 | 20,914 |
Proceeds from the sale of servicing rights and other assets | 5,439 | 5,810 |
(Increase) decrease in restricted cash | (520) | 746 |
Purchase of available for sale securities | (23,453) | (41,466) |
Proceeds from the sale of available for sale securities | 24,563 | 35,056 |
Other investing activities, net | 1,192 | 327 |
Net cash (used in) provided by investing activities | (110,833) | (42,856) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Increase) decrease in intercompany receivables, net | (198,173) | 200,344 |
Other financing activities, net | (2,113) | (1,437) |
Net cash (used in) provided by financing activities | (200,286) | 198,907 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (317,556) | (4,199) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 374,103 | 91,244 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 56,547 | 87,045 |
Cash paid during the period for: | ||
Interest | 83 | 355 |
Income tax payments, net | 87,405 | 128,176 |
Nonguarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (54,040) | (133,484) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (25,349) | (17,651) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (3,562) | (24,547) |
Contributions to unconsolidated subsidiaries | (909) | (2,381) |
Distributions from unconsolidated subsidiaries | 2,209 | 1,933 |
Net proceeds from disposition of real estate held for investment | 68,183 | |
Additions to real estate held for investment | (1,411) | (5,144) |
Proceeds from the sale of servicing rights and other assets | 7,176 | 7,010 |
(Increase) decrease in restricted cash | (38,158) | 6,584 |
Net cash (used in) provided by investing activities | (60,004) | 33,987 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 66,568 | |
Repayment of revolving credit facility | (4,512) | (29,387) |
Proceeds from notes payable on real estate held for investment | 3,575 | |
Repayment of notes payable on real estate held for investment | (776) | (22,990) |
Proceeds from notes payable on real estate held for sale and under development | 4,404 | 4,885 |
Repayment of notes payable on real estate held for sale and under development | (32,984) | |
Proceeds from short-term borrowings, net | 569 | 6,538 |
Non-controlling interests contributions | 4,405 | 574 |
Non-controlling interests distributions | (10,637) | (24,120) |
Payment of financing costs | (104) | |
(Increase) decrease in intercompany receivables, net | 47,896 | 18,150 |
Other financing activities, net | (25) | (9) |
Net cash (used in) provided by financing activities | 41,324 | (9,304) |
Effect of currency exchange rate changes on cash and cash equivalents | (10,965) | 5,213 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (83,685) | (103,588) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 348,514 | 389,078 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 264,829 | 285,490 |
Cash paid during the period for: | ||
Interest | 903 | 3,655 |
Income tax payments, net | $ 60,606 | $ 54,139 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | ||
Aug. 06, 2015USD ($) | Jun. 30, 2015 | Jul. 31, 2015USD ($)Swap | Mar. 31, 2011USD ($)Swap | |
Derivative [Line Items] | ||||
Notional amount of interest rate swap agreements | $ 400,000,000 | |||
Number of interest rate swap agreements entered | Swap | 5 | |||
Interest rate swap agreement expiring on August 2025 [Member] | ||||
Derivative [Line Items] | ||||
Interest rate swap, expiration date | 2025-08 | |||
Subsequent Events [Member] | ||||
Derivative [Line Items] | ||||
Number of interest rate swap agreements entered | Swap | 3 | |||
Subsequent Events [Member] | Four Point Eight Seven Five Senior Notes [Member] | ||||
Derivative [Line Items] | ||||
Aggregate principal amount issued | $ 600,000,000 | |||
Interest rate of long-term debt | 4.875% | |||
Senior Notes due | 2,026 | |||
Subsequent Events [Member] | Interest rate swap agreement expiring on August 2025 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of interest rate swap agreements | $ 300,000,000 |