Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CBG | |
Entity Registrant Name | CBRE GROUP, INC. | |
Entity Central Index Key | 1,138,118 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 337,279,372 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 446,346 | $ 540,403 |
Restricted cash | 70,755 | 72,764 |
Receivables, less allowance for doubtful accounts of $47,481 and $46,606 at September 30, 2016 and December 31, 2015, respectively | 2,399,161 | 2,471,740 |
Warehouse receivables | 1,642,394 | 1,767,107 |
Income taxes receivable | 88,560 | 59,331 |
Prepaid expenses | 195,179 | 172,922 |
Other current assets | 213,082 | 220,956 |
Total Current Assets | 5,055,477 | 5,305,223 |
Property and equipment, net | 550,779 | 529,823 |
Goodwill | 3,045,084 | 3,085,997 |
Other intangible assets, net of accumulated amortization of $727,183 and $589,236 at September 30, 2016 and December 31, 2015, respectively | 1,414,831 | 1,450,469 |
Investments in unconsolidated subsidiaries | 249,883 | 217,943 |
Deferred tax assets, net | 106,349 | 135,252 |
Other assets, net | 354,367 | 293,236 |
Total Assets | 10,776,770 | 11,017,943 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,365,528 | 1,484,119 |
Compensation and employee benefits payable | 741,194 | 705,070 |
Accrued bonus and profit sharing | 608,979 | 866,894 |
Income taxes payable | 46,866 | 82,194 |
Short-term borrowings: | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 1,619,091 | 1,750,781 |
Revolving credit facility | 83,000 | |
Other | 16 | 16 |
Total short-term borrowings | 1,702,107 | 1,750,797 |
Current maturities of long-term debt | 45,027 | 34,428 |
Other current liabilities | 57,163 | 70,655 |
Total Current Liabilities | 4,566,864 | 4,994,157 |
Long-term debt, net of current maturities | 2,614,898 | 2,645,111 |
Deferred tax liabilities, net | 85,355 | 100,361 |
Non-current tax liabilities | 91,767 | 88,667 |
Other liabilities | 436,383 | 430,577 |
Total Liabilities | 7,795,267 | 8,258,873 |
Commitments and contingencies | ||
CBRE Group, Inc. Stockholders' Equity: | ||
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 337,279,372 and 334,230,496 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 3,373 | 3,342 |
Additional paid-in capital | 1,124,062 | 1,106,758 |
Accumulated earnings | 2,392,931 | 2,088,227 |
Accumulated other comprehensive loss | (585,341) | (485,675) |
Total CBRE Group, Inc. Stockholders' Equity | 2,935,025 | 2,712,652 |
Non-controlling interests | 46,478 | 46,418 |
Total Equity | 2,981,503 | 2,759,070 |
Total Liabilities and Equity | $ 10,776,770 | $ 11,017,943 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 47,481 | $ 46,606 |
Other intangible assets, accumulated amortization | $ 727,183 | $ 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 | 337,279,372 | 334,230,496 |
Class A common stock, shares outstanding | 337,279,372 | 334,230,496 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,193,487 | $ 2,712,559 | $ 9,247,758 | $ 7,155,568 |
Costs and expenses: | ||||
Cost of services | 2,252,783 | 1,773,660 | 6,520,629 | 4,552,411 |
Operating, administrative and other | 686,530 | 626,905 | 2,010,338 | 1,768,838 |
Depreciation and amortization | 92,725 | 75,047 | 269,987 | 215,498 |
Total costs and expenses | 3,032,038 | 2,475,612 | 8,800,954 | 6,536,747 |
Gain on disposition of real estate | 11,043 | 3,154 | 15,862 | 10,140 |
Operating income | 172,492 | 240,101 | 462,666 | 628,961 |
Equity income from unconsolidated subsidiaries | 24,672 | 17,242 | 116,902 | 39,386 |
Other income (loss) | 1,356 | (4,945) | 8,453 | (4,927) |
Interest income | 1,020 | 1,158 | 5,545 | 4,857 |
Interest expense | 37,273 | 30,699 | 109,050 | 83,067 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income before (benefit of) provision for income taxes | 162,267 | 222,857 | 484,516 | 582,525 |
Provision for income taxes | 51,414 | 72,866 | 165,578 | 206,243 |
Net income | 110,853 | 149,991 | 318,938 | 376,282 |
Less: Net income attributable to non-controlling interests | 6,690 | 868 | 10,940 | 9,193 |
Net (loss) income attributable to CBRE Group, Inc. | $ 104,163 | $ 149,123 | $ 307,998 | $ 367,089 |
Basic income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.31 | $ 0.45 | $ 0.92 | $ 1.10 |
Weighted average shares outstanding for basic income per share | 335,770,122 | 332,684,487 | 334,949,606 | 332,223,036 |
Diluted income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.31 | $ 0.44 | $ 0.91 | $ 1.09 |
Weighted average shares outstanding for diluted income per share | 338,488,975 | 336,561,877 | 338,053,297 | 336,140,923 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 110,853 | $ 149,991 | $ 318,938 | $ 376,282 |
Other comprehensive loss: | ||||
Foreign currency translation loss | (15,940) | (69,728) | (101,654) | (117,640) |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,720 | 1,873 | 5,196 | 5,477 |
Unrealized gains (losses) on interest rate swaps, net of tax | 788 | (2,924) | (3,327) | (5,435) |
Unrealized holding gains (losses) on available for sale securities, net of tax | 348 | (1,182) | 993 | (1,111) |
Other, net | 2 | (18) | (757) | |
Total other comprehensive loss | (13,082) | (75,727) | (99,549) | (122,457) |
Comprehensive income | 97,771 | 74,264 | 219,389 | 253,825 |
Less: Comprehensive income attributable to non-controlling interests | 6,768 | 861 | 11,057 | 9,170 |
Comprehensive income attributable to CBRE Group, Inc. | $ 91,003 | $ 73,403 | $ 208,332 | $ 244,655 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 318,938 | $ 376,282 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 269,987 | 215,498 |
Gain on sale of loans, servicing rights and other assets | (134,775) | (105,178) |
Amortization and write-off of financing costs on extinguished debt | 8,302 | 9,703 |
Net realized and unrealized (gains) losses from investments | (8,453) | 4,927 |
Gain on disposition of real estate held for investment | (9,901) | (8,573) |
Equity income from unconsolidated subsidiaries | (116,902) | (39,386) |
Provision for doubtful accounts | 6,805 | 7,039 |
Compensation expense for equity awards | 43,346 | 48,119 |
Incremental tax benefit from stock options exercised | (2,270) | |
Distribution of earnings from unconsolidated subsidiaries | 19,982 | 22,900 |
Tenant concessions received | 7,667 | 6,770 |
Purchase of trading securities | (76,136) | (64,442) |
Proceeds from sale of trading securities | 84,234 | 57,901 |
Decrease (increase) in receivables | 46,275 | (3,022) |
Increase in prepaid expenses and other assets | (101,916) | (71,762) |
Decrease (increase) in real estate held for sale and under development | 2,870 | (11,542) |
(Decrease) increase in accounts payable and accrued expenses | (125,471) | 4,490 |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | (210,670) | (269,396) |
Increase in income taxes receivable/payable | (66,589) | (4,584) |
Increase (decrease) in other liabilities | 8,807 | (12,800) |
Other operating activities, net | (19,589) | (18,264) |
Net cash (used in) provided by operating activities | (53,189) | 142,410 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (134,357) | (85,324) |
Acquisition of Global Workplace Solutions (GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (10,477) | (1,421,663) |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (22,066) | (103,140) |
Contributions to unconsolidated subsidiaries | (57,295) | (45,792) |
Distributions from unconsolidated subsidiaries | 119,539 | 42,738 |
Net proceeds from disposition of real estate held for investment | 44,326 | 3,584 |
Proceeds from the sale of servicing rights and other assets | 27,159 | 21,434 |
Increase in restricted cash | (1,623) | (41,864) |
Purchase of available for sale securities | (31,413) | (31,919) |
Proceeds from the sale of available for sale securities | 29,560 | 33,063 |
Other investing activities, net | (2,974) | (3,063) |
Net cash used in investing activities | (39,621) | (1,631,946) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior term loans | (23,125) | (651,863) |
Proceeds from revolving credit facility | 2,195,000 | 2,107,500 |
Repayment of revolving credit facility | (2,112,000) | (1,711,512) |
Proceeds from issuance of 4.875% senior notes, net | 595,440 | |
Proceeds from notes payable on real estate held for investment | 7,274 | |
Repayment of notes payable on real estate held for investment | (33,516) | (1,173) |
Proceeds from notes payable on real estate held for sale and under development | 15,110 | 12,584 |
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 | (483) | 15,862 |
Shares repurchased for payment of taxes on equity awards | (27,796) | (24,517) |
Proceeds from exercise of stock options | 915 | 6,755 |
Incremental tax benefit from stock options exercised | 2,270 | |
Non-controlling interest contributions | 1,478 | 4,691 |
Non-controlling interest distributions | (12,800) | (13,595) |
Payment of financing costs | (5,601) | (30,130) |
Other financing activities, net | (1,193) | (2,142) |
Net cash (used in) provided by financing activities | (839) | 1,210,170 |
Effect of currency exchange rate changes on cash and cash equivalents | (408) | (21,161) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (94,057) | (300,527) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 540,403 | 740,884 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 446,346 | 440,357 |
Cash paid during the period for: | ||
Interest | 118,272 | 80,822 |
Income taxes, net | $ 225,129 | 210,634 |
4.875% Senior Notes [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of 4.875% senior notes, net | $ 595,440 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Sep. 30, 2016 | Dec. 31, 2015 |
4.875% Senior Notes [Member] | ||
Debt instrument, interest rate | 4.875% | 4.875% |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interests [Member] |
Beginning balance at Dec. 31, 2015 | $ 2,759,070 | $ 3,342 | $ 1,106,758 | $ 2,088,227 | $ (485,675) | $ 46,418 |
Net income | 318,938 | 307,998 | 10,940 | |||
Compensation expense for equity awards | 43,346 | 43,346 | ||||
Shares repurchased for payment of taxes on equity awards | (27,796) | (27,796) | ||||
Foreign currency translation (loss) gain | (101,654) | (101,771) | 117 | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 5,196 | 5,196 | ||||
Unrealized losses on interest rate swaps, net of tax | (3,327) | (3,327) | ||||
Unrealized holding gains on available for sale securities, net of tax | 993 | 993 | ||||
Contributions from non-controlling interests | 1,478 | 1,478 | ||||
Distributions to non-controlling interests | (12,800) | (12,800) | ||||
Other | (3,622) | 31 | (3,221) | (757) | 325 | |
Ending balance at Sep. 30, 2016 | 2,981,503 | $ 3,373 | 1,124,062 | 2,392,931 | $ (585,341) | $ 46,478 |
Adoption of Accounting Standards Update 2016-09, net of tax (see Note 2) | $ 1,681 | $ 4,975 | $ (3,294) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 permits companies to make an accounting policy election to either estimate forfeitures on share-based payment awards, as previously required, or to recognize forfeitures as they occur. We elected to change our accounting policy to recognize forfeitures when they occur and the impact of this change in accounting policy has been recorded as a $3.3 million cumulative effect adjustment to accumulated earnings as of January 1, 2016. Additionally, this ASU requires the recognition of excess tax benefits and deficiencies as income tax benefits or expenses in the income statement rather than to additional paid-in capital, which has been applied on a prospective basis to settlements of share-based payment awards occurring on or after January 1, 2016. ASU 2016-09 also requires that excess tax benefits be presented as operating activities on the statement of cash flows, which we have elected to apply on a prospective basis. The remaining provisions of ASU 2016-09 did not have an impact on our consolidated financial statements. Recent Accounting Pronouncements Pending Adoption The FASB has recently issued four 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).” This ASU requires lessees to recognize most leases on-balance sheet and mandates a modified retrospective transition method for all entities. This ASU is effective for annual periods in fiscal years beginning after December 15, 2018. We are evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” In March 2016, the FASB issued ASU 2016-07, “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” |
Acquisition of Global Workplace
Acquisition of Global Workplace Solutions | 9 Months Ended |
Sep. 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, plus adjustments totaling $46.5 million for working capital and other items. The purchase accounting for the GWS Acquisition, including assignment of goodwill to our reporting units, has been finalized. There were no significant adjustments to the purchase price allocation recorded during the nine months ended September 30, 2016. The excess purchase price over the estimated fair value of net assets acquired of $858 million has been recorded to goodwill, with $406 million assigned to our Americas segment, $438 million assigned to our EMEA segment and $14 million assigned to our Asia Pacific segment. The goodwill arising from the GWS Acquisition consists largely of the synergies and economies of scale expected from combining the operations acquired from JCI with our business. Of the $858 million of goodwill recorded in connection with the GWS Acquisition, approximately $435 million is deductible for tax purposes. 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 nine months ended September 30, 2015, including $17.9 million and $53.8 million, respectively, of increased amortization expense as a result of intangible assets acquired in the GWS Acquisition, $9.7 million and $30.8 million, respectively, of additional interest expense as a result of debt incurred to finance the GWS Acquisition, the removal of $16.9 million and $24.9 million, respectively, of direct costs incurred by us related to the GWS Acquisition, 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 Nine Months Ended Revenue $ 3,210,559 $ 9,272,568 Operating income $ 258,417 $ 665,453 Net income attributable to CBRE Group, Inc. $ 156,597 $ 372,285 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.47 $ 1.12 Weighted average shares outstanding for basic income per share 332,684,487 332,223,036 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.47 $ 1.11 Weighted average shares outstanding for diluted income per share 336,561,877 336,140,923 |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 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 September 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): September 30, 2016 December 31, 2015 Investments in unconsolidated subsidiaries $ 26,965 $ 21,457 Other assets, current 3,721 3,723 Co-investment commitments 172 180 Maximum exposure to loss $ 30,858 $ 25,360 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2016 and December 31, 2015 (dollars in thousands): As of September 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 $ 8,381 $ — $ — $ 8,381 Debt securities issued by U.S. federal agencies — 5,409 — 5,409 Corporate debt securities — 17,191 — 17,191 Asset-backed securities — 2,900 — 2,900 Collateralized mortgage obligations — 1,044 — 1,044 Total debt securities 8,381 26,544 — 34,925 Equity securities 23,265 — — 23,265 Total available for sale securities 31,646 26,544 — 58,190 Trading securities 66,707 — — 66,707 Warehouse receivables — 1,642,394 — 1,642,394 Foreign currency exchange forward contracts — 9,427 — 9,427 Total assets at fair value $ 98,353 $ 1,678,365 $ — $ 1,776,718 Liabilities Interest rate swaps $ — $ 18,873 $ — $ 18,873 Securities sold, not yet purchased 3,123 — — 3,123 Foreign currency exchange forward contracts — 4,841 — 4,841 Total liabilities at fair value $ 3,123 $ 23,714 $ — $ 26,837 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 nine months ended September 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, September 30, 2016 $ — There were no significant non-recurring fair value measurements recorded during the three and nine months ended September 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2016 2015 2016 2015 Global Investment Management Revenue $ 418,028 $ 221,245 $ 902,932 $ 728,144 Operating income (loss) $ 93,491 $ (26,625 ) $ 155,869 $ (107,351 ) Net income (loss) $ 52,477 $ 56,182 $ 118,348 $ (175,014 ) Development Services Revenue $ 26,179 $ 22,690 $ 57,255 $ 42,265 Operating income $ 26,027 $ 13,316 $ 184,136 $ 54,664 Net income $ 19,745 $ 9,812 $ 169,837 $ 47,299 Other Revenue $ 40,292 $ 52,535 $ 106,807 $ 126,101 Operating income $ 6,130 $ 10,961 $ 20,418 $ 25,592 Net income $ 6,135 $ 11,126 $ 20,506 $ 26,027 Total Revenue $ 484,499 $ 296,470 $ 1,066,994 $ 896,510 Operating income (loss) $ 125,648 $ (2,348 ) $ 360,423 $ (27,095 ) Net income (loss) $ 78,357 $ 77,120 $ 308,691 $ (101,688 ) |
Long-Term Debt and Short-Term B
Long-Term Debt and Short-Term Borrowings | 9 Months Ended |
Sep. 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): September 30, December 31, Senior term loans, with interest ranging from 1.39% to 2.12%, due quarterly through 2022 $ 865,000 $ 888,125 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 595,824 595,568 5.25% senior notes due in 2025, net of unamortized premium 426,545 426,682 Other 36 63 Total long-term debt 2,687,405 2,710,438 Less: current maturities of long-term debt (45,027 ) (34,428 ) Less: unamortized debt issuance costs (27,480 ) (30,899 ) Total long-term debt, net of current maturities $ 2,614,898 $ 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 September 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 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 12.09x for the trailing twelve months ended September 30, 2016, and our leverage ratio of total debt less available cash to EBITDA was 1.57x as of September 30, 2016. On August 13, 2015, CBRE issued $600.0 million in aggregate principal amount of 4.875% senior notes due March 1, 2026 at a price equal to 99.24% of their face value. The 4.875% senior notes are unsecured obligations of CBRE, senior to all of its current and future subordinated indebtedness, but effectively subordinated to all of its current and future secured indebtedness. The 4.875% senior notes are jointly and severally guaranteed on a senior basis by us and each domestic subsidiary of CBRE that guarantees our 2015 Credit Agreement. Interest accrues at a rate of 4.875% per year and is payable semi-annually in arrears on March 1 and September 1, with the first interest payment made on March 1, 2016. The amount of the 4.875% senior notes, net of unamortized discount and unamortized debt issuance costs, included in the accompanying consolidated balance sheets was $591.0 million and $590.5 million at September 30, 2016 and December 31, 2015, respectively. Short-Term Borrowings Revolving Credit Facility As of September 30, 2016, we had $83.0 million of revolving credit facility principal outstanding under the 2015 Credit Agreement with a weighted average annual interest rate of 3.5% and which was included in short-term borrowings in the accompanying consolidated balance sheets. As of September 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 nine months ended September 30, 2016, we had a maximum of $1.9 billion of warehouse lines of credit principal outstanding. As of September 30, 2016 and December 31, 2015, we had $1.6 billion 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 $1.6 billion and $1.8 billion of mortgage loans held for sale (warehouse receivables) as of September 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 | 9 Months Ended |
Sep. 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 $15.0 billion at September 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 September 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 $25.7 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 $847.2 million (including $652.2 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at September 30, 2016. We had outstanding letters of credit totaling $48.0 million as of September 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 September 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 September 2017. We had guarantees totaling $56.9 million as of September 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 $56.9 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 September 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 September 30, 2016, we had aggregate commitments of $28.9 million to fund future co-investments. Additionally, an important part of our Development Services business strategy is to invest in unconsolidated real estate subsidiaries as a principal (in most cases co-investing with our clients). As of September 30, 2016, we had committed to fund $24.2 million of additional capital to these unconsolidated subsidiaries. |
Income Per Share Information
Income Per Share Information | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 104,163 $ 149,123 $ 307,998 $ 367,089 Weighted average shares outstanding for basic income per share 335,770,122 332,684,487 334,949,606 332,223,036 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.31 $ 0.45 $ 0.92 $ 1.10 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 104,163 $ 149,123 $ 307,998 $ 367,089 Weighted average shares outstanding for basic income per share 335,770,122 332,684,487 334,949,606 332,223,036 Dilutive effect of contingently issuable shares 2,707,401 3,747,524 3,070,134 3,701,801 Dilutive effect of stock options 11,452 129,866 33,557 216,086 Weighted average shares outstanding for diluted income per share 338,488,975 336,561,877 338,053,297 336,140,923 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.31 $ 0.44 $ 0.91 $ 1.09 For the three and nine months ended September 30, 2016, 1,972,360 and 1,704,848, 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 nine months ended September 30, 2015, 743,638 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2016 2015 (1) 2016 2015 (1) Revenue Americas $ 1,770,369 $ 1,556,648 $ 5,129,684 $ 4,218,753 EMEA 956,492 737,863 2,765,825 1,817,601 Asia Pacific 358,320 285,337 1,023,162 755,531 Global Investment Management 91,807 114,094 277,924 318,371 Development Services 16,499 18,617 51,163 45,312 Total revenue $ 3,193,487 $ 2,712,559 $ 9,247,758 $ 7,155,568 EBITDA Americas $ 186,274 $ 197,379 $ 568,019 $ 581,397 EMEA 49,774 56,666 101,690 114,328 Asia Pacific 26,744 33,252 57,673 77,438 Global Investment Management 6,054 29,397 53,577 80,390 Development Services 15,709 9,883 66,109 16,172 Total EBITDA $ 284,555 $ 326,577 $ 847,068 $ 869,725 (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 Nine Months Ended 2016 2015 (1) 2016 2015 (1) Americas Net income attributable to CBRE Group, Inc. $ 69,176 $ 92,008 $ 231,158 $ 286,796 Add: Depreciation and amortization 62,545 47,209 186,342 134,750 Interest expense, net 21,492 9,692 64,583 17,485 Write-off of financing costs on extinguished debt — — — 2,685 Royalty and management service income (3,138 ) (2,703 ) (23,295 ) (9,668 ) Provision for income taxes 36,199 51,173 109,231 149,349 EBITDA $ 186,274 $ 197,379 $ 568,019 $ 581,397 EMEA Net income attributable to CBRE Group, Inc. $ 23,524 $ 24,535 $ 19,278 $ 24,921 Add: Depreciation and amortization 19,385 15,175 50,647 44,574 Interest expense, net 4,078 10,834 11,916 33,656 Royalty and management service (income) expense (2,992 ) (1,452 ) 685 (4,313 ) Provision for income taxes 5,779 7,574 19,164 15,490 EBITDA $ 49,774 $ 56,666 $ 101,690 $ 114,328 Asia Pacific Net income attributable to CBRE Group, Inc. $ 11,576 $ 16,665 $ 14,068 $ 29,643 Add: Depreciation and amortization 4,479 3,728 12,957 11,357 Interest expense, net 1,250 800 1,292 2,689 Royalty and management service expense 5,277 3,581 19,629 11,342 Provision for income taxes 4,162 8,478 9,727 22,407 EBITDA $ 26,744 $ 33,252 $ 57,673 $ 77,438 Global Investment Management Net (loss) income attributable to CBRE Group, Inc. $ (7,830 ) $ 10,717 $ 7,635 $ 18,546 Add: Depreciation and amortization 5,673 8,423 18,110 23,095 Interest expense, net 7,611 8,060 23,124 23,562 Royalty and management service expense 853 574 2,981 2,639 (Benefit of) provision for income taxes (253 ) 1,623 1,727 12,548 EBITDA $ 6,054 $ 29,397 $ 53,577 $ 80,390 Development Services Net income attributable to CBRE Group, Inc. $ 7,717 $ 5,198 $ 35,859 $ 7,183 Add: Depreciation and amortization 643 512 1,931 1,722 Interest expense, net 1,822 155 2,590 818 Provision for income taxes 5,527 4,018 25,729 6,449 EBITDA $ 15,709 $ 9,883 $ 66,109 $ 16,172 (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 | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 and condensed consolidating statements of cash flows for the nine months ended September 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 SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 12,487 $ 24,015 $ 409,839 $ — $ 446,346 Restricted cash — — 6,966 63,789 — 70,755 Receivables, net — — 932,035 1,467,126 — 2,399,161 Warehouse receivables (1) — — 976,721 665,673 — 1,642,394 Income taxes receivable 1,287 1,043 21,373 64,857 — 88,560 Prepaid expenses — — 76,532 118,647 — 195,179 Other current assets — 9,377 62,490 141,215 — 213,082 Total Current Assets 1,292 22,907 2,100,132 2,931,146 — 5,055,477 Property and equipment, net — — 388,208 162,571 — 550,779 Goodwill — — 1,647,160 1,397,924 — 3,045,084 Other intangible assets, net — — 797,362 617,469 — 1,414,831 Investments in unconsolidated subsidiaries — — 199,721 50,162 — 249,883 Investments in consolidated subsidiaries 4,104,563 4,103,473 2,428,313 — (10,636,349 ) — Intercompany loan receivable — 2,729,242 700,000 — (3,429,242 ) — Deferred tax assets, net — — 61,372 84,450 (39,473 ) 106,349 Other assets, net — 23,521 229,904 100,942 — 354,367 Total Assets $ 4,105,855 $ 6,879,143 $ 8,552,172 $ 5,344,664 $ (14,105,064 ) $ 10,776,770 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 7,351 $ 396,882 $ 961,295 $ — $ 1,365,528 Compensation and employee benefits payable — 626 397,483 343,085 — 741,194 Accrued bonus and profit sharing — — 361,649 247,330 — 608,979 Income taxes payable — — — 46,866 — 46,866 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 969,180 649,911 — 1,619,091 Revolving credit facility — 83,000 — — — 83,000 Other — — 16 — — 16 Total short-term borrowings — 83,000 969,196 649,911 — 1,702,107 Current maturities of long-term debt — 45,000 — 27 — 45,027 Other current liabilities — 4,841 40,047 12,275 — 57,163 Total Current Liabilities — 140,818 2,165,257 2,260,789 — 4,566,864 Long-Term Debt, net: Long-term debt, net — 2,614,889 — 9 — 2,614,898 Intercompany loan payable 1,170,830 — 1,949,876 308,536 (3,429,242 ) — Total Long-Term Debt, net 1,170,830 2,614,889 1,949,876 308,545 (3,429,242 ) 2,614,898 Deferred tax liabilities, net — — — 124,828 (39,473 ) 85,355 Non-current tax liabilities — — 91,350 417 — 91,767 Other liabilities — 18,873 242,216 175,294 — 436,383 Total Liabilities 1,170,830 2,774,580 4,448,699 2,869,873 (3,468,715 ) 7,795,267 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,935,025 4,104,563 4,103,473 2,428,313 (10,636,349 ) 2,935,025 Non-controlling interests — — — 46,478 — 46,478 Total Equity 2,935,025 4,104,563 4,103,473 2,474,791 (10,636,349 ) 2,981,503 Total Liabilities and Equity $ 4,105,855 $ 6,879,143 $ 8,552,172 $ 5,344,664 $ (14,105,064 ) $ 10,776,770 (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, N.A. (TD Bank), JP Morgan Chase Bank, N.A. (JP Morgan), Fannie Mae ASAP, Bank of America (BofA) and Capital One, N.A. (Capital One) lines of credit are pledged to TD Bank, JP Morgan, Fannie Mae, BofA and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 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 SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,611,836 $ 1,581,651 $ — $ 3,193,487 Costs and expenses: Cost of services — — 1,149,943 1,102,840 — 2,252,783 Operating, administrative and other 1,165 (158 ) 353,420 332,103 — 686,530 Depreciation and amortization — — 54,423 38,302 — 92,725 Total costs and expenses 1,165 (158 ) 1,557,786 1,473,245 — 3,032,038 Gain on disposition of real estate — — — 11,043 — 11,043 Operating (loss) income (1,165 ) 158 54,050 119,449 — 172,492 Equity income from unconsolidated subsidiaries — — 24,287 385 — 24,672 Other income — — 278 1,078 — 1,356 Interest income — 33,550 592 428 (33,550 ) 1,020 Interest expense — 34,809 24,921 11,093 (33,550 ) 37,273 Royalty and management service (income) expense — — (2,972 ) 2,972 — — Income from consolidated subsidiaries 104,881 105,560 65,474 — (275,915 ) — Income before (benefit of) provision for income taxes 103,716 104,459 122,732 107,275 (275,915 ) 162,267 (Benefit of) provision for income taxes (447 ) (422 ) 17,172 35,111 — 51,414 Net income 104,163 104,881 105,560 72,164 (275,915 ) 110,853 Less: Net income attributable to non-controlling interests — — — 6,690 — 6,690 Net income attributable to CBRE Group, Inc. $ 104,163 $ 104,881 $ 105,560 $ 65,474 $ (275,915 ) $ 104,163 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,467,392 $ 1,245,167 $ — $ 2,712,559 Costs and expenses: Cost of services — — 965,317 808,343 — 1,773,660 Operating, administrative and other 19,466 (9,499 ) 322,593 294,345 — 626,905 Depreciation and amortization — — 40,737 34,310 — 75,047 Total costs and expenses 19,466 (9,499 ) 1,328,647 1,136,998 — 2,475,612 Gain on disposition of real estate — — 3,087 67 — 3,154 Operating (loss) income (19,466 ) 9,499 141,832 108,236 — 240,101 Equity income from unconsolidated subsidiaries — — 16,346 896 — 17,242 Other income (loss) — — 77 (5,022 ) — (4,945 ) Interest income — 43,535 577 581 (43,535 ) 1,158 Interest expense — 29,857 28,456 15,921 (43,535 ) 30,699 Royalty and management service (income) expense — — (400 ) 400 — — Income from consolidated subsidiaries 160,973 146,587 62,936 — (370,496 ) — Income before (benefit of) provision for income taxes 141,507 169,764 193,712 88,370 (370,496 ) 222,857 (Benefit of) provision for income taxes (7,616 ) 8,791 47,125 24,566 — 72,866 Net income 149,123 160,973 146,587 63,804 (370,496 ) 149,991 Less: Net income attributable to non-controlling — — — 868 — 868 Net income attributable to CBRE Group, Inc. $ 149,123 $ 160,973 $ 146,587 $ 62,936 $ (370,496 ) $ 149,123 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 4,751,526 $ 4,496,232 $ — $ 9,247,758 Costs and expenses: Cost of services — — 3,304,291 3,216,338 — 6,520,629 Operating, administrative and other 3,358 (1,584 ) 1,061,778 946,786 — 2,010,338 Depreciation and amortization — — 165,087 104,900 — 269,987 Total costs and expenses 3,358 (1,584 ) 4,531,156 4,268,024 — 8,800,954 Gain on disposition of real estate — — 3,659 12,203 — 15,862 Operating (loss) income (3,358 ) 1,584 224,029 240,411 — 462,666 Equity income from unconsolidated subsidiaries — — 114,504 2,398 — 116,902 Other income (loss) — 1 (203 ) 8,655 — 8,453 Interest income — 99,119 2,163 3,382 (99,119 ) 5,545 Interest expense — 103,425 74,331 30,413 (99,119 ) 109,050 Royalty and management service (income) expense — — (26,740 ) 26,740 — — Income from consolidated subsidiaries 310,069 311,747 107,849 — (729,665 ) — Income before (benefit of) provision for income taxes 306,711 309,026 400,751 197,693 (729,665 ) 484,516 (Benefit of) provision for income taxes (1,287 ) (1,043 ) 89,004 78,904 — 165,578 Net income 307,998 310,069 311,747 118,789 (729,665 ) 318,938 Less: Net income attributable to non-controlling — — — 10,940 — 10,940 Net income attributable to CBRE Group, Inc. $ 307,998 $ 310,069 $ 311,747 $ 107,849 $ (729,665 ) $ 307,998 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 3,966,854 $ 3,188,714 $ — $ 7,155,568 Costs and expenses: Cost of services — — 2,532,091 2,020,320 — 4,552,411 Operating, administrative and other 44,972 (16,421 ) 908,592 831,695 — 1,768,838 Depreciation and amortization — — 116,546 98,952 — 215,498 Total costs and expenses 44,972 (16,421 ) 3,557,229 2,950,967 — 6,536,747 Gain on disposition of real estate — — 3,228 6,912 — 10,140 Operating (loss) income (44,972 ) 16,421 412,853 244,659 — 628,961 Equity income (loss) from unconsolidated subsidiaries — — 40,258 (872 ) — 39,386 Other income (loss) — 1 1,336 (6,264 ) — (4,927 ) Interest income — 151,263 79,450 3,194 (229,050 ) 4,857 Interest expense — 157,559 104,231 50,327 (229,050 ) 83,067 Write-off of financing costs on extinguished debt — 2,685 — — — 2,685 Royalty and management service (income) expense — — (4,266 ) 4,266 — — Income from consolidated subsidiaries 394,820 390,232 106,841 — (891,893 ) — Income before (benefit of) provision for income taxes 349,848 397,673 540,773 186,124 (891,893 ) 582,525 (Benefit of) provision for income taxes (17,241 ) 2,853 150,541 70,090 — 206,243 Net income 367,089 394,820 390,232 116,034 (891,893 ) 376,282 Less: Net income attributable to non-controlling — — — 9,193 — 9,193 Net income attributable to CBRE Group, Inc. $ 367,089 $ 394,820 $ 390,232 $ 106,841 $ (891,893 ) $ 367,089 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 104,163 $ 104,881 $ 105,560 $ 72,164 $ (275,915 ) $ 110,853 Other comprehensive income (loss): Foreign currency translation loss — — — (15,940 ) — (15,940 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,720 — — — 1,720 Unrealized gains on interest rate swaps, net — 788 — — — 788 Unrealized holding gains on available for sale securities, net — — 348 — — 348 Other, net — — — 2 — 2 Total other comprehensive income (loss) — 2,508 348 (15,938 ) — (13,082 ) Comprehensive income 104,163 107,389 105,908 56,226 (275,915 ) 97,771 Less: Comprehensive income attributable to non-controlling interests — — — 6,768 — 6,768 Comprehensive income attributable to CBRE Group, Inc. $ 104,163 $ 107,389 $ 105,908 $ 49,458 $ (275,915 ) $ 91,003 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 149,123 $ 160,973 $ 146,587 $ 63,804 $ (370,496 ) $ 149,991 Other comprehensive loss: Foreign currency translation loss — — — (69,728 ) — (69,728 ) Fees associated with termination of interest rate swaps, net — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,873 — — — 1,873 Unrealized losses on interest rate swaps, net — (2,924 ) — — — (2,924 ) Unrealized holding losses on available for sale securities, net — — (1,024 ) (158 ) — (1,182 ) Other, net — — (18 ) — — (18 ) Total other comprehensive loss — (4,799 ) (1,042 ) (69,886 ) — (75,727 ) Comprehensive income (loss) 149,123 156,174 145,545 (6,082 ) (370,496 ) 74,264 Less: Comprehensive income attributable to non-controlling interests — — — 861 — 861 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 149,123 $ 156,174 $ 145,545 $ (6,943 ) $ (370,496 ) $ 73,403 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 307,998 $ 310,069 $ 311,747 $ 118,789 $ (729,665 ) $ 318,938 Other comprehensive income (loss): Foreign currency translation loss — — — (101,654 ) — (101,654 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 5,196 — — — 5,196 Unrealized losses on interest rate swaps, net — (3,327 ) — — — (3,327 ) Unrealized holding gains on available for sale securities, net — — 862 131 — 993 Other, net — — (759 ) 2 — (757 ) Total other comprehensive income (loss) — 1,869 103 (101,521 ) — (99,549 ) Comprehensive income 307,998 311,938 311,850 17,268 (729,665 ) 219,389 Less: Comprehensive income attributable to non-controlling interests — — — 11,057 — 11,057 Comprehensive income attributable to CBRE Group, Inc. $ 307,998 $ 311,938 $ 311,850 $ 6,211 $ (729,665 ) $ 208,332 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 367,089 $ 394,820 $ 390,232 $ 116,034 $ (891,893 ) $ 376,282 Other comprehensive loss: Foreign currency translation loss — — — (117,640 ) — (117,640 ) Fees associated with termination of interest rate swaps, net — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 5,477 — — — 5,477 Unrealized losses on interest rate swaps, net — (5,435 ) — — — (5,435 ) Unrealized holding losses on available for sale securities, net — — (1,053 ) (58 ) — (1,111 ) Total other comprehensive loss — (3,706 ) (1,053 ) (117,698 ) — (122,457 ) Comprehensive income (loss) 367,089 391,114 389,179 (1,664 ) (891,893 ) 253,825 Less: Comprehensive income attributable to non-controlling interests — — — 9,170 — 9,170 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 367,089 $ 391,114 $ 389,179 $ (10,834 ) $ (891,893 ) $ 244,655 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 65,900 $ (9,453 ) $ (80,074 ) $ (29,562 ) $ (53,189 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (81,359 ) (52,998 ) (134,357 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — 3,256 (13,733 ) (10,477 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,249 ) (20,817 ) (22,066 ) Contributions to unconsolidated subsidiaries — — (36,693 ) (20,602 ) (57,295 ) Distributions from unconsolidated subsidiaries — — 116,072 3,467 119,539 Net proceeds from disposition of real estate held for investment — — — 44,326 44,326 Proceeds from the sale of servicing rights and other assets — — 11,982 15,177 27,159 Increase in restricted cash — — (545 ) (1,078 ) (1,623 ) Purchase of available for sale securities — — (31,413 ) — (31,413 ) Proceeds from the sale of available for sale securities — — 29,560 — 29,560 Other investing activities, net — — (1,305 ) (1,669 ) (2,974 ) Net cash used in investing activities — — 8,306 (47,927 ) (39,621 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (23,125 ) — — (23,125 ) Proceeds from revolving credit facility — 2,195,000 — — 2,195,000 Repayment of revolving credit facility — (2,112,000 ) — — (2,112,000 ) Proceeds from notes payable on real estate held for investment — — — 7,274 7,274 Repayment of notes payable on real estate held for investment — — — (33,516 ) (33,516 ) Proceeds from notes payable on real estate held for sale and under development — — — 15,110 15,110 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 — — — (483 ) (483 ) Shares repurchased for payment of taxes on equity awards (27,796 ) — — — (27,796 ) Proceeds from exercise of stock options 915 — — — 915 Non-controlling interest contributions — — — 1,478 1,478 Non-controlling interest distributions — — — (12,800 ) (12,800 ) Payment of financing costs — (5,460 ) — (141 ) (5,601 ) (Increase) decrease in intercompany receivables, net (39,019 ) (40,954 ) (50,454 ) 130,427 — Other financing activities, net — — (1,173 ) (20 ) (1,193 ) Net cash (used in) provided by financing activities (65,900 ) 13,461 (51,627 ) 103,227 (839 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (408 ) (408 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 4,008 (123,395 ) 25,330 (94,057 ) 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 $ 5 $ 12,487 $ 24,015 $ 409,839 $ 446,346 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 115,698 $ — $ 2,574 $ 118,272 Income taxes, net $ — $ — $ 123,231 $ 101,898 $ 225,129 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 31,155 $ (13,282 ) $ 106,066 $ 18,471 $ 142,410 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (45,646 ) (39,678 ) (85,324 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired — — (730,307 ) (691,356 ) (1,421,663 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (94,498 ) (8,642 ) (103,140 ) Contributions to unconsolidated subsidiaries — — (44,279 ) (1,513 ) (45,792 ) Distributions from unconsolidated subsidiaries — — 37,876 4,862 42,738 Net proceeds from disposition of real estate held for investment — — — 3,584 3,584 Proceeds from the sale of servicing rights and other assets — — 9,512 11,922 21,434 Increase in restricted cash — — (6,329 ) (35,535 ) (41,864 ) Purchase of available for sale securities — — (31,919 ) — (31,919 ) Proceeds from the sale of available for sale securities — — 33,063 — 33,063 Other investing activities, net — — (1,290 ) (1,773 ) (3,063 ) Net cash used in investing activities — — (873,817 ) (758,129 ) (1,631,946 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 900,000 — — 900,000 Repayment of senior term loans — (651,863 ) — — (651,863 ) Proceeds from revolving credit facility — 2,107,500 — — 2,107,500 Repayment of revolving credit facility — (1,707,000 ) — (4,512 ) (1,711,512 ) Proceeds from issuance of 4.875% senior notes, net — 595,440 — — 595,440 Repayment of notes payable on real estate held for investment — — — (1,173 ) (1,173 ) Proceeds from notes payable on real estate held for sale and under development — — — 12,584 12,584 Proceeds from short-term borrowings and other loans, net — — — 15,862 15,862 Shares repurchased for payment of taxes on equity awards (24,517 ) — — — (24,517 ) Proceeds from exercise of stock options 6,755 — — — 6,755 Incremental tax benefit from stock options exercised 2,270 — — — 2,270 Non-controlling interest contributions — — — 4,691 4,691 Non-controlling interest distributions — — — (13,595 ) (13,595 ) Payment of financing costs — (30,046 ) — (84 ) (30,130 ) (Increase) decrease in intercompany receivables, net (15,667 ) (1,213,184 ) 446,801 782,050 — Other financing activities, net — — (2,113 ) (29 ) (2,142 ) Net cash (used in) provided by financing activities (31,159 ) 847 444,688 795,794 1,210,170 Effect of currency exchange rate changes on cash and cash equivalents — — — (21,161 ) (21,161 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4 ) (12,435 ) (323,063 ) 34,975 (300,527 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 1 $ 5,827 $ 51,040 $ 383,489 $ 440,357 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 79,527 $ 83 $ 1,212 $ 80,822 Income taxes, net $ — $ — $ 126,421 $ 84,213 $ 210,634 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On October 27, 2016, we announced that our board of directors has authorized the company to repurchase up to an aggregate of $250 million of its Class A common stock over three years. On November 1, 2016, we prepaid a total of $101.9 million of the 2017 and 2018 required amortization on our senior term loans under our 2015 Credit Agreement, which included $59.4 million for the tranche A term loan facility, $28.7 million for the tranche B-1 term loan facility and $13.8 million for the tranche B-2 |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 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 Workpla22
Acquisition of Global Workplace Solutions (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended Revenue $ 3,210,559 $ 9,272,568 Operating income $ 258,417 $ 665,453 Net income attributable to CBRE Group, Inc. $ 156,597 $ 372,285 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.47 $ 1.12 Weighted average shares outstanding for basic income per share 332,684,487 332,223,036 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.47 $ 1.11 Weighted average shares outstanding for diluted income per share 336,561,877 336,140,923 |
Variable Interest Entities (V23
Variable Interest Entities (VIEs) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Maximum Exposure to Loss | As of September 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): September 30, 2016 December 31, 2015 Investments in unconsolidated subsidiaries $ 26,965 $ 21,457 Other assets, current 3,721 3,723 Co-investment commitments 172 180 Maximum exposure to loss $ 30,858 $ 25,360 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015 (dollars in thousands): As of September 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 $ 8,381 $ — $ — $ 8,381 Debt securities issued by U.S. federal agencies — 5,409 — 5,409 Corporate debt securities — 17,191 — 17,191 Asset-backed securities — 2,900 — 2,900 Collateralized mortgage obligations — 1,044 — 1,044 Total debt securities 8,381 26,544 — 34,925 Equity securities 23,265 — — 23,265 Total available for sale securities 31,646 26,544 — 58,190 Trading securities 66,707 — — 66,707 Warehouse receivables — 1,642,394 — 1,642,394 Foreign currency exchange forward contracts — 9,427 — 9,427 Total assets at fair value $ 98,353 $ 1,678,365 $ — $ 1,776,718 Liabilities Interest rate swaps $ — $ 18,873 $ — $ 18,873 Securities sold, not yet purchased 3,123 — — 3,123 Foreign currency exchange forward contracts — 4,841 — 4,841 Total liabilities at fair value $ 3,123 $ 23,714 $ — $ 26,837 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 nine months ended September 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, September 30, 2016 $ — |
Investments in Unconsolidated25
Investments in Unconsolidated Subsidiaries (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2016 2015 2016 2015 Global Investment Management Revenue $ 418,028 $ 221,245 $ 902,932 $ 728,144 Operating income (loss) $ 93,491 $ (26,625 ) $ 155,869 $ (107,351 ) Net income (loss) $ 52,477 $ 56,182 $ 118,348 $ (175,014 ) Development Services Revenue $ 26,179 $ 22,690 $ 57,255 $ 42,265 Operating income $ 26,027 $ 13,316 $ 184,136 $ 54,664 Net income $ 19,745 $ 9,812 $ 169,837 $ 47,299 Other Revenue $ 40,292 $ 52,535 $ 106,807 $ 126,101 Operating income $ 6,130 $ 10,961 $ 20,418 $ 25,592 Net income $ 6,135 $ 11,126 $ 20,506 $ 26,027 Total Revenue $ 484,499 $ 296,470 $ 1,066,994 $ 896,510 Operating income (loss) $ 125,648 $ (2,348 ) $ 360,423 $ (27,095 ) Net income (loss) $ 78,357 $ 77,120 $ 308,691 $ (101,688 ) |
Long-Term Debt and Short-Term26
Long-Term Debt and Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (dollars in thousands): September 30, December 31, Senior term loans, with interest ranging from 1.39% to 2.12%, due quarterly through 2022 $ 865,000 $ 888,125 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 595,824 595,568 5.25% senior notes due in 2025, net of unamortized premium 426,545 426,682 Other 36 63 Total long-term debt 2,687,405 2,710,438 Less: current maturities of long-term debt (45,027 ) (34,428 ) Less: unamortized debt issuance costs (27,480 ) (30,899 ) Total long-term debt, net of current maturities $ 2,614,898 $ 2,645,111 |
Income Per Share Information (T
Income Per Share Information (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 104,163 $ 149,123 $ 307,998 $ 367,089 Weighted average shares outstanding for basic income per share 335,770,122 332,684,487 334,949,606 332,223,036 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.31 $ 0.45 $ 0.92 $ 1.10 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 104,163 $ 149,123 $ 307,998 $ 367,089 Weighted average shares outstanding for basic income per share 335,770,122 332,684,487 334,949,606 332,223,036 Dilutive effect of contingently issuable shares 2,707,401 3,747,524 3,070,134 3,701,801 Dilutive effect of stock options 11,452 129,866 33,557 216,086 Weighted average shares outstanding for diluted income per share 338,488,975 336,561,877 338,053,297 336,140,923 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.31 $ 0.44 $ 0.91 $ 1.09 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended Nine Months Ended 2016 2015 (1) 2016 2015 (1) Revenue Americas $ 1,770,369 $ 1,556,648 $ 5,129,684 $ 4,218,753 EMEA 956,492 737,863 2,765,825 1,817,601 Asia Pacific 358,320 285,337 1,023,162 755,531 Global Investment Management 91,807 114,094 277,924 318,371 Development Services 16,499 18,617 51,163 45,312 Total revenue $ 3,193,487 $ 2,712,559 $ 9,247,758 $ 7,155,568 EBITDA Americas $ 186,274 $ 197,379 $ 568,019 $ 581,397 EMEA 49,774 56,666 101,690 114,328 Asia Pacific 26,744 33,252 57,673 77,438 Global Investment Management 6,054 29,397 53,577 80,390 Development Services 15,709 9,883 66,109 16,172 Total EBITDA $ 284,555 $ 326,577 $ 847,068 $ 869,725 (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 Nine Months Ended 2016 2015 (1) 2016 2015 (1) Americas Net income attributable to CBRE Group, Inc. $ 69,176 $ 92,008 $ 231,158 $ 286,796 Add: Depreciation and amortization 62,545 47,209 186,342 134,750 Interest expense, net 21,492 9,692 64,583 17,485 Write-off of financing costs on extinguished debt — — — 2,685 Royalty and management service income (3,138 ) (2,703 ) (23,295 ) (9,668 ) Provision for income taxes 36,199 51,173 109,231 149,349 EBITDA $ 186,274 $ 197,379 $ 568,019 $ 581,397 EMEA Net income attributable to CBRE Group, Inc. $ 23,524 $ 24,535 $ 19,278 $ 24,921 Add: Depreciation and amortization 19,385 15,175 50,647 44,574 Interest expense, net 4,078 10,834 11,916 33,656 Royalty and management service (income) expense (2,992 ) (1,452 ) 685 (4,313 ) Provision for income taxes 5,779 7,574 19,164 15,490 EBITDA $ 49,774 $ 56,666 $ 101,690 $ 114,328 Asia Pacific Net income attributable to CBRE Group, Inc. $ 11,576 $ 16,665 $ 14,068 $ 29,643 Add: Depreciation and amortization 4,479 3,728 12,957 11,357 Interest expense, net 1,250 800 1,292 2,689 Royalty and management service expense 5,277 3,581 19,629 11,342 Provision for income taxes 4,162 8,478 9,727 22,407 EBITDA $ 26,744 $ 33,252 $ 57,673 $ 77,438 Global Investment Management Net (loss) income attributable to CBRE Group, Inc. $ (7,830 ) $ 10,717 $ 7,635 $ 18,546 Add: Depreciation and amortization 5,673 8,423 18,110 23,095 Interest expense, net 7,611 8,060 23,124 23,562 Royalty and management service expense 853 574 2,981 2,639 (Benefit of) provision for income taxes (253 ) 1,623 1,727 12,548 EBITDA $ 6,054 $ 29,397 $ 53,577 $ 80,390 Development Services Net income attributable to CBRE Group, Inc. $ 7,717 $ 5,198 $ 35,859 $ 7,183 Add: Depreciation and amortization 643 512 1,931 1,722 Interest expense, net 1,822 155 2,590 818 Provision for income taxes 5,527 4,018 25,729 6,449 EBITDA $ 15,709 $ 9,883 $ 66,109 $ 16,172 (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 Fi29
Guarantor and Nonguarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 12,487 $ 24,015 $ 409,839 $ — $ 446,346 Restricted cash — — 6,966 63,789 — 70,755 Receivables, net — — 932,035 1,467,126 — 2,399,161 Warehouse receivables (1) — — 976,721 665,673 — 1,642,394 Income taxes receivable 1,287 1,043 21,373 64,857 — 88,560 Prepaid expenses — — 76,532 118,647 — 195,179 Other current assets — 9,377 62,490 141,215 — 213,082 Total Current Assets 1,292 22,907 2,100,132 2,931,146 — 5,055,477 Property and equipment, net — — 388,208 162,571 — 550,779 Goodwill — — 1,647,160 1,397,924 — 3,045,084 Other intangible assets, net — — 797,362 617,469 — 1,414,831 Investments in unconsolidated subsidiaries — — 199,721 50,162 — 249,883 Investments in consolidated subsidiaries 4,104,563 4,103,473 2,428,313 — (10,636,349 ) — Intercompany loan receivable — 2,729,242 700,000 — (3,429,242 ) — Deferred tax assets, net — — 61,372 84,450 (39,473 ) 106,349 Other assets, net — 23,521 229,904 100,942 — 354,367 Total Assets $ 4,105,855 $ 6,879,143 $ 8,552,172 $ 5,344,664 $ (14,105,064 ) $ 10,776,770 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 7,351 $ 396,882 $ 961,295 $ — $ 1,365,528 Compensation and employee benefits payable — 626 397,483 343,085 — 741,194 Accrued bonus and profit sharing — — 361,649 247,330 — 608,979 Income taxes payable — — — 46,866 — 46,866 Short-term borrowings: Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 969,180 649,911 — 1,619,091 Revolving credit facility — 83,000 — — — 83,000 Other — — 16 — — 16 Total short-term borrowings — 83,000 969,196 649,911 — 1,702,107 Current maturities of long-term debt — 45,000 — 27 — 45,027 Other current liabilities — 4,841 40,047 12,275 — 57,163 Total Current Liabilities — 140,818 2,165,257 2,260,789 — 4,566,864 Long-Term Debt, net: Long-term debt, net — 2,614,889 — 9 — 2,614,898 Intercompany loan payable 1,170,830 — 1,949,876 308,536 (3,429,242 ) — Total Long-Term Debt, net 1,170,830 2,614,889 1,949,876 308,545 (3,429,242 ) 2,614,898 Deferred tax liabilities, net — — — 124,828 (39,473 ) 85,355 Non-current tax liabilities — — 91,350 417 — 91,767 Other liabilities — 18,873 242,216 175,294 — 436,383 Total Liabilities 1,170,830 2,774,580 4,448,699 2,869,873 (3,468,715 ) 7,795,267 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 2,935,025 4,104,563 4,103,473 2,428,313 (10,636,349 ) 2,935,025 Non-controlling interests — — — 46,478 — 46,478 Total Equity 2,935,025 4,104,563 4,103,473 2,474,791 (10,636,349 ) 2,981,503 Total Liabilities and Equity $ 4,105,855 $ 6,879,143 $ 8,552,172 $ 5,344,664 $ (14,105,064 ) $ 10,776,770 (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, N.A. (TD Bank), JP Morgan Chase Bank, N.A. (JP Morgan), Fannie Mae ASAP, Bank of America (BofA) and Capital One, N.A. (Capital One) lines of credit are pledged to TD Bank, JP Morgan, Fannie Mae, BofA and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 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 SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,611,836 $ 1,581,651 $ — $ 3,193,487 Costs and expenses: Cost of services — — 1,149,943 1,102,840 — 2,252,783 Operating, administrative and other 1,165 (158 ) 353,420 332,103 — 686,530 Depreciation and amortization — — 54,423 38,302 — 92,725 Total costs and expenses 1,165 (158 ) 1,557,786 1,473,245 — 3,032,038 Gain on disposition of real estate — — — 11,043 — 11,043 Operating (loss) income (1,165 ) 158 54,050 119,449 — 172,492 Equity income from unconsolidated subsidiaries — — 24,287 385 — 24,672 Other income — — 278 1,078 — 1,356 Interest income — 33,550 592 428 (33,550 ) 1,020 Interest expense — 34,809 24,921 11,093 (33,550 ) 37,273 Royalty and management service (income) expense — — (2,972 ) 2,972 — — Income from consolidated subsidiaries 104,881 105,560 65,474 — (275,915 ) — Income before (benefit of) provision for income taxes 103,716 104,459 122,732 107,275 (275,915 ) 162,267 (Benefit of) provision for income taxes (447 ) (422 ) 17,172 35,111 — 51,414 Net income 104,163 104,881 105,560 72,164 (275,915 ) 110,853 Less: Net income attributable to non-controlling interests — — — 6,690 — 6,690 Net income attributable to CBRE Group, Inc. $ 104,163 $ 104,881 $ 105,560 $ 65,474 $ (275,915 ) $ 104,163 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 1,467,392 $ 1,245,167 $ — $ 2,712,559 Costs and expenses: Cost of services — — 965,317 808,343 — 1,773,660 Operating, administrative and other 19,466 (9,499 ) 322,593 294,345 — 626,905 Depreciation and amortization — — 40,737 34,310 — 75,047 Total costs and expenses 19,466 (9,499 ) 1,328,647 1,136,998 — 2,475,612 Gain on disposition of real estate — — 3,087 67 — 3,154 Operating (loss) income (19,466 ) 9,499 141,832 108,236 — 240,101 Equity income from unconsolidated subsidiaries — — 16,346 896 — 17,242 Other income (loss) — — 77 (5,022 ) — (4,945 ) Interest income — 43,535 577 581 (43,535 ) 1,158 Interest expense — 29,857 28,456 15,921 (43,535 ) 30,699 Royalty and management service (income) expense — — (400 ) 400 — — Income from consolidated subsidiaries 160,973 146,587 62,936 — (370,496 ) — Income before (benefit of) provision for income taxes 141,507 169,764 193,712 88,370 (370,496 ) 222,857 (Benefit of) provision for income taxes (7,616 ) 8,791 47,125 24,566 — 72,866 Net income 149,123 160,973 146,587 63,804 (370,496 ) 149,991 Less: Net income attributable to non-controlling — — — 868 — 868 Net income attributable to CBRE Group, Inc. $ 149,123 $ 160,973 $ 146,587 $ 62,936 $ (370,496 ) $ 149,123 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 4,751,526 $ 4,496,232 $ — $ 9,247,758 Costs and expenses: Cost of services — — 3,304,291 3,216,338 — 6,520,629 Operating, administrative and other 3,358 (1,584 ) 1,061,778 946,786 — 2,010,338 Depreciation and amortization — — 165,087 104,900 — 269,987 Total costs and expenses 3,358 (1,584 ) 4,531,156 4,268,024 — 8,800,954 Gain on disposition of real estate — — 3,659 12,203 — 15,862 Operating (loss) income (3,358 ) 1,584 224,029 240,411 — 462,666 Equity income from unconsolidated subsidiaries — — 114,504 2,398 — 116,902 Other income (loss) — 1 (203 ) 8,655 — 8,453 Interest income — 99,119 2,163 3,382 (99,119 ) 5,545 Interest expense — 103,425 74,331 30,413 (99,119 ) 109,050 Royalty and management service (income) expense — — (26,740 ) 26,740 — — Income from consolidated subsidiaries 310,069 311,747 107,849 — (729,665 ) — Income before (benefit of) provision for income taxes 306,711 309,026 400,751 197,693 (729,665 ) 484,516 (Benefit of) provision for income taxes (1,287 ) (1,043 ) 89,004 78,904 — 165,578 Net income 307,998 310,069 311,747 118,789 (729,665 ) 318,938 Less: Net income attributable to non-controlling — — — 10,940 — 10,940 Net income attributable to CBRE Group, Inc. $ 307,998 $ 310,069 $ 311,747 $ 107,849 $ (729,665 ) $ 307,998 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Revenue $ — $ — $ 3,966,854 $ 3,188,714 $ — $ 7,155,568 Costs and expenses: Cost of services — — 2,532,091 2,020,320 — 4,552,411 Operating, administrative and other 44,972 (16,421 ) 908,592 831,695 — 1,768,838 Depreciation and amortization — — 116,546 98,952 — 215,498 Total costs and expenses 44,972 (16,421 ) 3,557,229 2,950,967 — 6,536,747 Gain on disposition of real estate — — 3,228 6,912 — 10,140 Operating (loss) income (44,972 ) 16,421 412,853 244,659 — 628,961 Equity income (loss) from unconsolidated subsidiaries — — 40,258 (872 ) — 39,386 Other income (loss) — 1 1,336 (6,264 ) — (4,927 ) Interest income — 151,263 79,450 3,194 (229,050 ) 4,857 Interest expense — 157,559 104,231 50,327 (229,050 ) 83,067 Write-off of financing costs on extinguished debt — 2,685 — — — 2,685 Royalty and management service (income) expense — — (4,266 ) 4,266 — — Income from consolidated subsidiaries 394,820 390,232 106,841 — (891,893 ) — Income before (benefit of) provision for income taxes 349,848 397,673 540,773 186,124 (891,893 ) 582,525 (Benefit of) provision for income taxes (17,241 ) 2,853 150,541 70,090 — 206,243 Net income 367,089 394,820 390,232 116,034 (891,893 ) 376,282 Less: Net income attributable to non-controlling — — — 9,193 — 9,193 Net income attributable to CBRE Group, Inc. $ 367,089 $ 394,820 $ 390,232 $ 106,841 $ (891,893 ) $ 367,089 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 104,163 $ 104,881 $ 105,560 $ 72,164 $ (275,915 ) $ 110,853 Other comprehensive income (loss): Foreign currency translation loss — — — (15,940 ) — (15,940 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,720 — — — 1,720 Unrealized gains on interest rate swaps, net — 788 — — — 788 Unrealized holding gains on available for sale securities, net — — 348 — — 348 Other, net — — — 2 — 2 Total other comprehensive income (loss) — 2,508 348 (15,938 ) — (13,082 ) Comprehensive income 104,163 107,389 105,908 56,226 (275,915 ) 97,771 Less: Comprehensive income attributable to non-controlling interests — — — 6,768 — 6,768 Comprehensive income attributable to CBRE Group, Inc. $ 104,163 $ 107,389 $ 105,908 $ 49,458 $ (275,915 ) $ 91,003 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 149,123 $ 160,973 $ 146,587 $ 63,804 $ (370,496 ) $ 149,991 Other comprehensive loss: Foreign currency translation loss — — — (69,728 ) — (69,728 ) Fees associated with termination of interest rate swaps, net — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,873 — — — 1,873 Unrealized losses on interest rate swaps, net — (2,924 ) — — — (2,924 ) Unrealized holding losses on available for sale securities, net — — (1,024 ) (158 ) — (1,182 ) Other, net — — (18 ) — — (18 ) Total other comprehensive loss — (4,799 ) (1,042 ) (69,886 ) — (75,727 ) Comprehensive income (loss) 149,123 156,174 145,545 (6,082 ) (370,496 ) 74,264 Less: Comprehensive income attributable to non-controlling interests — — — 861 — 861 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 149,123 $ 156,174 $ 145,545 $ (6,943 ) $ (370,496 ) $ 73,403 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 307,998 $ 310,069 $ 311,747 $ 118,789 $ (729,665 ) $ 318,938 Other comprehensive income (loss): Foreign currency translation loss — — — (101,654 ) — (101,654 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 5,196 — — — 5,196 Unrealized losses on interest rate swaps, net — (3,327 ) — — — (3,327 ) Unrealized holding gains on available for sale securities, net — — 862 131 — 993 Other, net — — (759 ) 2 — (757 ) Total other comprehensive income (loss) — 1,869 103 (101,521 ) — (99,549 ) Comprehensive income 307,998 311,938 311,850 17,268 (729,665 ) 219,389 Less: Comprehensive income attributable to non-controlling interests — — — 11,057 — 11,057 Comprehensive income attributable to CBRE Group, Inc. $ 307,998 $ 311,938 $ 311,850 $ 6,211 $ (729,665 ) $ 208,332 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Eliminations Consolidated Net income $ 367,089 $ 394,820 $ 390,232 $ 116,034 $ (891,893 ) $ 376,282 Other comprehensive loss: Foreign currency translation loss — — — (117,640 ) — (117,640 ) Fees associated with termination of interest rate swaps, net — (3,748 ) — — — (3,748 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 5,477 — — — 5,477 Unrealized losses on interest rate swaps, net — (5,435 ) — — — (5,435 ) Unrealized holding losses on available for sale securities, net — — (1,053 ) (58 ) — (1,111 ) Total other comprehensive loss — (3,706 ) (1,053 ) (117,698 ) — (122,457 ) Comprehensive income (loss) 367,089 391,114 389,179 (1,664 ) (891,893 ) 253,825 Less: Comprehensive income attributable to non-controlling interests — — — 9,170 — 9,170 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 367,089 $ 391,114 $ 389,179 $ (10,834 ) $ (891,893 ) $ 244,655 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 65,900 $ (9,453 ) $ (80,074 ) $ (29,562 ) $ (53,189 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (81,359 ) (52,998 ) (134,357 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — 3,256 (13,733 ) (10,477 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,249 ) (20,817 ) (22,066 ) Contributions to unconsolidated subsidiaries — — (36,693 ) (20,602 ) (57,295 ) Distributions from unconsolidated subsidiaries — — 116,072 3,467 119,539 Net proceeds from disposition of real estate held for investment — — — 44,326 44,326 Proceeds from the sale of servicing rights and other assets — — 11,982 15,177 27,159 Increase in restricted cash — — (545 ) (1,078 ) (1,623 ) Purchase of available for sale securities — — (31,413 ) — (31,413 ) Proceeds from the sale of available for sale securities — — 29,560 — 29,560 Other investing activities, net — — (1,305 ) (1,669 ) (2,974 ) Net cash used in investing activities — — 8,306 (47,927 ) (39,621 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (23,125 ) — — (23,125 ) Proceeds from revolving credit facility — 2,195,000 — — 2,195,000 Repayment of revolving credit facility — (2,112,000 ) — — (2,112,000 ) Proceeds from notes payable on real estate held for investment — — — 7,274 7,274 Repayment of notes payable on real estate held for investment — — — (33,516 ) (33,516 ) Proceeds from notes payable on real estate held for sale and under development — — — 15,110 15,110 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 — — — (483 ) (483 ) Shares repurchased for payment of taxes on equity awards (27,796 ) — — — (27,796 ) Proceeds from exercise of stock options 915 — — — 915 Non-controlling interest contributions — — — 1,478 1,478 Non-controlling interest distributions — — — (12,800 ) (12,800 ) Payment of financing costs — (5,460 ) — (141 ) (5,601 ) (Increase) decrease in intercompany receivables, net (39,019 ) (40,954 ) (50,454 ) 130,427 — Other financing activities, net — — (1,173 ) (20 ) (1,193 ) Net cash (used in) provided by financing activities (65,900 ) 13,461 (51,627 ) 103,227 (839 ) Effect of currency exchange rate changes on cash and cash equivalents — — — (408 ) (408 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 4,008 (123,395 ) 25,330 (94,057 ) 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 $ 5 $ 12,487 $ 24,015 $ 409,839 $ 446,346 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 115,698 $ — $ 2,574 $ 118,272 Income taxes, net $ — $ — $ 123,231 $ 101,898 $ 225,129 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Dollars in thousands) Parent CBRE Guarantor Nonguarantor Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 31,155 $ (13,282 ) $ 106,066 $ 18,471 $ 142,410 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (45,646 ) (39,678 ) (85,324 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired — — (730,307 ) (691,356 ) (1,421,663 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (94,498 ) (8,642 ) (103,140 ) Contributions to unconsolidated subsidiaries — — (44,279 ) (1,513 ) (45,792 ) Distributions from unconsolidated subsidiaries — — 37,876 4,862 42,738 Net proceeds from disposition of real estate held for investment — — — 3,584 3,584 Proceeds from the sale of servicing rights and other assets — — 9,512 11,922 21,434 Increase in restricted cash — — (6,329 ) (35,535 ) (41,864 ) Purchase of available for sale securities — — (31,919 ) — (31,919 ) Proceeds from the sale of available for sale securities — — 33,063 — 33,063 Other investing activities, net — — (1,290 ) (1,773 ) (3,063 ) Net cash used in investing activities — — (873,817 ) (758,129 ) (1,631,946 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior term loans — 900,000 — — 900,000 Repayment of senior term loans — (651,863 ) — — (651,863 ) Proceeds from revolving credit facility — 2,107,500 — — 2,107,500 Repayment of revolving credit facility — (1,707,000 ) — (4,512 ) (1,711,512 ) Proceeds from issuance of 4.875% senior notes, net — 595,440 — — 595,440 Repayment of notes payable on real estate held for investment — — — (1,173 ) (1,173 ) Proceeds from notes payable on real estate held for sale and under development — — — 12,584 12,584 Proceeds from short-term borrowings and other loans, net — — — 15,862 15,862 Shares repurchased for payment of taxes on equity awards (24,517 ) — — — (24,517 ) Proceeds from exercise of stock options 6,755 — — — 6,755 Incremental tax benefit from stock options exercised 2,270 — — — 2,270 Non-controlling interest contributions — — — 4,691 4,691 Non-controlling interest distributions — — — (13,595 ) (13,595 ) Payment of financing costs — (30,046 ) — (84 ) (30,130 ) (Increase) decrease in intercompany receivables, net (15,667 ) (1,213,184 ) 446,801 782,050 — Other financing activities, net — — (2,113 ) (29 ) (2,142 ) Net cash (used in) provided by financing activities (31,159 ) 847 444,688 795,794 1,210,170 Effect of currency exchange rate changes on cash and cash equivalents — — — (21,161 ) (21,161 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4 ) (12,435 ) (323,063 ) 34,975 (300,527 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 18,262 374,103 348,514 740,884 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 1 $ 5,827 $ 51,040 $ 383,489 $ 440,357 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 79,527 $ 83 $ 1,212 $ 80,822 Income taxes, net $ — $ — $ 126,421 $ 84,213 $ 210,634 |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Accumulated earnings | $ 2,392,931 | $ 2,088,227 | |
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Accumulated earnings | $ 3,300 |
Acquisition of Global Workpla31
Acquisition of Global Workplace Solutions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,045,084 | $ 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 | |||
Adjustments for working capital and other items | 46,500 | |||
Goodwill | $ 858,000 | 858,000 | ||
Goodwill recorded in connection with acquisition deductible for tax purpose | 435,000 | 435,000 | ||
Amortization expense of acquired intangible assets | 17,900 | 53,800 | ||
Additional interest expense for debt incurred to finance acquisitions | 9,700 | 30,800 | ||
Removal of direct costs | 16,900 | |||
Removal of tax impact | 24,900 | |||
Global Workplace Solutions (GWS) [Member] | Americas [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 406,000 | 406,000 | ||
Global Workplace Solutions (GWS) [Member] | EMEA [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 438,000 | 438,000 | ||
Global Workplace Solutions (GWS) [Member] | Asia Pacific [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 14,000 | $ 14,000 |
Acquisition of Global Workpla32
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 | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||
Revenue | $ 3,210,559 | $ 9,272,568 |
Operating income | 258,417 | 665,453 |
Net income attributable to CBRE Group, Inc. | $ 156,597 | $ 372,285 |
Basic income per share: | ||
Net income per share attributable to CBRE Group, Inc. | $ 0.47 | $ 1.12 |
Weighted average shares outstanding for basic income per share | 332,684,487 | 332,223,036 |
Diluted income per share: | ||
Net income per share attributable to CBRE Group, Inc. | $ 0.47 | $ 1.11 |
Weighted average shares outstanding for diluted income per share | 336,561,877 | 336,140,923 |
Variable Interest Entities (V33
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | $ 249,883 | $ 217,943 |
Other assets, current | 213,082 | 220,956 |
Co-investment commitments | 28,900 | |
Non-Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | 26,965 | 21,457 |
Other assets, current | 3,721 | 3,723 |
Co-investment commitments | 172 | 180 |
Maximum exposure to loss | $ 30,858 | $ 25,360 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Aug. 13, 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 | 855,800,000 | $ 878,600,000 | ||
Senior term loans | 856,700,000 | 877,900,000 | ||
5.00% Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value of senior loans | $ 853,500,000 | $ 802,600,000 | ||
Interest rate of long-term debt | 5.00% | 5.00% | ||
Senior notes | $ 790,100,000 | $ 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 | $ 638,000,000 | $ 598,800,000 | ||
Interest rate of long-term debt | 4.875% | 4.875% | ||
Senior notes | $ 591,000,000 | $ 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% | 4.875% | |
5.25% Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value of senior loans | $ 458,100,000 | $ 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 | $ 426,545,000 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warehouse receivables | $ 1,642,394 | $ 1,767,107 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 58,190 | 56,562 |
Trading securities | 66,707 | 64,124 |
Warehouse receivables | 1,642,394 | 1,767,107 |
Loan commitments | 1,680 | |
Foreign currency exchange forward contracts | 9,427 | 9,236 |
Total assets at fair value | 1,776,718 | 1,898,709 |
Interest rate swaps | 18,873 | 21,502 |
Securities sold, not yet purchased | 3,123 | 4,436 |
Foreign currency exchange forward contracts | 4,841 | 1,008 |
Total liabilities at fair value | 26,837 | 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 | 8,381 | 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 | 5,409 | 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 | 17,191 | 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 | 2,900 | 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 | 1,044 | 1,752 |
Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 34,925 | 32,444 |
Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 23,265 | 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 | 31,646 | 31,468 |
Trading securities | 66,707 | 64,124 |
Total assets at fair value | 98,353 | 95,592 |
Securities sold, not yet purchased | 3,123 | 4,436 |
Total liabilities at fair value | 3,123 | 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 | 8,381 | 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 | 8,381 | 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 | 23,265 | 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 | 26,544 | 25,094 |
Warehouse receivables | 1,642,394 | 1,767,107 |
Foreign currency exchange forward contracts | 9,427 | 9,236 |
Total assets at fair value | 1,678,365 | 1,801,437 |
Interest rate swaps | 18,873 | 21,502 |
Foreign currency exchange forward contracts | 4,841 | 1,008 |
Total liabilities at fair value | 23,714 | 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 | 5,409 | 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 | 17,191 | 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 | 2,900 | 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 | 1,044 | 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 | $ 26,544 | 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 | 9 Months Ended |
Sep. 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 Unconsolidated37
Investments In Unconsolidated Subsidiaries - Additional information (Detail) - Maximum [Member] | Sep. 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 Unconsolidated38
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | $ 484,499 | $ 296,470 | $ 1,066,994 | $ 896,510 |
Operating income (loss) | 125,648 | (2,348) | 360,423 | (27,095) |
Net income (loss) | 78,357 | 77,120 | 308,691 | (101,688) |
Global Investment Management [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 418,028 | 221,245 | 902,932 | 728,144 |
Operating income (loss) | 93,491 | (26,625) | 155,869 | (107,351) |
Net income (loss) | 52,477 | 56,182 | 118,348 | (175,014) |
Development Services [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 26,179 | 22,690 | 57,255 | 42,265 |
Operating income (loss) | 26,027 | 13,316 | 184,136 | 54,664 |
Net income (loss) | 19,745 | 9,812 | 169,837 | 47,299 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 40,292 | 52,535 | 106,807 | 126,101 |
Operating income (loss) | 6,130 | 10,961 | 20,418 | 25,592 |
Net income (loss) | $ 6,135 | $ 11,126 | $ 20,506 | $ 26,027 |
Long-Term Debt and Short-Term39
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Other | $ 36 | $ 63 |
Total long-term debt | 2,687,405 | 2,710,438 |
Less: current maturities of long-term debt | (45,027) | (34,428) |
Less: unamortized debt issuance costs | (27,480) | (30,899) |
Total Long-Term Debt, net | 2,614,898 | 2,645,111 |
5.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes due | 790,100 | 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 | 591,000 | 590,500 |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, net of unamortized deferred financing costs | 595,824 | 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 | 426,545 | 426,682 |
Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior term loans, with interest ranging from 1.39% to 2.12%, due quarterly through 2022 | $ 865,000 | $ 888,125 |
Long-Term Debt and Short-Term40
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | Aug. 13, 2015 | |
Senior secured term loans [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date of debt, start | Sep. 30, 2016 | Sep. 30, 2016 | |
Maturity date of debt, end | Dec. 31, 2022 | Dec. 31, 2022 | |
Minimum [Member] | Senior secured term loans [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of long-term debt | 1.39% | 1.39% | |
Maximum [Member] | Senior secured term loans [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of long-term debt | 2.12% | 2.12% | |
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% | 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-Term41
Long-Term Debt and Short-Term Borrowings - Credit Agreement - Additional Information (Detail) | Mar. 21, 2016USD ($) | Aug. 13, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Credit facility expiration date | 2017-09 | |||
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 | 12.09 | |||
Leverage ratio of total debt less available cash to EBITDA | 1.57 | |||
5.00% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of long-term debt | 5.00% | 5.00% | ||
Senior notes | $ 790,100,000 | $ 789,100,000 | ||
5.00% Senior Notes [Member] | 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% | ||
Senior notes | $ 422,100,000 | $ 422,000,000 | ||
5.25% Senior Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of long-term debt | 5.25% | 5.25% | ||
Senior notes | $ 426,545,000 | $ 426,682,000 | ||
4.875% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of long-term debt | 4.875% | 4.875% | ||
Aggregate principal amount issued | $ 600,000,000 | |||
Senior notes | $ 591,000,000 | $ 590,500,000 | ||
4.875% Senior Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of long-term debt | 4.875% | 4.875% | 4.875% | |
Redemption price percentage | 99.24% | |||
Debt instrument, maturity date | Mar. 1, 2026 | |||
Debt instrument, frequency of periodic payment | Semi-annually | |||
Debt instrument, date of first required payment | Mar. 1, 2016 | |||
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-Term42
Long-Term Debt and Short-Term Borrowings - Revolving Credit Facility - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 83,000,000 | |
Letters of credit outstanding amount | 48,000,000 | |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 83,000,000 | $ 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 | 3.50% |
Long-Term Debt and Short-Term43
Long-Term Debt and Short-Term Borrowings - Warehouse Lines of Credit - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Warehouse lines of credit | $ 1,619,091,000 | $ 1,750,781,000 |
Loans Held-for-sale, Mortgage | 1,600,000,000 | $ 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 ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 48,000,000 | |
Accrued loan loss | 25,700,000 | $ 21,800,000 |
Assets available for recourse | 847,200,000 | |
Warehouse receivables | $ 652,200,000 | |
Letters of credit expiration date | 2017-09 | |
Guarantees total | $ 56,900,000 | |
Commitments to investment in future real estate investment | 28,900,000 | |
Commitments to investment in unconsolidated real estate subsidiary | 24,200,000 | |
Funded loans subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | 15,000,000,000 | |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 104,163 | $ 149,123 | $ 307,998 | $ 367,089 |
Weighted average shares outstanding for basic income per share | 335,770,122 | 332,684,487 | 334,949,606 | 332,223,036 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $ 0.31 | $ 0.45 | $ 0.92 | $ 1.10 |
Diluted Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 104,163 | $ 149,123 | $ 307,998 | $ 367,089 |
Weighted average shares outstanding for basic income per share | 335,770,122 | 332,684,487 | 334,949,606 | 332,223,036 |
Dilutive effect of contingently issuable shares | 2,707,401 | 3,747,524 | 3,070,134 | 3,701,801 |
Dilutive effect of stock options | 11,452 | 129,866 | 33,557 | 216,086 |
Weighted average shares outstanding for diluted income per share | 338,488,975 | 336,561,877 | 338,053,297 | 336,140,923 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ 0.31 | $ 0.44 | $ 0.91 | $ 1.09 |
Income Per Share Information 46
Income Per Share Information - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 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 | 1,972,360 | 743,638 | 1,704,848 | 743,638 |
Segments - Summarized Financial
Segments - Summarized Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,193,487 | $ 2,712,559 | $ 9,247,758 | $ 7,155,568 |
EBITDA | 284,555 | 326,577 | 847,068 | 869,725 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 91,807 | 114,094 | 277,924 | 318,371 |
EBITDA | 6,054 | 29,397 | 53,577 | 80,390 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16,499 | 18,617 | 51,163 | 45,312 |
EBITDA | 15,709 | 9,883 | 66,109 | 16,172 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,770,369 | 1,556,648 | 5,129,684 | 4,218,753 |
EBITDA | 186,274 | 197,379 | 568,019 | 581,397 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 956,492 | 737,863 | 2,765,825 | 1,817,601 |
EBITDA | 49,774 | 56,666 | 101,690 | 114,328 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 358,320 | 285,337 | 1,023,162 | 755,531 |
EBITDA | $ 26,744 | $ 33,252 | $ 57,673 | $ 77,438 |
Segments - EBITDA Calculation b
Segments - EBITDA Calculation by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | $ 104,163 | $ 149,123 | $ 307,998 | $ 367,089 |
Depreciation and amortization | 92,725 | 75,047 | 269,987 | 215,498 |
Write-off of financing costs on extinguished debt | 2,685 | |||
(Benefit of) provision for income taxes | 51,414 | 72,866 | 165,578 | 206,243 |
EBITDA | 284,555 | 326,577 | 847,068 | 869,725 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | 69,176 | 92,008 | 231,158 | 286,796 |
Depreciation and amortization | 62,545 | 47,209 | 186,342 | 134,750 |
Interest expense, net | 21,492 | 9,692 | 64,583 | 17,485 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Royalty and management service (income) expense | (3,138) | (2,703) | (23,295) | (9,668) |
(Benefit of) provision for income taxes | 36,199 | 51,173 | 109,231 | 149,349 |
EBITDA | 186,274 | 197,379 | 568,019 | 581,397 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | 23,524 | 24,535 | 19,278 | 24,921 |
Depreciation and amortization | 19,385 | 15,175 | 50,647 | 44,574 |
Interest expense, net | 4,078 | 10,834 | 11,916 | 33,656 |
Royalty and management service (income) expense | (2,992) | (1,452) | 685 | (4,313) |
(Benefit of) provision for income taxes | 5,779 | 7,574 | 19,164 | 15,490 |
EBITDA | 49,774 | 56,666 | 101,690 | 114,328 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | 11,576 | 16,665 | 14,068 | 29,643 |
Depreciation and amortization | 4,479 | 3,728 | 12,957 | 11,357 |
Interest expense, net | 1,250 | 800 | 1,292 | 2,689 |
Royalty and management service (income) expense | 5,277 | 3,581 | 19,629 | 11,342 |
(Benefit of) provision for income taxes | 4,162 | 8,478 | 9,727 | 22,407 |
EBITDA | 26,744 | 33,252 | 57,673 | 77,438 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | (7,830) | 10,717 | 7,635 | 18,546 |
Depreciation and amortization | 5,673 | 8,423 | 18,110 | 23,095 |
Interest expense, net | 7,611 | 8,060 | 23,124 | 23,562 |
Royalty and management service (income) expense | 853 | 574 | 2,981 | 2,639 |
(Benefit of) provision for income taxes | (253) | 1,623 | 1,727 | 12,548 |
EBITDA | 6,054 | 29,397 | 53,577 | 80,390 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net (loss) income attributable to CBRE Group, Inc. | 7,717 | 5,198 | 35,859 | 7,183 |
Depreciation and amortization | 643 | 512 | 1,931 | 1,722 |
Interest expense, net | 1,822 | 155 | 2,590 | 818 |
(Benefit of) provision for income taxes | 5,527 | 4,018 | 25,729 | 6,449 |
EBITDA | $ 15,709 | $ 9,883 | $ 66,109 | $ 16,172 |
Guarantor and Nonguarantor Fi49
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 446,346 | $ 540,403 | $ 440,357 | $ 740,884 |
Restricted cash | 70,755 | 72,764 | ||
Receivables, net | 2,399,161 | 2,471,740 | ||
Warehouse receivables | 1,642,394 | 1,767,107 | ||
Income taxes receivable | 88,560 | 59,331 | ||
Prepaid expenses | 195,179 | 172,922 | ||
Other current assets | 213,082 | 220,956 | ||
Total Current Assets | 5,055,477 | 5,305,223 | ||
Property and equipment, net | 550,779 | 529,823 | ||
Goodwill | 3,045,084 | 3,085,997 | ||
Other intangible assets, net | 1,414,831 | 1,450,469 | ||
Investments in unconsolidated subsidiaries | 249,883 | 217,943 | ||
Deferred tax assets, net | 106,349 | 135,252 | ||
Other assets, net | 354,367 | 293,236 | ||
Total Assets | 10,776,770 | 11,017,943 | ||
Accounts payable and accrued expenses | 1,365,528 | 1,484,119 | ||
Compensation and employee benefits payable | 741,194 | 705,070 | ||
Accrued bonus and profit sharing | 608,979 | 866,894 | ||
Income taxes payable | 46,866 | 82,194 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 1,619,091 | 1,750,781 | ||
Revolving credit facility | 83,000 | |||
Other | 16 | 16 | ||
Total short-term borrowings | 1,702,107 | 1,750,797 | ||
Current maturities of long-term debt | 45,027 | 34,428 | ||
Other current liabilities | 57,163 | 70,655 | ||
Total Current Liabilities | 4,566,864 | 4,994,157 | ||
Long-term debt, net | 2,614,898 | 2,645,111 | ||
Total Long-Term Debt, net | 2,614,898 | 2,645,111 | ||
Deferred tax liabilities, net | 85,355 | 100,361 | ||
Non-current tax liabilities | 91,767 | 88,667 | ||
Other liabilities | 436,383 | 430,577 | ||
Total Liabilities | 7,795,267 | 8,258,873 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,935,025 | 2,712,652 | ||
Non-controlling interests | 46,478 | 46,418 | ||
Total Equity | 2,981,503 | 2,759,070 | ||
Total Liabilities and Equity | 10,776,770 | 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 | (10,636,349) | (9,857,027) | ||
Intercompany loan receivable | (3,429,242) | (3,290,949) | ||
Deferred tax assets, net | (39,473) | (39,473) | ||
Total Assets | (14,105,064) | (13,219,726) | ||
Income taxes payable | (32,277) | |||
Total Current Liabilities | (32,277) | |||
Intercompany loan payable | (3,429,242) | (3,290,949) | ||
Total Long-Term Debt, net | (3,429,242) | (3,290,949) | ||
Deferred tax liabilities, net | (39,473) | (39,473) | ||
Total Liabilities | (3,468,715) | (3,362,699) | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | (10,636,349) | (9,857,027) | ||
Total Equity | (10,636,349) | (9,857,027) | ||
Total Liabilities and Equity | (14,105,064) | (13,219,726) | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 5 | 5 | 1 | 5 |
Income taxes receivable | 1,287 | 25,912 | ||
Total Current Assets | 1,292 | 25,917 | ||
Investments in consolidated subsidiaries | 4,104,563 | 3,699,642 | ||
Total Assets | 4,105,855 | 3,725,559 | ||
Intercompany loan payable | 1,170,830 | 1,012,907 | ||
Total Long-Term Debt, net | 1,170,830 | 1,012,907 | ||
Total Liabilities | 1,170,830 | 1,012,907 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,935,025 | 2,712,652 | ||
Total Equity | 2,935,025 | 2,712,652 | ||
Total Liabilities and Equity | 4,105,855 | 3,725,559 | ||
CBRE [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 12,487 | 8,479 | 5,827 | 18,262 |
Income taxes receivable | 1,043 | 6,365 | ||
Other current assets | 9,377 | 9,236 | ||
Total Current Assets | 22,907 | 24,080 | ||
Investments in consolidated subsidiaries | 4,103,473 | 3,796,841 | ||
Intercompany loan receivable | 2,729,242 | 2,590,949 | ||
Other assets, net | 23,521 | 22,055 | ||
Total Assets | 6,879,143 | 6,433,925 | ||
Accounts payable and accrued expenses | 7,351 | 31,616 | ||
Compensation and employee benefits payable | 626 | 626 | ||
Revolving credit facility | 83,000 | |||
Total short-term borrowings | 83,000 | |||
Current maturities of long-term debt | 45,000 | 34,375 | ||
Other current liabilities | 4,841 | 1,063 | ||
Total Current Liabilities | 140,818 | 67,680 | ||
Long-term debt, net | 2,614,889 | 2,645,101 | ||
Total Long-Term Debt, net | 2,614,889 | 2,645,101 | ||
Other liabilities | 18,873 | 21,502 | ||
Total Liabilities | 2,774,580 | 2,734,283 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 4,104,563 | 3,699,642 | ||
Total Equity | 4,104,563 | 3,699,642 | ||
Total Liabilities and Equity | 6,879,143 | 6,433,925 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 24,015 | 147,410 | 51,040 | 374,103 |
Restricted cash | 6,966 | 6,421 | ||
Receivables, net | 932,035 | 860,776 | ||
Warehouse receivables | 976,721 | 1,397,094 | ||
Income taxes receivable | 21,373 | 10,552 | ||
Prepaid expenses | 76,532 | 77,109 | ||
Other current assets | 62,490 | 62,386 | ||
Total Current Assets | 2,100,132 | 2,561,748 | ||
Property and equipment, net | 388,208 | 382,897 | ||
Goodwill | 1,647,160 | 1,626,618 | ||
Other intangible assets, net | 797,362 | 844,611 | ||
Investments in unconsolidated subsidiaries | 199,721 | 184,508 | ||
Investments in consolidated subsidiaries | 2,428,313 | 2,360,544 | ||
Intercompany loan receivable | 700,000 | 700,000 | ||
Deferred tax assets, net | 61,372 | 68,971 | ||
Other assets, net | 229,904 | 176,835 | ||
Total Assets | 8,552,172 | 8,906,732 | ||
Accounts payable and accrued expenses | 396,882 | 395,509 | ||
Compensation and employee benefits payable | 397,483 | 388,251 | ||
Accrued bonus and profit sharing | 361,649 | 479,106 | ||
Income taxes payable | 69,121 | |||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 969,180 | 1,388,033 | ||
Other | 16 | 16 | ||
Total short-term borrowings | 969,196 | 1,388,049 | ||
Other current liabilities | 40,047 | 31,474 | ||
Total Current Liabilities | 2,165,257 | 2,751,510 | ||
Intercompany loan payable | 1,949,876 | 2,043,433 | ||
Total Long-Term Debt, net | 1,949,876 | 2,043,433 | ||
Non-current tax liabilities | 91,350 | 87,483 | ||
Other liabilities | 242,216 | 227,465 | ||
Total Liabilities | 4,448,699 | 5,109,891 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 4,103,473 | 3,796,841 | ||
Total Equity | 4,103,473 | 3,796,841 | ||
Total Liabilities and Equity | 8,552,172 | 8,906,732 | ||
Nonguarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 409,839 | 384,509 | $ 383,489 | $ 348,514 |
Restricted cash | 63,789 | 66,343 | ||
Receivables, net | 1,467,126 | 1,610,964 | ||
Warehouse receivables | 665,673 | 370,013 | ||
Income taxes receivable | 64,857 | 48,779 | ||
Prepaid expenses | 118,647 | 95,813 | ||
Other current assets | 141,215 | 149,334 | ||
Total Current Assets | 2,931,146 | 2,725,755 | ||
Property and equipment, net | 162,571 | 146,926 | ||
Goodwill | 1,397,924 | 1,459,379 | ||
Other intangible assets, net | 617,469 | 605,858 | ||
Investments in unconsolidated subsidiaries | 50,162 | 33,435 | ||
Deferred tax assets, net | 84,450 | 105,754 | ||
Other assets, net | 100,942 | 94,346 | ||
Total Assets | 5,344,664 | 5,171,453 | ||
Accounts payable and accrued expenses | 961,295 | 1,056,994 | ||
Compensation and employee benefits payable | 343,085 | 316,193 | ||
Accrued bonus and profit sharing | 247,330 | 387,788 | ||
Income taxes payable | 46,866 | 45,350 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 649,911 | 362,748 | ||
Total short-term borrowings | 649,911 | 362,748 | ||
Current maturities of long-term debt | 27 | 53 | ||
Other current liabilities | 12,275 | 38,118 | ||
Total Current Liabilities | 2,260,789 | 2,207,244 | ||
Long-term debt, net | 9 | 10 | ||
Intercompany loan payable | 308,536 | 234,609 | ||
Total Long-Term Debt, net | 308,545 | 234,619 | ||
Deferred tax liabilities, net | 124,828 | 139,834 | ||
Non-current tax liabilities | 417 | 1,184 | ||
Other liabilities | 175,294 | 181,610 | ||
Total Liabilities | 2,869,873 | 2,764,491 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders' Equity | 2,428,313 | 2,360,544 | ||
Non-controlling interests | 46,478 | 46,418 | ||
Total Equity | 2,474,791 | 2,406,962 | ||
Total Liabilities and Equity | $ 5,344,664 | $ 5,171,453 |
Guarantor and Nonguarantor Fi50
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Sep. 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 Fi51
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 3,193,487 | $ 2,712,559 | $ 9,247,758 | $ 7,155,568 |
Cost of services | 2,252,783 | 1,773,660 | 6,520,629 | 4,552,411 |
Operating, administrative and other | 686,530 | 626,905 | 2,010,338 | 1,768,838 |
Depreciation and amortization | 92,725 | 75,047 | 269,987 | 215,498 |
Total costs and expenses | 3,032,038 | 2,475,612 | 8,800,954 | 6,536,747 |
Gain on disposition of real estate | 11,043 | 3,154 | 15,862 | 10,140 |
Operating (loss) income | 172,492 | 240,101 | 462,666 | 628,961 |
Equity income (loss) from unconsolidated subsidiaries | 24,672 | 17,242 | 116,902 | 39,386 |
Other income (loss) | 1,356 | (4,945) | 8,453 | (4,927) |
Interest income | 1,020 | 1,158 | 5,545 | 4,857 |
Interest expense | 37,273 | 30,699 | 109,050 | 83,067 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income before (benefit of) provision for income taxes | 162,267 | 222,857 | 484,516 | 582,525 |
(Benefit of) provision for income taxes | 51,414 | 72,866 | 165,578 | 206,243 |
Net income | 110,853 | 149,991 | 318,938 | 376,282 |
Less: Net income attributable to non-controlling interests | 6,690 | 868 | 10,940 | 9,193 |
Net income attributable to CBRE Group, Inc. | 104,163 | 149,123 | 307,998 | 367,089 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Interest income | (33,550) | (43,535) | (99,119) | (229,050) |
Interest expense | (33,550) | (43,535) | (99,119) | (229,050) |
Income from consolidated subsidiaries | (275,915) | (370,496) | (729,665) | (891,893) |
Income before (benefit of) provision for income taxes | (275,915) | (370,496) | (729,665) | (891,893) |
Net income | (275,915) | (370,496) | (729,665) | (891,893) |
Net income attributable to CBRE Group, Inc. | (275,915) | (370,496) | (729,665) | (891,893) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | 1,165 | 19,466 | 3,358 | 44,972 |
Total costs and expenses | 1,165 | 19,466 | 3,358 | 44,972 |
Operating (loss) income | (1,165) | (19,466) | (3,358) | (44,972) |
Income from consolidated subsidiaries | 104,881 | 160,973 | 310,069 | 394,820 |
Income before (benefit of) provision for income taxes | 103,716 | 141,507 | 306,711 | 349,848 |
(Benefit of) provision for income taxes | (447) | (7,616) | (1,287) | (17,241) |
Net income | 104,163 | 149,123 | 307,998 | 367,089 |
Net income attributable to CBRE Group, Inc. | 104,163 | 149,123 | 307,998 | 367,089 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | (158) | (9,499) | (1,584) | (16,421) |
Total costs and expenses | (158) | (9,499) | (1,584) | (16,421) |
Operating (loss) income | 158 | 9,499 | 1,584 | 16,421 |
Other income (loss) | 1 | 1 | ||
Interest income | 33,550 | 43,535 | 99,119 | 151,263 |
Interest expense | 34,809 | 29,857 | 103,425 | 157,559 |
Write-off of financing costs on extinguished debt | 2,685 | |||
Income from consolidated subsidiaries | 105,560 | 146,587 | 311,747 | 390,232 |
Income before (benefit of) provision for income taxes | 104,459 | 169,764 | 309,026 | 397,673 |
(Benefit of) provision for income taxes | (422) | 8,791 | (1,043) | 2,853 |
Net income | 104,881 | 160,973 | 310,069 | 394,820 |
Net income attributable to CBRE Group, Inc. | 104,881 | 160,973 | 310,069 | 394,820 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,611,836 | 1,467,392 | 4,751,526 | 3,966,854 |
Cost of services | 1,149,943 | 965,317 | 3,304,291 | 2,532,091 |
Operating, administrative and other | 353,420 | 322,593 | 1,061,778 | 908,592 |
Depreciation and amortization | 54,423 | 40,737 | 165,087 | 116,546 |
Total costs and expenses | 1,557,786 | 1,328,647 | 4,531,156 | 3,557,229 |
Gain on disposition of real estate | 3,087 | 3,659 | 3,228 | |
Operating (loss) income | 54,050 | 141,832 | 224,029 | 412,853 |
Equity income (loss) from unconsolidated subsidiaries | 24,287 | 16,346 | 114,504 | 40,258 |
Other income (loss) | 278 | 77 | (203) | 1,336 |
Interest income | 592 | 577 | 2,163 | 79,450 |
Interest expense | 24,921 | 28,456 | 74,331 | 104,231 |
Royalty and management service (income) expense | (2,972) | (400) | (26,740) | (4,266) |
Income from consolidated subsidiaries | 65,474 | 62,936 | 107,849 | 106,841 |
Income before (benefit of) provision for income taxes | 122,732 | 193,712 | 400,751 | 540,773 |
(Benefit of) provision for income taxes | 17,172 | 47,125 | 89,004 | 150,541 |
Net income | 105,560 | 146,587 | 311,747 | 390,232 |
Net income attributable to CBRE Group, Inc. | 105,560 | 146,587 | 311,747 | 390,232 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,581,651 | 1,245,167 | 4,496,232 | 3,188,714 |
Cost of services | 1,102,840 | 808,343 | 3,216,338 | 2,020,320 |
Operating, administrative and other | 332,103 | 294,345 | 946,786 | 831,695 |
Depreciation and amortization | 38,302 | 34,310 | 104,900 | 98,952 |
Total costs and expenses | 1,473,245 | 1,136,998 | 4,268,024 | 2,950,967 |
Gain on disposition of real estate | 11,043 | 67 | 12,203 | 6,912 |
Operating (loss) income | 119,449 | 108,236 | 240,411 | 244,659 |
Equity income (loss) from unconsolidated subsidiaries | 385 | 896 | 2,398 | (872) |
Other income (loss) | 1,078 | (5,022) | 8,655 | (6,264) |
Interest income | 428 | 581 | 3,382 | 3,194 |
Interest expense | 11,093 | 15,921 | 30,413 | 50,327 |
Royalty and management service (income) expense | 2,972 | 400 | 26,740 | 4,266 |
Income before (benefit of) provision for income taxes | 107,275 | 88,370 | 197,693 | 186,124 |
(Benefit of) provision for income taxes | 35,111 | 24,566 | 78,904 | 70,090 |
Net income | 72,164 | 63,804 | 118,789 | 116,034 |
Less: Net income attributable to non-controlling interests | 6,690 | 868 | 10,940 | 9,193 |
Net income attributable to CBRE Group, Inc. | $ 65,474 | $ 62,936 | $ 107,849 | $ 106,841 |
Guarantor and Nonguarantor Fi52
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 110,853 | $ 149,991 | $ 318,938 | $ 376,282 |
Foreign currency translation gain (loss) | (15,940) | (69,728) | (101,654) | (117,640) |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,720 | 1,873 | 5,196 | 5,477 |
Unrealized gains (losses) on interest rate swaps, net | 788 | (2,924) | (3,327) | (5,435) |
Unrealized holding gains (losses) on available for sale securities, net | 348 | (1,182) | 993 | (1,111) |
Other, net | 2 | (18) | (757) | |
Total other comprehensive income (loss) | (13,082) | (75,727) | (99,549) | (122,457) |
Comprehensive income (loss) | 97,771 | 74,264 | 219,389 | 253,825 |
Less: Comprehensive income attributable to non-controlling interests | 6,768 | 861 | 11,057 | 9,170 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 91,003 | 73,403 | 208,332 | 244,655 |
Elimination [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | (275,915) | (370,496) | (729,665) | (891,893) |
Comprehensive income (loss) | (275,915) | (370,496) | (729,665) | (891,893) |
Comprehensive income (loss) attributable to CBRE Group, Inc. | (275,915) | (370,496) | (729,665) | (891,893) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 104,163 | 149,123 | 307,998 | 367,089 |
Comprehensive income (loss) | 104,163 | 149,123 | 307,998 | 367,089 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 104,163 | 149,123 | 307,998 | 367,089 |
CBRE [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 104,881 | 160,973 | 310,069 | 394,820 |
Fees associated with termination of interest rate swaps, net of tax | (3,748) | (3,748) | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net | 1,720 | 1,873 | 5,196 | 5,477 |
Unrealized gains (losses) on interest rate swaps, net | 788 | (2,924) | (3,327) | (5,435) |
Total other comprehensive income (loss) | 2,508 | (4,799) | 1,869 | (3,706) |
Comprehensive income (loss) | 107,389 | 156,174 | 311,938 | 391,114 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 107,389 | 156,174 | 311,938 | 391,114 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 105,560 | 146,587 | 311,747 | 390,232 |
Unrealized holding gains (losses) on available for sale securities, net | 348 | (1,024) | 862 | (1,053) |
Other, net | (18) | (759) | ||
Total other comprehensive income (loss) | 348 | (1,042) | 103 | (1,053) |
Comprehensive income (loss) | 105,908 | 145,545 | 311,850 | 389,179 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | 105,908 | 145,545 | 311,850 | 389,179 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 72,164 | 63,804 | 118,789 | 116,034 |
Foreign currency translation gain (loss) | (15,940) | (69,728) | (101,654) | (117,640) |
Unrealized holding gains (losses) on available for sale securities, net | (158) | 131 | (58) | |
Other, net | 2 | 2 | ||
Total other comprehensive income (loss) | (15,938) | (69,886) | (101,521) | (117,698) |
Comprehensive income (loss) | 56,226 | (6,082) | 17,268 | (1,664) |
Less: Comprehensive income attributable to non-controlling interests | 6,768 | 861 | 11,057 | 9,170 |
Comprehensive income (loss) attributable to CBRE Group, Inc. | $ 49,458 | $ (6,943) | $ 6,211 | $ (10,834) |
Guarantor and Nonguarantor Fi53
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ (53,189) | $ 142,410 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (134,357) | (85,324) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired | (10,477) | (1,421,663) |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (22,066) | (103,140) |
Contributions to unconsolidated subsidiaries | (57,295) | (45,792) |
Distributions from unconsolidated subsidiaries | 119,539 | 42,738 |
Net proceeds from disposition of real estate held for investment | 44,326 | 3,584 |
Proceeds from the sale of servicing rights and other assets | 27,159 | 21,434 |
Increase in restricted cash | (1,623) | (41,864) |
Purchase of available for sale securities | (31,413) | (31,919) |
Proceeds from the sale of available for sale securities | 29,560 | 33,063 |
Other investing activities, net | (2,974) | (3,063) |
Net cash used in investing activities | (39,621) | (1,631,946) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior term loans | (23,125) | (651,863) |
Proceeds from revolving credit facility | 2,195,000 | 2,107,500 |
Repayment of revolving credit facility | (2,112,000) | (1,711,512) |
Proceeds from issuance of 4.875% senior notes, net | 595,440 | |
Proceeds from notes payable on real estate held for investment | 7,274 | |
Repayment of notes payable on real estate held for investment | (33,516) | (1,173) |
Proceeds from notes payable on real estate held for sale and under development | 15,110 | 12,584 |
Proceeds from short-term borrowings and other loans, net | 15,862 | |
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 | (483) | 15,862 |
Shares repurchased for payment of taxes on equity awards | (27,796) | (24,517) |
Proceeds from exercise of stock options | 915 | 6,755 |
Incremental tax benefit from stock options exercised | 2,270 | |
Non-controlling interest contributions | 1,478 | 4,691 |
Non-controlling interest distributions | (12,800) | (13,595) |
Payment of financing costs | (5,601) | (30,130) |
Other financing activities, net | (1,193) | (2,142) |
Net cash (used in) provided by financing activities | (839) | 1,210,170 |
Effect of currency exchange rate changes on cash and cash equivalents | (408) | (21,161) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (94,057) | (300,527) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 540,403 | 740,884 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 446,346 | 440,357 |
Cash paid during the period for: | ||
Interest | 118,272 | 80,822 |
Income taxes, net | 225,129 | 210,634 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 65,900 | 31,155 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares repurchased for payment of taxes on equity awards | (27,796) | (24,517) |
Proceeds from exercise of stock options | 915 | 6,755 |
Incremental tax benefit from stock options exercised | 2,270 | |
(Increase) decrease in intercompany receivables, net | (39,019) | (15,667) |
Net cash (used in) provided by financing activities | (65,900) | (31,159) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4) | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 5 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 5 | 1 |
CBRE [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (9,453) | (13,282) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from senior term loans | 900,000 | |
Repayment of senior term loans | (23,125) | (651,863) |
Proceeds from revolving credit facility | 2,195,000 | 2,107,500 |
Repayment of revolving credit facility | (2,112,000) | (1,707,000) |
Proceeds from issuance of 4.875% senior notes, net | 595,440 | |
Payment of financing costs | (5,460) | (30,046) |
(Increase) decrease in intercompany receivables, net | (40,954) | (1,213,184) |
Net cash (used in) provided by financing activities | 13,461 | 847 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,008 | (12,435) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 8,479 | 18,262 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 12,487 | 5,827 |
Cash paid during the period for: | ||
Interest | 115,698 | 79,527 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (80,074) | 106,066 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (81,359) | (45,646) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired | 3,256 | (730,307) |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (1,249) | (94,498) |
Contributions to unconsolidated subsidiaries | (36,693) | (44,279) |
Distributions from unconsolidated subsidiaries | 116,072 | 37,876 |
Proceeds from the sale of servicing rights and other assets | 11,982 | 9,512 |
Increase in restricted cash | (545) | (6,329) |
Purchase of available for sale securities | (31,413) | (31,919) |
Proceeds from the sale of available for sale securities | 29,560 | 33,063 |
Other investing activities, net | (1,305) | (1,290) |
Net cash used in investing activities | 8,306 | (873,817) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Increase) decrease in intercompany receivables, net | (50,454) | 446,801 |
Other financing activities, net | (1,173) | (2,113) |
Net cash (used in) provided by financing activities | (51,627) | 444,688 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (123,395) | (323,063) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 147,410 | 374,103 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 24,015 | 51,040 |
Cash paid during the period for: | ||
Interest | 83 | |
Income taxes, net | 123,231 | 126,421 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (29,562) | 18,471 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (52,998) | (39,678) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired | (13,733) | (691,356) |
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired | (20,817) | (8,642) |
Contributions to unconsolidated subsidiaries | (20,602) | (1,513) |
Distributions from unconsolidated subsidiaries | 3,467 | 4,862 |
Net proceeds from disposition of real estate held for investment | 44,326 | 3,584 |
Proceeds from the sale of servicing rights and other assets | 15,177 | 11,922 |
Increase in restricted cash | (1,078) | (35,535) |
Other investing activities, net | (1,669) | (1,773) |
Net cash used in investing activities | (47,927) | (758,129) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of revolving credit facility | (4,512) | |
Proceeds from notes payable on real estate held for investment | 7,274 | |
Repayment of notes payable on real estate held for investment | (33,516) | (1,173) |
Proceeds from notes payable on real estate held for sale and under development | 15,110 | 12,584 |
Proceeds from short-term borrowings and other loans, net | 15,862 | |
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 | (483) | |
Non-controlling interest contributions | 1,478 | 4,691 |
Non-controlling interest distributions | (12,800) | (13,595) |
Payment of financing costs | (141) | (84) |
(Increase) decrease in intercompany receivables, net | 130,427 | 782,050 |
Other financing activities, net | (20) | (29) |
Net cash (used in) provided by financing activities | 103,227 | 795,794 |
Effect of currency exchange rate changes on cash and cash equivalents | (408) | (21,161) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 25,330 | 34,975 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 384,509 | 348,514 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 409,839 | 383,489 |
Cash paid during the period for: | ||
Interest | 2,574 | 1,212 |
Income taxes, net | $ 101,898 | $ 84,213 |
Guarantor and Nonguarantor Fi54
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) - 4.875% Senior Notes [Member] | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Debt instrument, interest rate | 4.875% | 4.875% | |
CBRE [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Debt instrument, interest rate | 4.875% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Nov. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 27, 2016 |
Subsequent Event [Line Items] | ||||
Repayment of senior term loans | $ 23,125,000 | $ 651,863,000 | ||
2015 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of senior term loans | $ 101,900,000 | |||
Tranche A term loan facility [Member] | 2015 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of senior term loans | 59,400,000 | |||
Tranche B-1 term loan facility [Member] | 2015 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of senior term loans | 28,700,000 | |||
Tranche B-2 term loan facility [Member] | 2015 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of senior term loans | $ 13,800,000 | |||
Class A Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Authorized share repurchase term | 3 years | |||
Class A Common Stock [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Authorized share repurchase amount | $ 250,000,000 |