Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CBG | |
Entity Registrant Name | CBRE GROUP, INC. | |
Entity Central Index Key | 1,138,118 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 335,618,448 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 431,768 | $ 540,403 |
Restricted cash | 70,502 | 72,764 |
Receivables, less allowance for doubtful accounts of $45,685 and $46,606 at June 30, 2016 and December 31, 2015, respectively | 2,373,157 | 2,471,740 |
Warehouse receivables | 847,712 | 1,767,107 |
Income taxes receivable | 92,838 | 59,331 |
Prepaid expenses | 199,299 | 172,922 |
Other current assets | 230,805 | 220,956 |
Total Current Assets | 4,246,081 | 5,305,223 |
Property and equipment, net | 533,575 | 529,823 |
Goodwill | 3,061,024 | 3,085,997 |
Other intangible assets, net of accumulated amortization of $676,848 and $589,236 at June 30, 2016 and December 31, 2015, respectively | 1,396,240 | 1,450,469 |
Investments in unconsolidated subsidiaries | 226,742 | 217,943 |
Deferred tax assets, net | 107,709 | 135,252 |
Other assets, net | 351,201 | 293,236 |
Total Assets | 9,922,572 | 11,017,943 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,381,802 | 1,484,119 |
Compensation and employee benefits payable | 728,021 | 705,070 |
Accrued bonus and profit sharing | 502,766 | 866,894 |
Income taxes payable | 46,530 | 82,194 |
Short-term borrowings: | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 839,295 | 1,750,781 |
Revolving credit facility | 156,000 | |
Other | 16 | 16 |
Total short-term borrowings | 995,311 | 1,750,797 |
Current maturities of long-term debt | 42,546 | 34,428 |
Other current liabilities | 45,673 | 70,655 |
Total Current Liabilities | 3,742,649 | 4,994,157 |
Long-term debt, net of current maturities | 2,624,977 | 2,645,111 |
Deferred tax liabilities, net | 85,034 | 100,361 |
Non-current tax liabilities | 89,625 | 88,667 |
Other liabilities | 476,517 | 430,577 |
Total Liabilities | 7,018,802 | 8,258,873 |
Commitments and contingencies | ||
CBRE Group, Inc. Stockholders' Equity: | ||
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 335,575,365 and 334,230,496 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 3,356 | 3,342 |
Additional paid-in capital | 1,131,881 | 1,106,758 |
Accumulated earnings | 2,292,062 | 2,088,227 |
Accumulated other comprehensive loss | (572,181) | (485,675) |
Total CBRE Group, Inc. Stockholders' Equity | 2,855,118 | 2,712,652 |
Non-controlling interests | 48,652 | 46,418 |
Total Equity | 2,903,770 | 2,759,070 |
Total Liabilities and Equity | $ 9,922,572 | $ 11,017,943 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 45,685 | $ 46,606 |
Other intangible assets, accumulated amortization | $ 676,848 | $ 589,236 |
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 | 335,575,365 | 334,230,496 |
Class A common stock, shares outstanding | 335,575,365 | 334,230,496 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,207,537 | $ 2,390,506 | $ 6,054,271 | $ 4,443,009 |
Costs and expenses: | ||||
Cost of services | 2,254,233 | 1,487,974 | 4,267,846 | 2,778,751 |
Operating, administrative and other | 680,442 | 610,158 | 1,323,808 | 1,141,933 |
Depreciation and amortization | 90,268 | 70,605 | 177,262 | 140,451 |
Total costs and expenses | 3,024,943 | 2,168,737 | 5,768,916 | 4,061,135 |
Gain on disposition of real estate | 6,986 | 4,819 | 6,986 | |
Operating income | 182,594 | 228,755 | 290,174 | 388,860 |
Equity income from unconsolidated subsidiaries | 34,929 | 6,693 | 92,230 | 22,144 |
Other income (loss) | 3,882 | (1,069) | 7,097 | 18 |
Interest income | 3,066 | 1,402 | 4,525 | 3,699 |
Interest expense | 36,987 | 26,154 | 71,777 | 52,368 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income before (benefit of) provision for income taxes | 187,484 | 209,627 | 322,249 | 359,668 |
Provision for income taxes | 64,039 | 76,474 | 114,164 | 133,377 |
Net income | 123,445 | 133,153 | 208,085 | 226,291 |
Less: Net income attributable to non- controlling interests | 1,777 | 8,124 | 4,250 | 8,325 |
Net income (loss) attributable to CBRE Group, Inc. | $ 121,668 | $ 125,029 | $ 203,835 | $ 217,966 |
Basic income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.36 | $ 0.38 | $ 0.61 | $ 0.66 |
Weighted average shares outstanding for basic income per share | 335,076,746 | 331,999,935 | 334,534,841 | 331,988,489 |
Diluted income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.36 | $ 0.37 | $ 0.60 | $ 0.65 |
Weighted average shares outstanding for diluted income per share | 338,080,641 | 336,154,524 | 337,797,887 | 335,926,626 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 123,445 | $ 133,153 | $ 208,085 | $ 226,291 |
Other comprehensive (loss) income: | ||||
Foreign currency translation (loss) gain | (102,308) | 57,508 | (85,714) | (47,912) |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,733 | 1,809 | 3,476 | 3,604 |
Unrealized (losses) gains on interest rate swaps, net of tax | (1,206) | 263 | (4,115) | (2,511) |
Unrealized holding gains on available for sale securities, net of tax | 1,574 | 237 | 645 | 71 |
Other, net | (702) | 16 | (759) | 18 |
Total other comprehensive (loss) income | (100,909) | 59,833 | (86,467) | (46,730) |
Comprehensive income | 22,536 | 192,986 | 121,618 | 179,561 |
Less: Comprehensive income attributable to non-controlling interests | 1,694 | 8,141 | 4,289 | 8,309 |
Comprehensive income attributable to CBRE Group, Inc. | $ 20,842 | $ 184,845 | $ 117,329 | $ 171,252 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 208,085 | $ 226,291 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 177,262 | 140,451 |
Amortization and write-off of financing costs on extinguished debt | 5,204 | 7,264 |
Gain on sale of loans, servicing rights and other assets | (73,404) | (74,135) |
Net realized and unrealized gain from investments | (7,097) | (18) |
Equity income from unconsolidated subsidiaries | (92,230) | (22,144) |
Provision for doubtful accounts | 4,926 | 4,412 |
Compensation expense related to equity awards | 28,554 | 29,132 |
Distribution of earnings from unconsolidated subsidiaries | 14,544 | 13,174 |
Tenant concessions received | 2,339 | 6,262 |
Purchase of trading securities | (57,985) | (42,653) |
Proceeds from sale of trading securities | 62,497 | 35,596 |
Decrease in receivables | 72,160 | 113,769 |
Increase in prepaid expenses and other assets | (74,672) | (43,118) |
Decrease in accounts payable and accrued expenses | (111,699) | (9,767) |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | (332,454) | (390,333) |
Increase in income taxes receivable/payable | (53,095) | (14,125) |
Increase (decrease) in other liabilities | 21,122 | (4,971) |
Other operating activities, net | (4,074) | (17,278) |
Net cash used in operating activities | (210,017) | (42,191) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (79,058) | (50,388) |
Acquisition of Global Workplace Solutions (GWS), including net assets acquired, intangibles and goodwill | (21,900) | |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (16,569) | (94,975) |
Contributions to unconsolidated subsidiaries | (27,431) | (27,571) |
Distributions from unconsolidated subsidiaries | 93,912 | 27,269 |
Proceeds from the sale of servicing rights and other assets | 15,071 | 12,615 |
Increase in restricted cash | (478) | (38,678) |
Purchase of available for sale securities | (23,984) | (23,453) |
Proceeds from the sale of available for sale securities | 22,061 | 24,563 |
Other investing activities, net | (1,142) | (219) |
Net cash used in investing activities | (39,518) | (170,837) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (14,375) | (648,738) |
Proceeds from revolving credit facility | 1,356,000 | 831,000 |
Repayment of revolving credit facility | (1,200,000) | (835,512) |
Proceeds from notes payable on real estate held for sale and under development | 13,315 | 4,404 |
Repayment of notes payable on real estate held for sale and under development | (4,102) | |
(Repayment of) proceeds from short-term borrowings and other loans, net | (447) | 569 |
Shares repurchased for payment of taxes on equity awards | (5,112) | (5,113) |
Proceeds from exercise of stock options | 814 | 3,214 |
Non-controlling interest contributions | 821 | 4,405 |
Non-controlling interest distributions | (3,517) | (10,637) |
Payment of financing costs | (5,529) | (22,225) |
Other financing activities, net | 3,620 | (1,836) |
Net cash (used in) provided by financing activities | 141,488 | (180,469) |
Effect of currency exchange rate changes on cash and cash equivalents | (588) | (10,965) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (108,635) | (404,462) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 540,403 | 740,884 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 431,768 | 336,422 |
Cash paid during the period for: | ||
Interest | 63,420 | 43,123 |
Income taxes, net | $ 160,353 | $ 148,011 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2016 - 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, 2015 | $ 2,759,070 | $ 1,106,758 | $ 2,088,227 | $ (485,675) | $ 46,418 | $ 3,342 |
Net income | 208,085 | 203,835 | 4,250 | |||
Restricted stock awards vesting (including tax benefit) | 1,345 | 1,332 | 13 | |||
Compensation expense for equity awards | 28,554 | 28,554 | ||||
Shares repurchased for payment of taxes on equity awards | (5,112) | (5,112) | ||||
Foreign currency translation (loss) gain | (85,714) | (85,753) | 39 | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 3,476 | 3,476 | ||||
Unrealized losses on interest rate swaps, net of tax | (4,115) | (4,115) | ||||
Unrealized holding gains on available for sale securities, net of tax | 645 | 645 | ||||
Contributions from non-controlling interests | 821 | 821 | ||||
Distributions to non-controlling interests | (3,517) | (3,517) | ||||
Other | 232 | 349 | (759) | 641 | 1 | |
Ending balance at Jun. 30, 2016 | $ 2,903,770 | $ 1,131,881 | $ 2,292,062 | $ (572,181) | $ 48,652 | $ 3,356 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to 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”), for the year ended December 31, 2015, which are included in our 2015 Annual Report on Form 10-K (2015 Annual Report), filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our 2015 Annual Report for further discussion of our significant accounting policies and estimates. The accompanying consolidated financial statements 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 2015 financial statements to conform with the 2016 presentation. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2016. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recent Accounting Pronouncements Pending Adoption The Financial Accounting Standards Board (FASB) has recently issued four Accounting Standards Updates (ASUs) related to revenue recognition, all of which become effective for the Company on January 1, 2018. The ASUs issued are: (1) in May 2014, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606);” “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net);” “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” “Revenue from Contracts with Customers (Topic 606): Narrow-scope Improvements and Practical Expedients.” In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” In March 2016, the FASB issued ASU 2016-05, “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” In March 2016, the FASB issued ASU 2016-07, “Simplifying the Transition to the Equity Method of Accounting.” In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” |
Acquisition of Global Workplace
Acquisition of Global Workplace Solutions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Global Workplace Solutions | 3. Acquisition of Global Workplace Solutions On September 1, 2015, CBRE, Inc., our wholly-owned subsidiary, pursuant to a Stock and Asset Purchase Agreement with Johnson Controls, Inc. (JCI), acquired JCI’s Global Workplace Solutions business (we refer to this transaction as the GWS Acquisition). 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. The purchase price was $1.475 billion, paid in cash, with adjustments for working capital and other items. 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 our business. Of the $852 million of goodwill recorded in connection with the GWS Acquisition, approximately $445 million is deductible for tax purposes. 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. As a result, the assignment of goodwill to our reporting units has not been completed. We expect to complete the purchase price allocation and the assignment of goodwill to our reporting units as soon as practicable, but no later than one year from the acquisition date. Unaudited pro forma results, assuming the GWS Acquisition had occurred as of January 1, 2015 for purposes of the 2015 pro forma disclosures, are presented below. They include certain adjustments for the three and six months ended June 30, 2015, including $16.9 million and $33.8 million, respectively, of increased amortization expense as a result of intangible assets acquired in the GWS Acquisition, $9.0 million and $19.3 million, respectively, of additional interest expense as a result of debt incurred to finance the GWS Acquisition, the removal of $4.8 million and $8.0 million, respectively, of direct costs incurred by us related to the GWS Acquisition, net of the tax impact during the period 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, 2015 and may not be indicative of future operating results (dollars in thousands, except share data): Three Months Ended Six Months Ended Revenue $ 3,136,506 $ 6,062,009 Operating income $ 237,646 $ 409,049 Net income attributable to CBRE Group, Inc. $ 125,896 $ 220,665 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.38 $ 0.66 Weighted average shares outstanding for basic income per share 331,999,935 331,988,489 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.37 $ 0.66 Weighted average shares outstanding for diluted income per share 336,154,524 335,926,626 |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities (VIEs) | 4. Variable Interest Entities (VIEs) We hold variable interests in certain variable interest entities (VIEs) in our Global Investment Management and Development Services segments which are not consolidated as it was determined that we are not the primary beneficiary. Our involvement with these entities is in the form of equity co-investments and fee arrangements. As of June 30, 2016 and December 31, 2015, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, 2016 December 31, 2015 Investments in unconsolidated subsidiaries $ 21,898 $ 21,457 Other assets, current 6,407 3,723 Co-investment commitments 176 180 Maximum exposure to loss $ 28,481 $ 25,360 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The “Fair Value Measurements and Disclosures” • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There were no significant transfers in or out of Level 1 and Level 2 during the three and six months ended June 30, 2016 and 2015. 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 2015 Annual Report. The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 (dollars in thousands): As of June 30, 2016 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 6,752 $ — $ — $ 6,752 Debt securities issued by U.S. federal agencies — 5,104 — 5,104 Corporate debt securities — 18,957 — 18,957 Asset-backed securities — 2,890 — 2,890 Collateralized mortgage obligations — 1,297 — 1,297 Total debt securities 6,752 28,248 — 35,000 Equity securities 22,968 — — 22,968 Total available for sale securities 29,720 28,248 — 57,968 Trading securities 68,471 — — 68,471 Warehouse receivables — 847,712 — 847,712 Foreign currency exchange forward contracts — 12,586 — 12,586 Total assets at fair value $ 98,191 $ 888,546 $ — $ 986,737 Liabilities Interest rate swaps $ — $ 22,840 $ — $ 22,840 Securities sold, not yet purchased 3,084 — — 3,084 Foreign currency exchange forward contracts — 5,429 — 5,429 Total liabilities at fair value $ 3,084 $ 28,269 $ — $ 31,353 As of December 31, 2015 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 7,350 $ — $ — $ 7,350 Debt securities issued by U.S. federal agencies — 3,360 — 3,360 Corporate debt securities — 18,085 — 18,085 Asset-backed securities — 1,897 — 1,897 Collateralized mortgage obligations — 1,752 — 1,752 Total debt securities 7,350 25,094 — 32,444 Equity securities 24,118 — — 24,118 Total available for sale securities 31,468 25,094 — 56,562 Trading securities 64,124 — — 64,124 Warehouse receivables — 1,767,107 — 1,767,107 Loan commitments — — 1,680 1,680 Foreign currency exchange forward contracts — 9,236 — 9,236 Total assets at fair value $ 95,592 $ 1,801,437 $ 1,680 $ 1,898,709 Liabilities Interest rate swaps $ — $ 21,502 $ — $ 21,502 Securities sold, not yet purchased 4,436 — — 4,436 Foreign currency exchange forward contracts — 1,008 — 1,008 Total liabilities at fair value $ 4,436 $ 22,510 $ — $ 26,946 The following table provides additional information about fair value measurements for the Level 3 assets for the six months ended June 30, 2016 (dollars in thousands): Balance, December 31, 2015 $ 1,680 Net gains included in earnings — Settlements (1,680 ) Transfers into (out of) Level 3 — Balance, June 30, 2016 $ — There were no significant non-recurring fair value measurements recorded during the three and six months ended June 30, 2016 and 2015. 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 • Securities Sold, not yet Purchased • Short-Term Borrowings • Senior Term Loans • Interest Rate Swaps • Senior Notes |
Investments in Unconsolidated S
Investments in Unconsolidated Subsidiaries | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Subsidiaries | 6. Investments in Unconsolidated Subsidiaries Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging up to 5.0% in our Global Investment Management segment, up to 10.0% in our Development Services segment, and up to 50% in our other business segments. Combined condensed financial information for the entities actually accounted for using the equity method is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Global Investment Management Revenue $ 252,301 $ 251,172 $ 484,904 $ 506,899 Operating income (loss) $ 61,755 $ (109,353 ) $ 62,378 $ (80,726 ) Net income (loss) $ 87,747 $ (188,240 ) $ 65,872 $ (231,196 ) Development Services Revenue $ 18,418 $ 10,316 $ 31,076 $ 19,575 Operating income $ 37,199 $ 2,301 $ 158,109 $ 41,348 Net income (loss) $ 31,631 $ (149 ) $ 150,092 $ 37,487 Other Revenue $ 38,263 $ 45,979 $ 66,514 $ 73,566 Operating income $ 8,106 $ 11,105 $ 14,288 $ 14,631 Net income $ 8,176 $ 11,264 $ 14,370 $ 14,901 Total Revenue $ 308,982 $ 307,467 $ 582,494 $ 600,040 Operating income (loss) $ 107,060 $ (95,947 ) $ 234,775 $ (24,747 ) Net income (loss) $ 127,554 $ (177,125 ) $ 230,334 $ (178,808 ) |
Long-Term Debt and Short-Term B
Long-Term Debt and Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Short-Term Borrowings | 7. Long-Term Debt and Short-Term Borrowings Long-Term Debt Long-term debt consists of the following (dollars in thousands): June 30, December 31, Senior term loans, with interest ranging from 1.39% to 2.06%, due quarterly through 2022 $ 873,750 $ 888,125 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 595,738 595,568 5.25% senior notes due in 2025, net of unamortized premium 426,591 426,682 Other 47 63 Total long-term debt 2,696,126 2,710,438 Less: current maturities of long-term debt (42,546 ) (34,428 ) Less: unamortized debt issuance costs (28,603 ) (30,899 ) Total long-term debt, net of current maturities $ 2,624,977 $ 2,645,111 On January 9, 2015, CBRE Services, Inc. (CBRE), our wholly-owned subsidiary, 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 Credit Suisse AG. On March 21, 2016, we executed an amendment to the 2015 Credit Agreement which, among other things, extended the maturity on our revolving credit facility to March 2021 and increased the borrowing capacity under our revolving credit facility by $200.0 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 June 30, 2016, the 2015 Credit Agreement provided for the following: (1) a $2.8 billion revolving credit facility, which includes the capacity to obtain letters of credit and swingline loans and matures on March 21, 2021; (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 began 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 began on December 31, 2015 and continue through maturity on September 3, 2022. 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. On this basis, our coverage ratio of EBITDA to total interest expense was 12.15x for the trailing twelve months ended June 30, 2016, and our leverage ratio of total debt less available cash to EBITDA was 1.61x as of June 30, 2016. Short-Term Borrowings Revolving Credit Facility As of June 30, 2016, we had $156.0 million of revolving credit facility principal outstanding under the 2015 Credit Agreement with a weighted average annual interest rate of 2.2% and which was included in short-term borrowings in the accompanying consolidated balance sheets. As of June 30, 2016, 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, 2015, no amounts were outstanding under our revolving credit facility other than letters of credit totaling $2.0 million. Warehouse Lines of Credit CBRE Capital Markets has warehouse lines of credit with third-party lenders for the purpose of funding mortgage loans that will be resold, and a funding arrangement with Federal National Mortgage Association (Fannie Mae) for the purpose of selling a percentage of certain closed multifamily loans to Fannie Mae. These warehouse lines are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. During the six months ended June 30, 2016, we had a maximum of $1.9 billion of warehouse lines of credit principal outstanding. As of June 30, 2016 and December 31, 2015, we had $839.3 million and $1.8 billion, respectively, of warehouse lines of credit principal outstanding, which are included in short-term borrowings in the accompanying consolidated balance sheets. Additionally, we had $847.7 million and $1.8 billion of mortgage loans held for sale (warehouse receivables) as of June 30, 2016 and December 31, 2015, respectively, included in the accompanying consolidated balance sheets, which substantially represented mortgage loans funded through the lines of credit that were either under commitment to be purchased by Federal Home Loan Mortgage Corporation (Freddie Mac) or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Government National Mortgage Association (Ginnie Mae) mortgage backed securities that will be secured by the underlying loans. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. 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 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 selected cases, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans subject to such loss sharing arrangements with unpaid principal balances of $13.5 billion at June 30, 2016. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of June 30, 2016 and December 31, 2015, CBRE MCI had a $42.0 million and $35.0 million, respectively, letter of credit under this reserve arrangement, and had provided approximately $23.4 million and $21.8 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 $300.6 million (including $130.7 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at June 30, 2016. We had outstanding letters of credit totaling $48.0 million as of June 30, 2016, 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 $42.0 million as of June 30, 2016 referred to in the preceding paragraph represented the majority of the $48.0 million outstanding letters of credit as of such date. The remaining letters of credit are primarily executed by us in the ordinary course of business and expire at varying dates through June 2017. We had guarantees totaling $55.0 million as of June 30, 2016, 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 $55.0 million primarily represents guarantees executed by us in the ordinary course of business, including 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 June 30, 2016, 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 generally total up to 2.0% of the equity in a particular fund. As of June 30, 2016, we had aggregate commitments of $36.5 million to fund future co-investments. Additionally, an important part of our Development Services business strategy is to invest in unconsolidated real estate subsidiaries as a principal (in most cases co-investing with our clients). As of June 30, 2016, we had committed to fund $28.6 million of additional capital to these unconsolidated subsidiaries. |
Income Per Share Information
Income Per Share Information | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Income Per Share Information | 9. Income Per Share Information The calculations of basic and diluted income per share attributable to CBRE Group, Inc. shareholders are as follows (dollars in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 121,668 $ 125,029 $ 203,835 $ 217,966 Weighted average shares outstanding for basic income per share 335,076,746 331,999,935 334,534,841 331,988,489 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.36 $ 0.38 $ 0.61 $ 0.66 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 121,668 $ 125,029 $ 203,835 $ 217,966 Weighted average shares outstanding for basic income per share 335,076,746 331,999,935 334,534,841 331,988,489 Dilutive effect of contingently issuable shares 2,976,165 3,913,275 3,226,936 3,678,940 Dilutive effect of stock options 27,730 241,314 36,110 259,197 Weighted average shares outstanding for diluted income per share 338,080,641 336,154,524 337,797,887 335,926,626 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.36 $ 0.37 $ 0.60 $ 0.65 For the three and six months ended June 30, 2016, 1,536,189 and 1,553,158, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. For the three and six months ended June 30, 2015, 47,082 of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segments | 10. Segments We report our operations through the following segments: (1) Americas; (2) Europe, Middle East and Africa (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: property sales, property leasing, mortgage services, appraisal and valuation, property management and occupier outsourcing services. Our EMEA and Asia Pacific segments generally provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations in Asia, Australia and New Zealand. Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia Pacific. Our Development Services business consists of real estate development and investment activities primarily in the U.S. Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 (1) 2016 2015 (1) Revenue Americas $ 1,775,756 $ 1,434,489 $ 3,359,315 $ 2,662,105 EMEA 961,835 585,714 1,809,333 1,079,738 Asia Pacific 356,318 261,828 664,842 470,194 Global Investment Management 95,737 94,053 186,117 204,277 Development Services 17,891 14,422 34,664 26,695 Total revenue $ 3,207,537 $ 2,390,506 $ 6,054,271 $ 4,443,009 EBITDA Americas $ 208,407 $ 213,956 $ 381,745 $ 384,018 EMEA 36,702 39,479 51,916 57,662 Asia Pacific 20,275 29,724 30,929 44,186 Global Investment Management 25,987 12,948 47,523 50,993 Development Services 18,525 753 50,400 6,289 Total EBITDA $ 309,896 $ 296,860 $ 562,513 $ 543,148 (1) During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results. EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization. EBITDA is not a recognized measurement under 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 and enhances comparability of current results to prior periods. 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 on extinguished debt have been expensed in the segment where incurred. Provision for income taxes has been allocated among our segments by using applicable U.S. and foreign effective tax rates. EBITDA for our segments is calculated as follows (dollars in thousands): Three Months Ended Six Months Ended 2016 2015 (1) 2016 2015 (1) Americas Net income attributable to CBRE Group, Inc. $ 90,464 $ 111,653 $ 161,982 $ 194,788 Add: Depreciation and amortization 63,197 44,591 123,797 87,541 Interest expense, net 22,165 4,247 43,091 7,793 Write-off of financing costs on extinguished debt — — — 2,685 Royalty and management service income (13,389 ) (1,881 ) (20,157 ) (6,965 ) Provision for income taxes 45,970 55,346 73,032 98,176 EBITDA $ 208,407 $ 213,956 $ 381,745 $ 384,018 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 7,889 $ 10,674 $ (4,246 ) $ 386 Add: Depreciation and amortization 16,257 14,607 31,262 29,399 Interest expense, net 4,326 11,375 7,838 22,822 Royalty and management service expense (income) 4,303 (4,051 ) 3,677 (2,861 ) Provision for income taxes 3,927 6,874 13,385 7,916 EBITDA $ 36,702 $ 39,479 $ 51,916 $ 57,662 Asia Pacific Net income attributable to CBRE Group, Inc. $ 5,062 $ 9,192 $ 2,492 $ 12,978 Add: Depreciation and amortization 4,297 3,783 8,478 7,629 Interest (income) expense, net (873 ) 991 42 1,889 Royalty and management service expense 8,094 4,913 14,352 7,761 Provision for income taxes 3,695 10,845 5,565 13,929 EBITDA $ 20,275 $ 29,724 $ 30,929 $ 44,186 Global Investment Management Net income (loss) attributable to CBRE Group, Inc. $ 8,181 $ (6,044 ) $ 15,465 $ 7,829 Add: Depreciation and amortization 5,817 7,061 12,437 14,672 Interest expense, net 7,816 7,818 15,513 15,502 Royalty and management service expense 992 1,019 2,128 2,065 Provision for income taxes 3,181 3,094 1,980 10,925 EBITDA $ 25,987 $ 12,948 $ 47,523 $ 50,993 Development Services Net income (loss) attributable to CBRE Group, Inc. $ 10,072 $ (446 ) $ 28,142 $ 1,985 Add: Depreciation and amortization 700 563 1,288 1,210 Interest expense, net 487 321 768 663 Provision for income taxes 7,266 315 20,202 2,431 EBITDA $ 18,525 $ 753 $ 50,400 $ 6,289 (1) During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results. |
Guarantor and Nonguarantor Fina
Guarantor and Nonguarantor Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor and Nonguarantor Financial Statements | 11. Guarantor and Nonguarantor Financial Statements The following condensed consolidating financial information includes condensed consolidating balance sheets as of June 30, 2016 and December 31, 2015 and condensed consolidating statements of operations, condensed consolidating statements of comprehensive income (loss) and condensed consolidating statements of cash flows for the three and six months ended June 30, 2016 and 2015 of: • CBRE Group, Inc., as the parent; CBRE, as the subsidiary issuer; the guarantor subsidiaries; the nonguarantor subsidiaries; • Elimination entries necessary to consolidate CBRE Group, Inc., as the parent, with CBRE and its guarantor and nonguarantor subsidiaries; and • CBRE Group, Inc., on a consolidated basis. Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 4 $ 6,162 $ 66,836 $ 358,766 $ — $ 431,768 Restricted cash — — 3,171 67,331 — 70,502 Receivables, net — — 948,443 1,424,714 — 2,373,157 Warehouse receivables (1) — — 710,043 137,669 — 847,712 Income taxes receivable 840 621 34,483 56,894 — 92,838 Prepaid expenses — — 77,491 121,808 — 199,299 Other current assets — 12,536 79,753 138,516 — 230,805 Total Current Assets 844 19,319 1,920,220 2,305,698 — 4,246,081 Property and equipment, net — — 383,943 149,632 — 533,575 Goodwill — — 1,653,048 1,407,976 — 3,061,024 Other intangible assets, net — — 814,599 581,641 — 1,396,240 Investments in unconsolidated subsidiaries — — 189,886 36,856 — 226,742 Investments in consolidated subsidiaries 3,962,426 4,083,904 2,317,953 — (10,364,283 ) — Intercompany loan receivable — 2,716,908 700,000 — (3,416,908 ) — Deferred tax assets, net — — 48,026 99,156 (39,473 ) 107,709 Other assets, net — 24,825 198,143 128,233 — 351,201 Total Assets $ 3,963,270 $ 6,844,956 $ 8,225,818 $ 4,709,192 $ (13,820,664 ) $ 9,922,572 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,159 $ 387,073 $ 964,570 $ — $ 1,381,802 Compensation and employee benefits payable — 626 428,488 298,907 — 728,021 Accrued bonus and profit sharing — — 271,847 230,919 — 502,766 Income taxes payable — — — 46,530 — 46,530 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 704,868 134,427 — 839,295 Revolving credit facility — 156,000 — — — 156,000 Other — — 16 — — 16 Total short-term borrowings — 156,000 704,884 134,427 — 995,311 Current maturities of long-term debt — 42,500 — 46 — 42,546 Other current liabilities — 5,429 30,485 9,759 — 45,673 Total Current Liabilities — 234,714 1,822,777 1,685,158 — 3,742,649 Long-Term Debt, net: Long-term debt, net — 2,624,976 — 1 — 2,624,977 Intercompany loan payable 1,108,152 — 1,982,397 326,359 (3,416,908 ) — Total Long-Term Debt, net 1,108,152 2,624,976 1,982,397 326,360 (3,416,908 ) 2,624,977 Deferred tax liabilities, net — — — 124,507 (39,473 ) 85,034 Non-current tax liabilities — — 89,208 417 — 89,625 Other liabilities — 22,840 247,532 206,145 — 476,517 Total Liabilities 1,108,152 2,882,530 4,141,914 2,342,587 (3,456,381 ) 7,018,802 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,855,118 3,962,426 4,083,904 2,317,953 (10,364,283 ) 2,855,118 Non-controlling interests — — — 48,652 — 48,652 Total Equity 2,855,118 3,962,426 4,083,904 2,366,605 (10,364,283 ) 2,903,770 Total Liabilities and Equity $ 3,963,270 $ 6,844,956 $ 8,225,818 $ 4,709,192 $ (13,820,664 ) $ 9,922,572 (1) 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 JP Morgan Chase Bank, N.A. (JP Morgan), TD Bank, N.A. (TD Bank), Capital One, N.A. (Capital One), Bank of America (BofA), and Fannie Mae ASAP lines of credit are pledged to JP Morgan, TD Bank, Capital One, BofA 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, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 8,479 $ 147,410 $ 384,509 $ — $ 540,403 Restricted cash — — 6,421 66,343 — 72,764 Receivables, net — — 860,776 1,610,964 — 2,471,740 Warehouse receivables (1) — — 1,397,094 370,013 — 1,767,107 Income taxes receivable 25,912 6,365 10,552 48,779 (32,277 ) 59,331 Prepaid expenses — — 77,109 95,813 — 172,922 Other current assets — 9,236 62,386 149,334 — 220,956 Total Current Assets 25,917 24,080 2,561,748 2,725,755 (32,277 ) 5,305,223 Property and equipment, net — — 382,897 146,926 — 529,823 Goodwill — — 1,626,618 1,459,379 — 3,085,997 Other intangible assets, net — — 844,611 605,858 — 1,450,469 Investments in unconsolidated subsidiaries — — 184,508 33,435 — 217,943 Investments in consolidated subsidiaries 3,699,642 3,796,841 2,360,544 — (9,857,027 ) — Intercompany loan receivable — 2,590,949 700,000 — (3,290,949 ) — Deferred tax assets, net — — 68,971 105,754 (39,473 ) 135,252 Other assets, net — 22,055 176,835 94,346 — 293,236 Total Assets $ 3,725,559 $ 6,433,925 $ 8,906,732 $ 5,171,453 $ (13,219,726 ) $ 11,017,943 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 31,616 $ 395,509 $ 1,056,994 $ — $ 1,484,119 Compensation and employee benefits payable — 626 388,251 316,193 — 705,070 Accrued bonus and profit sharing — — 479,106 387,788 — 866,894 Income taxes payable — — 69,121 45,350 (32,277 ) 82,194 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 1,388,033 362,748 — 1,750,781 Other — — 16 — — 16 Total short-term borrowings — — 1,388,049 362,748 — 1,750,797 Current maturities of long-term debt — 34,375 — 53 — 34,428 Other current liabilities — 1,063 31,474 38,118 — 70,655 Total Current Liabilities — 67,680 2,751,510 2,207,244 (32,277 ) 4,994,157 Long-Term Debt, net: Long-term debt, net — 2,645,101 — 10 — 2,645,111 Intercompany loan payable 1,012,907 — 2,043,433 234,609 (3,290,949 ) — Total Long-Term Debt, net 1,012,907 2,645,101 2,043,433 234,619 (3,290,949 ) 2,645,111 Deferred tax liabilities, net — — — 139,834 (39,473 ) 100,361 Non-current tax liabilities — — 87,483 1,184 — 88,667 Other liabilities — 21,502 227,465 181,610 — 430,577 Total Liabilities 1,012,907 2,734,283 5,109,891 2,764,491 (3,362,699 ) 8,258,873 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,712,652 3,699,642 3,796,841 2,360,544 (9,857,027 ) 2,712,652 Non-controlling interests — — — 46,418 — 46,418 Total Equity 2,712,652 3,699,642 3,796,841 2,406,962 (9,857,027 ) 2,759,070 Total Liabilities and Equity $ 3,725,559 $ 6,433,925 $ 8,906,732 $ 5,171,453 $ (13,219,726 ) $ 11,017,943 (1) 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 TD Bank, Capital One, BofA, JP Morgan and Fannie Mae ASAP lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,642,191 $ 1,565,346 $ — $ 3,207,537 Costs and expenses: Cost of services — — 1,129,785 1,124,448 — 2,254,233 Operating, administrative and other 767 (8,950 ) 365,488 323,137 — 680,442 Depreciation and amortization — — 55,933 34,335 — 90,268 Total costs and expenses 767 (8,950 ) 1,551,206 1,481,920 — 3,024,943 Gain on disposition of real estate — — — — — — Operating (loss) income (767 ) 8,950 90,985 83,426 — 182,594 Equity income from unconsolidated subsidiaries — — 33,952 977 — 34,929 Other income (loss) — 1 (49 ) 3,930 — 3,882 Interest income — 33,096 654 2,412 (33,096 ) 3,066 Interest expense — 34,989 24,827 10,267 (33,096 ) 36,987 Royalty and management service (income) expense — — (16,340 ) 16,340 — — Income from consolidated subsidiaries 122,141 117,787 38,843 — (278,771 ) — Income before (benefit of) provision for income taxes 121,374 124,845 155,898 64,138 (278,771 ) 187,484 (Benefit of) provision for income taxes (294 ) 2,704 38,111 23,518 — 64,039 Net income 121,668 122,141 117,787 40,620 (278,771 ) 123,445 Less: Net income attributable to non-controlling interests — — — 1,777 — 1,777 Net income attributable to CBRE Group, Inc. $ 121,668 $ 122,141 $ 117,787 $ 38,843 $ (278,771 ) $ 121,668 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,341,591 $ 1,048,915 $ — $ 2,390,506 Costs and expenses: Cost of services — — 849,131 638,843 — 1,487,974 Operating, administrative and other 12,362 11,698 301,412 284,686 — 610,158 Depreciation and amortization — — 39,282 31,323 — 70,605 Total costs and expenses 12,362 11,698 1,189,825 954,852 — 2,168,737 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (12,362 ) (11,698 ) 151,907 100,908 — 228,755 Equity income (loss) from unconsolidated subsidiaries — — 8,591 (1,898 ) — 6,693 Other income (loss) — 1 335 (1,405 ) — (1,069 ) Interest income — 52,361 78,199 990 (130,148 ) 1,402 Interest expense — 102,816 36,373 17,113 (130,148 ) 26,154 Royalty and management service expense (income) — — 236 (236 ) — — Income from consolidated subsidiaries 132,726 171,425 43,680 — (347,831 ) — Income before (benefit of) provision for income taxes 120,364 109,273 246,103 81,718 (347,831 ) 209,627 (Benefit of) provision for income taxes (4,665 ) (23,453 ) 74,678 29,914 — 76,474 Net income 125,029 132,726 171,425 51,804 (347,831 ) 133,153 Less: Net income attributable to non-controlling interests — — — 8,124 — 8,124 Net income attributable to CBRE Group, Inc. $ 125,029 $ 132,726 $ 171,425 $ 43,680 $ (347,831 ) $ 125,029 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 3,139,690 $ 2,914,581 $ — $ 6,054,271 Costs and expenses: Cost of services — — 2,154,348 2,113,498 — 4,267,846 Operating, administrative and other 2,193 (1,426 ) 708,358 614,683 — 1,323,808 Depreciation and amortization — — 110,664 66,598 — 177,262 Total costs and expenses 2,193 (1,426 ) 2,973,370 2,794,779 — 5,768,916 Gain on disposition of real estate — — 3,659 1,160 — 4,819 Operating (loss) income (2,193 ) 1,426 169,979 120,962 — 290,174 Equity income from unconsolidated subsidiaries — — 90,217 2,013 — 92,230 Other income (loss) — 1 (481 ) 7,577 — 7,097 Interest income — 65,569 1,571 2,954 (65,569 ) 4,525 Interest expense — 68,616 49,410 19,320 (65,569 ) 71,777 Royalty and management service (income) expense — — (23,768 ) 23,768 — — Income from consolidated subsidiaries 205,188 206,187 42,375 — (453,750 ) — Income before (benefit of) provision for income taxes 202,995 204,567 278,019 90,418 (453,750 ) 322,249 (Benefit of) provision for income taxes (840 ) (621 ) 71,832 43,793 — 114,164 Net income 203,835 205,188 206,187 46,625 (453,750 ) 208,085 Less: Net income attributable to non-controlling interests — — — 4,250 — 4,250 Net income attributable to CBRE Group, Inc. $ 203,835 $ 205,188 $ 206,187 $ 42,375 $ (453,750 ) $ 203,835 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 2,499,462 $ 1,943,547 $ — $ 4,443,009 Costs and expenses: Cost of services — — 1,566,774 1,211,977 — 2,778,751 Operating, administrative and other 25,506 (6,922 ) 585,999 537,350 — 1,141,933 Depreciation and amortization — — 75,809 64,642 — 140,451 Total costs and expenses 25,506 (6,922 ) 2,228,582 1,813,969 — 4,061,135 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (25,506 ) 6,922 271,021 136,423 — 388,860 Equity income (loss) from unconsolidated subsidiaries — — 23,912 (1,768 ) — 22,144 Other income (loss) — 1 1,259 (1,242 ) — 18 Interest income — 107,728 78,873 2,613 (185,515 ) 3,699 Interest expense — 127,702 75,775 34,406 (185,515 ) 52,368 Write-off of financing costs on extinguished debt — 2,685 — — — 2,685 Royalty and management service (income) expense — — (3,866 ) 3,866 — — Income from consolidated subsidiaries 233,847 243,645 43,905 — (521,397 ) — Income before (benefit of) provision for income taxes 208,341 227,909 347,061 97,754 (521,397 ) 359,668 (Benefit of) provision for income taxes (9,625 ) (5,938 ) 103,416 45,524 — 133,377 Net income 217,966 233,847 243,645 52,230 (521,397 ) 226,291 Less: Net income attributable to non-controlling interests — — — 8,325 — 8,325 Net income attributable to CBRE Group, Inc. $ 217,966 $ 233,847 $ 243,645 $ 43,905 $ (521,397 ) $ 217,966 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 121,668 $ 122,141 $ 117,787 $ 40,620 $ (278,771 ) $ 123,445 Other comprehensive income (loss): Foreign currency translation loss — — — (102,308 ) — (102,308 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,733 — — — 1,733 Unrealized losses on interest rate swaps, net — (1,206 ) — — — (1,206 ) Unrealized holding gains (losses) on available for sale securities, net — — 1,603 (29 ) — 1,574 Other, net — — (702 ) — — (702 ) Total other comprehensive income (loss) — 527 901 (102,337 ) — (100,909 ) Comprehensive income (loss) 121,668 122,668 118,688 (61,717 ) (278,771 ) 22,536 Less: Comprehensive income attributable to non-controlling interests — — — 1,694 — 1,694 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 121,668 $ 122,668 $ 118,688 $ (63,411 ) $ (278,771 ) $ 20,842 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 125,029 $ 132,726 $ 171,425 $ 51,804 $ (347,831 ) $ 133,153 Other comprehensive income: Foreign currency translation gain — — — 57,508 — 57,508 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,809 — — — 1,809 Unrealized gains on interest rate swaps, net — 263 — — — 263 Unrealized holding gains (losses) on available for sale securities, net — — 258 (21 ) — 237 Other, net — — 16 — — 16 Total other comprehensive income — 2,072 274 57,487 — 59,833 Comprehensive income 125,029 134,798 171,699 109,291 (347,831 ) 192,986 Less: Comprehensive income attributable to non-controlling interests — — — 8,141 — 8,141 Comprehensive income attributable to CBRE Group, Inc. $ 125,029 $ 134,798 $ 171,699 $ 101,150 $ (347,831 ) $ 184,845 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 203,835 $ 205,188 $ 206,187 $ 46,625 $ (453,750 ) $ 208,085 Other comprehensive loss: Foreign currency translation loss — — — (85,714 ) — (85,714 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,476 — — — 3,476 Unrealized losses on interest rate swaps, net — (4,115 ) — — — (4,115 ) Unrealized holding gains on available for sale securities, net — — 514 131 — 645 Other, net — — (759 ) — — (759 ) Total other comprehensive loss — (639 ) (245 ) (85,583 ) — (86,467 ) Comprehensive income (loss) 203,835 204,549 205,942 (38,958 ) (453,750 ) 121,618 Less: Comprehensive income attributable to non-controlling interests — — — 4,289 — 4,289 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 203,835 $ 204,549 $ 205,942 $ (43,247 ) $ (453,750 ) $ 117,329 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 217,966 $ 233,847 $ 243,645 $ 52,230 $ (521,397 ) $ 226,291 Other comprehensive income (loss): Foreign currency translation loss — — — (47,912 ) — (47,912 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,604 — — — 3,604 Unrealized losses on interest rate swaps, net — (2,511 ) — — — (2,511 ) Unrealized holding (losses) gains on available for sale securities, net — — (29 ) 100 — 71 Other, net — — 18 — — 18 Total other comprehensive income (loss) — 1,093 (11 ) (47,812 ) — (46,730 ) Comprehensive income 217,966 234,940 243,634 4,418 (521,397 ) 179,561 Less: Comprehensive income attributable to non-controlling interests — — — 8,309 — 8,309 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 217,966 $ 234,940 $ 243,634 $ (3,891 ) $ (521,397 ) $ 171,252 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 57,811 $ 9,377 $ (192,950 ) $ (84,255 ) $ (210,017 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (51,510 ) (27,548 ) (79,058 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — (21,900 ) — (21,900 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,381 ) (15,188 ) (16,569 ) Contributions to unconsolidated subsidiaries — — (21,549 ) (5,882 ) (27,431 ) Distributions from unconsolidated subsidiaries — — 91,421 2,491 93,912 Proceeds from the sale of servicing rights and other assets — — 7,820 7,251 15,071 Decrease (increase) in restricted cash — — 3,250 (3,728 ) (478 ) Purchase of available for sale securities — — (23,984 ) — (23,984 ) Proceeds from the sale of available for sale securities — — 22,061 — 22,061 Other investing activities, net — — (1,132 ) (10 ) (1,142 ) Net cash provided by (used in) investing activities — — 3,096 (42,614 ) (39,518 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (14,375 ) — — (14,375 ) Proceeds from revolving credit facility — 1,356,000 — — 1,356,000 Repayment of revolving credit facility — (1,200,000 ) — — (1,200,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 13,315 13,315 Repayment of notes payable on real estate held for sale and under development — — — (4,102 ) (4,102 ) Repayment of short-term borrowings and other loans, net — — — (447 ) (447 ) Shares repurchased for payment of taxes on equity awards (5,112 ) — — — (5,112 ) Proceeds from exercise of stock options 814 — — — 814 Non-controlling interest contributions — — — 821 821 Non-controlling interest distributions — — — (3,517 ) (3,517 ) Payment of financing costs — (5,419 ) — (110 ) (5,529 ) (Increase) decrease in intercompany receivables, net (53,774 ) (147,900 ) 110,453 91,221 — Other financing activities, net 260 — (1,173 ) 4,533 3,620 Net cash (used in) provided by financing activities (57,812 ) (11,694 ) 109,280 101,714 141,488 Effect of currency exchange rate changes on cash and cash equivalents — — — (588 ) (588 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (1 ) (2,317 ) (80,574 ) (25,743 ) (108,635 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 8,479 147,410 384,509 540,403 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 4 $ 6,162 $ 66,836 $ 358,766 $ 431,768 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 62,083 $ — $ 1,337 $ 63,420 Income taxes, net $ — $ — $ 107,070 $ 53,283 $ 160,353 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 23,264 $ (4,978 ) $ (6,437 ) $ (54,040 ) $ (42,191 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (25,039 ) (25,349 ) (50,388 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (91,413 ) (3,562 ) (94,975 ) Contributions to unconsolidated subsidiaries — — (26,662 ) (909 ) (27,571 ) Distributions from unconsolidated subsidiaries — — 25,060 2,209 27,269 Proceeds from the sale of servicing rights and other assets — — 5,439 7,176 12,615 Increase in restricted cash — — (520 ) (38,158 ) (38,678 ) Purchase of available for sale securities — — (23,453 ) — (23,453 ) Proceeds from the sale of available for sale securities — — 24,563 — 24,563 Other investing activities, net — — 1,192 (1,411 ) (219 ) Net cash used in investing activities — — (110,833 ) (60,004 ) (170,837 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 500,000 — — 500,000 Repayment of senior term loans — (648,738 ) — — (648,738 ) Proceeds from revolving credit facility — 831,000 — — 831,000 Repayment of revolving credit facility — (831,000 ) — (4,512 ) (835,512 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,404 4,404 Proceeds from short-term borrowings, net — — — 569 569 Shares repurchased for payment of taxes on equity awards (5,113 ) — — — (5,113 ) Proceeds from exercise of stock options 3,214 — — — 3,214 Non-controlling interest contributions — — — 4,405 4,405 Non-controlling interest distributions — — — (10,637 ) (10,637 ) Payment of financing costs — (22,225 ) — — (22,225 ) (Increase) decrease in intercompany receivables, net (22,443 ) 172,720 (198,173 ) 47,896 — Other financing activities, net 1,078 — (2,113 ) (801 ) (1,836 ) Net cash (used in) provided by financing activities (23,264 ) 1,757 (200,286 ) 41,324 (180,469 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (10,965 ) (10,965 ) NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,221 ) (317,556 ) (83,685 ) (404,462 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 15,041 $ 56,547 $ 264,829 $ 336,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 42,137 $ 83 $ 903 $ 43,123 Income taxes, net $ — $ — $ 87,405 $ 60,606 $ 148,011 |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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. |
Acquisition of Global Workpla20
Acquisition of Global Workplace Solutions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
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, 2015 and may not be indicative of future operating results (dollars in thousands, except share data): Three Months Ended Six Months Ended Revenue $ 3,136,506 $ 6,062,009 Operating income $ 237,646 $ 409,049 Net income attributable to CBRE Group, Inc. $ 125,896 $ 220,665 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.38 $ 0.66 Weighted average shares outstanding for basic income per share 331,999,935 331,988,489 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.37 $ 0.66 Weighted average shares outstanding for diluted income per share 336,154,524 335,926,626 |
Variable Interest Entities (V21
Variable Interest Entities (VIEs) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Maximum Exposure to Loss | As of June 30, 2016 and December 31, 2015, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, 2016 December 31, 2015 Investments in unconsolidated subsidiaries $ 21,898 $ 21,457 Other assets, current 6,407 3,723 Co-investment commitments 176 180 Maximum exposure to loss $ 28,481 $ 25,360 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 (dollars in thousands): As of June 30, 2016 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 6,752 $ — $ — $ 6,752 Debt securities issued by U.S. federal agencies — 5,104 — 5,104 Corporate debt securities — 18,957 — 18,957 Asset-backed securities — 2,890 — 2,890 Collateralized mortgage obligations — 1,297 — 1,297 Total debt securities 6,752 28,248 — 35,000 Equity securities 22,968 — — 22,968 Total available for sale securities 29,720 28,248 — 57,968 Trading securities 68,471 — — 68,471 Warehouse receivables — 847,712 — 847,712 Foreign currency exchange forward contracts — 12,586 — 12,586 Total assets at fair value $ 98,191 $ 888,546 $ — $ 986,737 Liabilities Interest rate swaps $ — $ 22,840 $ — $ 22,840 Securities sold, not yet purchased 3,084 — — 3,084 Foreign currency exchange forward contracts — 5,429 — 5,429 Total liabilities at fair value $ 3,084 $ 28,269 $ — $ 31,353 As of December 31, 2015 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 7,350 $ — $ — $ 7,350 Debt securities issued by U.S. federal agencies — 3,360 — 3,360 Corporate debt securities — 18,085 — 18,085 Asset-backed securities — 1,897 — 1,897 Collateralized mortgage obligations — 1,752 — 1,752 Total debt securities 7,350 25,094 — 32,444 Equity securities 24,118 — — 24,118 Total available for sale securities 31,468 25,094 — 56,562 Trading securities 64,124 — — 64,124 Warehouse receivables — 1,767,107 — 1,767,107 Loan commitments — — 1,680 1,680 Foreign currency exchange forward contracts — 9,236 — 9,236 Total assets at fair value $ 95,592 $ 1,801,437 $ 1,680 $ 1,898,709 Liabilities Interest rate swaps $ — $ 21,502 $ — $ 21,502 Securities sold, not yet purchased 4,436 — — 4,436 Foreign currency exchange forward contracts — 1,008 — 1,008 Total liabilities at fair value $ 4,436 $ 22,510 $ — $ 26,946 |
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 six months ended June 30, 2016 (dollars in thousands): Balance, December 31, 2015 $ 1,680 Net gains included in earnings — Settlements (1,680 ) Transfers into (out of) Level 3 — Balance, June 30, 2016 $ — |
Investments in Unconsolidated23
Investments in Unconsolidated Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Condensed Financial Information of Equity Method Investments | Combined condensed financial information for the entities actually accounted for using the equity method is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Global Investment Management Revenue $ 252,301 $ 251,172 $ 484,904 $ 506,899 Operating income (loss) $ 61,755 $ (109,353 ) $ 62,378 $ (80,726 ) Net income (loss) $ 87,747 $ (188,240 ) $ 65,872 $ (231,196 ) Development Services Revenue $ 18,418 $ 10,316 $ 31,076 $ 19,575 Operating income $ 37,199 $ 2,301 $ 158,109 $ 41,348 Net income (loss) $ 31,631 $ (149 ) $ 150,092 $ 37,487 Other Revenue $ 38,263 $ 45,979 $ 66,514 $ 73,566 Operating income $ 8,106 $ 11,105 $ 14,288 $ 14,631 Net income $ 8,176 $ 11,264 $ 14,370 $ 14,901 Total Revenue $ 308,982 $ 307,467 $ 582,494 $ 600,040 Operating income (loss) $ 107,060 $ (95,947 ) $ 234,775 $ (24,747 ) Net income (loss) $ 127,554 $ (177,125 ) $ 230,334 $ (178,808 ) |
Long-Term Debt and Short-Term24
Long-Term Debt and Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (dollars in thousands): June 30, December 31, Senior term loans, with interest ranging from 1.39% to 2.06%, due quarterly through 2022 $ 873,750 $ 888,125 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 595,738 595,568 5.25% senior notes due in 2025, net of unamortized premium 426,591 426,682 Other 47 63 Total long-term debt 2,696,126 2,710,438 Less: current maturities of long-term debt (42,546 ) (34,428 ) Less: unamortized debt issuance costs (28,603 ) (30,899 ) Total long-term debt, net of current maturities $ 2,624,977 $ 2,645,111 |
Income Per Share Information (T
Income Per Share Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Income Per Share | The calculations of basic and diluted income per share attributable to CBRE Group, Inc. shareholders are as follows (dollars in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 121,668 $ 125,029 $ 203,835 $ 217,966 Weighted average shares outstanding for basic income per share 335,076,746 331,999,935 334,534,841 331,988,489 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.36 $ 0.38 $ 0.61 $ 0.66 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 121,668 $ 125,029 $ 203,835 $ 217,966 Weighted average shares outstanding for basic income per share 335,076,746 331,999,935 334,534,841 331,988,489 Dilutive effect of contingently issuable shares 2,976,165 3,913,275 3,226,936 3,678,940 Dilutive effect of stock options 27,730 241,314 36,110 259,197 Weighted average shares outstanding for diluted income per share 338,080,641 336,154,524 337,797,887 335,926,626 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.36 $ 0.37 $ 0.60 $ 0.65 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 (1) 2016 2015 (1) Revenue Americas $ 1,775,756 $ 1,434,489 $ 3,359,315 $ 2,662,105 EMEA 961,835 585,714 1,809,333 1,079,738 Asia Pacific 356,318 261,828 664,842 470,194 Global Investment Management 95,737 94,053 186,117 204,277 Development Services 17,891 14,422 34,664 26,695 Total revenue $ 3,207,537 $ 2,390,506 $ 6,054,271 $ 4,443,009 EBITDA Americas $ 208,407 $ 213,956 $ 381,745 $ 384,018 EMEA 36,702 39,479 51,916 57,662 Asia Pacific 20,275 29,724 30,929 44,186 Global Investment Management 25,987 12,948 47,523 50,993 Development Services 18,525 753 50,400 6,289 Total EBITDA $ 309,896 $ 296,860 $ 562,513 $ 543,148 (1) During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results. |
EBITDA Calculation by Segment | EBITDA for our segments is calculated as follows (dollars in thousands): Three Months Ended Six Months Ended 2016 2015 (1) 2016 2015 (1) Americas Net income attributable to CBRE Group, Inc. $ 90,464 $ 111,653 $ 161,982 $ 194,788 Add: Depreciation and amortization 63,197 44,591 123,797 87,541 Interest expense, net 22,165 4,247 43,091 7,793 Write-off of financing costs on extinguished debt — — — 2,685 Royalty and management service income (13,389 ) (1,881 ) (20,157 ) (6,965 ) Provision for income taxes 45,970 55,346 73,032 98,176 EBITDA $ 208,407 $ 213,956 $ 381,745 $ 384,018 EMEA Net income (loss) attributable to CBRE Group, Inc. $ 7,889 $ 10,674 $ (4,246 ) $ 386 Add: Depreciation and amortization 16,257 14,607 31,262 29,399 Interest expense, net 4,326 11,375 7,838 22,822 Royalty and management service expense (income) 4,303 (4,051 ) 3,677 (2,861 ) Provision for income taxes 3,927 6,874 13,385 7,916 EBITDA $ 36,702 $ 39,479 $ 51,916 $ 57,662 Asia Pacific Net income attributable to CBRE Group, Inc. $ 5,062 $ 9,192 $ 2,492 $ 12,978 Add: Depreciation and amortization 4,297 3,783 8,478 7,629 Interest (income) expense, net (873 ) 991 42 1,889 Royalty and management service expense 8,094 4,913 14,352 7,761 Provision for income taxes 3,695 10,845 5,565 13,929 EBITDA $ 20,275 $ 29,724 $ 30,929 $ 44,186 Global Investment Management Net income (loss) attributable to CBRE Group, Inc. $ 8,181 $ (6,044 ) $ 15,465 $ 7,829 Add: Depreciation and amortization 5,817 7,061 12,437 14,672 Interest expense, net 7,816 7,818 15,513 15,502 Royalty and management service expense 992 1,019 2,128 2,065 Provision for income taxes 3,181 3,094 1,980 10,925 EBITDA $ 25,987 $ 12,948 $ 47,523 $ 50,993 Development Services Net income (loss) attributable to CBRE Group, Inc. $ 10,072 $ (446 ) $ 28,142 $ 1,985 Add: Depreciation and amortization 700 563 1,288 1,210 Interest expense, net 487 321 768 663 Provision for income taxes 7,266 315 20,202 2,431 EBITDA $ 18,525 $ 753 $ 50,400 $ 6,289 (1) During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results. |
Guarantor and Nonguarantor Fi27
Guarantor and Nonguarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 4 $ 6,162 $ 66,836 $ 358,766 $ — $ 431,768 Restricted cash — — 3,171 67,331 — 70,502 Receivables, net — — 948,443 1,424,714 — 2,373,157 Warehouse receivables (1) — — 710,043 137,669 — 847,712 Income taxes receivable 840 621 34,483 56,894 — 92,838 Prepaid expenses — — 77,491 121,808 — 199,299 Other current assets — 12,536 79,753 138,516 — 230,805 Total Current Assets 844 19,319 1,920,220 2,305,698 — 4,246,081 Property and equipment, net — — 383,943 149,632 — 533,575 Goodwill — — 1,653,048 1,407,976 — 3,061,024 Other intangible assets, net — — 814,599 581,641 — 1,396,240 Investments in unconsolidated subsidiaries — — 189,886 36,856 — 226,742 Investments in consolidated subsidiaries 3,962,426 4,083,904 2,317,953 — (10,364,283 ) — Intercompany loan receivable — 2,716,908 700,000 — (3,416,908 ) — Deferred tax assets, net — — 48,026 99,156 (39,473 ) 107,709 Other assets, net — 24,825 198,143 128,233 — 351,201 Total Assets $ 3,963,270 $ 6,844,956 $ 8,225,818 $ 4,709,192 $ (13,820,664 ) $ 9,922,572 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,159 $ 387,073 $ 964,570 $ — $ 1,381,802 Compensation and employee benefits payable — 626 428,488 298,907 — 728,021 Accrued bonus and profit sharing — — 271,847 230,919 — 502,766 Income taxes payable — — — 46,530 — 46,530 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 704,868 134,427 — 839,295 Revolving credit facility — 156,000 — — — 156,000 Other — — 16 — — 16 Total short-term borrowings — 156,000 704,884 134,427 — 995,311 Current maturities of long-term debt — 42,500 — 46 — 42,546 Other current liabilities — 5,429 30,485 9,759 — 45,673 Total Current Liabilities — 234,714 1,822,777 1,685,158 — 3,742,649 Long-Term Debt, net: Long-term debt, net — 2,624,976 — 1 — 2,624,977 Intercompany loan payable 1,108,152 — 1,982,397 326,359 (3,416,908 ) — Total Long-Term Debt, net 1,108,152 2,624,976 1,982,397 326,360 (3,416,908 ) 2,624,977 Deferred tax liabilities, net — — — 124,507 (39,473 ) 85,034 Non-current tax liabilities — — 89,208 417 — 89,625 Other liabilities — 22,840 247,532 206,145 — 476,517 Total Liabilities 1,108,152 2,882,530 4,141,914 2,342,587 (3,456,381 ) 7,018,802 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,855,118 3,962,426 4,083,904 2,317,953 (10,364,283 ) 2,855,118 Non-controlling interests — — — 48,652 — 48,652 Total Equity 2,855,118 3,962,426 4,083,904 2,366,605 (10,364,283 ) 2,903,770 Total Liabilities and Equity $ 3,963,270 $ 6,844,956 $ 8,225,818 $ 4,709,192 $ (13,820,664 ) $ 9,922,572 (1) 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 JP Morgan Chase Bank, N.A. (JP Morgan), TD Bank, N.A. (TD Bank), Capital One, N.A. (Capital One), Bank of America (BofA), and Fannie Mae ASAP lines of credit are pledged to JP Morgan, TD Bank, Capital One, BofA 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, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 8,479 $ 147,410 $ 384,509 $ — $ 540,403 Restricted cash — — 6,421 66,343 — 72,764 Receivables, net — — 860,776 1,610,964 — 2,471,740 Warehouse receivables (1) — — 1,397,094 370,013 — 1,767,107 Income taxes receivable 25,912 6,365 10,552 48,779 (32,277 ) 59,331 Prepaid expenses — — 77,109 95,813 — 172,922 Other current assets — 9,236 62,386 149,334 — 220,956 Total Current Assets 25,917 24,080 2,561,748 2,725,755 (32,277 ) 5,305,223 Property and equipment, net — — 382,897 146,926 — 529,823 Goodwill — — 1,626,618 1,459,379 — 3,085,997 Other intangible assets, net — — 844,611 605,858 — 1,450,469 Investments in unconsolidated subsidiaries — — 184,508 33,435 — 217,943 Investments in consolidated subsidiaries 3,699,642 3,796,841 2,360,544 — (9,857,027 ) — Intercompany loan receivable — 2,590,949 700,000 — (3,290,949 ) — Deferred tax assets, net — — 68,971 105,754 (39,473 ) 135,252 Other assets, net — 22,055 176,835 94,346 — 293,236 Total Assets $ 3,725,559 $ 6,433,925 $ 8,906,732 $ 5,171,453 $ (13,219,726 ) $ 11,017,943 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 31,616 $ 395,509 $ 1,056,994 $ — $ 1,484,119 Compensation and employee benefits payable — 626 388,251 316,193 — 705,070 Accrued bonus and profit sharing — — 479,106 387,788 — 866,894 Income taxes payable — — 69,121 45,350 (32,277 ) 82,194 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 1,388,033 362,748 — 1,750,781 Other — — 16 — — 16 Total short-term borrowings — — 1,388,049 362,748 — 1,750,797 Current maturities of long-term debt — 34,375 — 53 — 34,428 Other current liabilities — 1,063 31,474 38,118 — 70,655 Total Current Liabilities — 67,680 2,751,510 2,207,244 (32,277 ) 4,994,157 Long-Term Debt, net: Long-term debt, net — 2,645,101 — 10 — 2,645,111 Intercompany loan payable 1,012,907 — 2,043,433 234,609 (3,290,949 ) — Total Long-Term Debt, net 1,012,907 2,645,101 2,043,433 234,619 (3,290,949 ) 2,645,111 Deferred tax liabilities, net — — — 139,834 (39,473 ) 100,361 Non-current tax liabilities — — 87,483 1,184 — 88,667 Other liabilities — 21,502 227,465 181,610 — 430,577 Total Liabilities 1,012,907 2,734,283 5,109,891 2,764,491 (3,362,699 ) 8,258,873 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,712,652 3,699,642 3,796,841 2,360,544 (9,857,027 ) 2,712,652 Non-controlling interests — — — 46,418 — 46,418 Total Equity 2,712,652 3,699,642 3,796,841 2,406,962 (9,857,027 ) 2,759,070 Total Liabilities and Equity $ 3,725,559 $ 6,433,925 $ 8,906,732 $ 5,171,453 $ (13,219,726 ) $ 11,017,943 (1) 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 TD Bank, Capital One, BofA, JP Morgan and Fannie Mae ASAP lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt. |
Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,642,191 $ 1,565,346 $ — $ 3,207,537 Costs and expenses: Cost of services — — 1,129,785 1,124,448 — 2,254,233 Operating, administrative and other 767 (8,950 ) 365,488 323,137 — 680,442 Depreciation and amortization — — 55,933 34,335 — 90,268 Total costs and expenses 767 (8,950 ) 1,551,206 1,481,920 — 3,024,943 Gain on disposition of real estate — — — — — — Operating (loss) income (767 ) 8,950 90,985 83,426 — 182,594 Equity income from unconsolidated subsidiaries — — 33,952 977 — 34,929 Other income (loss) — 1 (49 ) 3,930 — 3,882 Interest income — 33,096 654 2,412 (33,096 ) 3,066 Interest expense — 34,989 24,827 10,267 (33,096 ) 36,987 Royalty and management service (income) expense — — (16,340 ) 16,340 — — Income from consolidated subsidiaries 122,141 117,787 38,843 — (278,771 ) — Income before (benefit of) provision for income taxes 121,374 124,845 155,898 64,138 (278,771 ) 187,484 (Benefit of) provision for income taxes (294 ) 2,704 38,111 23,518 — 64,039 Net income 121,668 122,141 117,787 40,620 (278,771 ) 123,445 Less: Net income attributable to non-controlling interests — — — 1,777 — 1,777 Net income attributable to CBRE Group, Inc. $ 121,668 $ 122,141 $ 117,787 $ 38,843 $ (278,771 ) $ 121,668 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,341,591 $ 1,048,915 $ — $ 2,390,506 Costs and expenses: Cost of services — — 849,131 638,843 — 1,487,974 Operating, administrative and other 12,362 11,698 301,412 284,686 — 610,158 Depreciation and amortization — — 39,282 31,323 — 70,605 Total costs and expenses 12,362 11,698 1,189,825 954,852 — 2,168,737 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (12,362 ) (11,698 ) 151,907 100,908 — 228,755 Equity income (loss) from unconsolidated subsidiaries — — 8,591 (1,898 ) — 6,693 Other income (loss) — 1 335 (1,405 ) — (1,069 ) Interest income — 52,361 78,199 990 (130,148 ) 1,402 Interest expense — 102,816 36,373 17,113 (130,148 ) 26,154 Royalty and management service expense (income) — — 236 (236 ) — — Income from consolidated subsidiaries 132,726 171,425 43,680 — (347,831 ) — Income before (benefit of) provision for income taxes 120,364 109,273 246,103 81,718 (347,831 ) 209,627 (Benefit of) provision for income taxes (4,665 ) (23,453 ) 74,678 29,914 — 76,474 Net income 125,029 132,726 171,425 51,804 (347,831 ) 133,153 Less: Net income attributable to non-controlling interests — — — 8,124 — 8,124 Net income attributable to CBRE Group, Inc. $ 125,029 $ 132,726 $ 171,425 $ 43,680 $ (347,831 ) $ 125,029 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 3,139,690 $ 2,914,581 $ — $ 6,054,271 Costs and expenses: Cost of services — — 2,154,348 2,113,498 — 4,267,846 Operating, administrative and other 2,193 (1,426 ) 708,358 614,683 — 1,323,808 Depreciation and amortization — — 110,664 66,598 — 177,262 Total costs and expenses 2,193 (1,426 ) 2,973,370 2,794,779 — 5,768,916 Gain on disposition of real estate — — 3,659 1,160 — 4,819 Operating (loss) income (2,193 ) 1,426 169,979 120,962 — 290,174 Equity income from unconsolidated subsidiaries — — 90,217 2,013 — 92,230 Other income (loss) — 1 (481 ) 7,577 — 7,097 Interest income — 65,569 1,571 2,954 (65,569 ) 4,525 Interest expense — 68,616 49,410 19,320 (65,569 ) 71,777 Royalty and management service (income) expense — — (23,768 ) 23,768 — — Income from consolidated subsidiaries 205,188 206,187 42,375 — (453,750 ) — Income before (benefit of) provision for income taxes 202,995 204,567 278,019 90,418 (453,750 ) 322,249 (Benefit of) provision for income taxes (840 ) (621 ) 71,832 43,793 — 114,164 Net income 203,835 205,188 206,187 46,625 (453,750 ) 208,085 Less: Net income attributable to non-controlling interests — — — 4,250 — 4,250 Net income attributable to CBRE Group, Inc. $ 203,835 $ 205,188 $ 206,187 $ 42,375 $ (453,750 ) $ 203,835 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 2,499,462 $ 1,943,547 $ — $ 4,443,009 Costs and expenses: Cost of services — — 1,566,774 1,211,977 — 2,778,751 Operating, administrative and other 25,506 (6,922 ) 585,999 537,350 — 1,141,933 Depreciation and amortization — — 75,809 64,642 — 140,451 Total costs and expenses 25,506 (6,922 ) 2,228,582 1,813,969 — 4,061,135 Gain on disposition of real estate — — 141 6,845 — 6,986 Operating (loss) income (25,506 ) 6,922 271,021 136,423 — 388,860 Equity income (loss) from unconsolidated subsidiaries — — 23,912 (1,768 ) — 22,144 Other income (loss) — 1 1,259 (1,242 ) — 18 Interest income — 107,728 78,873 2,613 (185,515 ) 3,699 Interest expense — 127,702 75,775 34,406 (185,515 ) 52,368 Write-off of financing costs on extinguished debt — 2,685 — — — 2,685 Royalty and management service (income) expense — — (3,866 ) 3,866 — — Income from consolidated subsidiaries 233,847 243,645 43,905 — (521,397 ) — Income before (benefit of) provision for income taxes 208,341 227,909 347,061 97,754 (521,397 ) 359,668 (Benefit of) provision for income taxes (9,625 ) (5,938 ) 103,416 45,524 — 133,377 Net income 217,966 233,847 243,645 52,230 (521,397 ) 226,291 Less: Net income attributable to non-controlling interests — — — 8,325 — 8,325 Net income attributable to CBRE Group, Inc. $ 217,966 $ 233,847 $ 243,645 $ 43,905 $ (521,397 ) $ 217,966 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 121,668 $ 122,141 $ 117,787 $ 40,620 $ (278,771 ) $ 123,445 Other comprehensive income (loss): Foreign currency translation loss — — — (102,308 ) — (102,308 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,733 — — — 1,733 Unrealized losses on interest rate swaps, net — (1,206 ) — — — (1,206 ) Unrealized holding gains (losses) on available for sale securities, net — — 1,603 (29 ) — 1,574 Other, net — — (702 ) — — (702 ) Total other comprehensive income (loss) — 527 901 (102,337 ) — (100,909 ) Comprehensive income (loss) 121,668 122,668 118,688 (61,717 ) (278,771 ) 22,536 Less: Comprehensive income attributable to non-controlling interests — — — 1,694 — 1,694 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 121,668 $ 122,668 $ 118,688 $ (63,411 ) $ (278,771 ) $ 20,842 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 125,029 $ 132,726 $ 171,425 $ 51,804 $ (347,831 ) $ 133,153 Other comprehensive income: Foreign currency translation gain — — — 57,508 — 57,508 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,809 — — — 1,809 Unrealized gains on interest rate swaps, net — 263 — — — 263 Unrealized holding gains (losses) on available for sale securities, net — — 258 (21 ) — 237 Other, net — — 16 — — 16 Total other comprehensive income — 2,072 274 57,487 — 59,833 Comprehensive income 125,029 134,798 171,699 109,291 (347,831 ) 192,986 Less: Comprehensive income attributable to non-controlling interests — — — 8,141 — 8,141 Comprehensive income attributable to CBRE Group, Inc. $ 125,029 $ 134,798 $ 171,699 $ 101,150 $ (347,831 ) $ 184,845 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 203,835 $ 205,188 $ 206,187 $ 46,625 $ (453,750 ) $ 208,085 Other comprehensive loss: Foreign currency translation loss — — — (85,714 ) — (85,714 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,476 — — — 3,476 Unrealized losses on interest rate swaps, net — (4,115 ) — — — (4,115 ) Unrealized holding gains on available for sale securities, net — — 514 131 — 645 Other, net — — (759 ) — — (759 ) Total other comprehensive loss — (639 ) (245 ) (85,583 ) — (86,467 ) Comprehensive income (loss) 203,835 204,549 205,942 (38,958 ) (453,750 ) 121,618 Less: Comprehensive income attributable to non-controlling interests — — — 4,289 — 4,289 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 203,835 $ 204,549 $ 205,942 $ (43,247 ) $ (453,750 ) $ 117,329 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 217,966 $ 233,847 $ 243,645 $ 52,230 $ (521,397 ) $ 226,291 Other comprehensive income (loss): Foreign currency translation loss — — — (47,912 ) — (47,912 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,604 — — — 3,604 Unrealized losses on interest rate swaps, net — (2,511 ) — — — (2,511 ) Unrealized holding (losses) gains on available for sale securities, net — — (29 ) 100 — 71 Other, net — — 18 — — 18 Total other comprehensive income (loss) — 1,093 (11 ) (47,812 ) — (46,730 ) Comprehensive income 217,966 234,940 243,634 4,418 (521,397 ) 179,561 Less: Comprehensive income attributable to non-controlling interests — — — 8,309 — 8,309 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 217,966 $ 234,940 $ 243,634 $ (3,891 ) $ (521,397 ) $ 171,252 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 57,811 $ 9,377 $ (192,950 ) $ (84,255 ) $ (210,017 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (51,510 ) (27,548 ) (79,058 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — (21,900 ) — (21,900 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,381 ) (15,188 ) (16,569 ) Contributions to unconsolidated subsidiaries — — (21,549 ) (5,882 ) (27,431 ) Distributions from unconsolidated subsidiaries — — 91,421 2,491 93,912 Proceeds from the sale of servicing rights and other assets — — 7,820 7,251 15,071 Decrease (increase) in restricted cash — — 3,250 (3,728 ) (478 ) Purchase of available for sale securities — — (23,984 ) — (23,984 ) Proceeds from the sale of available for sale securities — — 22,061 — 22,061 Other investing activities, net — — (1,132 ) (10 ) (1,142 ) Net cash provided by (used in) investing activities — — 3,096 (42,614 ) (39,518 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (14,375 ) — — (14,375 ) Proceeds from revolving credit facility — 1,356,000 — — 1,356,000 Repayment of revolving credit facility — (1,200,000 ) — — (1,200,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 13,315 13,315 Repayment of notes payable on real estate held for sale and under development — — — (4,102 ) (4,102 ) Repayment of short-term borrowings and other loans, net — — — (447 ) (447 ) Shares repurchased for payment of taxes on equity awards (5,112 ) — — — (5,112 ) Proceeds from exercise of stock options 814 — — — 814 Non-controlling interest contributions — — — 821 821 Non-controlling interest distributions — — — (3,517 ) (3,517 ) Payment of financing costs — (5,419 ) — (110 ) (5,529 ) (Increase) decrease in intercompany receivables, net (53,774 ) (147,900 ) 110,453 91,221 — Other financing activities, net 260 — (1,173 ) 4,533 3,620 Net cash (used in) provided by financing activities (57,812 ) (11,694 ) 109,280 101,714 141,488 Effect of currency exchange rate changes on cash and cash equivalents — — — (588 ) (588 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (1 ) (2,317 ) (80,574 ) (25,743 ) (108,635 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 8,479 147,410 384,509 540,403 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 4 $ 6,162 $ 66,836 $ 358,766 $ 431,768 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 62,083 $ — $ 1,337 $ 63,420 Income taxes, net $ — $ — $ 107,070 $ 53,283 $ 160,353 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 23,264 $ (4,978 ) $ (6,437 ) $ (54,040 ) $ (42,191 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (25,039 ) (25,349 ) (50,388 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (91,413 ) (3,562 ) (94,975 ) Contributions to unconsolidated subsidiaries — — (26,662 ) (909 ) (27,571 ) Distributions from unconsolidated subsidiaries — — 25,060 2,209 27,269 Proceeds from the sale of servicing rights and other assets — — 5,439 7,176 12,615 Increase in restricted cash — — (520 ) (38,158 ) (38,678 ) Purchase of available for sale securities — — (23,453 ) — (23,453 ) Proceeds from the sale of available for sale securities — — 24,563 — 24,563 Other investing activities, net — — 1,192 (1,411 ) (219 ) Net cash used in investing activities — — (110,833 ) (60,004 ) (170,837 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 500,000 — — 500,000 Repayment of senior term loans — (648,738 ) — — (648,738 ) Proceeds from revolving credit facility — 831,000 — — 831,000 Repayment of revolving credit facility — (831,000 ) — (4,512 ) (835,512 ) Proceeds from notes payable on real estate held for sale and under development — — — 4,404 4,404 Proceeds from short-term borrowings, net — — — 569 569 Shares repurchased for payment of taxes on equity awards (5,113 ) — — — (5,113 ) Proceeds from exercise of stock options 3,214 — — — 3,214 Non-controlling interest contributions — — — 4,405 4,405 Non-controlling interest distributions — — — (10,637 ) (10,637 ) Payment of financing costs — (22,225 ) — — (22,225 ) (Increase) decrease in intercompany receivables, net (22,443 ) 172,720 (198,173 ) 47,896 — Other financing activities, net 1,078 — (2,113 ) (801 ) (1,836 ) Net cash (used in) provided by financing activities (23,264 ) 1,757 (200,286 ) 41,324 (180,469 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (10,965 ) (10,965 ) NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,221 ) (317,556 ) (83,685 ) (404,462 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 5 $ 15,041 $ 56,547 $ 264,829 $ 336,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 42,137 $ 83 $ 903 $ 43,123 Income taxes, net $ — $ — $ 87,405 $ 60,606 $ 148,011 |
Acquisition of Global Workpla28
Acquisition of Global Workplace Solutions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,061,024 | $ 3,085,997 | ||
Global Workplace Solutions (GWS) [Member] | ||||
Business Acquisition [Line Items] | ||||
Date of business purchase agreement | Sep. 1, 2015 | |||
Purchase price paid in cash | $ 1,475,000 | |||
Goodwill | 852,000 | |||
Goodwill recorded in connection with acquisition deductible for tax purpose | $ 445,000 | |||
Amortization expense of acquired intangible assets | $ 16,900 | $ 33,800 | ||
Additional interest expense for debt incurred to finance acquisitions | $ 9,000 | 19,300 | ||
Removal of direct costs | 4,800 | |||
Removal of tax impact | $ 8,000 |
Acquisition of Global Workpla29
Acquisition of Global Workplace Solutions (GWS) - Summary of Pro Forma Results Prepared for Comparative Purposes (Detail) - Global Workplace Solutions (GWS) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||
Revenue | $ 3,136,506 | $ 6,062,009 |
Operating income | 237,646 | 409,049 |
Net income attributable to CBRE Group, Inc. | $ 125,896 | $ 220,665 |
Basic income per share: | ||
Net income per share attributable to CBRE Group, Inc. | $ 0.38 | $ 0.66 |
Weighted average shares outstanding for basic income per share | 331,999,935 | 331,988,489 |
Diluted income per share: | ||
Net income per share attributable to CBRE Group, Inc. | $ 0.37 | $ 0.66 |
Weighted average shares outstanding for diluted income per share | 336,154,524 | 335,926,626 |
Variable Interest Entities (V30
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | $ 226,742 | $ 217,943 |
Other assets, current | 230,805 | 220,956 |
Co-investment commitments | 36,500 | |
Non-Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | 21,898 | 21,457 |
Other assets, current | 6,407 | 3,723 |
Co-investment commitments | 176 | 180 |
Maximum exposure to loss | $ 28,481 | $ 25,360 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value measurements assets, significant transfers from level 1 to level 2 | $ 0 | $ 0 | |
Fair value measurements assets, significant transfers from level 2 to level 1 | 0 | 0 | |
Fair value measurements liabilities, significant transfers from level 1 to level 2 | 0 | 0 | |
Fair value measurements liabilities, significant transfers from level 2 to level 1 | 0 | $ 0 | |
Senior term loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | 864,400,000 | $ 878,600,000 | |
Senior term loans | 864,800,000 | 877,900,000 | |
5.00% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 832,000,000 | $ 802,600,000 | |
Interest rate of long-term debt | 5.00% | 5.00% | |
Senior notes | $ 789,800,000 | $ 789,100,000 | |
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% | |
4.875% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 620,500,000 | $ 598,800,000 | |
Interest rate of long-term debt | 4.875% | 4.875% | |
Senior notes | $ 590,800,000 | $ 590,500,000 | |
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% | |
5.25% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 453,700,000 | $ 430,400,000 | |
Interest rate of long-term debt | 5.25% | 5.25% | |
Senior notes | $ 422,100,000 | $ 422,000,000 | |
5.25% Senior Notes [Member] | Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 5.25% | 5.25% | |
Senior notes | $ 426,591,000 | $ 426,682,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warehouse receivables | $ 847,712 | $ 1,767,107 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 57,968 | 56,562 |
Trading securities | 68,471 | 64,124 |
Warehouse receivables | 847,712 | 1,767,107 |
Loan commitments | 1,680 | |
Foreign currency exchange forward contracts | 12,586 | 9,236 |
Total assets at fair value | 986,737 | 1,898,709 |
Interest rate swaps | 22,840 | 21,502 |
Securities sold, not yet purchased | 3,084 | 4,436 |
Foreign currency exchange forward contracts | 5,429 | 1,008 |
Total liabilities at fair value | 31,353 | 26,946 |
Recurring [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 6,752 | 7,350 |
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 | 5,104 | 3,360 |
Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 18,957 | 18,085 |
Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,890 | 1,897 |
Recurring [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,297 | 1,752 |
Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 35,000 | 32,444 |
Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 22,968 | 24,118 |
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 | 29,720 | 31,468 |
Trading securities | 68,471 | 64,124 |
Total assets at fair value | 98,191 | 95,592 |
Securities sold, not yet purchased | 3,084 | 4,436 |
Total liabilities at fair value | 3,084 | 4,436 |
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 | 6,752 | 7,350 |
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 | 6,752 | 7,350 |
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 | 22,968 | 24,118 |
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 | 28,248 | 25,094 |
Warehouse receivables | 847,712 | 1,767,107 |
Foreign currency exchange forward contracts | 12,586 | 9,236 |
Total assets at fair value | 888,546 | 1,801,437 |
Interest rate swaps | 22,840 | 21,502 |
Foreign currency exchange forward contracts | 5,429 | 1,008 |
Total liabilities at fair value | 28,269 | 22,510 |
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 | 5,104 | 3,360 |
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 | 18,957 | 18,085 |
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 | 2,890 | 1,897 |
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 | 1,297 | 1,752 |
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 | $ 28,248 | 25,094 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan commitments | 1,680 | |
Total assets at fair value | $ 1,680 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements for Level 3 Assets (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 1,680 |
Net gains included in earnings | 0 |
Settlements | (1,680) |
Transfers into (out of) Level 3 | 0 |
Ending balance | $ 0 |
Investments In Unconsolidated34
Investments In Unconsolidated Subsidiaries - Additional information (Detail) - Maximum [Member] | Jun. 30, 2016 |
Global Investment Management [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 5.00% |
Development Services [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 10.00% |
Other [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 50.00% |
Investments in Unconsolidated35
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | $ 308,982 | $ 307,467 | $ 582,494 | $ 600,040 |
Operating income (loss) | 107,060 | (95,947) | 234,775 | (24,747) |
Net income (loss) | 127,554 | (177,125) | 230,334 | (178,808) |
Global Investment Management [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 252,301 | 251,172 | 484,904 | 506,899 |
Operating income (loss) | 61,755 | (109,353) | 62,378 | (80,726) |
Net income (loss) | 87,747 | (188,240) | 65,872 | (231,196) |
Development Services [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 18,418 | 10,316 | 31,076 | 19,575 |
Operating income (loss) | 37,199 | 2,301 | 158,109 | 41,348 |
Net income (loss) | 31,631 | (149) | 150,092 | 37,487 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 38,263 | 45,979 | 66,514 | 73,566 |
Operating income (loss) | 8,106 | 11,105 | 14,288 | 14,631 |
Net income (loss) | $ 8,176 | $ 11,264 | $ 14,370 | $ 14,901 |
Long-Term Debt and Short-Term36
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Other | $ 47 | $ 63 |
Total long-term debt | 2,696,126 | 2,710,438 |
Less: current maturities of long-term debt | (42,546) | (34,428) |
Less: unamortized debt issuance costs | (28,603) | (30,899) |
Total Long-Term Debt, net | 2,624,977 | 2,645,111 |
5.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes due | 789,800 | 789,100 |
5.00% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, net of unamortized deferred financing costs | 800,000 | 800,000 |
4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes due | 590,800 | 590,500 |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, net of unamortized deferred financing costs | 595,738 | 595,568 |
5.25% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes due | 422,100 | 422,000 |
5.25% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes due | 426,591 | 426,682 |
Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior term loans, with interest ranging from 1.39% to 2.06%, due quarterly through 2022 | $ 873,750 | $ 888,125 |
Long-Term Debt and Short-Term37
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt, start | Jun. 30, 2016 | Jun. 30, 2016 |
Maturity date of debt, end | Dec. 31, 2022 | Dec. 31, 2022 |
Maximum [Member] | Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 1.39% | 1.39% |
Minimum [Member] | Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 2.06% | 2.06% |
5.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
5.00% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
Due date of long term debt | 2,023 | 2,023 |
4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
Due date of long term debt | 2,026 | 2,026 |
5.25% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
5.25% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
Due date of long term debt | 2,025 | 2,025 |
Long-Term Debt and Short-Term38
Long-Term Debt and Short-Term Borrowings - Credit Agreement - Additional Information (Detail) | Mar. 21, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Credit facility expiration date | 2017-06 | ||
Minimum coverage ratio of EBITDA to total interest expense | 2 | ||
Maximum leverage ratio of total debt less available cash to EBITDA | 4.25 | ||
Coverage ratio of EBITDA to total interest expense | 12.15 | ||
Leverage ratio of total debt less available cash to EBITDA | 1.61 | ||
5.00% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of long-term debt | 5.00% | 5.00% | |
5.25% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of long-term debt | 5.25% | 5.25% | |
4.875% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of long-term debt | 4.875% | 4.875% | |
2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 2,800,000,000 | ||
Revolving credit facility maturity date | Mar. 21, 2021 | ||
2015 Credit Agreement [Member] | Revolving credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility increase in borrowing capacity | $ 200,000,000 | ||
Credit facility expiration date | 2021-03 | ||
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 | ||
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 | ||
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 |
Long-Term Debt and Short-Term39
Long-Term Debt and Short-Term Borrowings - Revolving Credit Facility - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 156,000,000 | |
Letters of credit outstanding amount | 48,000,000 | |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 156,000,000 | $ 0 |
Letters of credit outstanding amount | $ 2,000,000 | $ 2,000,000 |
2015 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, weighted average annual interest rates | 2.20% |
Long-Term Debt and Short-Term40
Long-Term Debt and Short-Term Borrowings - Warehouse Lines of Credit - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Warehouse lines of credit | $ 839,295,000 | $ 1,750,781,000 |
Loans Held-for-sale, Mortgage | 847,700,000 | $ 1,800,000,000 |
Warehouse Agreement Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Lines of credit principal outstanding | $ 1,900,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 48,000,000 | |
Accrued loan loss | 23,400,000 | $ 21,800,000 |
Assets available for recourse | 300,600,000 | |
Warehouse receivables | $ 130,700,000 | |
Letters of credit expiration date | 2017-06 | |
Guarantees total | $ 55,000,000 | |
Commitments to investment in future real estate investment | 36,500,000 | |
Commitments to investment in unconsolidated real estate subsidiary | 28,600,000 | |
Funded loans subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 13,500,000,000 | |
Funded loans not subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 42,000,000 | $ 35,000,000 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Co-investments typically range | 2.00% |
Income Per Share Information -
Income Per Share Information - Computation of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 121,668 | $ 125,029 | $ 203,835 | $ 217,966 |
Weighted average shares outstanding for basic income per share | 335,076,746 | 331,999,935 | 334,534,841 | 331,988,489 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $ 0.36 | $ 0.38 | $ 0.61 | $ 0.66 |
Diluted Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 121,668 | $ 125,029 | $ 203,835 | $ 217,966 |
Weighted average shares outstanding for basic income per share | 335,076,746 | 331,999,935 | 334,534,841 | 331,988,489 |
Dilutive effect of contingently issuable shares | 2,976,165 | 3,913,275 | 3,226,936 | 3,678,940 |
Dilutive effect of stock options | 27,730 | 241,314 | 36,110 | 259,197 |
Weighted average shares outstanding for diluted income per share | 338,080,641 | 336,154,524 | 337,797,887 | 335,926,626 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ 0.36 | $ 0.37 | $ 0.60 | $ 0.65 |
Income Per Share Information 43
Income Per Share Information - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Contingently Issuable Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded in computation of diluted income per share | 1,536,189 | 47,082 | 1,553,158 | 47,082 |
Segments - Summarized Financial
Segments - Summarized Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,207,537 | $ 2,390,506 | $ 6,054,271 | $ 4,443,009 |
EBITDA | 309,896 | 296,860 | 562,513 | 543,148 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 95,737 | 94,053 | 186,117 | 204,277 |
EBITDA | 25,987 | 12,948 | 47,523 | 50,993 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 17,891 | 14,422 | 34,664 | 26,695 |
EBITDA | 18,525 | 753 | 50,400 | 6,289 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,775,756 | 1,434,489 | 3,359,315 | 2,662,105 |
EBITDA | 208,407 | 213,956 | 381,745 | 384,018 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 961,835 | 585,714 | 1,809,333 | 1,079,738 |
EBITDA | 36,702 | 39,479 | 51,916 | 57,662 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 356,318 | 261,828 | 664,842 | 470,194 |
EBITDA | $ 20,275 | $ 29,724 | $ 30,929 | $ 44,186 |
Segments - EBITDA Calculation b
Segments - EBITDA Calculation by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | $ 121,668 | $ 125,029 | $ 203,835 | $ 217,966 |
Depreciation and amortization | 90,268 | 70,605 | 177,262 | 140,451 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Provision for income taxes | 64,039 | 76,474 | 114,164 | 133,377 |
EBITDA | 309,896 | 296,860 | 562,513 | 543,148 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | 90,464 | 111,653 | 161,982 | 194,788 |
Depreciation and amortization | 63,197 | 44,591 | 123,797 | 87,541 |
Interest (income) expense, net | 22,165 | 4,247 | 43,091 | 7,793 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Royalty and management service expense (income) | (13,389) | (1,881) | (20,157) | (6,965) |
Provision for income taxes | 45,970 | 55,346 | 73,032 | 98,176 |
EBITDA | 208,407 | 213,956 | 381,745 | 384,018 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | 7,889 | 10,674 | (4,246) | 386 |
Depreciation and amortization | 16,257 | 14,607 | 31,262 | 29,399 |
Interest (income) expense, net | 4,326 | 11,375 | 7,838 | 22,822 |
Royalty and management service expense (income) | 4,303 | (4,051) | 3,677 | (2,861) |
Provision for income taxes | 3,927 | 6,874 | 13,385 | 7,916 |
EBITDA | 36,702 | 39,479 | 51,916 | 57,662 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | 5,062 | 9,192 | 2,492 | 12,978 |
Depreciation and amortization | 4,297 | 3,783 | 8,478 | 7,629 |
Interest (income) expense, net | (873) | 991 | 42 | 1,889 |
Royalty and management service expense (income) | 8,094 | 4,913 | 14,352 | 7,761 |
Provision for income taxes | 3,695 | 10,845 | 5,565 | 13,929 |
EBITDA | 20,275 | 29,724 | 30,929 | 44,186 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | 8,181 | (6,044) | 15,465 | 7,829 |
Depreciation and amortization | 5,817 | 7,061 | 12,437 | 14,672 |
Interest (income) expense, net | 7,816 | 7,818 | 15,513 | 15,502 |
Royalty and management service expense (income) | 992 | 1,019 | 2,128 | 2,065 |
Provision for income taxes | 3,181 | 3,094 | 1,980 | 10,925 |
EBITDA | 25,987 | 12,948 | 47,523 | 50,993 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) attributable to CBRE Group, Inc. | 10,072 | (446) | 28,142 | 1,985 |
Depreciation and amortization | 700 | 563 | 1,288 | 1,210 |
Interest (income) expense, net | 487 | 321 | 768 | 663 |
Provision for income taxes | 7,266 | 315 | 20,202 | 2,431 |
EBITDA | $ 18,525 | $ 753 | $ 50,400 | $ 6,289 |
Guarantor and Nonguarantor Fi46
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 431,768 | $ 540,403 | $ 336,422 | $ 740,884 |
Restricted cash | 70,502 | 72,764 | ||
Receivables, net | 2,373,157 | 2,471,740 | ||
Warehouse receivables | 847,712 | 1,767,107 | ||
Income taxes receivable | 92,838 | 59,331 | ||
Prepaid expenses | 199,299 | 172,922 | ||
Other current assets | 230,805 | 220,956 | ||
Total Current Assets | 4,246,081 | 5,305,223 | ||
Property and equipment, net | 533,575 | 529,823 | ||
Goodwill | 3,061,024 | 3,085,997 | ||
Other intangible assets, net | 1,396,240 | 1,450,469 | ||
Investments in unconsolidated subsidiaries | 226,742 | 217,943 | ||
Deferred tax assets, net | 107,709 | 135,252 | ||
Other assets, net | 351,201 | 293,236 | ||
Total Assets | 9,922,572 | 11,017,943 | ||
Accounts payable and accrued expenses | 1,381,802 | 1,484,119 | ||
Compensation and employee benefits payable | 728,021 | 705,070 | ||
Accrued bonus and profit sharing | 502,766 | 866,894 | ||
Income taxes payable | 46,530 | 82,194 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 839,295 | 1,750,781 | ||
Revolving credit facility | 156,000 | |||
Other | 16 | 16 | ||
Total short-term borrowings | 995,311 | 1,750,797 | ||
Current maturities of long-term debt | 42,546 | 34,428 | ||
Other current liabilities | 45,673 | 70,655 | ||
Total Current Liabilities | 3,742,649 | 4,994,157 | ||
Long-term debt, net | 2,624,977 | 2,645,111 | ||
Total Long-Term Debt, net | 2,624,977 | 2,645,111 | ||
Deferred tax liabilities, net | 85,034 | 100,361 | ||
Non-current tax liabilities | 89,625 | 88,667 | ||
Other liabilities | 476,517 | 430,577 | ||
Total Liabilities | 7,018,802 | 8,258,873 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,855,118 | 2,712,652 | ||
Non-controlling interests | 48,652 | 46,418 | ||
Total Equity | 2,903,770 | 2,759,070 | ||
Total Liabilities and Equity | 9,922,572 | 11,017,943 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Income taxes receivable | (32,277) | |||
Total Current Assets | (32,277) | |||
Investments in consolidated subsidiaries | (10,364,283) | (9,857,027) | ||
Intercompany loan receivable | (3,416,908) | (3,290,949) | ||
Deferred tax assets, net | (39,473) | (39,473) | ||
Total Assets | (13,820,664) | (13,219,726) | ||
Income taxes payable | (32,277) | |||
Total Current Liabilities | (32,277) | |||
Intercompany loan payable | (3,416,908) | (3,290,949) | ||
Total Long-Term Debt, net | (3,416,908) | (3,290,949) | ||
Deferred tax liabilities, net | (39,473) | (39,473) | ||
Total Liabilities | (3,456,381) | (3,362,699) | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | (10,364,283) | (9,857,027) | ||
Total Equity | (10,364,283) | (9,857,027) | ||
Total Liabilities and Equity | (13,820,664) | (13,219,726) | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 4 | 5 | 5 | 5 |
Income taxes receivable | 840 | 25,912 | ||
Total Current Assets | 844 | 25,917 | ||
Investments in consolidated subsidiaries | 3,962,426 | 3,699,642 | ||
Total Assets | 3,963,270 | 3,725,559 | ||
Intercompany loan payable | 1,108,152 | 1,012,907 | ||
Total Long-Term Debt, net | 1,108,152 | 1,012,907 | ||
Total Liabilities | 1,108,152 | 1,012,907 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,855,118 | 2,712,652 | ||
Total Equity | 2,855,118 | 2,712,652 | ||
Total Liabilities and Equity | 3,963,270 | 3,725,559 | ||
CBRE [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 6,162 | 8,479 | 15,041 | 18,262 |
Income taxes receivable | 621 | 6,365 | ||
Other current assets | 12,536 | 9,236 | ||
Total Current Assets | 19,319 | 24,080 | ||
Investments in consolidated subsidiaries | 4,083,904 | 3,796,841 | ||
Intercompany loan receivable | 2,716,908 | 2,590,949 | ||
Other assets, net | 24,825 | 22,055 | ||
Total Assets | 6,844,956 | 6,433,925 | ||
Accounts payable and accrued expenses | 30,159 | 31,616 | ||
Compensation and employee benefits payable | 626 | 626 | ||
Revolving credit facility | 156,000 | |||
Total short-term borrowings | 156,000 | |||
Current maturities of long-term debt | 42,500 | 34,375 | ||
Other current liabilities | 5,429 | 1,063 | ||
Total Current Liabilities | 234,714 | 67,680 | ||
Long-term debt, net | 2,624,976 | 2,645,101 | ||
Total Long-Term Debt, net | 2,624,976 | 2,645,101 | ||
Other liabilities | 22,840 | 21,502 | ||
Total Liabilities | 2,882,530 | 2,734,283 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 3,962,426 | 3,699,642 | ||
Total Equity | 3,962,426 | 3,699,642 | ||
Total Liabilities and Equity | 6,844,956 | 6,433,925 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 66,836 | 147,410 | 56,547 | 374,103 |
Restricted cash | 3,171 | 6,421 | ||
Receivables, net | 948,443 | 860,776 | ||
Warehouse receivables | 710,043 | 1,397,094 | ||
Income taxes receivable | 34,483 | 10,552 | ||
Prepaid expenses | 77,491 | 77,109 | ||
Other current assets | 79,753 | 62,386 | ||
Total Current Assets | 1,920,220 | 2,561,748 | ||
Property and equipment, net | 383,943 | 382,897 | ||
Goodwill | 1,653,048 | 1,626,618 | ||
Other intangible assets, net | 814,599 | 844,611 | ||
Investments in unconsolidated subsidiaries | 189,886 | 184,508 | ||
Investments in consolidated subsidiaries | 2,317,953 | 2,360,544 | ||
Intercompany loan receivable | 700,000 | 700,000 | ||
Deferred tax assets, net | 48,026 | 68,971 | ||
Other assets, net | 198,143 | 176,835 | ||
Total Assets | 8,225,818 | 8,906,732 | ||
Accounts payable and accrued expenses | 387,073 | 395,509 | ||
Compensation and employee benefits payable | 428,488 | 388,251 | ||
Accrued bonus and profit sharing | 271,847 | 479,106 | ||
Income taxes payable | 69,121 | |||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 704,868 | 1,388,033 | ||
Other | 16 | 16 | ||
Total short-term borrowings | 704,884 | 1,388,049 | ||
Other current liabilities | 30,485 | 31,474 | ||
Total Current Liabilities | 1,822,777 | 2,751,510 | ||
Intercompany loan payable | 1,982,397 | 2,043,433 | ||
Total Long-Term Debt, net | 1,982,397 | 2,043,433 | ||
Non-current tax liabilities | 89,208 | 87,483 | ||
Other liabilities | 247,532 | 227,465 | ||
Total Liabilities | 4,141,914 | 5,109,891 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 4,083,904 | 3,796,841 | ||
Total Equity | 4,083,904 | 3,796,841 | ||
Total Liabilities and Equity | 8,225,818 | 8,906,732 | ||
Nonguarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 358,766 | 384,509 | $ 264,829 | $ 348,514 |
Restricted cash | 67,331 | 66,343 | ||
Receivables, net | 1,424,714 | 1,610,964 | ||
Warehouse receivables | 137,669 | 370,013 | ||
Income taxes receivable | 56,894 | 48,779 | ||
Prepaid expenses | 121,808 | 95,813 | ||
Other current assets | 138,516 | 149,334 | ||
Total Current Assets | 2,305,698 | 2,725,755 | ||
Property and equipment, net | 149,632 | 146,926 | ||
Goodwill | 1,407,976 | 1,459,379 | ||
Other intangible assets, net | 581,641 | 605,858 | ||
Investments in unconsolidated subsidiaries | 36,856 | 33,435 | ||
Deferred tax assets, net | 99,156 | 105,754 | ||
Other assets, net | 128,233 | 94,346 | ||
Total Assets | 4,709,192 | 5,171,453 | ||
Accounts payable and accrued expenses | 964,570 | 1,056,994 | ||
Compensation and employee benefits payable | 298,907 | 316,193 | ||
Accrued bonus and profit sharing | 230,919 | 387,788 | ||
Income taxes payable | 46,530 | 45,350 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 134,427 | 362,748 | ||
Total short-term borrowings | 134,427 | 362,748 | ||
Current maturities of long-term debt | 46 | 53 | ||
Other current liabilities | 9,759 | 38,118 | ||
Total Current Liabilities | 1,685,158 | 2,207,244 | ||
Long-term debt, net | 1 | 10 | ||
Intercompany loan payable | 326,359 | 234,609 | ||
Total Long-Term Debt, net | 326,360 | 234,619 | ||
Deferred tax liabilities, net | 124,507 | 139,834 | ||
Non-current tax liabilities | 417 | 1,184 | ||
Other liabilities | 206,145 | 181,610 | ||
Total Liabilities | 2,342,587 | 2,764,491 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,317,953 | 2,360,544 | ||
Non-controlling interests | 48,652 | 46,418 | ||
Total Equity | 2,366,605 | 2,406,962 | ||
Total Liabilities and Equity | $ 4,709,192 | $ 5,171,453 |
Guarantor and Nonguarantor Fi47
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Jun. 30, 2016 | Dec. 31, 2015 |
5.00% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
4.875% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
5.25% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
Guarantor and Nonguarantor Fi48
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 3,207,537 | $ 2,390,506 | $ 6,054,271 | $ 4,443,009 |
Cost of services | 2,254,233 | 1,487,974 | 4,267,846 | 2,778,751 |
Operating, administrative and other | 680,442 | 610,158 | 1,323,808 | 1,141,933 |
Depreciation and amortization | 90,268 | 70,605 | 177,262 | 140,451 |
Total costs and expenses | 3,024,943 | 2,168,737 | 5,768,916 | 4,061,135 |
Gain on disposition of real estate | 6,986 | 4,819 | 6,986 | |
Operating (loss) income | 182,594 | 228,755 | 290,174 | 388,860 |
Equity income (loss) from unconsolidated subsidiaries | 34,929 | 6,693 | 92,230 | 22,144 |
Other income (loss) | 3,882 | (1,069) | 7,097 | 18 |
Interest income | 3,066 | 1,402 | 4,525 | 3,699 |
Interest expense | 36,987 | 26,154 | 71,777 | 52,368 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income before (benefit of) provision for income taxes | 187,484 | 209,627 | 322,249 | 359,668 |
(Benefit of) provision for income taxes | 64,039 | 76,474 | 114,164 | 133,377 |
Net income | 123,445 | 133,153 | 208,085 | 226,291 |
Less: Net income attributable to non-controlling interests | 1,777 | 8,124 | 4,250 | 8,325 |
Net income attributable to CBRE Group, Inc. | 121,668 | 125,029 | 203,835 | 217,966 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Interest income | (33,096) | (130,148) | (65,569) | (185,515) |
Interest expense | (33,096) | (130,148) | (65,569) | (185,515) |
Income from consolidated subsidiaries | (278,771) | (347,831) | (453,750) | (521,397) |
Income before (benefit of) provision for income taxes | (278,771) | (347,831) | (453,750) | (521,397) |
Net income | (278,771) | (347,831) | (453,750) | (521,397) |
Net income attributable to CBRE Group, Inc. | (278,771) | (347,831) | (453,750) | (521,397) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | 767 | 12,362 | 2,193 | 25,506 |
Total costs and expenses | 767 | 12,362 | 2,193 | 25,506 |
Operating (loss) income | (767) | (12,362) | (2,193) | (25,506) |
Income from consolidated subsidiaries | 122,141 | 132,726 | 205,188 | 233,847 |
Income before (benefit of) provision for income taxes | 121,374 | 120,364 | 202,995 | 208,341 |
(Benefit of) provision for income taxes | (294) | (4,665) | (840) | (9,625) |
Net income | 121,668 | 125,029 | 203,835 | 217,966 |
Net income attributable to CBRE Group, Inc. | 121,668 | 125,029 | 203,835 | 217,966 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | (8,950) | 11,698 | (1,426) | (6,922) |
Total costs and expenses | (8,950) | 11,698 | (1,426) | (6,922) |
Operating (loss) income | 8,950 | (11,698) | 1,426 | 6,922 |
Other income (loss) | 1 | 1 | 1 | 1 |
Interest income | 33,096 | 52,361 | 65,569 | 107,728 |
Interest expense | 34,989 | 102,816 | 68,616 | 127,702 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income from consolidated subsidiaries | 117,787 | 171,425 | 206,187 | 243,645 |
Income before (benefit of) provision for income taxes | 124,845 | 109,273 | 204,567 | 227,909 |
(Benefit of) provision for income taxes | 2,704 | (23,453) | (621) | (5,938) |
Net income | 122,141 | 132,726 | 205,188 | 233,847 |
Net income attributable to CBRE Group, Inc. | 122,141 | 132,726 | 205,188 | 233,847 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,642,191 | 1,341,591 | 3,139,690 | 2,499,462 |
Cost of services | 1,129,785 | 849,131 | 2,154,348 | 1,566,774 |
Operating, administrative and other | 365,488 | 301,412 | 708,358 | 585,999 |
Depreciation and amortization | 55,933 | 39,282 | 110,664 | 75,809 |
Total costs and expenses | 1,551,206 | 1,189,825 | 2,973,370 | 2,228,582 |
Gain on disposition of real estate | 141 | 3,659 | 141 | |
Operating (loss) income | 90,985 | 151,907 | 169,979 | 271,021 |
Equity income (loss) from unconsolidated subsidiaries | 33,952 | 8,591 | 90,217 | 23,912 |
Other income (loss) | (49) | 335 | (481) | 1,259 |
Interest income | 654 | 78,199 | 1,571 | 78,873 |
Interest expense | 24,827 | 36,373 | 49,410 | 75,775 |
Royalty and management service (income) expense | (16,340) | 236 | (23,768) | (3,866) |
Income from consolidated subsidiaries | 38,843 | 43,680 | 42,375 | 43,905 |
Income before (benefit of) provision for income taxes | 155,898 | 246,103 | 278,019 | 347,061 |
(Benefit of) provision for income taxes | 38,111 | 74,678 | 71,832 | 103,416 |
Net income | 117,787 | 171,425 | 206,187 | 243,645 |
Net income attributable to CBRE Group, Inc. | 117,787 | 171,425 | 206,187 | 243,645 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,565,346 | 1,048,915 | 2,914,581 | 1,943,547 |
Cost of services | 1,124,448 | 638,843 | 2,113,498 | 1,211,977 |
Operating, administrative and other | 323,137 | 284,686 | 614,683 | 537,350 |
Depreciation and amortization | 34,335 | 31,323 | 66,598 | 64,642 |
Total costs and expenses | 1,481,920 | 954,852 | 2,794,779 | 1,813,969 |
Gain on disposition of real estate | 6,845 | 1,160 | 6,845 | |
Operating (loss) income | 83,426 | 100,908 | 120,962 | 136,423 |
Equity income (loss) from unconsolidated subsidiaries | 977 | (1,898) | 2,013 | (1,768) |
Other income (loss) | 3,930 | (1,405) | 7,577 | (1,242) |
Interest income | 2,412 | 990 | 2,954 | 2,613 |
Interest expense | 10,267 | 17,113 | 19,320 | 34,406 |
Royalty and management service (income) expense | 16,340 | (236) | 23,768 | 3,866 |
Income before (benefit of) provision for income taxes | 64,138 | 81,718 | 90,418 | 97,754 |
(Benefit of) provision for income taxes | 23,518 | 29,914 | 43,793 | 45,524 |
Net income | 40,620 | 51,804 | 46,625 | 52,230 |
Less: Net income attributable to non-controlling interests | 1,777 | 8,124 | 4,250 | 8,325 |
Net income attributable to CBRE Group, Inc. | $ 38,843 | $ 43,680 | $ 42,375 | $ 43,905 |
Guarantor and Nonguarantor Fi49
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 123,445 | $ 133,153 | $ 208,085 | $ 226,291 |
Foreign currency translation gain (loss) | (102,308) | 57,508 | (85,714) | (47,912) |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,733 | 1,809 | 3,476 | 3,604 |
Unrealized gains (losses) on interest rate swaps, net | (1,206) | 263 | (4,115) | (2,511) |
Unrealized holding gains (losses) on available for sale securities, net | 1,574 | 237 | 645 | 71 |
Other, net | (702) | 16 | (759) | 18 |
Total other comprehensive (loss) income | (100,909) | 59,833 | (86,467) | (46,730) |
Comprehensive income | 22,536 | 192,986 | 121,618 | 179,561 |
Less: Comprehensive income attributable to non-controlling interests | 1,694 | 8,141 | 4,289 | 8,309 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 20,842 | 184,845 | 117,329 | 171,252 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | (278,771) | (347,831) | (453,750) | (521,397) |
Comprehensive income | (278,771) | (347,831) | (453,750) | (521,397) |
Comprehensive income (loss) attributable to CBRE Group, Inc. | (278,771) | (347,831) | (453,750) | (521,397) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 121,668 | 125,029 | 203,835 | 217,966 |
Comprehensive income | 121,668 | 125,029 | 203,835 | 217,966 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 121,668 | 125,029 | 203,835 | 217,966 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 122,141 | 132,726 | 205,188 | 233,847 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,733 | 1,809 | 3,476 | 3,604 |
Unrealized gains (losses) on interest rate swaps, net | (1,206) | 263 | (4,115) | (2,511) |
Total other comprehensive (loss) income | 527 | 2,072 | (639) | 1,093 |
Comprehensive income | 122,668 | 134,798 | 204,549 | 234,940 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 122,668 | 134,798 | 204,549 | 234,940 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 117,787 | 171,425 | 206,187 | 243,645 |
Unrealized holding gains (losses) on available for sale securities, net | 1,603 | 258 | 514 | (29) |
Other, net | (702) | 16 | (759) | 18 |
Total other comprehensive (loss) income | 901 | 274 | (245) | (11) |
Comprehensive income | 118,688 | 171,699 | 205,942 | 243,634 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 118,688 | 171,699 | 205,942 | 243,634 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 40,620 | 51,804 | 46,625 | 52,230 |
Foreign currency translation gain (loss) | (102,308) | 57,508 | (85,714) | (47,912) |
Unrealized holding gains (losses) on available for sale securities, net | (29) | (21) | 131 | 100 |
Total other comprehensive (loss) income | (102,337) | 57,487 | (85,583) | (47,812) |
Comprehensive income | (61,717) | 109,291 | (38,958) | 4,418 |
Less: Comprehensive income attributable to non-controlling interests | 1,694 | 8,141 | 4,289 | 8,309 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ (63,411) | $ 101,150 | $ (43,247) | $ (3,891) |
Guarantor and Nonguarantor Fi50
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ (210,017) | $ (42,191) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (79,058) | (50,388) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill | (21,900) | |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (16,569) | (94,975) |
Contributions to unconsolidated subsidiaries | (27,431) | (27,571) |
Distributions from unconsolidated subsidiaries | 93,912 | 27,269 |
Proceeds from the sale of servicing rights and other assets | 15,071 | 12,615 |
Decrease (increase) in restricted cash | (478) | (38,678) |
Purchase of available for sale securities | (23,984) | (23,453) |
Proceeds from the sale of available for sale securities | 22,061 | 24,563 |
Other investing activities, net | (1,142) | (219) |
Net cash provided by (used in) investing activities | (39,518) | (170,837) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (14,375) | (648,738) |
Proceeds from revolving credit facility | 1,356,000 | 831,000 |
Repayment of revolving credit facility | (1,200,000) | (835,512) |
Proceeds from notes payable on real estate held for sale and under development | 13,315 | 4,404 |
Repayment of notes payable on real estate held for sale and under development | (4,102) | |
Proceeds from short-term borrowings, net | 569 | |
(Repayment of) proceeds from short-term borrowings and other loans, net | (447) | 569 |
Shares repurchased for payment of taxes on equity awards | (5,112) | (5,113) |
Proceeds from exercise of stock options | 814 | 3,214 |
Non-controlling interest contributions | 821 | 4,405 |
Non-controlling interest distributions | (3,517) | (10,637) |
Payment of financing costs | (5,529) | (22,225) |
Other financing activities, net | 3,620 | (1,836) |
Net cash (used in) provided by financing activities | 141,488 | (180,469) |
Effect of currency exchange rate changes on cash and cash equivalents | (588) | (10,965) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (108,635) | (404,462) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 540,403 | 740,884 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 431,768 | 336,422 |
Cash paid during the period for: | ||
Interest | 63,420 | 43,123 |
Income taxes, net | 160,353 | 148,011 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 57,811 | 23,264 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares repurchased for payment of taxes on equity awards | (5,112) | (5,113) |
Proceeds from exercise of stock options | 814 | 3,214 |
(Increase) decrease in intercompany receivables, net | (53,774) | (22,443) |
Other financing activities, net | 260 | 1,078 |
Net cash (used in) provided by financing activities | (57,812) | (23,264) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1) | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 4 | 5 |
CBRE [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 9,377 | (4,978) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 500,000 | |
Repayment of senior term loans | (14,375) | (648,738) |
Proceeds from revolving credit facility | 1,356,000 | 831,000 |
Repayment of revolving credit facility | (1,200,000) | (831,000) |
Payment of financing costs | (5,419) | (22,225) |
(Increase) decrease in intercompany receivables, net | (147,900) | 172,720 |
Net cash (used in) provided by financing activities | (11,694) | 1,757 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (2,317) | (3,221) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 8,479 | 18,262 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 6,162 | 15,041 |
Cash paid during the period for: | ||
Interest | 62,083 | 42,137 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (192,950) | (6,437) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (51,510) | (25,039) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill | (21,900) | |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (1,381) | (91,413) |
Contributions to unconsolidated subsidiaries | (21,549) | (26,662) |
Distributions from unconsolidated subsidiaries | 91,421 | 25,060 |
Proceeds from the sale of servicing rights and other assets | 7,820 | 5,439 |
Decrease (increase) in restricted cash | 3,250 | (520) |
Purchase of available for sale securities | (23,984) | (23,453) |
Proceeds from the sale of available for sale securities | 22,061 | 24,563 |
Other investing activities, net | (1,132) | 1,192 |
Net cash provided by (used in) investing activities | 3,096 | (110,833) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Increase) decrease in intercompany receivables, net | 110,453 | (198,173) |
Other financing activities, net | (1,173) | (2,113) |
Net cash (used in) provided by financing activities | 109,280 | (200,286) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (80,574) | (317,556) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 147,410 | 374,103 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 66,836 | 56,547 |
Cash paid during the period for: | ||
Interest | 83 | |
Income taxes, net | 107,070 | 87,405 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (84,255) | (54,040) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (27,548) | (25,349) |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (15,188) | (3,562) |
Contributions to unconsolidated subsidiaries | (5,882) | (909) |
Distributions from unconsolidated subsidiaries | 2,491 | 2,209 |
Proceeds from the sale of servicing rights and other assets | 7,251 | 7,176 |
Decrease (increase) in restricted cash | (3,728) | (38,158) |
Other investing activities, net | (10) | (1,411) |
Net cash provided by (used in) investing activities | (42,614) | (60,004) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of revolving credit facility | (4,512) | |
Proceeds from notes payable on real estate held for sale and under development | 13,315 | 4,404 |
Repayment of notes payable on real estate held for sale and under development | (4,102) | |
Proceeds from short-term borrowings, net | 569 | |
(Repayment of) proceeds from short-term borrowings and other loans, net | (447) | |
Non-controlling interest contributions | 821 | 4,405 |
Non-controlling interest distributions | (3,517) | (10,637) |
Payment of financing costs | (110) | |
(Increase) decrease in intercompany receivables, net | 91,221 | 47,896 |
Other financing activities, net | 4,533 | (801) |
Net cash (used in) provided by financing activities | 101,714 | 41,324 |
Effect of currency exchange rate changes on cash and cash equivalents | (588) | (10,965) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (25,743) | (83,685) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 384,509 | 348,514 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 358,766 | 264,829 |
Cash paid during the period for: | ||
Interest | 1,337 | 903 |
Income taxes, net | $ 53,283 | $ 60,606 |