Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 334,166,504 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 440,357 | $ 740,884 |
Restricted cash | 67,190 | 28,090 |
Receivables, less allowance for doubtful accounts of $42,413 and $41,831 at September 30, 2015 and December 31, 2014, respectively | 2,275,025 | 1,736,229 |
Warehouse receivables | 585,860 | 506,294 |
Trading securities | 62,609 | 62,804 |
Income taxes receivable | 22,930 | 12,709 |
Prepaid expenses | 163,038 | 142,719 |
Deferred tax assets, net | 213,398 | 205,866 |
Real estate and other assets held for sale | 3,845 | |
Real estate under development | 2,796 | |
Available for sale securities | 1,276 | 663 |
Other current assets | 145,168 | 84,401 |
Total Current Assets | 3,979,647 | 3,524,504 |
Property and equipment, net | 503,666 | 497,926 |
Goodwill | 2,997,042 | 2,333,821 |
Other intangible assets, net of accumulated amortization of $551,047 and $463,400 at September 30, 2015 and December 31, 2014, respectively | 1,527,123 | 802,360 |
Investments in unconsolidated subsidiaries | 231,905 | 218,280 |
Real estate under development | 20,501 | 4,630 |
Real estate held for investment | 20,299 | 37,129 |
Available for sale securities | 55,780 | 59,512 |
Other assets, net | 219,501 | 143,348 |
Total Assets | 9,555,464 | 7,621,510 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,320,325 | 827,530 |
Compensation and employee benefits payable | 641,412 | 623,814 |
Accrued bonus and profit sharing | 542,530 | 788,858 |
Short-term borrowings: | ||
Warehouse lines of credit | 578,445 | 501,185 |
Revolving credit facility | 400,500 | 4,840 |
Other | 18,543 | 25 |
Total short-term borrowings | 997,488 | 506,050 |
Current maturities of long-term debt | 30,186 | 42,407 |
Notes payable on real estate | 3,444 | 23,229 |
Other current liabilities | 68,878 | 63,746 |
Total Current Liabilities | 3,604,263 | 2,875,634 |
Long-Term Debt: | ||
Senior term loans, net of unamortized debt issuance costs of $10,410 and $7,537 at September 30, 2015 and December 31, 2014, respectively | 854,590 | 598,426 |
Other long-term debt | 3 | 26 |
Total Long-Term Debt | 2,655,725 | 1,808,605 |
Notes payable on real estate, net of unamortized debt issuance costs of $1,164 and $1,398 at September 30, 2015 and December 31, 2014, respectively | 27,993 | 18,216 |
Deferred tax liabilities, net | 204,031 | 149,233 |
Non-current tax liabilities | 50,516 | 46,003 |
Pension liability | 85,998 | 92,923 |
Other liabilities | 337,413 | 329,498 |
Total Liabilities | $ 6,965,939 | $ 5,320,112 |
Commitments and contingencies | ||
CBRE Group, Inc. Stockholders' Equity: | ||
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 334,166,504 and 332,991,031 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 3,342 | $ 3,330 |
Additional paid-in capital | 1,080,607 | 1,039,425 |
Accumulated earnings | 1,908,184 | 1,541,095 |
Accumulated other comprehensive loss | (446,454) | (324,020) |
Total CBRE Group, Inc. Stockholders' Equity | 2,545,679 | 2,259,830 |
Non-controlling interests | 43,846 | 41,568 |
Total Equity | 2,589,525 | 2,301,398 |
Total Liabilities and Equity | 9,555,464 | 7,621,510 |
5.00% senior notes [Member] | ||
Long-Term Debt: | ||
Senior notes | 788,839 | 787,947 |
4.875% Senior Notes [Member] | ||
Long-Term Debt: | ||
Senior notes | 590,380 | |
5.25% senior notes [Member] | ||
Long-Term Debt: | ||
Senior notes | $ 421,913 | $ 422,206 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables, allowance for doubtful accounts | $ 42,413 | $ 41,831 |
Other intangible assets, accumulated amortization | $ 551,047 | $ 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 | 334,166,504 | 332,991,031 |
Class A common stock, shares outstanding | 334,166,504 | 332,991,031 |
Senior term loans [Member] | ||
Unamortized debt issuance costs | $ 10,410 | $ 7,537 |
Notes payable on real estate [Member] | ||
Unamortized debt issuance costs | 1,164 | $ 1,398 |
5.00% senior notes [Member] | Senior term loans [Member] | ||
Debt instrument, interest rate | 5.00% | |
5.00% senior notes [Member] | Senior notes [Member] | ||
Unamortized debt issuance costs | $ 11,161 | $ 12,053 |
Debt instrument, interest rate | 5.00% | 5.00% |
4.875% Senior Notes [Member] | ||
Debt instrument, interest rate | 4.875% | |
4.875% Senior Notes [Member] | Senior notes [Member] | ||
Unamortized debt issuance costs | $ 5,105 | |
Debt instrument, interest rate | 4.875% | |
5.25% senior notes [Member] | ||
Debt instrument, interest rate | 5.25% | |
5.25% senior notes [Member] | Senior term loans [Member] | ||
Debt instrument, interest rate | 5.25% | |
5.25% senior notes [Member] | Senior notes [Member] | ||
Unamortized debt issuance costs | $ 4,815 | $ 4,607 |
Debt instrument, interest rate | 5.25% | 5.25% |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,712,559 | $ 2,275,076 | $ 7,155,568 | $ 6,262,724 |
Costs and expenses: | ||||
Cost of services | 1,773,660 | 1,428,986 | 4,552,411 | 3,904,919 |
Operating, administrative and other | 626,905 | 601,026 | 1,768,838 | 1,695,623 |
Depreciation and amortization | 75,047 | 67,159 | 215,498 | 195,657 |
Total costs and expenses | 2,475,612 | 2,097,171 | 6,536,747 | 5,796,199 |
Gain on disposition of real estate | 3,154 | 7,235 | 10,140 | 37,102 |
Operating income | 240,101 | 185,140 | 628,961 | 503,627 |
Equity income from unconsolidated subsidiaries | 17,242 | 43,300 | 39,386 | 67,564 |
Other (loss) income | (4,945) | (113) | (4,927) | 11,052 |
Interest income | 1,158 | 1,598 | 4,857 | 4,321 |
Interest expense | 30,699 | 27,841 | 83,067 | 84,326 |
Write-off of financing costs | 23,087 | 2,685 | 23,087 | |
Income before provision for income taxes | 222,857 | 178,997 | 582,525 | 479,151 |
Provision for income taxes | 72,866 | 69,305 | 206,243 | 171,318 |
Net income | 149,991 | 109,692 | 376,282 | 307,833 |
Less: Net income attributable to non-controlling interests | 868 | 2,593 | 9,193 | 27,607 |
Net income attributable to CBRE Group, Inc. | $ 149,123 | $ 107,099 | $ 367,089 | $ 280,226 |
Basic income per share attributable to CBRE Group, Inc. | $ 0.45 | $ 0.32 | $ 1.10 | $ 0.85 |
Weighted average shares outstanding for basic income per share | 332,684,487 | 330,419,006 | 332,223,036 | 330,197,240 |
Diluted income per share attributable to CBRE Group, Inc. | $ 0.44 | $ 0.32 | $ 1.09 | $ 0.84 |
Weighted average shares outstanding for diluted income per share | 336,561,877 | 334,293,046 | 336,140,923 | 333,855,131 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 149,991 | $ 109,692 | $ 376,282 | $ 307,833 |
Other comprehensive loss: | ||||
Foreign currency translation loss | (69,728) | (109,122) | (117,640) | (72,676) |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,873 | 1,844 | 5,477 | 5,470 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | (2,924) | 854 | (5,435) | (3,460) |
Unrealized holding (losses) gains on available for sale securities, net of tax | (1,182) | 186 | (1,111) | (670) |
Other, net | (18) | 76 | 211 | |
Total other comprehensive loss | (75,727) | (106,162) | (122,457) | (71,125) |
Comprehensive income | 74,264 | 3,530 | 253,825 | 236,708 |
Less: Comprehensive income attributable to non-controlling interests | 861 | 2,533 | 9,170 | 27,556 |
Comprehensive income attributable to CBRE Group, Inc. | $ 73,403 | $ 997 | $ 244,655 | $ 209,152 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 376,282 | $ 307,833 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 215,498 | 195,657 |
Amortization and write-off of financing costs | 9,703 | 11,172 |
Write-down of impaired assets | 8,615 | |
Gain on sale of loans, servicing rights and other assets | (105,178) | (60,299) |
Net realized and unrealized losses (gains) from investments | 4,927 | (10,637) |
Gain on disposition of real estate held for investment | (8,573) | (28,005) |
Equity income from unconsolidated subsidiaries | (39,386) | (67,564) |
Provision for doubtful accounts | 7,039 | 6,425 |
Deferred income taxes | (5,466) | 6,304 |
Compensation expense related to equity awards | 48,119 | 44,130 |
Incremental tax benefit from stock options exercised | (2,270) | (803) |
Distribution of earnings from unconsolidated subsidiaries | 22,900 | 18,556 |
Tenant concessions received | 6,770 | 15,356 |
Purchase of trading securities | (64,442) | (50,973) |
Proceeds from sale of trading securities | 57,901 | 47,830 |
Increase in receivables | (3,022) | (138,937) |
Increase in prepaid expenses and other assets | (71,762) | (25,761) |
(Increase) decrease in real estate held for sale and under development | (11,542) | 16,417 |
Increase (decrease) in accounts payable and accrued expenses | 4,490 | (44,543) |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | (269,396) | (74,914) |
Increase in income taxes receivable/payable | (4,584) | (99,872) |
(Decrease) increase in other liabilities | (12,800) | 421 |
Other operating activities, net | (12,798) | (7,930) |
Net cash provided by operating activities | 142,410 | 68,478 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (85,324) | (92,618) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (103,140) | (132,541) |
Contributions to unconsolidated subsidiaries | (45,792) | (40,103) |
Distributions from unconsolidated subsidiaries | 42,738 | 62,978 |
Net proceeds from disposition of real estate held for investment | 3,584 | 77,278 |
Additions to real estate held for investment | (1,773) | (5,043) |
Proceeds from the sale of servicing rights and other assets | 21,434 | 18,169 |
(Increase) decrease in restricted cash | (41,864) | 4,431 |
Purchase of available for sale securities | (31,919) | (68,984) |
Proceeds from the sale of available for sale securities | 33,063 | 61,357 |
Other investing activities, net | (1,290) | 570 |
Net cash used in investing activities | (1,631,946) | (114,506) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior term loans | (651,863) | (29,738) |
Proceeds from revolving credit facility | 2,107,500 | 1,688,568 |
Repayment of revolving credit facility | (1,711,512) | (1,672,359) |
Proceeds from issuance of senior notes | 595,440 | 300,000 |
Proceeds from notes payable on real estate held for investment | 5,022 | |
Repayment of notes payable on real estate held for investment | (1,173) | (27,241) |
Proceeds from notes payable on real estate held for sale and under development | 12,584 | 4,884 |
Repayment of notes payable on real estate held for sale and under development | (44,959) | |
Proceeds from short-term borrowings, net | 15,862 | 4,545 |
Shares repurchased for payment of taxes on equity awards | (24,517) | (16,656) |
Proceeds from exercise of stock options | 6,755 | 4,466 |
Incremental tax benefit from stock options exercised | 2,270 | 803 |
Non-controlling interests contributions | 4,691 | 1,415 |
Non-controlling interests distributions | (13,595) | (31,998) |
Payment of financing costs | (30,130) | (3,149) |
Other financing activities, net | (2,142) | (1,446) |
Net cash (used in) provided by financing activities | 1,210,170 | 182,157 |
Effect of currency exchange rate changes on cash and cash equivalents | (21,161) | (12,683) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (300,527) | 123,446 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 740,884 | 491,912 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 440,357 | 615,358 |
Cash paid during the period for: | ||
Interest | 80,822 | 80,636 |
Income tax payments, net | 210,634 | 266,210 |
4.875% Senior Notes [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of senior notes | 595,440 | |
5.25% senior notes [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of senior notes | 300,000 | |
Global Workplace Solutions (GWS) [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (1,421,663) | |
Other than GWS acquisition [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | $ (103,140) | $ (132,541) |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Sep. 30, 2015 | Aug. 13, 2015 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 26, 2014 |
4.875% Senior Notes [Member] | |||||
Debt instrument, interest rate | 4.875% | 4.875% | |||
5.25% senior notes [Member] | |||||
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | 5.25% |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 9 months ended Sep. 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 | 376,282 | 367,089 | 9,193 | |||
Stock options exercised (including tax benefit) | 9,025 | 9,020 | 5 | |||
Restricted stock awards vesting (including tax benefit) | 7,787 | 7,778 | 9 | |||
Compensation expense for equity awards | 48,119 | 48,119 | ||||
Shares repurchased for payment of taxes on equity awards | (24,517) | (24,514) | (3) | |||
Foreign currency translation loss | (117,640) | (117,617) | (23) | |||
Fees associated with termination of interest rate swaps, net of tax (see Note 6) | (3,748) | (3,748) | ||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 5,477 | 5,477 | ||||
Unrealized losses on interest rate swaps, net of tax | (5,435) | (5,435) | ||||
Unrealized holding losses on available for sale securities, net of tax | (1,111) | (1,111) | ||||
Contributions from non-controlling interests | 4,691 | 4,691 | ||||
Distributions to non-controlling interests | (13,595) | (13,595) | ||||
Other | 2,792 | 779 | 2,012 | 1 | ||
Ending balance at Sep. 30, 2015 | $ 2,589,525 | $ 1,080,607 | $ 1,908,184 | $ (446,454) | $ 43,846 | $ 3,342 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, “ Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” We elected to early adopt the provisions of ASU 2015-03 during the third quarter of 2015 and balance sheet amounts as of December 31, 2014 have been reclassified to conform to the current period presentation. As of December 31, 2014, $25.6 million of debt issuance costs were reclassified from other assets and netted against the related debt liabilities in the accompanying consolidated balance sheet as follows (dollars in thousands): 5.00% senior notes $ 12,053 Senior term loans 7,537 5.25% senior notes 4,607 Notes payable on real estate 1,398 Total reclassified $ 25,595 The adoption of ASU 2015-03 had no impact on our consolidated results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, “ Simplifying the Accounting for Measurement-Period Adjustments Recent Accounting Pronouncements Pending Adoption In May 2014, the FASB issued 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. |
Acquisition of Global Workplace
Acquisition of Global Workplace Solutions | 9 Months Ended |
Sep. 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. The acquired GWS business is a market-leading provider of Integrated Facilities Management solutions for major occupiers of commercial real estate and has significant operations around the world. This acquisition (which we refer to as the GWS Acquisition) closed on September 1, 2015. The purchase price was $1.475 billion, payable in cash, with adjustments for working capital and other items. We completed the GWS Acquisition in order to advance our strategy of delivering globally integrated services to major occupiers in our Americas, EMEA and Asia Pacific segments. GWS has been merged with our occupier outsourcing business line, and the new combined business has adopted the “Global Workplace Solutions” name. We financed the transaction with: (i) a new issuance in August 2015 of $600.0 million in aggregate principal amount of 4.875% senior notes due March 1, 2026; (ii) borrowings in September 2015 of $400.0 million in aggregate principal amount of new tranche B-1 and tranche B-2 term loan facilities under our 2015 Credit Agreement; (iii) borrowings under our existing revolving credit facility under our 2015 Credit Agreement; and (iv) cash on hand. See Note 11 for more information on the abovementioned debt instruments. The following represents a summary of the excess purchase price over the estimated fair value of net assets acquired (dollars in thousands): Estimated purchase price $ 1,511,010 Less estimated fair value of net assets acquired (see table below) (781,946 ) Excess purchase price over estimated fair value of net assets acquired $ 729,064 The preliminary purchase accounting adjustments related to the GWS Acquisition have been recorded in the accompanying consolidated financial statements. The excess purchase price over the estimated fair value of net assets acquired has been recorded to goodwill. The goodwill arising from the GWS Acquisition consists largely of the synergies and economies of scale expected from combining the operations acquired from GWS with ours. Of the $729 million of goodwill recorded in connection with the GWS Acquisition, only approximately $423 million is deductible for tax purposes. The assignment of goodwill to our reporting units has not been completed. Given the complexity of the transaction, the calculation of the fair value of certain assets and liabilities acquired, including intangible assets and income tax items, is still preliminary. The purchase price allocation is expected to be completed as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the GWS Acquisition (dollars in thousands): Cash and cash equivalents $ 89,347 Receivables, net 601,299 Prepaid expenses 7,825 Deferred tax assets, current 5,154 Other current assets 26,940 Property and equipment 21,027 Other intangible assets 736,250 Other assets 40,677 Total assets acquired 1,528,519 Accounts payable and accrued expenses 567,604 Compensation and employee benefits payable 53,901 Accrued bonus and profit sharing 28,040 Income taxes payable 2,425 Other current liabilities 11,963 Deferred tax liabilities, long-term 62,418 Other liabilities 19,018 Total liabilities assumed 745,369 Non-controlling interests acquired 1,204 Estimated fair value of net assets acquired $ 781,946 The following is a summary of the preliminary estimate of the amortizable intangible assets acquired in connection with the GWS Acquisition (dollars in thousands): Intangible Asset Class Weighted Amortization Amount Assigned At Trademarks 20 years $ 450,500 Customer relationships 10 years 212,000 Non-compete agreements 3 years 73,750 Total amortizable intangibles acquired 15 years $ 736,250 The consolidated statement of operations for the three and nine months ended September 30, 2015 includes revenue, operating income and net income attributable to CBRE Group, Inc. of $236.6 million, $13.1 million and $8.6 million, respectively, attributable to the GWS Acquisition. This does not include direct transaction and integration costs incurred during the three and nine months ended September 30, 2015 of $16.9 million and $24.9 million, respectively, in connection with the GWS Acquisition. Pro forma results, assuming the GWS Acquisition had occurred as of January 1, 2014 for purposes of the 2015 and 2014 pro forma disclosures, are presented below. They include certain adjustments for the three and nine months ended September 30, 2015, including $17.1 million and $51.2 million, respectively, of increased amortization expense as a result of intangible assets acquired in the GWS Acquisition, $9.7 million and $30.6 million, respectively, of additional interest expense as a result of debt incurred to finance the GWS Acquisition, the removal of $16.9 million and $24.9 million, respectively, of direct costs incurred by us related to the GWS Acquisition, and the tax impact for the three and nine months ended September 30, 2015 of these pro forma adjustments. They also include certain adjustments for the three and nine months ended September 30, 2014, including $17.1 million and $51.2 million, respectively, of increased amortization expense as a result of intangible assets acquired in the GWS Acquisition, $10.5 million and $31.5 million, respectively, of additional interest expense as a result of debt incurred to finance the GWS Acquisition, and the tax impact for the three and nine months ended September 30, 2014 of these pro forma adjustments. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the GWS Acquisition occurred on January 1, 2014 and may not be indicative of future operating results (dollars in thousands, except share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue $ 3,210,559 $ 3,135,826 $ 9,272,568 $ 8,844,974 Operating income $ 259,260 $ 171,562 $ 665,985 $ 462,896 Net income attributable to CBRE Group, Inc. $ 157,206 $ 91,396 $ 374,193 $ 233,013 Basic income per share $ 0.47 $ 0.28 $ 1.13 $ 0.71 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Diluted income per share $ 0.47 $ 0.27 $ 1.11 $ 0.70 Weighted average shares outstanding for diluted income per share 336,561,877 334,293,046 336,140,923 333,855,131 |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 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 the first half of 2014, the remaining two commercial properties were sold. The Venture did not provide any financial support to the Entities during the nine months ended September 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 nine months ended September 30, 2014 (none for the three months ended September 30, 2014) included the following (dollars in thousands): Revenue $ 3,561 Operating, administrative and other expenses $ 2,588 Gain on disposition of real estate $ 23,028 Net income attributable to non-controlling interests $ 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 September 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): September 30, 2015 December 31, 2014 Investments in unconsolidated subsidiaries $ 22,189 $ 26,353 Other assets, current 3,621 3,337 Co-investment commitments 180 200 Maximum exposure to loss $ 25,990 $ 29,890 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2015 and December 31, 2014 (dollars in thousands): As of September 30, 2015 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: U.S. treasury securities $ 6,236 $ — $ — $ 6,236 Debt securities issued by U.S. federal agencies — 4,351 — 4,351 Corporate debt securities — 18,682 — 18,682 Asset-backed securities — 2,552 — 2,552 Collateralized mortgage obligations — 1,814 — 1,814 Total debt securities 6,236 27,399 — 33,635 Equity securities 23,421 — — 23,421 Total available for sale securities 29,657 27,399 — 57,056 Trading securities 62,609 — — 62,609 Warehouse receivables — 585,860 — 585,860 Loan commitments — — 9,445 9,445 Foreign currency exchange forward contracts — 10,846 — 10,846 Total assets at fair value $ 92,266 $ 624,105 $ 9,445 $ 725,816 Liabilities Interest rate swaps $ — $ 26,919 $ — $ 26,919 Securities sold, not yet purchased 4,640 — — 4,640 Foreign currency exchange forward contracts — 1,260 — 1,260 Total liabilities at fair value $ 4,640 $ 28,179 $ — $ 32,819 As of December 31, 2014 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: U.S. treasury securities $ 4,813 $ — $ — $ 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 The following table provides additional information about fair value measurements for the Level 3 assets for the nine months ended September 30, 2015 (dollars in thousands): Balance at January 1, 2015 $ 2,372 Net gains included in earnings 20,029 Settlements (12,956 ) Transfers into (out of) Level 3 — Ending balance at September 30, 2015 $ 9,445 There were no significant non-recurring fair value measurements recorded during the three and nine months ended September 30, 2015. The following non-recurring fair value measurements were recorded during the three and nine months ended September 30, 2014 (dollars in thousands): Net Carrying Value September 30, 2014 Fair Value Measured and Recorded Using Total Impairment September 30, 2014 Level 1 Level 2 Level 3 Property and equipment $ — $ — $ — $ — $ 8,615 Property and Equipment During the three and nine months ended September 30, 2014, we recorded an asset impairment of $8.6 million in our Americas segment. This non-cash write-off resulted from the decision (due to a change in strategy) to abandon a property database platform that was being developed in the U.S. This impairment charge was included within operating, administrative and other expenses in the accompanying consolidated statements of operations. FASB ASC Topic 825, “ Financial Instruments 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 5.00% Senior Notes 4.875% Senior Notes 5.25% Senior Notes Notes Payable on Real Estate: |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 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 July 2015, we entered into three interest rate swap agreements with an aggregate notional amount of $300.0 million, all with effective dates in August 2015, and designated them as cash flow hedges in accordance with FASB ASC Topic 815, “ Derivatives and Hedging 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. The purpose of these interest rate swap agreements is to attempt to hedge potential changes to our cash flows due to the variable interest nature of our senior term loan facilities. The total notional amount of these interest rate swap agreements is $400.0 million, with $200.0 million expiring in October 2017 and $200.0 million expiring in September 2019. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. There was no significant hedge ineffectiveness for the three and nine months ended September 30, 2015 and 2014. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss on the balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We reclassified $3.0 million and $8.9 million for the three and nine months ended September 30, 2015, respectively, and $3.0 million and $9.0 million for the three and nine months ended September 30, 2014, respectively, from accumulated other comprehensive loss to interest expense. During the next twelve months, we estimate that $11.0 million will be reclassified from accumulated other comprehensive loss to interest expense. In addition, we recorded net losses of $4.8 million and $8.9 million for the three and nine months ended September 30, 2015, respectively, and a net gain of $1.4 million and a net loss of $5.8 million for the three and nine months ended September 30, 2014, respectively, to other comprehensive income/loss in relation to such interest rate swap agreements. As of both September 30, 2015 and December 31, 2014, the fair values of such interest rate swap agreements were reflected as a $26.9 million liability, and were included in other long-term liabilities in the accompanying consolidated balance sheets. 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 gains of $9.3 million and $16.6 million from foreign currency exchange forward contracts for the three and nine months ended September 30, 2015, respectively, and net gains of $7.7 million and $4.5 million from foreign currency exchange forward contracts for the three and nine months ended September 30, 2014. As of September 30, 2015, we had 59 foreign currency exchange forward contracts outstanding covering a notional amount of $299.9 million. As of September 30, 2015, the fair value of forward contracts with seven counterparties aggregated to a $10.7 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. As of September 30, 2015, the fair value of forward contracts with four counterparties aggregated to a $1.1 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 gains of $0.4 million and $0.2 million for the three and nine months ended September 30, 2015, respectively, and net gains of $3.1 million and $2.9 million for the three and nine months ended September 30, 2014, respectively, resulting from net losses/gains on these foreign currency exchange option and forward contracts. As of September 30, 2015, we had four foreign currency exchange option and forward contracts outstanding covering a notional amount of $33.1 million. As of September 30, 2015, the fair value of forward contracts with one counterparty aggregated to a $0.1 million asset position, which was included in other current assets in the accompanying consolidated balance sheets. In addition, as of September 30, 2015, the fair value of forward contracts with one counterparty aggregated to a $0.2 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 $9.4 million and $20.0 million for the three and nine months ended September 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 nine months ended September 30, 2014 was not significant. As of September 30, 2015, the fair value of such contracts with three counterparties aggregated to a $9.4 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2015 2014 2015 2014 Global Investment Management: Revenue $ 221,245 $ 211,357 $ 728,144 $ 637,605 Operating (loss) income $ (26,625 ) $ 93,731 $ (107,351 ) $ (228,168 ) Net income (loss) $ 56,182 $ 18,413 $ (175,014 ) $ (235,559 ) Development Services: Revenue $ 22,690 $ 11,248 $ 42,265 $ 34,083 Operating income $ 13,316 $ 11,736 $ 54,664 $ 30,143 Net income $ 9,812 $ 8,855 $ 47,299 $ 24,066 Other: Revenue $ 52,535 $ 42,106 $ 126,101 $ 113,688 Operating income $ 10,961 $ 5,856 $ 25,592 $ 19,200 Net income $ 11,126 $ 6,025 $ 26,027 $ 19,411 Total: Revenue $ 296,470 $ 264,711 $ 896,510 $ 785,376 Operating (loss) income $ (2,348 ) $ 111,323 $ (27,095 ) $ (178,825 ) Net income (loss) $ 77,120 $ 33,293 $ (101,688 ) $ (192,082 ) 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 | 9 Months Ended |
Sep. 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 We did not hold any real estate and other assets for sale at September 30, 2015. Real estate and other assets held for sale and related liabilities at December 31, 2014 were as follows (dollars in thousands): Assets: Real estate held for sale (see Note 9) $ 3,840 Other current assets 5 Total real estate and other assets held for sale 3,845 Liabilities: Accounts payable and accrued expenses 61 Total liabilities related to real estate and other assets held for sale 61 Net real estate and other assets held for sale $ 3,784 |
Real Estate
Real Estate | 9 Months Ended |
Sep. 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): September 30, 2015 December 31, 2014 Real estate included in assets held for sale (see Note 8) $ — $ 3,840 Real estate under development (current) 2,796 — Real estate under development (non-current) 20,501 4,630 Real estate held for investment (1) 20,299 37,129 Total real estate (2) $ 43,596 $ 45,599 (1) Net of accumulated depreciation of $10.5 million and $12.3 million at September 30, 2015 and December 31, 2014, respectively. (2) Includes balances for lease intangibles of $0.1 million and $3.6 million at September 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 | 9 Months Ended |
Sep. 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): September 30, 2015 December 31, 2014 Current portion of notes payable on real estate $ 3,444 $ 23,229 Notes payable on real estate, non-current portion 27,993 18,216 Total notes payable on real estate $ 31,437 $ 41,445 At both September 30, 2015 and December 31, 2014, none of our notes payable on real estate were recourse to CBRE Group, Inc., except for being recourse to the single-purpose entities that held the real estate assets and were the primary obligors on the notes payable. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt We maintain credit facilities with third-party lenders, which we use for a variety of purposes. On March 28, 2013, we entered into a credit agreement (the 2013 Credit Agreement) with a syndicate of banks led by Credit Suisse AG (CS) as administrative and collateral agent, to completely refinance a previous credit agreement. On January 9, 2015, we entered into an amended and restated credit agreement (the 2015 Credit Agreement) with a syndicate of banks jointly led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and CS. In January 2015, we used the proceeds from the tranche A term loan facility under the 2015 Credit Agreement and from the December 2014 issuance of $125.0 million of 5.25% senior notes due 2025, along with cash on hand, to pay off the prior tranche A and tranche B term loans and the balance on our revolving credit facility under the 2013 Credit Agreement. On September 3, 2015, we entered into an incremental assumption agreement with a syndicate of banks jointly led by Wells Fargo Securities, LLC and CS to establish new tranche B-1 and tranche B-2 term loan facilities under the 2015 Credit Agreement in an aggregate principal amount of $400.0 million. The 2015 Credit Agreement is an unsecured credit facility that is jointly and severally guaranteed by us and substantially all of our material domestic subsidiaries. As of September 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; (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; (3) a $270.0 million tranche B-1 term loan facility requiring quarterly principal payments, which begin on December 31, 2015 and continue through maturity on September 3, 2020; and (4) a $130.0 million tranche B-2 term loan facility requiring quarterly principal payments, which begin on December 31, 2015 and continue through maturity on September 3, 2022. 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). As of September 30, 2015, we had $400.5 million of revolving credit facility principal outstanding under the 2015 Credit Agreement with a related weighted average annual interest rate of 1.3%, which was included in short-term borrowings in the accompanying consolidated balance sheets. As of September 30, 2015, letters of credit totaling $2.0 million were outstanding under the revolving credit facility. These letters of credit, which reduce the amount we may borrow under the revolving credit facility, were primarily issued in the 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 term loan facilities under the 2015 Credit Agreement as of September 30, 2015 bear interest, based at our option, on the following: for the tranche A term loan facility, 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); for the tranche B-1 term loan facility, 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); and for the tranche B-2 term loan facility, on either (1) the applicable fixed rate plus 1.40% to 1.70% or (2) the daily rate plus 0.40% to 0.75%, in each case as determined by reference to our Credit Rating (as defined in the 2015 Credit Agreement). As of September 30, 2015, we had $883.3 million of term loan borrowings outstanding, net of unamortized debt issuance costs, under the 2015 Credit Agreement (consisting of $486.7 million of tranche A term loan facility, $267.7 million of tranche B-1 term loan facility and $128.9 million of tranche B-2 term loan facility), which was included in the accompanying consolidated balance sheets. As of December 31, 2014, we had $638.1 million of term loan borrowings outstanding, net of unamortized debt issuance costs, under the 2013 Credit Agreement (consisting of $429.7 million of tranche A term loan facility and $208.4 million of tranche B term loan facility), which are also included in the accompanying consolidated balance sheets. On August 13, 2015, CBRE issued $600.0 million in aggregate principal amount of 4.875% senior notes due March 1, 2026 at a price equal to 99.24% of their face value. The 4.875% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 4.875% senior notes are jointly and severally guaranteed on a senior basis by us and each domestic subsidiary of CBRE that guarantees our 2015 Credit Agreement. Interest accrues at a rate of 4.875% per year and is payable semi-annually in arrears on March 1 and September 1, with the first interest payment to be made on March 1, 2016. The 4.875% senior notes are redeemable at our option, in whole or in part, prior to December 1, 2025 at a redemption price equal to the greater of (1) 100% of the principal amount of the 4.875% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 1, 2025 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture governing these notes). In addition, at any time on or after December 1, 2025, the 4.875% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100.0% of the principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 4.875% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The amount of the 4.875% senior notes, net of unamortized debt issuance costs, included in the accompanying consolidated balance sheets was $590.4 million at September 30, 2015. On September 26, 2014, CBRE issued $300.0 million in aggregate principal amount of 5.25% senior notes due March 15, 2025. On December 12, 2014, CBRE issued an additional $125.0 million in aggregate principal amount of 5.25% senior notes due March 15, 2025 at a price equal to 101.5% of their face value, plus interest deemed to have accrued from September 26, 2014. The 5.25% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 5.25% senior notes are jointly and severally guaranteed on a senior basis by us and each domestic subsidiary of CBRE that guarantees our 2015 Credit Agreement. Interest accrues at a rate of 5.25% per year and is payable semi-annually in arrears on March 15 and September 15, beginning on March 15, 2015. The 5.25% senior notes are redeemable at our option, in whole or in part, prior to December 15, 2024 at a redemption price equal to the greater of (1) 100% of the principal amount of the 5.25% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 15, 2024 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indentures governing these notes). In addition, at any time on or after December 15, 2024, the 5.25% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100.0% of the principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 5.25% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The amount of the 5.25% senior notes, net of unamortized debt issuance costs, included in the accompanying consolidated balance sheets was $421.9 million and $422.2 million at September 30, 2015 and December 31, 2014, respectively. Our 2015 Credit Agreement and the indentures governing our 5.00% senior notes, 4.875% 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 11.01x for the trailing twelve months ended September 30, 2015, and our leverage ratio of total debt less available cash to EBITDA was 1.88x as of September 30, 2015. On October 8, 2010, CBRE issued $350.0 million in aggregate principal amount of 6.625% senior notes due October 15, 2020. On September 26, 2014, we gave the 30-day notice required under the indenture of our intent to redeem all of the 6.625% senior notes. We redeemed these notes in full on October 27, 2014 in accordance with the provisions of the notes and associated indenture. In connection with this early redemption, we incurred charges of $23.1 million, including a premium of $17.4 million and the write-off of $5.7 million of unamortized deferred financing costs. Such charges were included in the write-off of financing costs for the three and nine months ended September 30, 2014 in the accompanying consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 $11.4 billion at September 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 $32.0 million at September 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 September 30, 2015 and December 31, 2014, CBRE MCI had a $35.0 million and a $29.0 million, respectively, letter of credit under this reserve arrangement, and had provided approximately $20.1 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 assets totaled approximately $279.6 million (including $119.8 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at September 30, 2015. We had outstanding letters of credit totaling $44.1 million as of September 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 $35.0 million referred to in the preceding paragraph represented the majority of the $44.1 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 September 2016. We had guarantees totaling $41.0 million as of September 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 $41.0 million primarily represents guarantees of obligations of unconsolidated subsidiaries, which expire at varying dates through July 2019, as well as various guarantees of management and vendor contracts in our operations overseas, which expire at the end of each of the respective agreements. In addition, as of September 30, 2015, we had issued numerous non-recourse carveout, completion and budget guarantees relating to development projects for the benefit of third parties. 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 September 30, 2015, we had aggregate commitments of $23.6 million to fund future co-investments. Additionally, an important part of our Development Services business strategy is to invest in unconsolidated real estate subsidiaries as a principal (in most cases co-investing with our clients). As of September 30, 2015, we had committed to fund $23.0 million of additional capital to these unconsolidated subsidiaries. |
Income Per Share Information
Income Per Share Information | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 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 $ 149,123 $ 107,099 $ 367,089 $ 280,226 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.45 $ 0.32 $ 1.10 $ 0.85 Three Months Ended September 30, Nine Months Ended September 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 $ 149,123 $ 107,099 $ 367,089 $ 280,226 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Dilutive effect of contingently issuable shares 3,747,524 3,478,244 3,701,801 3,239,528 Dilutive effect of stock options 129,866 395,796 216,086 418,363 Weighted average shares outstanding for diluted income per share 336,561,877 334,293,046 336,140,923 333,855,131 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.44 $ 0.32 $ 1.09 $ 0.84 For both the three and nine months ended September 30, 2015, 743,638 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 nine months ended September 30, 2014, 47,639 of contingently issuable shares were excluded from the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. For both the three and nine months ended September 30, 2014, options to purchase 582 shares of common stock were excluded from the computation of diluted earnings per share. 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2015 2014 2015 2014 Interest cost $ 3,792 $ 4,503 $ 11,219 $ 13,411 Expected return on plan assets (4,684 ) (5,812 ) (13,843 ) (17,465 ) Amortization of unrecognized net loss 1,044 673 3,091 2,003 Net periodic pension cost (benefit) $ 152 $ (636 ) $ 467 $ (2,051 ) 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 $2.0 million and $5.4 million to fund our pension plans during the three and nine months ended September 30, 2015, respectively. We expect to contribute a total of $7.5 million to fund our pension plans for the year ending December 31, 2015. |
Segments
Segments | 9 Months Ended |
Sep. 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 occupier outsourcing 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Americas $ 1,556,648 $ 1,325,875 $ 4,218,753 $ 3,583,276 EMEA 737,863 574,493 1,817,601 1,604,159 Asia Pacific 285,337 253,742 755,531 690,599 Global Investment Management 114,094 105,012 318,371 343,789 Development Services 18,617 15,954 45,312 40,901 $ 2,712,559 $ 2,275,076 $ 7,155,568 $ 6,262,724 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 EBITDA Americas $ 203,598 $ 187,476 $ 594,330 $ 482,642 EMEA 55,758 37,485 111,146 88,219 Asia Pacific 27,699 22,767 66,403 54,773 Global Investment Management 29,014 21,146 80,198 87,538 Development Services 10,508 24,019 17,648 37,121 $ 326,577 $ 292,893 $ 869,725 $ 750,293 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 instruments, 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 Nine Months Ended 2015 2014 2015 2014 Americas Net income attributable to CBRE Group, Inc. $ 93,880 $ 86,098 $ 285,939 $ 248,868 Adjustments: Depreciation and amortization 47,209 38,451 134,750 107,796 Interest expense, net 9,692 3,361 17,485 12,321 Write-off of financing costs — 23,087 2,685 23,087 Royalty and management service expense (income) 1,644 (14,949 ) 4,122 (18,656 ) Provision for income taxes 51,173 51,428 149,349 109,226 EBITDA $ 203,598 $ 187,476 $ 594,330 $ 482,642 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 23,627 $ (748 ) $ 25,070 $ (14,705 ) Adjustments: Depreciation and amortization 15,175 16,080 44,574 48,862 Interest expense, net 10,834 13,145 33,656 37,488 Royalty and management service (income) expense (1,452 ) 8,249 (7,644 ) 1,294 Provision for income taxes 7,574 759 15,490 15,280 EBITDA $ 55,758 $ 37,485 $ 111,146 $ 88,219 Asia Pacific Net income attributable to CBRE Group, Inc. $ 15,459 $ 5,398 $ 29,067 $ 9,400 Adjustments: Depreciation and amortization 3,728 4,178 11,357 10,617 Interest expense, net 800 474 2,689 1,577 Royalty and management service (income) expense (766 ) 5,636 883 13,898 Provision for income taxes 8,478 7,081 22,407 19,281 EBITDA $ 27,699 $ 22,767 $ 66,403 $ 54,773 Global Investment Management Net income attributable to CBRE Group, Inc. $ 10,334 $ 3,075 $ 18,354 $ 18,137 Adjustments: Depreciation and amortization 8,423 7,485 23,095 25,303 Interest expense, net 8,060 8,331 23,562 25,917 Royalty and management service expense 574 1,064 2,639 3,464 Provision for income taxes 1,623 1,191 12,548 14,717 EBITDA $ 29,014 $ 21,146 $ 80,198 $ 87,538 Development Services Net income attributable to CBRE Group, Inc. $ 5,823 $ 13,276 $ 8,659 $ 18,526 Adjustments: Depreciation and amortization 512 965 1,722 3,079 Interest expense, net 155 932 818 2,702 Provision for income taxes 4,018 8,846 6,449 12,814 EBITDA $ 10,508 $ 24,019 $ 17,648 $ 37,121 |
Guarantor and Nonguarantor Fina
Guarantor and Nonguarantor Financial Statements | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014; condensed consolidating statements of operations for the three and nine months ended September 30, 2015 and 2014; condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014; and condensed consolidating statements of cash flows for the nine months ended September 30, 2015 and 2014 of (a) CBRE Group, Inc., as the parent, (b) CBRE, as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the nonguarantor subsidiaries and (e) CBRE Group, Inc. on a consolidated basis; and (2) Elimination entries necessary to consolidate CBRE Group, Inc. as the parent with CBRE and its guarantor and nonguarantor subsidiaries. Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions. CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 1 $ 5,827 $ 51,040 $ 383,489 $ — $ 440,357 Restricted cash — — 6,959 60,231 — 67,190 Receivables, net — — 849,574 1,425,451 — 2,275,025 Warehouse receivables (a) — — 465,734 120,126 — 585,860 Trading securities — — 94 62,515 — 62,609 Income taxes receivable 17,241 — 10,265 — (4,576 ) 22,930 Prepaid expenses — — 58,120 104,918 — 163,038 Deferred tax assets, net — — 140,745 72,653 — 213,398 Real estate under development — — — 2,796 — 2,796 Available for sale securities — — 1,276 — — 1,276 Other current assets — 10,846 70,007 64,315 — 145,168 Total Current Assets 17,242 16,673 1,653,814 2,296,494 (4,576 ) 3,979,647 Property and equipment, net — — 364,141 139,525 — 503,666 Goodwill — — 1,576,158 1,420,884 — 2,997,042 Other intangible assets, net — — 836,362 690,761 — 1,527,123 Investments in unconsolidated subsidiaries — — 197,626 34,279 — 231,905 Investments in consolidated subsidiaries 3,492,015 3,820,028 1,499,288 — (8,811,331 ) — Intercompany loan receivable — 2,754,386 700,000 — (3,454,386 ) — Real estate under development — — — 20,501 — 20,501 Real estate held for investment — — 4,281 16,018 — 20,299 Available for sale securities — — 54,213 1,567 — 55,780 Other assets, net — 23,426 114,144 81,931 — 219,501 Total Assets $ 3,509,257 $ 6,614,513 $ 7,000,027 $ 4,701,960 $ (12,270,293 ) $ 9,555,464 Current Liabilities: Accounts payable and accrued expenses $ — $ 8,896 $ 394,754 $ 916,675 $ — $ 1,320,325 Compensation and employee benefits payable — 626 352,557 288,229 — 641,412 Accrued bonus and profit sharing — — 287,301 255,229 — 542,530 Income taxes payable — — — 4,576 (4,576 ) — Short-term borrowings: Warehouse lines of credit (a) — — 461,450 116,995 — 578,445 Revolving credit facility — 400,500 — — — 400,500 Other — — 16 18,527 — 18,543 Total short-term borrowings — 400,500 461,466 135,522 — 997,488 Current maturities of long-term debt — 28,750 1,408 28 — 30,186 Notes payable on real estate — — — 3,444 — 3,444 Other current liabilities — 1,085 59,520 8,273 — 68,878 Total Current Liabilities — 439,857 1,557,006 1,611,976 (4,576 ) 3,604,263 Long-Term Debt: Senior term loans, net — 854,590 — — — 854,590 5.00% senior notes, net — 788,839 — — — 788,839 4.875% senior notes, net — 590,380 — — — 590,380 5.25% senior notes, net — 421,913 — — — 421,913 Other long-term debt — — — 3 — 3 Intercompany loan payable 963,578 — 1,276,088 1,214,720 (3,454,386 ) — Total Long-Term Debt 963,578 2,655,722 1,276,088 1,214,723 (3,454,386 ) 2,655,725 Notes payable on real estate, net — — — 27,993 — 27,993 Deferred tax liabilities, net — — 76,642 127,389 — 204,031 Non-current tax liabilities — — 50,516 — — 50,516 Pension liability — — — 85,998 — 85,998 Other liabilities — 26,919 219,747 90,747 — 337,413 Total Liabilities 963,578 3,122,498 3,179,999 3,158,826 (3,458,962 ) 6,965,939 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,545,679 3,492,015 3,820,028 1,499,288 (8,811,331 ) 2,545,679 Non-controlling interests — — — 43,846 — 43,846 Total Equity 2,545,679 3,492,015 3,820,028 1,543,134 (8,811,331 ) 2,589,525 Total Liabilities and Equity $ 3,509,257 $ 6,614,513 $ 7,000,027 $ 4,701,960 $ (12,270,293 ) $ 9,555,464 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under Capital One, N.A. (Capital One), TD Bank, N.A. (TD Bank), Bank of America (BofA), JP Morgan Chase Bank, N.A. (JP Morgan) and Fannie Mae ASAP lines of credit are pledged to Capital One, TD Bank, BofA, JP Morgan 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 — 9,384 98,139 35,825 — 143,348 Total Assets $ 3,038,858 $ 4,915,959 $ 5,578,071 $ 3,627,392 $ (9,538,770 ) $ 7,621,510 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, net — 787,947 — — — 787,947 Senior term loans, net — 598,426 — — — 598,426 5.25% senior notes, net — 422,206 — — — 422,206 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 1,808,579 1,350,424 1,023,789 (3,153,215 ) 1,808,605 Notes payable on real estate, net — — — 18,216 — 18,216 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 1,896,549 3,144,158 2,670,929 (3,170,552 ) 5,320,112 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 $ 4,915,959 $ 5,578,071 $ 3,627,392 $ (9,538,770 ) $ 7,621,510 (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 SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,467,392 $ 1,245,167 $ — $ 2,712,559 Costs and expenses: Cost of services — — 965,317 808,343 — 1,773,660 Operating, administrative and other 19,466 (9,499 ) 322,593 294,345 — 626,905 Depreciation and amortization — — 40,737 34,310 — 75,047 Total costs and expenses 19,466 (9,499 ) 1,328,647 1,136,998 — 2,475,612 Gain on disposition of real estate — — 3,087 67 — 3,154 Operating (loss) income (19,466 ) 9,499 141,832 108,236 — 240,101 Equity income from unconsolidated subsidiaries — — 16,346 896 — 17,242 Other income (loss) — — 77 (5,022 ) — (4,945 ) Interest income — 43,535 577 581 (43,535 ) 1,158 Interest expense — 29,857 28,456 15,921 (43,535 ) 30,699 Royalty and management service (income) expense — — (400 ) 400 — — Income from consolidated subsidiaries 160,973 146,587 62,936 — (370,496 ) — Income before (benefit of) provision for income taxes 141,507 169,764 193,712 88,370 (370,496 ) 222,857 (Benefit of) provision for income taxes (7,616 ) 8,791 47,125 24,566 — 72,866 Net income 149,123 160,973 146,587 63,804 (370,496 ) 149,991 Less: Net income attributable to non-controlling interests — — — 868 — 868 Net income attributable to CBRE Group, Inc. $ 149,123 $ 160,973 $ 146,587 $ 62,936 $ (370,496 ) $ 149,123 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,231,633 $ 1,043,443 $ — $ 2,275,076 Costs and expenses: Cost of services — — 789,931 639,055 — 1,428,986 Operating, administrative and other 18,934 (6,683 ) 291,206 297,569 — 601,026 Depreciation and amortization — — 33,120 34,039 — 67,159 Total costs and expenses 18,934 (6,683 ) 1,114,257 970,663 — 2,097,171 Gain on disposition of real estate — — 35 7,200 — 7,235 Operating (loss) income (18,934 ) 6,683 117,411 79,980 — 185,140 Equity income from unconsolidated subsidiaries — — 35,177 8,123 — 43,300 Other income (loss) — — 894 (1,007 ) — (113 ) Interest income — 49,971 448 1,150 (49,971 ) 1,598 Interest expense — 25,739 32,957 19,116 (49,971 ) 27,841 Write-off of financing costs — 23,087 — — — 23,087 Royalty and management service (income) expense — — (20,336 ) 20,336 — — Income from consolidated subsidiaries 118,981 114,063 28,313 — (261,357 ) — Income before (benefit of) provision for income taxes 100,047 121,891 169,622 48,794 (261,357 ) 178,997 (Benefit of) provision for income taxes (7,052 ) 2,910 55,559 17,888 — 69,305 Net income 107,099 118,981 114,063 30,906 (261,357 ) 109,692 Less: Net income attributable to non-controlling interests — — — 2,593 — 2,593 Net income attributable to CBRE Group, Inc. $ 107,099 $ 118,981 $ 114,063 $ 28,313 $ (261,357 ) $ 107,099 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 3,966,854 $ 3,188,714 $ — $ 7,155,568 Costs and expenses: Cost of services — — 2,532,091 2,020,320 — 4,552,411 Operating, administrative and other 44,972 (16,421 ) 908,592 831,695 — 1,768,838 Depreciation and amortization — — 116,546 98,952 — 215,498 Total costs and expenses 44,972 (16,421 ) 3,557,229 2,950,967 — 6,536,747 Gain on disposition of real estate — — 3,228 6,912 — 10,140 Operating (loss) income (44,972 ) 16,421 412,853 244,659 — 628,961 Equity income (loss) from unconsolidated subsidiaries — — 40,258 (872 ) — 39,386 Other income (loss) — 1 1,336 (6,264 ) — (4,927 ) Interest income — 151,263 79,450 3,194 (229,050 ) 4,857 Interest expense — 157,559 104,231 50,327 (229,050 ) 83,067 Write-off of financing costs — 2,685 — — — 2,685 Royalty and management service (income) expense — — (4,266 ) 4,266 — — Income from consolidated subsidiaries 394,820 390,232 106,841 — (891,893 ) — Income before (benefit of) provision for income taxes 349,848 397,673 540,773 186,124 (891,893 ) 582,525 (Benefit of) provision for income taxes (17,241 ) 2,853 150,541 70,090 — 206,243 Net income 367,089 394,820 390,232 116,034 (891,893 ) 376,282 Less: Net income attributable to non-controlling interests — — — 9,193 — 9,193 Net income attributable to CBRE Group, Inc. $ 367,089 $ 394,820 $ 390,232 $ 106,841 $ (891,893 ) $ 367,089 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 3,356,815 $ 2,905,909 $ — $ 6,262,724 Costs and expenses: Cost of services — — 2,113,013 1,791,906 — 3,904,919 Operating, administrative and other 39,290 (1,031 ) 815,828 841,536 — 1,695,623 Depreciation and amortization — — 96,292 99,365 — 195,657 Total costs and expenses 39,290 (1,031 ) 3,025,133 2,732,807 — 5,796,199 Gain on disposition of real estate — — 6,732 30,370 — 37,102 Operating (loss) income (39,290 ) 1,031 338,414 203,472 — 503,627 Equity income from unconsolidated subsidiaries — — 61,181 6,383 — 67,564 Other income — 1 2,493 8,558 — 11,052 Interest income — 146,356 1,579 2,737 (146,351 ) 4,321 Interest expense — 76,509 97,671 56,497 (146,351 ) 84,326 Write-off of financing costs — 23,087 — — — 23,087 Royalty and management service (income) expense — — (26,973 ) 26,973 — — Income from consolidated subsidiaries 304,873 274,893 42,016 — (621,782 ) — Income before (benefit of) provision for income taxes 265,583 322,685 374,985 137,680 (621,782 ) 479,151 (Benefit of) provision for income taxes (14,643 ) 17,812 100,092 68,057 — 171,318 Net income 280,226 304,873 274,893 69,623 (621,782 ) 307,833 Less: Net income attributable to non-controlling interests — — — 27,607 — 27,607 Net income attributable to CBRE Group, Inc. $ 280,226 $ 304,873 $ 274,893 $ 42,016 $ (621,782 ) $ 280,226 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 149,123 $ 160,973 $ 146,587 $ 63,804 $ (370,496 ) $ 149,991 Other comprehensive loss: Foreign currency translation loss — — — (69,728 ) — (69,728 ) Fees associated with termination of interest rate swaps, net of tax — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,873 — — — 1,873 Unrealized losses on interest rate swaps, net of tax — (2,924 ) — — — (2,924 ) Unrealized holding losses on available for sale securities, net of tax — — (1,024 ) (158 ) — (1,182 ) Other, net — — (18 ) — — (18 ) Total other comprehensive loss — (4,799 ) (1,042 ) (69,886 ) — (75,727 ) Comprehensive income (loss) 149,123 156,174 145,545 (6,082 ) (370,496 ) 74,264 Less: Comprehensive income attributable to non-controlling interests — — — 861 — 861 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 149,123 $ 156,174 $ 145,545 $ (6,943 ) $ (370,496 ) $ 73,403 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 107,099 $ 118,981 $ 114,063 $ 30,906 $ (261,357 ) $ 109,692 Other comprehensive income (loss) : Foreign currency translation loss — — — (109,122 ) — (109,122 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,844 — — — 1,844 Unrealized gains on interest rate swaps and interest rate caps, net of tax — 854 — — — 854 Unrealized holding gains (losses) on available for sale securities, net of tax — — 345 (159 ) — 186 Other, net — — 76 — — 76 Total other comprehensive income (loss) — 2,698 421 (109,281 ) — (106,162 ) Comprehensive income (loss) 107,099 121,679 114,484 (78,375 ) (261,357 ) 3,530 Less: Comprehensive income attributable to non-controlling interests — — — 2,533 — 2,533 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 107,099 $ 121,679 $ 114,484 $ (80,908 ) $ (261,357 ) $ 997 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 367,089 $ 394,820 $ 390,232 $ 116,034 $ (891,893 ) $ 376,282 Other comprehensive loss: Foreign currency translation loss — — — (117,640 ) — (117,640 ) Fees associated with termination of interest rate swaps, net of tax — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 5,477 — — — 5,477 Unrealized losses on interest rate swaps, net of tax — (5,435 ) — — — (5,435 ) Unrealized holding losses on available for sale securities, net of tax — — (1,053 ) (58 ) — (1,111 ) Total other comprehensive loss — (3,706 ) (1,053 ) (117,698 ) — (122,457 ) Comprehensive income (loss) 367,089 391,114 389,179 (1,664 ) (891,893 ) 253,825 Less: Comprehensive income attributable to non-controlling interests — — — 9,170 — 9,170 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 367,089 $ 391,114 $ 389,179 $ (10,834 ) $ (891,893 ) $ 244,655 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 280,226 $ 304,873 $ 274,893 $ 69,623 $ (621,782 ) $ 307,833 Other comprehensive income (loss): Foreign currency translation loss — — — (72,676 ) — (72,676 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 5,470 — — — 5,470 Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax — (3,521 ) — 61 — (3,460 ) Unrealized holding losses on available for sale securities, net of tax — — (495 ) (175 ) — (670 ) Other, net — — 211 — — 211 Total other comprehensive income (loss) — 1,949 (284 ) (72,790 ) — (71,125 ) Comprehensive income (loss) 280,226 306,822 274,609 (3,167 ) (621,782 ) 236,708 Less: Comprehensive income attributable to non-controlling interests — — — 27,556 — 27,556 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 280,226 $ 306,822 $ 274,609 $ (30,723 ) $ (621,782 ) $ 209,152 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 31,155 $ (13,282 ) $ 106,066 $ 18,471 $ 142,410 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (45,646 ) (39,678 ) (85,324 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired — — (730,307 ) (691,356 ) (1,421,663 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (94,498 ) (8,642 ) (103,140 ) Contributions to unconsolidated subsidiaries — — (44,279 ) (1,513 ) (45,792 ) Distributions from unconsolidated subsidiaries — — 37,876 4,862 42,738 Net proceeds from disposition of real estate held for investment — — — 3,584 3,584 Additions to real estate held for investment — — — (1,773 ) (1,773 ) Proceeds from the sale of servicing rights and other assets — — 9,512 11,922 21,434 Increase in restricted cash — — (6,329 ) (35,535 ) (41,864 ) Purchase of available for sale securities — — (31,919 ) — (31,919 ) Proceeds from the sale of available for sale securities — — 33,063 — 33,063 Other investing activities, net — — (1,290 ) — (1,290 ) Net cash used in investing activities — — (873,817 ) (758,129 ) (1,631,946 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 900,000 — — 900,000 Repayment of senior term loans — (651,863 ) — — (651,863 ) Proceeds from revolving credit facility — 2,107,500 — — 2,107,500 Repayment of revolving credit facility — (1,707,000 ) — (4,512 ) (1,711,512 ) Proceeds from issuance of 4.875% senior notes, net — 595,440 — — 595,440 Repayment of notes payable on real estate held for investment — — — (1,173 ) (1,173 ) Proceeds from notes payable on real estate held for sale and under development — — — 12,584 12,584 Proceeds from short-term borrowings, net — — — 15,862 15,862 Shares repurchased for payment of taxes on equity awards (24,517 ) — — — (24,517 ) Proceeds from exercise of stock options 6,755 — — — 6,755 Incremental tax benefit from stock options exercised 2,270 — — — 2,270 Non-controlling interests contributions — — — 4,691 4,691 Non-controlling interests distributions — — — (13,595 ) (13,595 ) Payment of financing costs — (30,046 ) — (84 ) (30,130 ) (Increase) decrease in intercompany receivables, net (15,667 ) (1,213,184 ) 446,801 782,050 — Other financing activities, net — — (2,113 ) (29 ) (2,142 ) Net cash (used in) provided by financing activities (31,159 ) 847 444,688 795,794 1,210,170 Effect of currency exchange rate changes on cash and cash equivalents — — — (21,161 ) (21,161 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4 ) (12,435 ) (323,063 ) 34,975 (300,527 ) 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 $ 1 $ 5,827 $ 51,040 $ 383,489 $ 440,357 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 79,527 $ 83 $ 1,212 $ 80,822 Income tax payments, net $ — $ — $ 126,421 $ 84,213 $ 210,634 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 20,732 $ 83,198 $ (9,694 ) $ (25,758 ) $ 68,478 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (63,544 ) (29,074 ) (92,618 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (51,989 ) (80,552 ) (132,541 ) Contributions to unconsolidated subsidiaries — — (37,674 ) (2,429 ) (40,103 ) Distributions from unconsolidated subsidiaries — — 49,152 13,826 62,978 Net proceeds from disposition of real estate held for investment — — — 77,278 77,278 Additions to real estate held for investment — — — (5,043 ) (5,043 ) Proceeds from the sale of servicing rights and other assets — — 7,514 10,655 18,169 Decrease (increase) in restricted cash — 6,871 464 (2,904 ) 4,431 Purchase of available for sale securities — — (68,984 ) — (68,984 ) Proceeds from the sale of available for sale securities — — 61,357 — 61,357 Other investing activities, net — — 570 — 570 Net cash provided by (used in) investing activities — 6,871 (103,134 ) (18,243 ) (114,506 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior secured term loans — (29,738 ) — — (29,738 ) Proceeds from revolving credit facility — 1,622,000 — 66,568 1,688,568 Repayment of revolving credit facility — (1,630,928 ) — (41,431 ) (1,672,359 ) Proceeds from issuance of 5.25% senior notes — 300,000 — — 300,000 Proceeds from notes payable on real estate held for investment — — — 5,022 5,022 Repayment of notes payable on real estate held for investment — — — (27,241 ) (27,241 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,884 4,884 Repayment of notes payable on real estate held for sale and under development — — — (44,959 ) (44,959 ) Proceeds from short-term borrowings, net — — — 4,545 4,545 Shares repurchased for payment of taxes on equity awards (16,656 ) — — — (16,656 ) Proceeds from exercise of stock options 4,466 — — — 4,466 Incremental tax benefit from stock options exercised 803 — — — 803 Non-controlling interests contributions — — — 1,415 1,415 Non-controlling interests distributions — — — (31,998 ) (31,998 ) Payment of financing costs — (3,045 ) — (104 ) (3,149 ) (Increase) decrease in intercompany receivables, net (9,345 ) (297,717 ) 243,097 63,965 — Other financing activities, net — — (1,437 ) (9 ) (1,446 ) Net cash (used in) provided by financing activities (20,732 ) (39,428 ) 241,660 657 182,157 Effect of currency exchange rate changes on cash and cash equivalents — — — (12,683 ) (12,683 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 50,641 128,832 (56,027 ) 123,446 CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 11,585 91,244 389,078 491,912 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 62,226 $ 220,076 $ 333,051 $ 615,358 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 76,519 $ 355 $ 3,762 $ 80,636 Income tax payments, net $ — $ — $ 177,792 $ 88,418 $ 266,210 |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 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. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Debt Issuance Costs Reclassified from Other Assets and Netted Against Related Debt Liabilities Related to Early Adoption of Accounting Pronouncement | As of December 31, 2014, $25.6 million of debt issuance costs were reclassified from other assets and netted against the related debt liabilities in the accompanying consolidated balance sheet as follows (dollars in thousands): 5.00% senior notes $ 12,053 Senior term loans 7,537 5.25% senior notes 4,607 Notes payable on real estate 1,398 Total reclassified $ 25,595 |
Acquisition of Global Workpla27
Acquisition of Global Workplace Solutions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Excess Purchase Price over Estimated Fair Value of Net Assets Acquired | The following represents a summary of the excess purchase price over the estimated fair value of net assets acquired (dollars in thousands): Estimated purchase price $ 1,511,010 Less estimated fair value of net assets acquired (see table below) (781,946 ) Excess purchase price over estimated fair value of net assets acquired $ 729,064 |
Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the GWS Acquisition (dollars in thousands): Cash and cash equivalents $ 89,347 Receivables, net 601,299 Prepaid expenses 7,825 Deferred tax assets, current 5,154 Other current assets 26,940 Property and equipment 21,027 Other intangible assets 736,250 Other assets 40,677 Total assets acquired 1,528,519 Accounts payable and accrued expenses 567,604 Compensation and employee benefits payable 53,901 Accrued bonus and profit sharing 28,040 Income taxes payable 2,425 Other current liabilities 11,963 Deferred tax liabilities, long-term 62,418 Other liabilities 19,018 Total liabilities assumed 745,369 Non-controlling interests acquired 1,204 Estimated fair value of net assets acquired $ 781,946 |
Summary of Preliminary Estimate of Amortizable Intangible Assets Acquired | The following is a summary of the preliminary estimate of the amortizable intangible assets acquired in connection with the GWS Acquisition (dollars in thousands): Intangible Asset Class Weighted Amortization Amount Assigned At Trademarks 20 years $ 450,500 Customer relationships 10 years 212,000 Non-compete agreements 3 years 73,750 Total amortizable intangibles acquired 15 years $ 736,250 |
Summary of Pro Forma Results Prepared for Comparative Purposes | These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the GWS Acquisition occurred on January 1, 2014 and may not be indicative of future operating results (dollars in thousands, except share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue $ 3,210,559 $ 3,135,826 $ 9,272,568 $ 8,844,974 Operating income $ 259,260 $ 171,562 $ 665,985 $ 462,896 Net income attributable to CBRE Group, Inc. $ 157,206 $ 91,396 $ 374,193 $ 233,013 Basic income per share $ 0.47 $ 0.28 $ 1.13 $ 0.71 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Diluted income per share $ 0.47 $ 0.27 $ 1.11 $ 0.70 Weighted average shares outstanding for diluted income per share 336,561,877 334,293,046 336,140,923 333,855,131 |
Variable Interest Entities (V28
Variable Interest Entities (VIEs) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Operating Results Relating to Entities | Operating results relating to the Entities for the nine months ended September 30, 2014 (none for the three months ended September 30, 2014) included the following (dollars in thousands): Revenue $ 3,561 Operating, administrative and other expenses $ 2,588 Gain on disposition of real estate $ 23,028 Net income attributable to non-controlling interests $ 21,724 |
Schedule of Maximum Exposure to Loss | As of September 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): September 30, 2015 December 31, 2014 Investments in unconsolidated subsidiaries $ 22,189 $ 26,353 Other assets, current 3,621 3,337 Co-investment commitments 180 200 Maximum exposure to loss $ 25,990 $ 29,890 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 (dollars in thousands): As of September 30, 2015 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: U.S. treasury securities $ 6,236 $ — $ — $ 6,236 Debt securities issued by U.S. federal agencies — 4,351 — 4,351 Corporate debt securities — 18,682 — 18,682 Asset-backed securities — 2,552 — 2,552 Collateralized mortgage obligations — 1,814 — 1,814 Total debt securities 6,236 27,399 — 33,635 Equity securities 23,421 — — 23,421 Total available for sale securities 29,657 27,399 — 57,056 Trading securities 62,609 — — 62,609 Warehouse receivables — 585,860 — 585,860 Loan commitments — — 9,445 9,445 Foreign currency exchange forward contracts — 10,846 — 10,846 Total assets at fair value $ 92,266 $ 624,105 $ 9,445 $ 725,816 Liabilities Interest rate swaps $ — $ 26,919 $ — $ 26,919 Securities sold, not yet purchased 4,640 — — 4,640 Foreign currency exchange forward contracts — 1,260 — 1,260 Total liabilities at fair value $ 4,640 $ 28,179 $ — $ 32,819 As of December 31, 2014 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: U.S. treasury securities $ 4,813 $ — $ — $ 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 the Level 3 assets for the nine months ended September 30, 2015 (dollars in thousands): Balance at January 1, 2015 $ 2,372 Net gains included in earnings 20,029 Settlements (12,956 ) Transfers into (out of) Level 3 — Ending balance at September 30, 2015 $ 9,445 |
Schedule of Non-Recurring Fair Value Measurements | The following non-recurring fair value measurements were recorded during the three and nine months ended September 30, 2014 (dollars in thousands): Net Carrying Value September 30, 2014 Fair Value Measured and Recorded Using Total Impairment September 30, 2014 Level 1 Level 2 Level 3 Property and equipment $ — $ — $ — $ — $ 8,615 |
Investments in Unconsolidated30
Investments in Unconsolidated Subsidiaries (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2015 2014 2015 2014 Global Investment Management: Revenue $ 221,245 $ 211,357 $ 728,144 $ 637,605 Operating (loss) income $ (26,625 ) $ 93,731 $ (107,351 ) $ (228,168 ) Net income (loss) $ 56,182 $ 18,413 $ (175,014 ) $ (235,559 ) Development Services: Revenue $ 22,690 $ 11,248 $ 42,265 $ 34,083 Operating income $ 13,316 $ 11,736 $ 54,664 $ 30,143 Net income $ 9,812 $ 8,855 $ 47,299 $ 24,066 Other: Revenue $ 52,535 $ 42,106 $ 126,101 $ 113,688 Operating income $ 10,961 $ 5,856 $ 25,592 $ 19,200 Net income $ 11,126 $ 6,025 $ 26,027 $ 19,411 Total: Revenue $ 296,470 $ 264,711 $ 896,510 $ 785,376 Operating (loss) income $ (2,348 ) $ 111,323 $ (27,095 ) $ (178,825 ) Net income (loss) $ 77,120 $ 33,293 $ (101,688 ) $ (192,082 ) |
Real Estate and Other Assets 31
Real Estate and Other Assets Held for Sale and Related Liabilities (Tables) | 9 Months Ended |
Sep. 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 at December 31, 2014 were as follows (dollars in thousands): Assets: Real estate held for sale (see Note 9) $ 3,840 Other current assets 5 Total real estate and other assets held for sale 3,845 Liabilities: Accounts payable and accrued expenses 61 Total liabilities related to real estate and other assets held for sale 61 Net real estate and other assets held for sale $ 3,784 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 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): September 30, 2015 December 31, 2014 Real estate included in assets held for sale (see Note 8) $ — $ 3,840 Real estate under development (current) 2,796 — Real estate under development (non-current) 20,501 4,630 Real estate held for investment (1) 20,299 37,129 Total real estate (2) $ 43,596 $ 45,599 (1) Net of accumulated depreciation of $10.5 million and $12.3 million at September 30, 2015 and December 31, 2014, respectively. (2) Includes balances for lease intangibles of $0.1 million and $3.6 million at September 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) | 9 Months Ended |
Sep. 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): September 30, 2015 December 31, 2014 Current portion of notes payable on real estate $ 3,444 $ 23,229 Notes payable on real estate, non-current portion 27,993 18,216 Total notes payable on real estate $ 31,437 $ 41,445 |
Income Per Share Information (T
Income Per Share Information (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 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 $ 149,123 $ 107,099 $ 367,089 $ 280,226 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.45 $ 0.32 $ 1.10 $ 0.85 Three Months Ended September 30, Nine Months Ended September 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 $ 149,123 $ 107,099 $ 367,089 $ 280,226 Weighted average shares outstanding for basic income per share 332,684,487 330,419,006 332,223,036 330,197,240 Dilutive effect of contingently issuable shares 3,747,524 3,478,244 3,701,801 3,239,528 Dilutive effect of stock options 129,866 395,796 216,086 418,363 Weighted average shares outstanding for diluted income per share 336,561,877 334,293,046 336,140,923 333,855,131 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.44 $ 0.32 $ 1.09 $ 0.84 |
Pensions (Tables)
Pensions (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2015 2014 2015 2014 Interest cost $ 3,792 $ 4,503 $ 11,219 $ 13,411 Expected return on plan assets (4,684 ) (5,812 ) (13,843 ) (17,465 ) Amortization of unrecognized net loss 1,044 673 3,091 2,003 Net periodic pension cost (benefit) $ 152 $ (636 ) $ 467 $ (2,051 ) |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Americas $ 1,556,648 $ 1,325,875 $ 4,218,753 $ 3,583,276 EMEA 737,863 574,493 1,817,601 1,604,159 Asia Pacific 285,337 253,742 755,531 690,599 Global Investment Management 114,094 105,012 318,371 343,789 Development Services 18,617 15,954 45,312 40,901 $ 2,712,559 $ 2,275,076 $ 7,155,568 $ 6,262,724 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 EBITDA Americas $ 203,598 $ 187,476 $ 594,330 $ 482,642 EMEA 55,758 37,485 111,146 88,219 Asia Pacific 27,699 22,767 66,403 54,773 Global Investment Management 29,014 21,146 80,198 87,538 Development Services 10,508 24,019 17,648 37,121 $ 326,577 $ 292,893 $ 869,725 $ 750,293 |
EBITDA Calculation by Segment | EBITDA for our segments is calculated as follows (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Americas Net income attributable to CBRE Group, Inc. $ 93,880 $ 86,098 $ 285,939 $ 248,868 Adjustments: Depreciation and amortization 47,209 38,451 134,750 107,796 Interest expense, net 9,692 3,361 17,485 12,321 Write-off of financing costs — 23,087 2,685 23,087 Royalty and management service expense (income) 1,644 (14,949 ) 4,122 (18,656 ) Provision for income taxes 51,173 51,428 149,349 109,226 EBITDA $ 203,598 $ 187,476 $ 594,330 $ 482,642 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 23,627 $ (748 ) $ 25,070 $ (14,705 ) Adjustments: Depreciation and amortization 15,175 16,080 44,574 48,862 Interest expense, net 10,834 13,145 33,656 37,488 Royalty and management service (income) expense (1,452 ) 8,249 (7,644 ) 1,294 Provision for income taxes 7,574 759 15,490 15,280 EBITDA $ 55,758 $ 37,485 $ 111,146 $ 88,219 Asia Pacific Net income attributable to CBRE Group, Inc. $ 15,459 $ 5,398 $ 29,067 $ 9,400 Adjustments: Depreciation and amortization 3,728 4,178 11,357 10,617 Interest expense, net 800 474 2,689 1,577 Royalty and management service (income) expense (766 ) 5,636 883 13,898 Provision for income taxes 8,478 7,081 22,407 19,281 EBITDA $ 27,699 $ 22,767 $ 66,403 $ 54,773 Global Investment Management Net income attributable to CBRE Group, Inc. $ 10,334 $ 3,075 $ 18,354 $ 18,137 Adjustments: Depreciation and amortization 8,423 7,485 23,095 25,303 Interest expense, net 8,060 8,331 23,562 25,917 Royalty and management service expense 574 1,064 2,639 3,464 Provision for income taxes 1,623 1,191 12,548 14,717 EBITDA $ 29,014 $ 21,146 $ 80,198 $ 87,538 Development Services Net income attributable to CBRE Group, Inc. $ 5,823 $ 13,276 $ 8,659 $ 18,526 Adjustments: Depreciation and amortization 512 965 1,722 3,079 Interest expense, net 155 932 818 2,702 Provision for income taxes 4,018 8,846 6,449 12,814 EBITDA $ 10,508 $ 24,019 $ 17,648 $ 37,121 |
Guarantor and Nonguarantor Fi37
Guarantor and Nonguarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Current Assets: Cash and cash equivalents $ 1 $ 5,827 $ 51,040 $ 383,489 $ — $ 440,357 Restricted cash — — 6,959 60,231 — 67,190 Receivables, net — — 849,574 1,425,451 — 2,275,025 Warehouse receivables (a) — — 465,734 120,126 — 585,860 Trading securities — — 94 62,515 — 62,609 Income taxes receivable 17,241 — 10,265 — (4,576 ) 22,930 Prepaid expenses — — 58,120 104,918 — 163,038 Deferred tax assets, net — — 140,745 72,653 — 213,398 Real estate under development — — — 2,796 — 2,796 Available for sale securities — — 1,276 — — 1,276 Other current assets — 10,846 70,007 64,315 — 145,168 Total Current Assets 17,242 16,673 1,653,814 2,296,494 (4,576 ) 3,979,647 Property and equipment, net — — 364,141 139,525 — 503,666 Goodwill — — 1,576,158 1,420,884 — 2,997,042 Other intangible assets, net — — 836,362 690,761 — 1,527,123 Investments in unconsolidated subsidiaries — — 197,626 34,279 — 231,905 Investments in consolidated subsidiaries 3,492,015 3,820,028 1,499,288 — (8,811,331 ) — Intercompany loan receivable — 2,754,386 700,000 — (3,454,386 ) — Real estate under development — — — 20,501 — 20,501 Real estate held for investment — — 4,281 16,018 — 20,299 Available for sale securities — — 54,213 1,567 — 55,780 Other assets, net — 23,426 114,144 81,931 — 219,501 Total Assets $ 3,509,257 $ 6,614,513 $ 7,000,027 $ 4,701,960 $ (12,270,293 ) $ 9,555,464 Current Liabilities: Accounts payable and accrued expenses $ — $ 8,896 $ 394,754 $ 916,675 $ — $ 1,320,325 Compensation and employee benefits payable — 626 352,557 288,229 — 641,412 Accrued bonus and profit sharing — — 287,301 255,229 — 542,530 Income taxes payable — — — 4,576 (4,576 ) — Short-term borrowings: Warehouse lines of credit (a) — — 461,450 116,995 — 578,445 Revolving credit facility — 400,500 — — — 400,500 Other — — 16 18,527 — 18,543 Total short-term borrowings — 400,500 461,466 135,522 — 997,488 Current maturities of long-term debt — 28,750 1,408 28 — 30,186 Notes payable on real estate — — — 3,444 — 3,444 Other current liabilities — 1,085 59,520 8,273 — 68,878 Total Current Liabilities — 439,857 1,557,006 1,611,976 (4,576 ) 3,604,263 Long-Term Debt: Senior term loans, net — 854,590 — — — 854,590 5.00% senior notes, net — 788,839 — — — 788,839 4.875% senior notes, net — 590,380 — — — 590,380 5.25% senior notes, net — 421,913 — — — 421,913 Other long-term debt — — — 3 — 3 Intercompany loan payable 963,578 — 1,276,088 1,214,720 (3,454,386 ) — Total Long-Term Debt 963,578 2,655,722 1,276,088 1,214,723 (3,454,386 ) 2,655,725 Notes payable on real estate, net — — — 27,993 — 27,993 Deferred tax liabilities, net — — 76,642 127,389 — 204,031 Non-current tax liabilities — — 50,516 — — 50,516 Pension liability — — — 85,998 — 85,998 Other liabilities — 26,919 219,747 90,747 — 337,413 Total Liabilities 963,578 3,122,498 3,179,999 3,158,826 (3,458,962 ) 6,965,939 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,545,679 3,492,015 3,820,028 1,499,288 (8,811,331 ) 2,545,679 Non-controlling interests — — — 43,846 — 43,846 Total Equity 2,545,679 3,492,015 3,820,028 1,543,134 (8,811,331 ) 2,589,525 Total Liabilities and Equity $ 3,509,257 $ 6,614,513 $ 7,000,027 $ 4,701,960 $ (12,270,293 ) $ 9,555,464 (a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under Capital One, N.A. (Capital One), TD Bank, N.A. (TD Bank), Bank of America (BofA), JP Morgan Chase Bank, N.A. (JP Morgan) and Fannie Mae ASAP lines of credit are pledged to Capital One, TD Bank, BofA, JP Morgan 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 — 9,384 98,139 35,825 — 143,348 Total Assets $ 3,038,858 $ 4,915,959 $ 5,578,071 $ 3,627,392 $ (9,538,770 ) $ 7,621,510 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, net — 787,947 — — — 787,947 Senior term loans, net — 598,426 — — — 598,426 5.25% senior notes, net — 422,206 — — — 422,206 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 1,808,579 1,350,424 1,023,789 (3,153,215 ) 1,808,605 Notes payable on real estate, net — — — 18,216 — 18,216 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 1,896,549 3,144,158 2,670,929 (3,170,552 ) 5,320,112 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 $ 4,915,959 $ 5,578,071 $ 3,627,392 $ (9,538,770 ) $ 7,621,510 (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 SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,467,392 $ 1,245,167 $ — $ 2,712,559 Costs and expenses: Cost of services — — 965,317 808,343 — 1,773,660 Operating, administrative and other 19,466 (9,499 ) 322,593 294,345 — 626,905 Depreciation and amortization — — 40,737 34,310 — 75,047 Total costs and expenses 19,466 (9,499 ) 1,328,647 1,136,998 — 2,475,612 Gain on disposition of real estate — — 3,087 67 — 3,154 Operating (loss) income (19,466 ) 9,499 141,832 108,236 — 240,101 Equity income from unconsolidated subsidiaries — — 16,346 896 — 17,242 Other income (loss) — — 77 (5,022 ) — (4,945 ) Interest income — 43,535 577 581 (43,535 ) 1,158 Interest expense — 29,857 28,456 15,921 (43,535 ) 30,699 Royalty and management service (income) expense — — (400 ) 400 — — Income from consolidated subsidiaries 160,973 146,587 62,936 — (370,496 ) — Income before (benefit of) provision for income taxes 141,507 169,764 193,712 88,370 (370,496 ) 222,857 (Benefit of) provision for income taxes (7,616 ) 8,791 47,125 24,566 — 72,866 Net income 149,123 160,973 146,587 63,804 (370,496 ) 149,991 Less: Net income attributable to non-controlling interests — — — 868 — 868 Net income attributable to CBRE Group, Inc. $ 149,123 $ 160,973 $ 146,587 $ 62,936 $ (370,496 ) $ 149,123 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 1,231,633 $ 1,043,443 $ — $ 2,275,076 Costs and expenses: Cost of services — — 789,931 639,055 — 1,428,986 Operating, administrative and other 18,934 (6,683 ) 291,206 297,569 — 601,026 Depreciation and amortization — — 33,120 34,039 — 67,159 Total costs and expenses 18,934 (6,683 ) 1,114,257 970,663 — 2,097,171 Gain on disposition of real estate — — 35 7,200 — 7,235 Operating (loss) income (18,934 ) 6,683 117,411 79,980 — 185,140 Equity income from unconsolidated subsidiaries — — 35,177 8,123 — 43,300 Other income (loss) — — 894 (1,007 ) — (113 ) Interest income — 49,971 448 1,150 (49,971 ) 1,598 Interest expense — 25,739 32,957 19,116 (49,971 ) 27,841 Write-off of financing costs — 23,087 — — — 23,087 Royalty and management service (income) expense — — (20,336 ) 20,336 — — Income from consolidated subsidiaries 118,981 114,063 28,313 — (261,357 ) — Income before (benefit of) provision for income taxes 100,047 121,891 169,622 48,794 (261,357 ) 178,997 (Benefit of) provision for income taxes (7,052 ) 2,910 55,559 17,888 — 69,305 Net income 107,099 118,981 114,063 30,906 (261,357 ) 109,692 Less: Net income attributable to non-controlling interests — — — 2,593 — 2,593 Net income attributable to CBRE Group, Inc. $ 107,099 $ 118,981 $ 114,063 $ 28,313 $ (261,357 ) $ 107,099 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 3,966,854 $ 3,188,714 $ — $ 7,155,568 Costs and expenses: Cost of services — — 2,532,091 2,020,320 — 4,552,411 Operating, administrative and other 44,972 (16,421 ) 908,592 831,695 — 1,768,838 Depreciation and amortization — — 116,546 98,952 — 215,498 Total costs and expenses 44,972 (16,421 ) 3,557,229 2,950,967 — 6,536,747 Gain on disposition of real estate — — 3,228 6,912 — 10,140 Operating (loss) income (44,972 ) 16,421 412,853 244,659 — 628,961 Equity income (loss) from unconsolidated subsidiaries — — 40,258 (872 ) — 39,386 Other income (loss) — 1 1,336 (6,264 ) — (4,927 ) Interest income — 151,263 79,450 3,194 (229,050 ) 4,857 Interest expense — 157,559 104,231 50,327 (229,050 ) 83,067 Write-off of financing costs — 2,685 — — — 2,685 Royalty and management service (income) expense — — (4,266 ) 4,266 — — Income from consolidated subsidiaries 394,820 390,232 106,841 — (891,893 ) — Income before (benefit of) provision for income taxes 349,848 397,673 540,773 186,124 (891,893 ) 582,525 (Benefit of) provision for income taxes (17,241 ) 2,853 150,541 70,090 — 206,243 Net income 367,089 394,820 390,232 116,034 (891,893 ) 376,282 Less: Net income attributable to non-controlling interests — — — 9,193 — 9,193 Net income attributable to CBRE Group, Inc. $ 367,089 $ 394,820 $ 390,232 $ 106,841 $ (891,893 ) $ 367,089 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Revenue $ — $ — $ 3,356,815 $ 2,905,909 $ — $ 6,262,724 Costs and expenses: Cost of services — — 2,113,013 1,791,906 — 3,904,919 Operating, administrative and other 39,290 (1,031 ) 815,828 841,536 — 1,695,623 Depreciation and amortization — — 96,292 99,365 — 195,657 Total costs and expenses 39,290 (1,031 ) 3,025,133 2,732,807 — 5,796,199 Gain on disposition of real estate — — 6,732 30,370 — 37,102 Operating (loss) income (39,290 ) 1,031 338,414 203,472 — 503,627 Equity income from unconsolidated subsidiaries — — 61,181 6,383 — 67,564 Other income — 1 2,493 8,558 — 11,052 Interest income — 146,356 1,579 2,737 (146,351 ) 4,321 Interest expense — 76,509 97,671 56,497 (146,351 ) 84,326 Write-off of financing costs — 23,087 — — — 23,087 Royalty and management service (income) expense — — (26,973 ) 26,973 — — Income from consolidated subsidiaries 304,873 274,893 42,016 — (621,782 ) — Income before (benefit of) provision for income taxes 265,583 322,685 374,985 137,680 (621,782 ) 479,151 (Benefit of) provision for income taxes (14,643 ) 17,812 100,092 68,057 — 171,318 Net income 280,226 304,873 274,893 69,623 (621,782 ) 307,833 Less: Net income attributable to non-controlling interests — — — 27,607 — 27,607 Net income attributable to CBRE Group, Inc. $ 280,226 $ 304,873 $ 274,893 $ 42,016 $ (621,782 ) $ 280,226 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 149,123 $ 160,973 $ 146,587 $ 63,804 $ (370,496 ) $ 149,991 Other comprehensive loss: Foreign currency translation loss — — — (69,728 ) — (69,728 ) Fees associated with termination of interest rate swaps, net of tax — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,873 — — — 1,873 Unrealized losses on interest rate swaps, net of tax — (2,924 ) — — — (2,924 ) Unrealized holding losses on available for sale securities, net of tax — — (1,024 ) (158 ) — (1,182 ) Other, net — — (18 ) — — (18 ) Total other comprehensive loss — (4,799 ) (1,042 ) (69,886 ) — (75,727 ) Comprehensive income (loss) 149,123 156,174 145,545 (6,082 ) (370,496 ) 74,264 Less: Comprehensive income attributable to non-controlling interests — — — 861 — 861 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 149,123 $ 156,174 $ 145,545 $ (6,943 ) $ (370,496 ) $ 73,403 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 107,099 $ 118,981 $ 114,063 $ 30,906 $ (261,357 ) $ 109,692 Other comprehensive income (loss) : Foreign currency translation loss — — — (109,122 ) — (109,122 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 1,844 — — — 1,844 Unrealized gains on interest rate swaps and interest rate caps, net of tax — 854 — — — 854 Unrealized holding gains (losses) on available for sale securities, net of tax — — 345 (159 ) — 186 Other, net — — 76 — — 76 Total other comprehensive income (loss) — 2,698 421 (109,281 ) — (106,162 ) Comprehensive income (loss) 107,099 121,679 114,484 (78,375 ) (261,357 ) 3,530 Less: Comprehensive income attributable to non-controlling interests — — — 2,533 — 2,533 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 107,099 $ 121,679 $ 114,484 $ (80,908 ) $ (261,357 ) $ 997 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 367,089 $ 394,820 $ 390,232 $ 116,034 $ (891,893 ) $ 376,282 Other comprehensive loss: Foreign currency translation loss — — — (117,640 ) — (117,640 ) Fees associated with termination of interest rate swaps, net of tax — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 5,477 — — — 5,477 Unrealized losses on interest rate swaps, net of tax — (5,435 ) — — — (5,435 ) Unrealized holding losses on available for sale securities, net of tax — — (1,053 ) (58 ) — (1,111 ) Total other comprehensive loss — (3,706 ) (1,053 ) (117,698 ) — (122,457 ) Comprehensive income (loss) 367,089 391,114 389,179 (1,664 ) (891,893 ) 253,825 Less: Comprehensive income attributable to non-controlling interests — — — 9,170 — 9,170 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 367,089 $ 391,114 $ 389,179 $ (10,834 ) $ (891,893 ) $ 244,655 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Elimination Consolidated Net income $ 280,226 $ 304,873 $ 274,893 $ 69,623 $ (621,782 ) $ 307,833 Other comprehensive income (loss): Foreign currency translation loss — — — (72,676 ) — (72,676 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax — 5,470 — — — 5,470 Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax — (3,521 ) — 61 — (3,460 ) Unrealized holding losses on available for sale securities, net of tax — — (495 ) (175 ) — (670 ) Other, net — — 211 — — 211 Total other comprehensive income (loss) — 1,949 (284 ) (72,790 ) — (71,125 ) Comprehensive income (loss) 280,226 306,822 274,609 (3,167 ) (621,782 ) 236,708 Less: Comprehensive income attributable to non-controlling interests — — — 27,556 — 27,556 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 280,226 $ 306,822 $ 274,609 $ (30,723 ) $ (621,782 ) $ 209,152 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 31,155 $ (13,282 ) $ 106,066 $ 18,471 $ 142,410 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (45,646 ) (39,678 ) (85,324 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired — — (730,307 ) (691,356 ) (1,421,663 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (94,498 ) (8,642 ) (103,140 ) Contributions to unconsolidated subsidiaries — — (44,279 ) (1,513 ) (45,792 ) Distributions from unconsolidated subsidiaries — — 37,876 4,862 42,738 Net proceeds from disposition of real estate held for investment — — — 3,584 3,584 Additions to real estate held for investment — — — (1,773 ) (1,773 ) Proceeds from the sale of servicing rights and other assets — — 9,512 11,922 21,434 Increase in restricted cash — — (6,329 ) (35,535 ) (41,864 ) Purchase of available for sale securities — — (31,919 ) — (31,919 ) Proceeds from the sale of available for sale securities — — 33,063 — 33,063 Other investing activities, net — — (1,290 ) — (1,290 ) Net cash used in investing activities — — (873,817 ) (758,129 ) (1,631,946 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 900,000 — — 900,000 Repayment of senior term loans — (651,863 ) — — (651,863 ) Proceeds from revolving credit facility — 2,107,500 — — 2,107,500 Repayment of revolving credit facility — (1,707,000 ) — (4,512 ) (1,711,512 ) Proceeds from issuance of 4.875% senior notes, net — 595,440 — — 595,440 Repayment of notes payable on real estate held for investment — — — (1,173 ) (1,173 ) Proceeds from notes payable on real estate held for sale and under development — — — 12,584 12,584 Proceeds from short-term borrowings, net — — — 15,862 15,862 Shares repurchased for payment of taxes on equity awards (24,517 ) — — — (24,517 ) Proceeds from exercise of stock options 6,755 — — — 6,755 Incremental tax benefit from stock options exercised 2,270 — — — 2,270 Non-controlling interests contributions — — — 4,691 4,691 Non-controlling interests distributions — — — (13,595 ) (13,595 ) Payment of financing costs — (30,046 ) — (84 ) (30,130 ) (Increase) decrease in intercompany receivables, net (15,667 ) (1,213,184 ) 446,801 782,050 — Other financing activities, net — — (2,113 ) (29 ) (2,142 ) Net cash (used in) provided by financing activities (31,159 ) 847 444,688 795,794 1,210,170 Effect of currency exchange rate changes on cash and cash equivalents — — — (21,161 ) (21,161 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4 ) (12,435 ) (323,063 ) 34,975 (300,527 ) 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 $ 1 $ 5,827 $ 51,040 $ 383,489 $ 440,357 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 79,527 $ 83 $ 1,212 $ 80,822 Income tax payments, net $ — $ — $ 126,421 $ 84,213 $ 210,634 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 20,732 $ 83,198 $ (9,694 ) $ (25,758 ) $ 68,478 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (63,544 ) (29,074 ) (92,618 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (51,989 ) (80,552 ) (132,541 ) Contributions to unconsolidated subsidiaries — — (37,674 ) (2,429 ) (40,103 ) Distributions from unconsolidated subsidiaries — — 49,152 13,826 62,978 Net proceeds from disposition of real estate held for investment — — — 77,278 77,278 Additions to real estate held for investment — — — (5,043 ) (5,043 ) Proceeds from the sale of servicing rights and other assets — — 7,514 10,655 18,169 Decrease (increase) in restricted cash — 6,871 464 (2,904 ) 4,431 Purchase of available for sale securities — — (68,984 ) — (68,984 ) Proceeds from the sale of available for sale securities — — 61,357 — 61,357 Other investing activities, net — — 570 — 570 Net cash provided by (used in) investing activities — 6,871 (103,134 ) (18,243 ) (114,506 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior secured term loans — (29,738 ) — — (29,738 ) Proceeds from revolving credit facility — 1,622,000 — 66,568 1,688,568 Repayment of revolving credit facility — (1,630,928 ) — (41,431 ) (1,672,359 ) Proceeds from issuance of 5.25% senior notes — 300,000 — — 300,000 Proceeds from notes payable on real estate held for investment — — — 5,022 5,022 Repayment of notes payable on real estate held for investment — — — (27,241 ) (27,241 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,884 4,884 Repayment of notes payable on real estate held for sale and under development — — — (44,959 ) (44,959 ) Proceeds from short-term borrowings, net — — — 4,545 4,545 Shares repurchased for payment of taxes on equity awards (16,656 ) — — — (16,656 ) Proceeds from exercise of stock options 4,466 — — — 4,466 Incremental tax benefit from stock options exercised 803 — — — 803 Non-controlling interests contributions — — — 1,415 1,415 Non-controlling interests distributions — — — (31,998 ) (31,998 ) Payment of financing costs — (3,045 ) — (104 ) (3,149 ) (Increase) decrease in intercompany receivables, net (9,345 ) (297,717 ) 243,097 63,965 — Other financing activities, net — — (1,437 ) (9 ) (1,446 ) Net cash (used in) provided by financing activities (20,732 ) (39,428 ) 241,660 657 182,157 Effect of currency exchange rate changes on cash and cash equivalents — — — (12,683 ) (12,683 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 50,641 128,832 (56,027 ) 123,446 CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 11,585 91,244 389,078 491,912 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 62,226 $ 220,076 $ 333,051 $ 615,358 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 76,519 $ 355 $ 3,762 $ 80,636 Income tax payments, net $ — $ — $ 177,792 $ 88,418 $ 266,210 |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) $ in Thousands | Dec. 31, 2014USD ($) |
New Accounting Pronouncements [Abstract] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | $ 25,595 |
New Accounting Pronouncements39
New Accounting Pronouncements - Schedule of Debt Issuance Costs Reclassified from Other Assets and Netted Against Related Debt Liabilities Related to Early Adoption of Accounting Pronouncement (Detail) $ in Thousands | Dec. 31, 2014USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | $ 25,595 |
Senior term loans [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | 7,537 |
Notes payable on real estate [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | 1,398 |
5.00% senior notes [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | 12,053 |
5.25% senior notes [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Total debt issuance costs reclassified from other assets and netted against the related debt liabilities | $ 4,607 |
New Accounting Pronouncements40
New Accounting Pronouncements - Schedule of Debt Issuance Costs Reclassified from Other Assets and Netted Against Related Debt Liabilities Related to Early Adoption of Accounting Pronouncement (Parenthetical) (Detail) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 26, 2014 |
5.00% senior notes [Member] | Senior term loans [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt instrument, interest rate | 5.00% | ||||
5.25% senior notes [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | 5.25% | |
5.25% senior notes [Member] | Senior term loans [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt instrument, interest rate | 5.25% |
Acquisition of Global Workpla41
Acquisition of Global Workplace Solutions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 03, 2015 | Aug. 13, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||
Aggregate principal amount issued | $ 595,440 | $ 300,000 | |||||
Goodwill | $ 2,997,042 | 2,997,042 | $ 2,333,821 | ||||
Revenue | 2,712,559 | $ 2,275,076 | 7,155,568 | 6,262,724 | |||
Operating income | 240,101 | 185,140 | 628,961 | 503,627 | |||
Net income attributable to CBRE Group, Inc. | $ 149,123 | 107,099 | 367,089 | 280,226 | |||
4.875% Senior Notes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate principal amount issued | $ 600,000 | $ 595,440 | |||||
Interest rate of long-term debt | 4.875% | 4.875% | 4.875% | ||||
Senior Notes due date | Mar. 1, 2026 | ||||||
New Tranche B-1 and Tranche B-2 Term Loan Facilities [Member] | 2015 Credit Agreement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate principal amount issued | $ 400,000 | ||||||
Global Workplace Solutions (GWS) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of business purchase agreement | Mar. 31, 2015 | ||||||
Purchase price payable in cash | $ 1,475,000 | $ 1,475,000 | |||||
Effective date of acquisition | Sep. 1, 2015 | ||||||
Goodwill | 729,000 | $ 729,000 | |||||
Goodwill recorded in connection with acquisition deductible for tax purpose | 423,000 | 423,000 | |||||
Revenue | 236,600 | 236,600 | |||||
Operating income | 13,100 | 13,100 | |||||
Net income attributable to CBRE Group, Inc. | 8,600 | 8,600 | |||||
Direct transaction and integration cost | 16,900 | 24,900 | |||||
Amortization expense of acquired intangible assets | 17,100 | 17,100 | 51,200 | 51,200 | |||
Additional interest expense for debt incurred to finance acquisitions | 9,700 | $ 10,500 | 30,600 | $ 31,500 | |||
Removal of direct costs | 16,900 | 24,900 | |||||
Removal of tax impact | $ 16,900 | $ 24,900 |
Acquisition of Global Workpla42
Acquisition of Global Workplace Solutions - Summary of Excess Purchase Price over Estimated Fair Value of Net Assets Acquired (Detail) $ in Thousands | Sep. 01, 2015USD ($) |
Business Combinations [Abstract] | |
Estimated purchase price | $ 1,511,010 |
Less estimated fair value of net assets acquired | (781,946) |
Excess purchase price over estimated fair value of net assets acquired | $ 729,064 |
Acquisition of Global Workpla43
Acquisition of Global Workplace Solutions - Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands | Sep. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Estimated fair value of net assets acquired | $ 781,946 |
Global Workplace Solutions (GWS) [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 89,347 |
Receivables, net | 601,299 |
Prepaid expenses | 7,825 |
Deferred tax assets, current | 5,154 |
Other current assets | 26,940 |
Property and equipment | 21,027 |
Other intangible assets | 736,250 |
Other assets | 40,677 |
Total assets acquired | 1,528,519 |
Accounts payable and accrued expenses | 567,604 |
Compensation and employee benefits payable | 53,901 |
Accrued bonus and profit sharing | 28,040 |
Income taxes payable | 2,425 |
Other current liabilities | 11,963 |
Deferred tax liabilities, long-term | 62,418 |
Other liabilities | 19,018 |
Total liabilities assumed | 745,369 |
Non-controlling interests acquired | 1,204 |
Estimated fair value of net assets acquired | $ 781,946 |
Acquisition of Global Workpla44
Acquisition of Global Workplace Solutions - Summary of Preliminary Estimate of Amortizable Intangible Assets Acquired (Detail) - Global Workplace Solutions (GWS) [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangibles acquired, Weighted Average Amortization Period | 15 years |
Total amortizable intangibles acquired, Amount Assigned At Acquisition Date | $ 736,250 |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangibles acquired, Weighted Average Amortization Period | 20 years |
Total amortizable intangibles acquired, Amount Assigned At Acquisition Date | $ 450,500 |
Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangibles acquired, Weighted Average Amortization Period | 10 years |
Total amortizable intangibles acquired, Amount Assigned At Acquisition Date | $ 212,000 |
Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangibles acquired, Weighted Average Amortization Period | 3 years |
Total amortizable intangibles acquired, Amount Assigned At Acquisition Date | $ 73,750 |
Acquisition of Global Workpla45
Acquisition of Global Workplace Solutions - Summary of Pro Forma Results Prepared for Comparative Purposes (Detail) - Global Workplace Solutions (GWS) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 3,210,559 | $ 3,135,826 | $ 9,272,568 | $ 8,844,974 |
Operating income | 259,260 | 171,562 | 665,985 | 462,896 |
Net income attributable to CBRE Group, Inc. | $ 157,206 | $ 91,396 | $ 374,193 | $ 233,013 |
Basic income per share | $ 0.47 | $ 0.28 | $ 1.13 | $ 0.71 |
Weighted average shares outstanding for basic income per share | 332,684,487 | 330,419,006 | 332,223,036 | 330,197,240 |
Diluted income per share | $ 0.47 | $ 0.27 | $ 1.11 | $ 0.70 |
Weighted average shares outstanding for diluted income per share | 336,561,877 | 334,293,046 | 336,140,923 | 333,855,131 |
Variable Interest Entities (V46
Variable Interest Entities (VIEs) - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2014USD ($) | Jun. 30, 2014Buildings | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of commercial properties sold | Buildings | 2 | |
Financial support funded to the entities | $ 0 |
Variable Interest Entities (V47
Variable Interest Entities (VIEs) - Schedule of Operating Results Relating to Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 2,712,559 | $ 2,275,076 | $ 7,155,568 | $ 6,262,724 |
Operating, administrative and other expenses | 626,905 | 601,026 | 1,768,838 | 1,695,623 |
Gain on disposition of real estate | 3,154 | 7,235 | 10,140 | 37,102 |
Net income attributable to non-controlling interests | $ 868 | $ 2,593 | $ 9,193 | 27,607 |
Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 3,561 | |||
Operating, administrative and other expenses | 2,588 | |||
Gain on disposition of real estate | 23,028 | |||
Net income attributable to non-controlling interests | $ 21,724 |
Variable Interest Entities (V48
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | $ 231,905 | $ 218,280 |
Other assets, current | 145,168 | 84,401 |
Co-investment commitments | 23,600 | |
Non-Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | 22,189 | 26,353 |
Other assets, current | 3,621 | 3,337 |
Co-investment commitments | 180 | 200 |
Maximum exposure to loss | $ 25,990 | $ 29,890 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Aug. 13, 2015 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 26, 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 | $ 0 | ||||
Fair value measurements assets, significant transfers from level 2 to level 1 | 0 | 0 | 0 | ||||
Fair value measurements liabilities, significant transfers from level 1 to level 2 | 0 | 0 | 0 | ||||
Fair value measurements liabilities, significant transfers from level 2 to level 1 | 0 | 0 | 0 | ||||
Asset impairment recorded | $ 8,600,000 | 8,615,000 | |||||
Senior term loans | 854,590,000 | $ 598,426,000 | |||||
Aggregate principal amount issued | 595,440,000 | $ 300,000,000 | |||||
Carrying value of notes payable on real estate | 31,437,000 | 41,445,000 | |||||
5.00% senior notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Estimated fair value of senior loans | 805,500,000 | 818,000,000 | |||||
Senior notes | $ 788,839,000 | $ 787,947,000 | |||||
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 | $ 430,500,000 | $ 439,700,000 | |||||
Interest rate of long-term debt | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||
Senior notes | $ 421,913,000 | $ 422,206,000 | $ 300,000,000 | ||||
Aggregate principal amount issued | $ 125,000,000 | $ 300,000,000 | |||||
Debt instrument, maturity date | Mar. 15, 2025 | ||||||
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% | |||||
4.875% Senior Notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Estimated fair value of senior loans | $ 596,400,000 | ||||||
Interest rate of long-term debt | 4.875% | 4.875% | |||||
Senior notes | $ 590,380,000 | ||||||
Aggregate principal amount issued | $ 600,000,000 | $ 595,440,000 | |||||
Debt instrument, maturity date | Mar. 1, 2026 | ||||||
4.875% Senior Notes [Member] | Senior notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Interest rate of long-term debt | 4.875% | 4.875% | |||||
Debt instrument, maturity date | Mar. 1, 2026 | ||||||
Senior term loans [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Estimated fair value of senior loans | $ 893,800,000 | $ 645,100,000 | |||||
Senior term loans | $ 883,300,000 | $ 638,100,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 62,609 | $ 62,804 |
Warehouse receivables | 585,860 | 506,294 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 57,056 | 60,175 |
Trading securities | 62,609 | 62,804 |
Warehouse receivables | 585,860 | 506,294 |
Loan commitments | 9,445 | 2,372 |
Foreign currency exchange forward contracts | 10,846 | 1,235 |
Total assets at fair value | 725,816 | 632,880 |
Interest rate swaps | 26,919 | 26,895 |
Securities sold, not yet purchased | 4,640 | 1,830 |
Foreign currency exchange forward contracts | 1,260 | 1,397 |
Total liabilities at fair value | 32,819 | 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 | 6,236 | 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 | 4,351 | 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 | 18,682 | 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 | 2,552 | 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 | 1,814 | 1,959 |
Recurring [Member] | Debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 33,635 | 33,881 |
Recurring [Member] | Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 23,421 | 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 | 29,657 | 31,107 |
Trading securities | 62,609 | 62,804 |
Total assets at fair value | 92,266 | 93,911 |
Securities sold, not yet purchased | 4,640 | 1,830 |
Total liabilities at fair value | 4,640 | 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 | 6,236 | 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 | 6,236 | 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 | 23,421 | 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 | 27,399 | 29,068 |
Warehouse receivables | 585,860 | 506,294 |
Foreign currency exchange forward contracts | 10,846 | 1,235 |
Total assets at fair value | 624,105 | 536,597 |
Interest rate swaps | 26,919 | 26,895 |
Foreign currency exchange forward contracts | 1,260 | 1,397 |
Total liabilities at fair value | 28,179 | 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 | 4,351 | 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 | 18,682 | 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 | 2,552 | 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 | 1,814 | 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 | 27,399 | 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 | 9,445 | 2,372 |
Total assets at fair value | $ 9,445 | $ 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 | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 2,372 |
Net gains included in earnings | 20,029 |
Settlements | (12,956) |
Transfers into (out of) Level 3 | 0 |
Ending balance | $ 9,445 |
Fair Value Measurements - Sch52
Fair Value Measurements - Schedule of Non-Recurring Fair Value Measurements (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014USD ($) | Sep. 30, 2014USD ($) | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Property and equipment, Total impairment charges | $ 8,600 | $ 8,615 |
Fair Value, Measurements, Non-recurring [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Property and equipment, Net Carrying Value | 0 | 0 |
Property and equipment, Total impairment charges | 8,615 | 8,615 |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Property and equipment, Fair Value | 0 | 0 |
Fair Value, Measurements, Non-recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Property and equipment, Fair Value | 0 | 0 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Property and equipment, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume53
Derivative Financial Instruments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2015USD ($) | Sep. 30, 2015USD ($)ContractCounterpartyContracts | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)ContractCounterpartyContracts | Sep. 30, 2014USD ($) | Aug. 13, 2015 | Jul. 31, 2015USD ($)Swap | 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 | 30,699,000 | 27,841,000 | 83,067,000 | 84,326,000 | ||||||
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | (2,924,000) | 854,000 | (5,435,000) | (3,460,000) | ||||||
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 | $ 8,900,000 | 9,000,000 | ||||||
4.875% Senior Notes [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate of long-term debt | 4.875% | 4.875% | 4.875% | |||||||
4.875% Senior Notes [Member] | Senior notes [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate of long-term debt | 4.875% | 4.875% | 4.875% | |||||||
Loan commitments [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Fair value of forward contracts in asset position | $ 9,400,000 | $ 9,400,000 | $ 2,400,000 | |||||||
Net gain on loan commitments | $ 9,400,000 | $ 20,000,000 | ||||||||
Loan commitments [Member] | Other current assets [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of counterparties aggregated | Counterparty | 3 | 3 | 3 | |||||||
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 | |||||||||
Interest rate swaps [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Unrealized gains (losses) on interest rate swaps and interest rate caps, net | $ (4,800,000) | 1,400,000 | $ (8,900,000) | (5,800,000) | ||||||
Fair value of interest rate swap reflected as liability | 26,900,000 | 26,900,000 | $ 26,900,000 | |||||||
Foreign currency exchange forward contracts [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative notional amount | $ 299,900,000 | $ 299,900,000 | $ 209,700,000 | |||||||
Number of foreign currency exchange contracts entered | Contract | 59 | 59 | 38 | |||||||
Net gains (losses) on foreign currency exchange | $ 9,300,000 | 7,700,000 | $ 16,600,000 | 4,500,000 | ||||||
Fair value of forward contracts in asset position | 10,700,000 | 10,700,000 | 500,000 | |||||||
Fair value of forward contracts in liabilities position | $ 1,100,000 | $ 1,100,000 | $ 1,300,000 | |||||||
Foreign currency exchange forward contracts [Member] | Other current assets [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of counterparties aggregated | Counterparty | 7 | 7 | 2 | |||||||
Foreign currency exchange forward contracts [Member] | Other current liabilities [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of counterparties aggregated | Counterparty | 4 | 4 | 4 | |||||||
Foreign currency exchange option and forward contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative notional amount | $ 33,100,000 | $ 33,100,000 | ||||||||
Number of foreign currency exchange contracts entered | Contracts | 4,000,000 | 4,000,000 | ||||||||
Net gains (losses) on foreign currency exchange | $ 400,000 | $ 3,100,000 | $ 200,000 | $ 2,900,000 | ||||||
Fair value of forward contracts in asset position | 100,000 | 100,000 | $ 800,000 | |||||||
Fair value of forward contracts in liabilities position | $ 200,000 | $ 200,000 | $ 100,000 | |||||||
Foreign currency exchange option and forward contract [Member] | Other current assets [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of counterparties aggregated | Counterparty | 1 | 1 | 1 | |||||||
Foreign currency exchange option and forward contract [Member] | Other current liabilities [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of counterparties aggregated | Counterparty | 1 | 1 | 1 | |||||||
Interest rate swap agreements effective August 2015 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative notional amount | $ 300,000,000 | |||||||||
Number of interest rate swap agreements entered | Swap | 3 | |||||||||
Ineffectiveness of significant hedge | $ 0 | $ 0 | ||||||||
Cash settlement for termination of interest rate swap agreements | $ 6,200,000 | |||||||||
Interest rate swap agreements effective August 2015 [Member] | Reclassification out of accumulated other comprehensive income [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Amount to be reclassified to interest expense | 600,000 | 600,000 | ||||||||
Interest rate swap agreements effective August 2015 [Member] | 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 | $ 100,000 | $ 100,000 |
Investments in Unconsolidated54
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | $ 296,470 | $ 264,711 | $ 896,510 | $ 785,376 |
Operating (loss) income | (2,348) | 111,323 | (27,095) | (178,825) |
Net income (loss) | 77,120 | 33,293 | (101,688) | (192,082) |
Global Investment Management [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 221,245 | 211,357 | 728,144 | 637,605 |
Operating (loss) income | (26,625) | 93,731 | (107,351) | (228,168) |
Net income (loss) | 56,182 | 18,413 | (175,014) | (235,559) |
Development Services [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 22,690 | 11,248 | 42,265 | 34,083 |
Operating (loss) income | 13,316 | 11,736 | 54,664 | 30,143 |
Net income (loss) | 9,812 | 8,855 | 47,299 | 24,066 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 52,535 | 42,106 | 126,101 | 113,688 |
Operating (loss) income | 10,961 | 5,856 | 25,592 | 19,200 |
Net income (loss) | $ 11,126 | $ 6,025 | $ 26,027 | $ 19,411 |
Real Estate and Other Assets 55
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) $ in Thousands | Dec. 31, 2014USD ($) |
Assets: | |
Real estate held for sale | $ 3,840 |
Total real estate and other assets held for sale | 3,845 |
Liabilities: | |
Total liabilities related to real estate and other assets held for sale | 61 |
Net real estate and other assets held for sale | 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 | $ 61 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Real estate included in assets held for sale | $ 3,840 | |
Real estate under development (current) | $ 2,796 | |
Real estate under development (non-current) | 20,501 | 4,630 |
Real estate held for investment | 20,299 | 37,129 |
Total real estate | $ 43,596 | $ 45,599 |
Real Estate - Schedule of Rea57
Real Estate - Schedule of Real Estate Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Accumulated depreciation | $ 10.5 | $ 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Current portion of notes payable on real estate | $ 3,444 | $ 23,229 |
Notes payable on real estate, non-current portion | 27,993 | 18,216 |
Total notes payable on real estate | $ 31,437 | $ 41,445 |
Debt- Tranche Term Loan Facilit
Debt- Tranche Term Loan Facilities - Additional Information (Detail) - USD ($) | Sep. 03, 2015 | Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 595,440,000 | $ 300,000,000 | |||
Revolving credit facility principal amount outstanding | 400,500,000 | $ 4,840,000 | |||
Letters of credit outstanding | $ 44,100,000 | ||||
Tranche B-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 B-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-2 term loan facility [Member] | Minimum spread over applicable interest rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement applicable fixed rate | 1.40% | ||||
Credit Agreement applicable daily rate | 0.40% | ||||
Tranche B-2 term loan facility [Member] | Maximum spread over applicable interest rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement applicable fixed rate | 1.70% | ||||
Credit Agreement applicable daily rate | 0.75% | ||||
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% | ||||
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 | $ 400,500,000 | ||||
Revolving credit facility, weighted average annual interest rate | 1.30% | ||||
Senior secured term loans outstanding | $ 883,300,000 | 638,100,000 | |||
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 | ||||
2015 Credit Agreement [Member] | 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 | $ 486,700,000 | 429,700,000 | |||
2015 Credit Agreement [Member] | Tranche B-1 term loan facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amounts available to borrow under Credit Agreement | $ 270,000,000 | ||||
Revolving credit facility maturity date | Sep. 3, 2020 | ||||
Senior secured term loans outstanding | $ 267,700,000 | ||||
2015 Credit Agreement [Member] | Tranche B-2 term loan facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amounts available to borrow under Credit Agreement | $ 130,000,000 | ||||
Revolving credit facility maturity date | Sep. 3, 2022 | ||||
Senior secured term loans outstanding | $ 128,900,000 | ||||
2015 Credit Agreement [Member] | Tranche B term loan facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior secured term loans outstanding | 208,400,000 | ||||
2015 Credit Agreement [Member] | New Tranche B-1 and Tranche B-2 Term Loan Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 400,000,000 | ||||
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% | ||||
Revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | $ 2,000,000 | ||||
5.25% senior notes [Member] | 2015 Credit Agreement [Member] | Tranche A term loan facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 125,000,000 | ||||
Interest rate of long-term debt | 5.25% |
Debt- Senior Notes - Additional
Debt- Senior Notes - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 13, 2015 | Dec. 12, 2014 | Oct. 27, 2014 | Sep. 26, 2014 | Oct. 08, 2010 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount issued | $ 595,440 | $ 300,000 | |||||||
Write-off of financing costs | $ 23,087 | 2,685 | 23,087 | ||||||
4.875% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount issued | $ 600,000 | $ 595,440 | |||||||
Interest rate of long-term debt | 4.875% | 4.875% | |||||||
Debt instrument, maturity date | Mar. 1, 2026 | ||||||||
Senior notes | $ 590,380 | ||||||||
4.875% Senior Notes [Member] | Senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of long-term debt | 4.875% | 4.875% | |||||||
Redemption price percentage | 99.24% | ||||||||
Debt instrument, maturity date | Mar. 1, 2026 | ||||||||
Debt instrument redemption description | The 4.875% senior notes are redeemable at our option, in whole or in part, prior to December 1, 2025 at a redemption price equal to the greater of (1) 100% of the principal amount of the 4.875% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 1, 2025 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture governing these notes). In addition, at any time on or after December 1, 2025, the 4.875% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100.0% of the principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 4.875% senior notes at a redemption price of 101.0% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. | ||||||||
Debt instrument, frequency of periodic payment | Semi-annually | ||||||||
Debt instrument, date of first required payment | Mar. 1, 2016 | ||||||||
5.25% senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount issued | $ 125,000 | $ 300,000 | |||||||
Interest rate of long-term debt | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||||
Redemption price percentage | 101.00% | ||||||||
Debt instrument, maturity date | Mar. 15, 2025 | ||||||||
Senior notes | $ 300,000 | $ 421,913 | $ 422,206 | ||||||
Price equal to percentage on face value | 101.50% | ||||||||
5.25% senior notes [Member] | Redemption prior to December 15, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
5.25% senior notes [Member] | Redemption on or after December 15, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of notes available for redemption | 100.00% | ||||||||
5.25% senior notes [Member] | Senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of long-term debt | 5.25% | 5.25% | |||||||
6.625% senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount issued | $ 350,000 | ||||||||
Interest rate of long-term debt | 6.625% | ||||||||
Debt instrument, maturity date | Oct. 15, 2020 | ||||||||
Debt instrument redemption description | On September 26, 2014, we gave the 30-day notice required under the indenture of our intent to redeem all of the 6.625% senior notes. We redeemed these notes in full on October 27, 2014 | ||||||||
Debt instrument redemption notice period | 30 days | ||||||||
Write-off of financing costs | $ 23,100 | ||||||||
Debt instrument premium paid | 17,400 | ||||||||
Unamortized deferred financing costs and unamortized discount | $ 5,700 |
Debt - Credit Agreement - Addit
Debt - Credit Agreement - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
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 | 11.01 |
Leverage ratio of total debt less available cash to EBITDA | 1.88 |
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% |
4.875% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Interest rate of long-term debt | 4.875% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 44,100,000 | |
Accrued loan loss | 20,100,000 | $ 16,800,000 |
Assets available for recourse | 279,600,000 | |
Warehouse receivables | $ 119,800,000 | |
Letters of credit expiration date | 2016-09 | |
Guarantees total | $ 41,000,000 | |
Guarantees expiration date | 2019-07 | |
Commitments to investment in future real estate investment | $ 23,600,000 | |
Commitments to investment in unconsolidated real estate subsidiary | 23,000,000 | |
Funded loans subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 11,400,000,000 | |
Funded loans not subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 32,000,000 | |
Letters of credit outstanding | $ 35,000,000 | $ 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Computation of basic income per share attributable to CBRE Group, Inc. shareholders: | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 149,123 | $ 107,099 | $ 367,089 | $ 280,226 |
Weighted average shares outstanding for basic income per share | 332,684,487 | 330,419,006 | 332,223,036 | 330,197,240 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $ 0.45 | $ 0.32 | $ 1.10 | $ 0.85 |
Computation of diluted income per share attributable to CBRE Group, Inc. shareholders: | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 149,123 | $ 107,099 | $ 367,089 | $ 280,226 |
Weighted average shares outstanding for basic income per share | 332,684,487 | 330,419,006 | 332,223,036 | 330,197,240 |
Dilutive effect of contingently issuable shares | 3,747,524 | 3,478,244 | 3,701,801 | 3,239,528 |
Dilutive effect of stock options | 129,866 | 395,796 | 216,086 | 418,363 |
Weighted average shares outstanding for diluted income per share | 336,561,877 | 334,293,046 | 336,140,923 | 333,855,131 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ 0.44 | $ 0.32 | $ 1.09 | $ 0.84 |
Income Per Share Information 64
Income Per Share Information - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 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 | 743,638 | 47,639 | 743,638 | 47,639 |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded in computation of diluted earning per share | 582 | 582 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($)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 | $ 2 | $ 5.4 |
Expected contribution to pension plans | $ 7.5 |
Pensions - Schedule of Net Peri
Pensions - Schedule of Net Periodic Pension Cost (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Interest cost | $ 3,792 | $ 4,503 | $ 11,219 | $ 13,411 |
Expected return on plan assets | (4,684) | (5,812) | (13,843) | (17,465) |
Amortization of unrecognized net loss | 1,044 | 673 | 3,091 | 2,003 |
Net periodic pension cost (benefit) | $ 152 | $ (636) | $ 467 | $ (2,051) |
Segments - Summarized Financial
Segments - Summarized Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,712,559 | $ 2,275,076 | $ 7,155,568 | $ 6,262,724 |
EBITDA | 326,577 | 292,893 | 869,725 | 750,293 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 114,094 | 105,012 | 318,371 | 343,789 |
EBITDA | 29,014 | 21,146 | 80,198 | 87,538 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 18,617 | 15,954 | 45,312 | 40,901 |
EBITDA | 10,508 | 24,019 | 17,648 | 37,121 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,556,648 | 1,325,875 | 4,218,753 | 3,583,276 |
EBITDA | 203,598 | 187,476 | 594,330 | 482,642 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 737,863 | 574,493 | 1,817,601 | 1,604,159 |
EBITDA | 55,758 | 37,485 | 111,146 | 88,219 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 285,337 | 253,742 | 755,531 | 690,599 |
EBITDA | $ 27,699 | $ 22,767 | $ 66,403 | $ 54,773 |
Segments - EBITDA Calculation b
Segments - EBITDA Calculation by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | $ 149,123 | $ 107,099 | $ 367,089 | $ 280,226 |
Depreciation and amortization | 75,047 | 67,159 | 215,498 | 195,657 |
Write-off of financing costs | 23,087 | 2,685 | 23,087 | |
Provision for income taxes | 72,866 | 69,305 | 206,243 | 171,318 |
EBITDA | 326,577 | 292,893 | 869,725 | 750,293 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 93,880 | 86,098 | 285,939 | 248,868 |
Depreciation and amortization | 47,209 | 38,451 | 134,750 | 107,796 |
Interest expense, net | 9,692 | 3,361 | 17,485 | 12,321 |
Write-off of financing costs | 23,087 | 2,685 | 23,087 | |
Royalty and management service expense (income) | 1,644 | (14,949) | 4,122 | (18,656) |
Provision for income taxes | 51,173 | 51,428 | 149,349 | 109,226 |
EBITDA | 203,598 | 187,476 | 594,330 | 482,642 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 23,627 | (748) | 25,070 | (14,705) |
Depreciation and amortization | 15,175 | 16,080 | 44,574 | 48,862 |
Interest expense, net | 10,834 | 13,145 | 33,656 | 37,488 |
Royalty and management service expense (income) | (1,452) | 8,249 | (7,644) | 1,294 |
Provision for income taxes | 7,574 | 759 | 15,490 | 15,280 |
EBITDA | 55,758 | 37,485 | 111,146 | 88,219 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 15,459 | 5,398 | 29,067 | 9,400 |
Depreciation and amortization | 3,728 | 4,178 | 11,357 | 10,617 |
Interest expense, net | 800 | 474 | 2,689 | 1,577 |
Royalty and management service expense (income) | (766) | 5,636 | 883 | 13,898 |
Provision for income taxes | 8,478 | 7,081 | 22,407 | 19,281 |
EBITDA | 27,699 | 22,767 | 66,403 | 54,773 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 10,334 | 3,075 | 18,354 | 18,137 |
Depreciation and amortization | 8,423 | 7,485 | 23,095 | 25,303 |
Interest expense, net | 8,060 | 8,331 | 23,562 | 25,917 |
Royalty and management service expense (income) | 574 | 1,064 | 2,639 | 3,464 |
Provision for income taxes | 1,623 | 1,191 | 12,548 | 14,717 |
EBITDA | 29,014 | 21,146 | 80,198 | 87,538 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income attributable to CBRE Group, Inc. | 5,823 | 13,276 | 8,659 | 18,526 |
Depreciation and amortization | 512 | 965 | 1,722 | 3,079 |
Interest expense, net | 155 | 932 | 818 | 2,702 |
Provision for income taxes | 4,018 | 8,846 | 6,449 | 12,814 |
EBITDA | $ 10,508 | $ 24,019 | $ 17,648 | $ 37,121 |
Guarantor and Nonguarantor Fi69
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 26, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 440,357 | $ 740,884 | $ 615,358 | $ 491,912 | |
Restricted cash | 67,190 | 28,090 | |||
Receivables, net | 2,275,025 | 1,736,229 | |||
Warehouse receivables | 585,860 | 506,294 | |||
Trading securities | 62,609 | 62,804 | |||
Income taxes receivable | 22,930 | 12,709 | |||
Prepaid expenses | 163,038 | 142,719 | |||
Deferred tax assets, net | 213,398 | 205,866 | |||
Real estate and other assets held for sale | 3,845 | ||||
Real estate under development | 2,796 | ||||
Available for sale securities | 1,276 | 663 | |||
Other current assets | 145,168 | 84,401 | |||
Total Current Assets | 3,979,647 | 3,524,504 | |||
Property and equipment, net | 503,666 | 497,926 | |||
Goodwill | 2,997,042 | 2,333,821 | |||
Other intangible assets, net | 1,527,123 | 802,360 | |||
Investments in unconsolidated subsidiaries | 231,905 | 218,280 | |||
Real estate under development | 20,501 | 4,630 | |||
Real estate held for investment | 20,299 | 37,129 | |||
Available for sale securities | 55,780 | 59,512 | |||
Other assets, net | 219,501 | 143,348 | |||
Total Assets | 9,555,464 | 7,621,510 | |||
Accounts payable and accrued expenses | 1,320,325 | 827,530 | |||
Compensation and employee benefits payable | 641,412 | 623,814 | |||
Accrued bonus and profit sharing | 542,530 | 788,858 | |||
Warehouse lines of credit | 578,445 | 501,185 | |||
Revolving credit facility | 400,500 | 4,840 | |||
Other | 18,543 | 25 | |||
Total short-term borrowings | 997,488 | 506,050 | |||
Current maturities of long-term debt | 30,186 | 42,407 | |||
Notes payable on real estate | 3,444 | 23,229 | |||
Other current liabilities | 68,878 | 63,746 | |||
Total Current Liabilities | 3,604,263 | 2,875,634 | |||
Senior term loans, net | 854,590 | 598,426 | |||
Other long-term debt | 3 | 26 | |||
Total Long-Term Debt | 2,655,725 | 1,808,605 | |||
Notes payable on real estate, net | 27,993 | 18,216 | |||
Deferred tax liabilities, net | 204,031 | 149,233 | |||
Non-current tax liabilities | 50,516 | 46,003 | |||
Pension liability | 85,998 | 92,923 | |||
Other liabilities | 337,413 | 329,498 | |||
Total Liabilities | $ 6,965,939 | $ 5,320,112 | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ 2,545,679 | $ 2,259,830 | |||
Non-controlling interests | 43,846 | 41,568 | |||
Total Equity | 2,589,525 | 2,301,398 | |||
Total Liabilities and Equity | 9,555,464 | 7,621,510 | |||
Elimination [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Income taxes receivable | (4,576) | (17,337) | |||
Total Current Assets | (4,576) | (17,337) | |||
Investments in consolidated subsidiaries | (8,811,331) | (6,368,218) | |||
Intercompany loan receivable | (3,454,386) | (3,153,215) | |||
Total Assets | (12,270,293) | (9,538,770) | |||
Income taxes payable | (4,576) | (17,337) | |||
Total Current Liabilities | (4,576) | (17,337) | |||
Intercompany loan payable | (3,454,386) | (3,153,215) | |||
Total Long-Term Debt | (3,454,386) | (3,153,215) | |||
Total Liabilities | $ (3,458,962) | $ (3,170,552) | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ (8,811,331) | $ (6,368,218) | |||
Total Equity | (8,811,331) | (6,368,218) | |||
Total Liabilities and Equity | (12,270,293) | (9,538,770) | |||
Parent [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 1 | 5 | 5 | 5 | |
Income taxes receivable | 17,241 | 19,443 | |||
Total Current Assets | 17,242 | 19,448 | |||
Investments in consolidated subsidiaries | 3,492,015 | 3,019,410 | |||
Total Assets | 3,509,257 | 3,038,858 | |||
Intercompany loan payable | 963,578 | 779,028 | |||
Total Long-Term Debt | 963,578 | 779,028 | |||
Total Liabilities | $ 963,578 | $ 779,028 | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ 2,545,679 | $ 2,259,830 | |||
Total Equity | 2,545,679 | 2,259,830 | |||
Total Liabilities and Equity | 3,509,257 | 3,038,858 | |||
CBRE [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 5,827 | 18,262 | 62,226 | 11,585 | |
Other current assets | 10,846 | 1,185 | |||
Total Current Assets | 16,673 | 19,447 | |||
Investments in consolidated subsidiaries | 3,820,028 | 2,433,913 | |||
Intercompany loan receivable | 2,754,386 | 2,453,215 | |||
Other assets, net | 23,426 | 9,384 | |||
Total Assets | 6,614,513 | 4,915,959 | |||
Accounts payable and accrued expenses | 8,896 | 19,541 | |||
Compensation and employee benefits payable | 626 | 626 | |||
Revolving credit facility | 400,500 | ||||
Total short-term borrowings | 400,500 | ||||
Current maturities of long-term debt | 28,750 | 39,650 | |||
Other current liabilities | 1,085 | 1,258 | |||
Total Current Liabilities | 439,857 | 61,075 | |||
Senior term loans, net | 854,590 | 598,426 | |||
Total Long-Term Debt | 2,655,722 | 1,808,579 | |||
Other liabilities | 26,919 | 26,895 | |||
Total Liabilities | $ 3,122,498 | $ 1,896,549 | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ 3,492,015 | $ 3,019,410 | |||
Total Equity | 3,492,015 | 3,019,410 | |||
Total Liabilities and Equity | 6,614,513 | 4,915,959 | |||
Guarantor Subsidiaries [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 51,040 | 374,103 | 220,076 | 91,244 | |
Restricted cash | 6,959 | 630 | |||
Receivables, net | 849,574 | 605,044 | |||
Warehouse receivables | 465,734 | 339,921 | |||
Trading securities | 94 | 115 | |||
Income taxes receivable | 10,265 | ||||
Prepaid expenses | 58,120 | 62,902 | |||
Deferred tax assets, net | 140,745 | 140,761 | |||
Available for sale securities | 1,276 | 663 | |||
Other current assets | 70,007 | 50,429 | |||
Total Current Assets | 1,653,814 | 1,574,568 | |||
Property and equipment, net | 364,141 | 361,899 | |||
Goodwill | 1,576,158 | 1,196,418 | |||
Other intangible assets, net | 836,362 | 493,058 | |||
Investments in unconsolidated subsidiaries | 197,626 | 173,738 | |||
Investments in consolidated subsidiaries | 1,499,288 | 914,895 | |||
Intercompany loan receivable | 700,000 | 700,000 | |||
Real estate under development | 828 | ||||
Real estate held for investment | 4,281 | 6,814 | |||
Available for sale securities | 54,213 | 57,714 | |||
Other assets, net | 114,144 | 98,139 | |||
Total Assets | 7,000,027 | 5,578,071 | |||
Accounts payable and accrued expenses | 394,754 | 257,591 | |||
Compensation and employee benefits payable | 352,557 | 346,663 | |||
Accrued bonus and profit sharing | 287,301 | 425,329 | |||
Income taxes payable | 17,337 | ||||
Warehouse lines of credit | 461,450 | 337,184 | |||
Other | 16 | 16 | |||
Total short-term borrowings | 461,466 | 337,200 | |||
Current maturities of long-term debt | 1,408 | 2,734 | |||
Other current liabilities | 59,520 | 58,357 | |||
Total Current Liabilities | 1,557,006 | 1,445,211 | |||
Intercompany loan payable | 1,276,088 | 1,350,424 | |||
Total Long-Term Debt | 1,276,088 | 1,350,424 | |||
Deferred tax liabilities, net | 76,642 | 87,486 | |||
Non-current tax liabilities | 50,516 | 45,936 | |||
Other liabilities | 219,747 | 215,101 | |||
Total Liabilities | $ 3,179,999 | $ 3,144,158 | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ 3,820,028 | $ 2,433,913 | |||
Total Equity | 3,820,028 | 2,433,913 | |||
Total Liabilities and Equity | 7,000,027 | 5,578,071 | |||
Nonguarantor Subsidiaries [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 383,489 | 348,514 | $ 333,051 | $ 389,078 | |
Restricted cash | 60,231 | 27,460 | |||
Receivables, net | 1,425,451 | 1,131,185 | |||
Warehouse receivables | 120,126 | 166,373 | |||
Trading securities | 62,515 | 62,689 | |||
Income taxes receivable | 10,603 | ||||
Prepaid expenses | 104,918 | 79,817 | |||
Deferred tax assets, net | 72,653 | 65,105 | |||
Real estate and other assets held for sale | 3,845 | ||||
Real estate under development | 2,796 | ||||
Other current assets | 64,315 | 32,787 | |||
Total Current Assets | 2,296,494 | 1,928,378 | |||
Property and equipment, net | 139,525 | 136,027 | |||
Goodwill | 1,420,884 | 1,137,403 | |||
Other intangible assets, net | 690,761 | 309,302 | |||
Investments in unconsolidated subsidiaries | 34,279 | 44,542 | |||
Real estate under development | 20,501 | 3,802 | |||
Real estate held for investment | 16,018 | 30,315 | |||
Available for sale securities | 1,567 | 1,798 | |||
Other assets, net | 81,931 | 35,825 | |||
Total Assets | 4,701,960 | 3,627,392 | |||
Accounts payable and accrued expenses | 916,675 | 550,398 | |||
Compensation and employee benefits payable | 288,229 | 276,525 | |||
Accrued bonus and profit sharing | 255,229 | 363,529 | |||
Income taxes payable | 4,576 | ||||
Warehouse lines of credit | 116,995 | 164,001 | |||
Revolving credit facility | 4,840 | ||||
Other | 18,527 | 9 | |||
Total short-term borrowings | 135,522 | 168,850 | |||
Current maturities of long-term debt | 28 | 23 | |||
Notes payable on real estate | 3,444 | 23,229 | |||
Other current liabilities | 8,273 | 4,131 | |||
Total Current Liabilities | 1,611,976 | 1,386,685 | |||
Other long-term debt | 3 | 26 | |||
Intercompany loan payable | 1,214,720 | 1,023,763 | |||
Total Long-Term Debt | 1,214,723 | 1,023,789 | |||
Notes payable on real estate, net | 27,993 | 18,216 | |||
Deferred tax liabilities, net | 127,389 | 61,747 | |||
Non-current tax liabilities | 67 | ||||
Pension liability | 85,998 | 92,923 | |||
Other liabilities | 90,747 | 87,502 | |||
Total Liabilities | $ 3,158,826 | $ 2,670,929 | |||
Commitments and contingencies | |||||
CBRE Group, Inc. Stockholders' Equity | $ 1,499,288 | $ 914,895 | |||
Non-controlling interests | 43,846 | 41,568 | |||
Total Equity | 1,543,134 | 956,463 | |||
Total Liabilities and Equity | 4,701,960 | 3,627,392 | |||
5.00% senior notes [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | 788,839 | 787,947 | |||
5.00% senior notes [Member] | CBRE [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | 788,839 | 787,947 | |||
5.25% senior notes [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | 421,913 | 422,206 | $ 300,000 | ||
5.25% senior notes [Member] | CBRE [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | 421,913 | $ 422,206 | |||
4.875% Senior Notes [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | 590,380 | ||||
4.875% Senior Notes [Member] | CBRE [Member] | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Senior notes, net | $ 590,380 |
Guarantor and Nonguarantor Fi70
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Sep. 30, 2015 | Aug. 13, 2015 | Dec. 31, 2014 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 26, 2014 |
5.00% senior notes [Member] | Senior notes [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Interest rate of long-term debt | 5.00% | 5.00% | ||||
5.25% senior notes [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Interest rate of long-term debt | 5.25% | 5.25% | 5.25% | 5.25% | ||
5.25% senior notes [Member] | Senior notes [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Interest rate of long-term debt | 5.25% | 5.25% | ||||
4.875% Senior Notes [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Interest rate of long-term debt | 4.875% | 4.875% | ||||
4.875% Senior Notes [Member] | Senior notes [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Interest rate of long-term debt | 4.875% | 4.875% |
Guarantor and Nonguarantor Fi71
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 2,712,559 | $ 2,275,076 | $ 7,155,568 | $ 6,262,724 |
Cost of services | 1,773,660 | 1,428,986 | 4,552,411 | 3,904,919 |
Operating, administrative and other | 626,905 | 601,026 | 1,768,838 | 1,695,623 |
Depreciation and amortization | 75,047 | 67,159 | 215,498 | 195,657 |
Total costs and expenses | 2,475,612 | 2,097,171 | 6,536,747 | 5,796,199 |
Gain on disposition of real estate | 3,154 | 7,235 | 10,140 | 37,102 |
Operating (loss) income | 240,101 | 185,140 | 628,961 | 503,627 |
Equity income (loss) from unconsolidated subsidiaries | 17,242 | 43,300 | 39,386 | 67,564 |
Other income (loss) | (4,945) | (113) | (4,927) | 11,052 |
Interest income | 1,158 | 1,598 | 4,857 | 4,321 |
Interest expense | 30,699 | 27,841 | 83,067 | 84,326 |
Write-off of financing costs | 23,087 | 2,685 | 23,087 | |
Income before provision for income taxes | 222,857 | 178,997 | 582,525 | 479,151 |
(Benefit of) provision for income taxes | 72,866 | 69,305 | 206,243 | 171,318 |
Net income | 149,991 | 109,692 | 376,282 | 307,833 |
Less: Net income attributable to non-controlling interests | 868 | 2,593 | 9,193 | 27,607 |
Net income attributable to CBRE Group, Inc. | 149,123 | 107,099 | 367,089 | 280,226 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Interest income | (43,535) | (49,971) | (229,050) | (146,351) |
Interest expense | (43,535) | (49,971) | (229,050) | (146,351) |
Income from consolidated subsidiaries | (370,496) | (261,357) | (891,893) | (621,782) |
Income before provision for income taxes | (370,496) | (261,357) | (891,893) | (621,782) |
Net income | (370,496) | (261,357) | (891,893) | (621,782) |
Net income attributable to CBRE Group, Inc. | (370,496) | (261,357) | (891,893) | (621,782) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | 19,466 | 18,934 | 44,972 | 39,290 |
Total costs and expenses | 19,466 | 18,934 | 44,972 | 39,290 |
Operating (loss) income | (19,466) | (18,934) | (44,972) | (39,290) |
Income from consolidated subsidiaries | 160,973 | 118,981 | 394,820 | 304,873 |
Income before provision for income taxes | 141,507 | 100,047 | 349,848 | 265,583 |
(Benefit of) provision for income taxes | (7,616) | (7,052) | (17,241) | (14,643) |
Net income | 149,123 | 107,099 | 367,089 | 280,226 |
Net income attributable to CBRE Group, Inc. | 149,123 | 107,099 | 367,089 | 280,226 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | (9,499) | (6,683) | (16,421) | (1,031) |
Total costs and expenses | (9,499) | (6,683) | (16,421) | (1,031) |
Operating (loss) income | 9,499 | 6,683 | 16,421 | 1,031 |
Other income (loss) | 1 | 1 | ||
Interest income | 43,535 | 49,971 | 151,263 | 146,356 |
Interest expense | 29,857 | 25,739 | 157,559 | 76,509 |
Write-off of financing costs | 23,087 | 2,685 | 23,087 | |
Income from consolidated subsidiaries | 146,587 | 114,063 | 390,232 | 274,893 |
Income before provision for income taxes | 169,764 | 121,891 | 397,673 | 322,685 |
(Benefit of) provision for income taxes | 8,791 | 2,910 | 2,853 | 17,812 |
Net income | 160,973 | 118,981 | 394,820 | 304,873 |
Net income attributable to CBRE Group, Inc. | 160,973 | 118,981 | 394,820 | 304,873 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,467,392 | 1,231,633 | 3,966,854 | 3,356,815 |
Cost of services | 965,317 | 789,931 | 2,532,091 | 2,113,013 |
Operating, administrative and other | 322,593 | 291,206 | 908,592 | 815,828 |
Depreciation and amortization | 40,737 | 33,120 | 116,546 | 96,292 |
Total costs and expenses | 1,328,647 | 1,114,257 | 3,557,229 | 3,025,133 |
Gain on disposition of real estate | 3,087 | 35 | 3,228 | 6,732 |
Operating (loss) income | 141,832 | 117,411 | 412,853 | 338,414 |
Equity income (loss) from unconsolidated subsidiaries | 16,346 | 35,177 | 40,258 | 61,181 |
Other income (loss) | 77 | 894 | 1,336 | 2,493 |
Interest income | 577 | 448 | 79,450 | 1,579 |
Interest expense | 28,456 | 32,957 | 104,231 | 97,671 |
Royalty and management service (income) expense | (400) | (20,336) | (4,266) | (26,973) |
Income from consolidated subsidiaries | 62,936 | 28,313 | 106,841 | 42,016 |
Income before provision for income taxes | 193,712 | 169,622 | 540,773 | 374,985 |
(Benefit of) provision for income taxes | 47,125 | 55,559 | 150,541 | 100,092 |
Net income | 146,587 | 114,063 | 390,232 | 274,893 |
Net income attributable to CBRE Group, Inc. | 146,587 | 114,063 | 390,232 | 274,893 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,245,167 | 1,043,443 | 3,188,714 | 2,905,909 |
Cost of services | 808,343 | 639,055 | 2,020,320 | 1,791,906 |
Operating, administrative and other | 294,345 | 297,569 | 831,695 | 841,536 |
Depreciation and amortization | 34,310 | 34,039 | 98,952 | 99,365 |
Total costs and expenses | 1,136,998 | 970,663 | 2,950,967 | 2,732,807 |
Gain on disposition of real estate | 67 | 7,200 | 6,912 | 30,370 |
Operating (loss) income | 108,236 | 79,980 | 244,659 | 203,472 |
Equity income (loss) from unconsolidated subsidiaries | 896 | 8,123 | (872) | 6,383 |
Other income (loss) | (5,022) | (1,007) | (6,264) | 8,558 |
Interest income | 581 | 1,150 | 3,194 | 2,737 |
Interest expense | 15,921 | 19,116 | 50,327 | 56,497 |
Royalty and management service (income) expense | 400 | 20,336 | 4,266 | 26,973 |
Income before provision for income taxes | 88,370 | 48,794 | 186,124 | 137,680 |
(Benefit of) provision for income taxes | 24,566 | 17,888 | 70,090 | 68,057 |
Net income | 63,804 | 30,906 | 116,034 | 69,623 |
Less: Net income attributable to non-controlling interests | 868 | 2,593 | 9,193 | 27,607 |
Net income attributable to CBRE Group, Inc. | $ 62,936 | $ 28,313 | $ 106,841 | $ 42,016 |
Guarantor and Nonguarantor Fi72
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 149,991 | $ 109,692 | $ 376,282 | $ 307,833 |
Foreign currency translation loss | (69,728) | (109,122) | (117,640) | (72,676) |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,873 | 1,844 | 5,477 | 5,470 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | (2,924) | 854 | (5,435) | (3,460) |
Unrealized holding gains (losses) on available for sale securities, net of tax | (1,182) | 186 | (1,111) | (670) |
Other, net | (18) | 76 | 211 | |
Total other comprehensive income (loss) | (75,727) | (106,162) | (122,457) | (71,125) |
Comprehensive income (loss) | 74,264 | 3,530 | 253,825 | 236,708 |
Less: Comprehensive income attributable to non-controlling interests | 861 | 2,533 | 9,170 | 27,556 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 73,403 | 997 | 244,655 | 209,152 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | (370,496) | (261,357) | (891,893) | (621,782) |
Comprehensive income (loss) | (370,496) | (261,357) | (891,893) | (621,782) |
Comprehensive income (loss) attributable to CBRE Group, Inc. | (370,496) | (261,357) | (891,893) | (621,782) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 149,123 | 107,099 | 367,089 | 280,226 |
Comprehensive income (loss) | 149,123 | 107,099 | 367,089 | 280,226 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 149,123 | 107,099 | 367,089 | 280,226 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 160,973 | 118,981 | 394,820 | 304,873 |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,873 | 1,844 | 5,477 | 5,470 |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | (2,924) | 854 | (5,435) | (3,521) |
Total other comprehensive income (loss) | (4,799) | 2,698 | (3,706) | 1,949 |
Comprehensive income (loss) | 156,174 | 121,679 | 391,114 | 306,822 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 156,174 | 121,679 | 391,114 | 306,822 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 146,587 | 114,063 | 390,232 | 274,893 |
Unrealized holding gains (losses) on available for sale securities, net of tax | (1,024) | 345 | (1,053) | (495) |
Other, net | (18) | 76 | 211 | |
Total other comprehensive income (loss) | (1,042) | 421 | (1,053) | (284) |
Comprehensive income (loss) | 145,545 | 114,484 | 389,179 | 274,609 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 145,545 | 114,484 | 389,179 | 274,609 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 63,804 | 30,906 | 116,034 | 69,623 |
Foreign currency translation loss | (69,728) | (109,122) | (117,640) | (72,676) |
Unrealized (losses) gains on interest rate swaps and interest rate caps, net of tax | 61 | |||
Unrealized holding gains (losses) on available for sale securities, net of tax | (158) | (159) | (58) | (175) |
Total other comprehensive income (loss) | (69,886) | (109,281) | (117,698) | (72,790) |
Comprehensive income (loss) | (6,082) | (78,375) | (1,664) | (3,167) |
Less: Comprehensive income attributable to non-controlling interests | 861 | 2,533 | 9,170 | 27,556 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ (6,943) | $ (80,908) | $ (10,834) | $ (30,723) |
Guarantor and Nonguarantor Fi73
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ 142,410 | $ 68,478 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (85,324) | (92,618) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (103,140) | (132,541) |
Contributions to unconsolidated subsidiaries | (45,792) | (40,103) |
Distributions from unconsolidated subsidiaries | 42,738 | 62,978 |
Net proceeds from disposition of real estate held for investment | 3,584 | 77,278 |
Additions to real estate held for investment | (1,773) | (5,043) |
Proceeds from the sale of servicing rights and other assets | 21,434 | 18,169 |
Decrease (increase) in restricted cash | (41,864) | 4,431 |
Purchase of available for sale securities | (31,919) | (68,984) |
Proceeds from the sale of available for sale securities | 33,063 | 61,357 |
Other investing activities, net | (1,290) | 570 |
Net cash provided by (used in) investing activities | (1,631,946) | (114,506) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior secured term loans | (651,863) | (29,738) |
Proceeds from revolving credit facility | 2,107,500 | 1,688,568 |
Repayment of revolving credit facility | (1,711,512) | (1,672,359) |
Proceeds from issuance of senior notes, net | 595,440 | 300,000 |
Proceeds from notes payable on real estate held for investment | 5,022 | |
Repayment of notes payable on real estate held for investment | (1,173) | (27,241) |
Proceeds from notes payable on real estate held for sale and under development | 12,584 | 4,884 |
Repayment of notes payable on real estate held for sale and under development | (44,959) | |
Proceeds from short-term borrowings, net | 15,862 | 4,545 |
Shares repurchased for payment of taxes on equity awards | (24,517) | (16,656) |
Proceeds from exercise of stock options | 6,755 | 4,466 |
Incremental tax benefit from stock options exercised | 2,270 | 803 |
Non-controlling interests contributions | 4,691 | 1,415 |
Non-controlling interests distributions | (13,595) | (31,998) |
Payment of financing costs | (30,130) | (3,149) |
Other financing activities, net | (2,142) | (1,446) |
Net cash (used in) provided by financing activities | 1,210,170 | 182,157 |
Effect of currency exchange rate changes on cash and cash equivalents | (21,161) | (12,683) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (300,527) | 123,446 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 740,884 | 491,912 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 440,357 | 615,358 |
Cash paid during the period for: | ||
Interest | 80,822 | 80,636 |
Income tax payments, net | 210,634 | 266,210 |
Global Workplace Solutions (GWS) [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (1,421,663) | |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 31,155 | 20,732 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares repurchased for payment of taxes on equity awards | (24,517) | (16,656) |
Proceeds from exercise of stock options | 6,755 | 4,466 |
Incremental tax benefit from stock options exercised | 2,270 | 803 |
(Increase) decrease in intercompany receivables, net | (15,667) | (9,345) |
Net cash (used in) provided by financing activities | (31,159) | (20,732) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4) | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 1 | 5 |
CBRE [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (13,282) | 83,198 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Decrease (increase) in restricted cash | 6,871 | |
Net cash provided by (used in) investing activities | 6,871 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior secured term loans | (651,863) | (29,738) |
Proceeds from revolving credit facility | 2,107,500 | 1,622,000 |
Repayment of revolving credit facility | (1,707,000) | (1,630,928) |
Proceeds from issuance of senior notes, net | 595,440 | 300,000 |
Payment of financing costs | (30,046) | (3,045) |
(Increase) decrease in intercompany receivables, net | (1,213,184) | (297,717) |
Net cash (used in) provided by financing activities | 847 | (39,428) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (12,435) | 50,641 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 18,262 | 11,585 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 5,827 | 62,226 |
Cash paid during the period for: | ||
Interest | 79,527 | 76,519 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 106,066 | (9,694) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (45,646) | (63,544) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (94,498) | (51,989) |
Contributions to unconsolidated subsidiaries | (44,279) | (37,674) |
Distributions from unconsolidated subsidiaries | 37,876 | 49,152 |
Proceeds from the sale of servicing rights and other assets | 9,512 | 7,514 |
Decrease (increase) in restricted cash | (6,329) | 464 |
Purchase of available for sale securities | (31,919) | (68,984) |
Proceeds from the sale of available for sale securities | 33,063 | 61,357 |
Other investing activities, net | (1,290) | 570 |
Net cash provided by (used in) investing activities | (873,817) | (103,134) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Increase) decrease in intercompany receivables, net | 446,801 | 243,097 |
Other financing activities, net | (2,113) | (1,437) |
Net cash (used in) provided by financing activities | 444,688 | 241,660 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (323,063) | 128,832 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 374,103 | 91,244 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 51,040 | 220,076 |
Cash paid during the period for: | ||
Interest | 83 | 355 |
Income tax payments, net | 126,421 | 177,792 |
Guarantor Subsidiaries [Member] | Global Workplace Solutions (GWS) [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (730,307) | |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 18,471 | (25,758) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (39,678) | (29,074) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | (8,642) | (80,552) |
Contributions to unconsolidated subsidiaries | (1,513) | (2,429) |
Distributions from unconsolidated subsidiaries | 4,862 | 13,826 |
Net proceeds from disposition of real estate held for investment | 3,584 | 77,278 |
Additions to real estate held for investment | (1,773) | (5,043) |
Proceeds from the sale of servicing rights and other assets | 11,922 | 10,655 |
Decrease (increase) in restricted cash | (35,535) | (2,904) |
Net cash provided by (used in) investing activities | (758,129) | (18,243) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 66,568 | |
Repayment of revolving credit facility | (4,512) | (41,431) |
Proceeds from notes payable on real estate held for investment | 5,022 | |
Repayment of notes payable on real estate held for investment | (1,173) | (27,241) |
Proceeds from notes payable on real estate held for sale and under development | 12,584 | 4,884 |
Repayment of notes payable on real estate held for sale and under development | (44,959) | |
Proceeds from short-term borrowings, net | 15,862 | 4,545 |
Non-controlling interests contributions | 4,691 | 1,415 |
Non-controlling interests distributions | (13,595) | (31,998) |
Payment of financing costs | (84) | (104) |
(Increase) decrease in intercompany receivables, net | 782,050 | 63,965 |
Other financing activities, net | (29) | (9) |
Net cash (used in) provided by financing activities | 795,794 | 657 |
Effect of currency exchange rate changes on cash and cash equivalents | (21,161) | (12,683) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 34,975 | (56,027) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 348,514 | 389,078 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 383,489 | 333,051 |
Cash paid during the period for: | ||
Interest | 1,212 | 3,762 |
Income tax payments, net | 84,213 | $ 88,418 |
Nonguarantor Subsidiaries [Member] | Global Workplace Solutions (GWS) [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired | $ (691,356) |
Guarantor and Nonguarantor Fi74
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) | Sep. 30, 2015 | Aug. 13, 2015 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 26, 2014 |
5.25% senior notes [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | 5.25% | |
5.25% senior notes [Member] | CBRE [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt instrument, interest rate | 5.25% | ||||
4.875% Senior Notes [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt instrument, interest rate | 4.875% | 4.875% | |||
4.875% Senior Notes [Member] | CBRE [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt instrument, interest rate | 4.875% |