Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CBG | |
Entity Registrant Name | CBRE GROUP, INC. | |
Entity Central Index Key | 1,138,118 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 337,935,219 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 535,681 | $ 762,576 |
Restricted cash | 74,720 | 68,836 |
Receivables, less allowance for doubtful accounts of $46,221 and $39,469 at June 30, 2017 and December 31, 2016, respectively | 2,653,346 | 2,605,602 |
Warehouse receivables | 1,069,889 | 1,276,047 |
Income taxes receivable | 55,593 | 45,626 |
Prepaid expenses | 235,717 | 184,107 |
Other current assets | 199,390 | 179,656 |
Total Current Assets | 4,824,336 | 5,122,450 |
Property and equipment, net | 556,480 | 560,756 |
Goodwill | 3,095,980 | 2,981,392 |
Other intangible assets, net of accumulated amortization of $884,737 and $771,673 at June 30, 2017 and December 31, 2016, respectively | 1,398,757 | 1,411,039 |
Investments in unconsolidated subsidiaries | 246,715 | 232,238 |
Deferred tax assets, net | 96,272 | 105,324 |
Other assets, net | 387,678 | 366,388 |
Total Assets | 10,606,218 | 10,779,587 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,427,401 | 1,446,438 |
Compensation and employee benefits payable | 673,510 | 772,922 |
Accrued bonus and profit sharing | 543,982 | 890,321 |
Income taxes payable | 41,796 | 58,351 |
Short-term borrowings: | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 1,054,970 | 1,254,653 |
Other | 16 | 16 |
Total short-term borrowings | 1,054,986 | 1,254,669 |
Current maturities of long-term debt | 11 | 11 |
Other current liabilities | 55,864 | 102,717 |
Total Current Liabilities | 3,797,550 | 4,525,429 |
Long-term debt, net of current maturities | 2,550,404 | 2,548,126 |
Deferred tax liabilities, net | 96,780 | 70,719 |
Non-current tax liabilities | 32,427 | 54,042 |
Other liabilities | 546,031 | 524,026 |
Total Liabilities | 7,023,192 | 7,722,342 |
Commitments and contingencies | ||
CBRE Group, Inc. Stockholders’ Equity: | ||
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 337,929,771 and 337,279,449 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 3,379 | 3,373 |
Additional paid-in capital | 1,199,559 | 1,145,226 |
Accumulated earnings | 2,983,668 | 2,656,906 |
Accumulated other comprehensive loss | (646,913) | (791,018) |
Total CBRE Group, Inc. Stockholders’ Equity | 3,539,693 | 3,014,487 |
Non-controlling interests | 43,333 | 42,758 |
Total Equity | 3,583,026 | 3,057,245 |
Total Liabilities and Equity | $ 10,606,218 | $ 10,779,587 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 46,221 | $ 39,469 |
Other intangible assets, accumulated amortization | $ 884,737 | $ 771,673 |
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 | 337,929,771 | 337,279,449 |
Class A common stock, shares outstanding | 337,929,771 | 337,279,449 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,342,215 | $ 3,207,537 | $ 6,323,419 | $ 6,054,271 |
Costs and expenses: | ||||
Cost of services | 2,318,562 | 2,254,233 | 4,405,641 | 4,267,846 |
Operating, administrative and other | 712,374 | 680,442 | 1,318,605 | 1,323,808 |
Depreciation and amortization | 100,386 | 90,268 | 194,423 | 177,262 |
Total costs and expenses | 3,131,322 | 3,024,943 | 5,918,669 | 5,768,916 |
Gain on disposition of real estate | 11,298 | 12,683 | 4,819 | |
Operating income | 222,191 | 182,594 | 417,433 | 290,174 |
Equity income from unconsolidated subsidiaries | 75,384 | 34,929 | 90,402 | 92,230 |
Other income | 3,186 | 3,882 | 7,301 | 7,097 |
Interest income | 1,427 | 3,066 | 3,838 | 4,525 |
Interest expense | 35,430 | 36,987 | 69,440 | 71,777 |
Income before provision for income taxes | 266,758 | 187,484 | 449,534 | 322,249 |
Provision for income taxes | 68,362 | 64,039 | 119,635 | 114,164 |
Net income | 198,396 | 123,445 | 329,899 | 208,085 |
Less: Net income attributable to non- controlling interests | 1,231 | 1,777 | 3,137 | 4,250 |
Net income attributable to CBRE Group, Inc. | $ 197,165 | $ 121,668 | $ 326,762 | $ 203,835 |
Basic income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.59 | $ 0.36 | $ 0.97 | $ 0.61 |
Weighted average shares outstanding for basic income per share | 336,975,149 | 335,076,746 | 336,941,681 | 334,534,841 |
Diluted income per share: | ||||
Net income per share attributable to CBRE Group, Inc. | $ 0.58 | $ 0.36 | $ 0.96 | $ 0.60 |
Weighted average shares outstanding for diluted income per share | 340,882,603 | 338,080,641 | 340,214,246 | 337,797,887 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 198,396 | $ 123,445 | $ 329,899 | $ 208,085 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 88,347 | (102,308) | 139,436 | (85,714) |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,380 | 1,733 | 2,888 | 3,476 |
Unrealized (losses) gains on interest rate swaps, net of tax | (217) | (1,206) | 77 | (4,115) |
Unrealized holding gains on available for sale securities, net of tax | 977 | 1,574 | 1,900 | 645 |
Other, net | (10) | (702) | (16) | (759) |
Total other comprehensive income (loss) | 90,477 | (100,909) | 144,285 | (86,467) |
Comprehensive income | 288,873 | 22,536 | 474,184 | 121,618 |
Less: Comprehensive income attributable to non-controlling interests | 1,390 | 1,694 | 3,317 | 4,289 |
Comprehensive income attributable to CBRE Group, Inc. | $ 287,483 | $ 20,842 | $ 470,867 | $ 117,329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 329,899 | $ 208,085 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 194,423 | 177,262 |
Amortization of financing costs | 4,912 | 5,204 |
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets | (80,893) | (73,404) |
Net realized and unrealized gains from investments | (7,301) | (7,097) |
Equity income from unconsolidated subsidiaries | (90,402) | (92,230) |
Provision for doubtful accounts | 5,578 | 4,926 |
Compensation expense for equity awards | 48,283 | 28,554 |
Proceeds from sale of mortgage loans | 7,071,928 | 6,748,833 |
Origination of mortgage loans | (6,848,102) | (5,821,981) |
Decrease in warehouse lines of credit | (199,683) | (911,486) |
Distribution of earnings from unconsolidated subsidiaries | 12,981 | 14,544 |
Tenant concessions received | 7,436 | 2,339 |
Purchase of trading securities | (43,525) | (57,985) |
Proceeds from sale of trading securities | 34,476 | 62,497 |
Decrease in receivables | 60,947 | 71,666 |
Increase in prepaid expenses and other assets | (88,576) | (74,672) |
Decrease in real estate held for sale and under development | 9,787 | 4,440 |
Decrease in accounts payable and accrued expenses | (55,029) | (111,699) |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing | (487,997) | (332,454) |
Increase in income taxes receivable/payable | (47,384) | (53,095) |
(Decrease) increase in other liabilities | (7,067) | 21,122 |
Other operating activities, net | (15,428) | (23,386) |
Net cash used in operating activities | (190,737) | (210,017) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (59,863) | (79,058) |
Acquisition of businesses (other than Global Workplace Solutions (GWS)), including net assets acquired, intangibles and goodwill, net of cash acquired | (40,452) | (16,569) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill | (21,900) | |
Contributions to unconsolidated subsidiaries | (32,660) | (27,431) |
Distributions from unconsolidated subsidiaries | 96,941 | 93,912 |
Increase in restricted cash | (3,022) | (478) |
Purchase of available for sale securities | (19,734) | (23,984) |
Proceeds from the sale of available for sale securities | 17,277 | 22,061 |
Other investing activities, net | 2,608 | 13,929 |
Net cash used in investing activities | (38,905) | (39,518) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of senior term loans | (14,375) | |
Proceeds from revolving credit facility | 911,000 | 1,356,000 |
Repayment of revolving credit facility | (911,000) | (1,200,000) |
Proceeds from notes payable on real estate held for sale and under development | 2,137 | 13,315 |
Repayment of notes payable on real estate held for sale and under development | (9,189) | (4,102) |
Units repurchased for payment of taxes on equity awards | (1,900) | (5,112) |
Non-controlling interest contributions | 1,941 | 821 |
Non-controlling interest distributions | (3,904) | (3,517) |
Payment of financing costs | (5,529) | |
Other financing activities, net | (3,666) | 3,987 |
Net cash (used in) provided by financing activities | (14,581) | 141,488 |
Effect of currency exchange rate changes on cash and cash equivalents | 17,328 | (588) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (226,895) | (108,635) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 762,576 | 540,403 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 535,681 | 431,768 |
Cash paid during the period for: | ||
Interest | 59,490 | 63,420 |
Income taxes, net | $ 163,885 | $ 160,353 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2017 - 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, 2016 | $ 3,057,245 | $ 3,373 | $ 1,145,226 | $ 2,656,906 | $ (791,018) | $ 42,758 |
Net income | 329,899 | 326,762 | 3,137 | |||
Non-cash issuance of common stock related to acquisition | 7,589 | 5 | 7,586 | (2) | ||
Compensation expense for equity awards | 48,283 | 48,283 | ||||
Units repurchased for payment of taxes on equity awards | (1,900) | (1,900) | ||||
Foreign currency translation gain | 139,436 | 139,256 | 180 | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 2,888 | 2,888 | ||||
Unrealized gains on interest rate swaps, net of tax | 77 | 77 | ||||
Unrealized holding gains on available for sale securities, net of tax | 1,900 | 1,900 | ||||
Contributions from non- controlling interests | 1,941 | 1,941 | ||||
Distributions to non- controlling interests | (3,904) | (3,904) | ||||
Other | (428) | 1 | 364 | (14) | (779) | |
Ending balance at Jun. 30, 2017 | $ 3,583,026 | $ 3,379 | $ 1,199,559 | $ 2,983,668 | $ (646,913) | $ 43,333 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016, which are included in our 2016 Annual Report on Form 10-K (2016 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 2016 financial statements to conform with the 2017 presentation. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2017. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” Recent Accounting Pronouncements Pending Adoption The FASB has recently issued five ASUs related to revenue recognition (“new revenue recognition guidance”), all of which will 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);” n March 2016, ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net);” (3) in “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” (4) in “ Revenue from Contracts with Customers (Topic 606): Narrow-scope Improvements and Practical Expedients;” and (5) in December 2016, ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers.” ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. clarifies guidance in certain narrow areas and adds some practical expedients. We plan to adopt the new revenue recognition guidance in the first quarter of 2018 using the retrospective transition method. We continue to evaluate the impact that adoption of these updates will have on our consolidated financial statements and related disclosures. Based on our initial assessment, the impact of the application of the new revenue recognition guidance will likely result in an acceleration of some revenues that are based, in part, on future contingent events. For example, some brokerage revenues from leasing commissions in various countries where we operate will get recognized earlier. Under current GAAP, a portion of these commissions are deferred until a future contingency is resolved (e.g., tenant move-in or payment of first month’s rent). Under the new revenue guidance, the company’s performance obligation will be typically satisfied at lease signing and therefore the portion of the commission that is contingent on a future event will likely be recognized earlier if deemed not subject to significant reversal. We continue to evaluate the impact of updated principal versus agent guidance on our consolidated financial statements in relation to third-party costs which are billed to clients in association with facilities management and project management services. While our assessment is still ongoing, we anticipate that a significant amount of additional contracts will be accounted for on a gross basis, resulting in a significant gross up of third-party costs as compared to our current presentation, with no impact on profitability. This is driven by a change in the indicators used to assess if we control these third-party service providers. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) In 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.” In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” In February 2017, the FASB issued ASU 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.” In July 2017, the FASB issued ASU 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” |
Warehouse Receivables & Warehou
Warehouse Receivables & Warehouse Lines of Credit | 6 Months Ended |
Jun. 30, 2017 | |
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] | |
Warehouse Receivables & Warehouse Lines of Credit | 3. Warehouse Receivables & Warehouse Lines of Credit Our wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. Loans funded from the warehouse lines of credit are generally repaid within a one-month period, on average, when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Such loans are funded at the prevailing market rates. The warehouse lines of credit are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. We elect the fair value option for all warehouse receivables. At June 30, 2017 and December 31, 2016, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage-backed securities that will be secured by the underlying loans. A rollforward of our warehouse receivables is as follows (dollars in thousands): Beginning balance at January 1, 2017 $ 1,276,047 Origination of mortgage loans 6,848,102 Gains (premiums on loan sales) 21,460 Sale of mortgage loans (7,050,468 ) Cash collections of premiums on loan sales (21,460 ) Proceeds from sale of mortgage loans (7,071,928 ) Net decrease in mortgage servicing rights included in warehouse receivables (3,792 ) Ending balance at June 30, 2017 $ 1,069,889 The following table is a summary of our warehouse lines of credit in place as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Maximum Maximum Lender Current Maturity Pricing Facility Size Carrying Value Facility Size Carrying Value JP Morgan Chase Bank, N.A. (JP Morgan) (1) 2/28/2017 daily one-month LIBOR plus 1.45% $ - $ - $ 300,000 $ 275,945 JP Morgan 10/23/2017 daily one-month LIBOR plus 1.45% 800,000 400,178 700,000 - JP Morgan 10/23/2017 daily one-month LIBOR plus 2.75% 25,000 1,433 25,000 3,768 Bank of America (BofA) (1) 1/30/2017 daily one-month LIBOR plus 1.60% - - 300,000 300,000 BofA 6/5/2018 daily one-month LIBOR plus 1.40% 225,000 127,437 200,000 18,555 Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (1) 1/17/2017 daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35% - - 200,000 200,000 Fannie Mae ASAP Program Cancelable anytime daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35% 450,000 75,293 450,000 111,160 TD Bank, N.A. (TD Bank) (1) 2/28/2017 daily one-month LIBOR plus 1.35% - - 375,000 154,032 TD Bank 6/30/2018 daily one-month LIBOR plus 1.25% 400,000 320,074 400,000 - Capital One, N.A. (Capital One) (1) 1/23/2017 daily one-month LIBOR plus 1.45% - - 250,000 191,193 Capital One (2) 7/27/2017 daily one-month LIBOR plus 1.45% 200,000 130,555 200,000 - $ 2,100,000 $ 1,054,970 $ 3,400,000 $ 1,254,653 (1) Temporary facility to accommodate year-end volume. (2) On July 27, 2017, this agreement was amended to extend the maturity date to July 27, 2018 and reduce the interest rate to daily one-month LIBOR plus 1.40%. During the six months ended June 30, 2017, we had a maximum of $1.7 billion of warehouse lines of credit principal outstanding. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Variable Interest Entities (VIEs) | 4 . Variable Interest Entities (VIEs) We hold variable interests in certain VIEs in our Global Investment Management and Development Services segments which are not consolidated as it was determined that we are not the primary beneficiary. Our involvement with these entities is in the form of equity co-investments and fee arrangements. As of June 30, 2017 and December 31, 2016, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, December 31, 2017 2016 Investments in unconsolidated subsidiaries $ 29,668 $ 31,041 Co-investment commitments $ 4,868 $ 168 Other current assets 3,496 3,314 Maximum exposure to loss $ 38,032 $ 34,523 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The “Fair Value Measurements and Disclosures” • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There were no significant transfers in or out of Level 1 and Level 2 during the three and six months ended June 30, 2017 and 2016. 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 2016 Annual Report. The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 (dollars in thousands): As of June 30, 2017 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 7,273 $ — $ — $ 7,273 Debt securities issued by U.S. federal agencies — 4,768 — 4,768 Corporate debt securities — 19,191 — 19,191 Asset-backed securities — 2,546 — 2,546 Collateralized mortgage obligations — 2,038 — 2,038 Total debt securities 7,273 28,543 — 35,816 Equity securities 26,414 — — 26,414 Total available for sale securities 33,687 28,543 — 62,230 Trading securities 67,907 — — 67,907 Warehouse receivables — 1,069,889 — 1,069,889 Total assets at fair value $ 101,594 $ 1,098,432 $ — $ 1,200,026 Liabilities Interest rate swaps $ — $ 8,569 $ — $ 8,569 Securities sold, not yet purchased 2,823 — — 2,823 Foreign currency exchange forward contracts - 59 — 59 Total liabilities at fair value $ 2,823 $ 8,628 $ — $ 11,451 As of December 31, 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 $ 8,485 $ — $ — $ 8,485 Debt securities issued by U.S. federal agencies — 5,046 — 5,046 Corporate debt securities — 17,094 — 17,094 Asset-backed securities — 2,695 — 2,695 Collateralized mortgage obligations — 1,010 — 1,010 Total debt securities 8,485 25,845 — 34,330 Equity securities 22,744 — — 22,744 Total available for sale securities 31,229 25,845 — 57,074 Trading securities 52,629 — — 52,629 Warehouse receivables — 1,276,047 — 1,276,047 Foreign currency exchange forward contracts — 1,471 — 1,471 Total assets at fair value $ 83,858 $ 1,303,363 $ — $ 1,387,221 Liabilities Interest rate swaps $ — $ 13,162 $ — $ 13,162 Securities sold, not yet purchased 3,591 — — 3,591 Total liabilities at fair value $ 3,591 $ 13,162 $ — $ 16,753 There were no significant non-recurring fair value measurements recorded during the three and six months ended June 30, 2017 and 2016. FASB ASC Topic 825, “Financial Instruments” • Cash and Cash Equivalents and – These balances include cash and cash equivalents as well as restricted cash with maturities of less than three months. The carrying amount approximates fair value due to the short-term maturities of these instruments. • Receivables, less Allowance for Doubtful Accounts – Due to their short-term nature, fair value approximates carrying value. • Warehouse Receivables – These balances are carried at fair value based on market prices at the balance sheet date. • Trading and – These investments are carried at their fair value. • Foreign Currency Exchange Forward Contracts – These assets and liabilities are carried at their fair value as calculated by using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. • Securities Sold, not yet Purchased – These liabilities are carried at their fair value. • Short-Term Borrowings – The majority of this balance represents outstanding amounts under our warehouse lines of credit of our wholly-owned subsidiary, CBRE Capital Markets. Due to the short-term nature and variable interest rates of these instruments, fair value approximates carrying value (see Notes 3 and 7). • Senior Term Loans – Based upon information from third-party banks (which falls within Level 2 of the fair value hierarchy), the estimated fair value of our senior term loans was approximately $750.4 million at June 30, 2017 and $751.4 million at December 31, 2016. Their actual carrying value, net of unamortized debt issuance costs, totaled $745.5 million and $744.3 million at June 30, 2017 and December 31, 2016, respectively (see Note 7). • Interest Rate Swaps – These liabilities are carried at their fair value as calculated by using widely-accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. • Senior Notes – Based on dealers’ quotes (which falls within Level 2 of the fair value hierarchy), the estimated fair values of our 5.00% senior notes, 4.875% senior notes and 5.25% senior notes were $840.4 million, $642.2 million and $465.2 million, respectively, at June 30, 2017 and $827.6 million, $607.0 million and $439.3 million, respectively, at December 31, 2016. The actual carrying value of our 5.00% senior notes, 4.875% senior notes and 5.25% senior notes, net of unamortized debt issuance costs, totaled $791.1 million, $591.6 million and $422.3 million, respectively, at June 30, 2017 and $790.4 million, $591.2 million and $422.2 million, respectively, at December 31, 2016. |
Investments in Unconsolidated S
Investments in Unconsolidated Subsidiaries | 6 Months Ended |
Jun. 30, 2017 | |
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 50.0% 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Global Investment Management Revenue $ 237,907 $ 252,301 $ 505,058 $ 484,904 Operating income $ 76,410 $ 61,755 $ 91,888 $ 62,378 Net income $ 60,307 $ 87,747 $ 64,397 $ 65,872 Development Services Revenue $ 27,477 $ 18,418 $ 49,003 $ 31,076 Operating income $ 157,296 $ 37,199 $ 177,857 $ 158,109 Net income $ 150,055 $ 31,631 $ 166,152 $ 150,092 Other Revenue $ 44,145 $ 38,263 $ 70,003 $ 66,514 Operating income $ 8,800 $ 8,106 $ 10,979 $ 14,288 Net income $ 11,510 $ 8,176 $ 13,658 $ 14,370 Total Revenue $ 309,529 $ 308,982 $ 624,064 $ 582,494 Operating income $ 242,506 $ 107,060 $ 280,724 $ 234,775 Net income $ 221,872 $ 127,554 $ 244,207 $ 230,334 |
Long-Term Debt and Short-Term B
Long-Term Debt and Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Short-Term Borrowings | 7 . Long-Term Debt and Short-Term Borrowings Long-Term Debt Long-term debt consists of the following (dollars in thousands): June 30, December 31, 2017 2016 Senior term loans, with interest ranging from 1.77% to 2.65%, due quarterly through 2022 $ 751,876 $ 751,875 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 596,090 595,912 5.25% senior notes due in 2025, net of unamortized premium 426,409 426,500 Other 11 14 Total long-term debt 2,574,386 2,574,301 Less: current maturities of long-term debt (11 ) (11 ) Less: unamortized debt issuance costs (23,971 ) (26,164 ) Total long-term debt, net of current maturities $ 2,550,404 $ 2,548,126 On January 9, 2015, CBRE Services, Inc. (CBRE Services), our wholly-owned subsidiary, entered into an amended and restated credit agreement (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, CBRE Services executed an amendment to the 2015 Credit Agreement that, among other things, extended the maturity on the revolving credit facility to March 2021 and increased the borrowing capacity under the revolving credit facility by $200.0 million. Our 2015 Credit Agreement is an unsecured credit facility that is jointly and severally guaranteed by us and substantially all of our material domestic subsidiaries. As of June 30, 2017, the 2015 Credit Agreement provided for the following: (1) a $2.8 billion revolving credit facility, which includes the capacity to obtain letters of credit and swingline loans and matures on March 21, 2021; (2) a $500.0 million tranche A term loan facility requiring quarterly principal payments, which began on June 30, 2015 and continue through maturity on January 9, 2020; (3) a $270.0 million tranche B-1 term loan facility requiring quarterly principal payments, which began on December 31, 2015 and continue through maturity on September 3, 2020; and (4) a $130.0 million tranche B-2 term loan facility requiring quarterly principal payments, which began on December 31, 2015 and continue through maturity on September 3, 2022. Our 2015 Credit Agreement contains 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 13.70x for the trailing twelve months ended June 30, 2017, and our leverage ratio of total debt less available cash to EBITDA was 1.24x as of June 30, 2017. 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 create or permit liens on assets securing indebtedness, entering into sale/leaseback transactions and entering into consolidations or mergers. Short-Term Borrowings Revolving Credit Facility As of June 30, 2017, letters of credit totaling $2.0 million were outstanding under our revolving credit facility under our 2015 Credit Agreement. These letters of credit, which reduce the amount we may borrow under our revolving credit facility, were primarily issued in the ordinary course of business. As of June 30, 2017 and December 31, 2016, no amounts were outstanding under our revolving credit facility other than these 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 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. See Note 3 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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 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 $17.9 billion at June 30, 2017. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of June 30, 2017 and December 31, 2016, CBRE MCI had a $53.0 million and a $45.0 million, respectively, letter of credit under this reserve arrangement, and had provided approximately $30.2 million and $28.2 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 $593.1 million (including $364.7 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at June 30, 2017. CBRE Capital Markets participates in Freddie Mac’s Multifamily Small Balance Loan (SBL) Program. Under the SBL program, CBRE Capital Markets has certain repurchase and loss reimbursement obligations. These obligations are for the period from origination of the loan to the securitization date. CBRE Capital Markets must post a cash reserve or other acceptable collateral to provide for sufficient capital in the event the obligations are triggered. As of June 30, 2017, CBRE Capital Markets had posted a $5.0 million letter of credit under this reserve arrangement. We had outstanding letters of credit totaling $64.2 million as of June 30, 2017, 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 letters of credit totaling $58.0 million as of June 30, 2017 referred to in the preceding paragraphs represented the majority of the $64.2 million outstanding letters of credit as of such date. The remaining letters of credit are primarily executed by us in the ordinary course of business and expire at varying dates through June 2018. We had guarantees totaling $57.9 million as of June 30, 2017, 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 $57.9 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 June 30, 2017, we had issued numerous non-recourse carveout, completion and budget guarantees relating to development projects for the benefit of third parties. These guarantees are commonplace in our industry and are made by us in the ordinary course of our Development Services business. Non-recourse carveout guarantees generally require that our project-entity borrower not commit specified improper acts, with us potentially liable for all or a portion of such entity’s indebtedness or other damages suffered by the lender if those acts occur. Completion and budget guarantees generally require us to complete construction of the relevant project within a specified timeframe and/or within a specified budget, with us potentially being liable for costs to complete in excess of such timeframe or budget. However, we generally use “guaranteed maximum price” contracts with reputable, bondable general contractors with respect to projects for which we provide these guarantees. These contracts are intended to pass the risk to such contractors. While there can be no assurance, we do not expect to incur any material losses under these guarantees. An important part of the strategy for our Global Investment Management business involves investing our capital in certain real estate investments with our clients. These co-investments generally total up to 2.0% of the equity in a particular fund. As of June 30, 2017, we had aggregate commitments of $23.3 million to fund future co-investments. Additionally, an important part of our Development Services business strategy is to invest in unconsolidated real estate subsidiaries as a principal (in most cases co-investing with our clients). As of June 30, 2017, we had committed to fund $22.8 million of additional capital to these unconsolidated subsidiaries. |
Income Per Share Information
Income Per Share Information | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 197,165 $ 121,668 $ 326,762 $ 203,835 Weighted average shares outstanding for basic income per share 336,975,149 335,076,746 336,941,681 334,534,841 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.59 $ 0.36 $ 0.97 $ 0.61 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 197,165 $ 121,668 $ 326,762 $ 203,835 Weighted average shares outstanding for basic income per share 336,975,149 335,076,746 336,941,681 334,534,841 Dilutive effect of contingently issuable shares 3,905,498 2,976,165 3,267,556 3,226,936 Dilutive effect of stock options 1,956 27,730 5,009 36,110 Weighted average shares outstanding for diluted income per share 340,882,603 338,080,641 340,214,246 337,797,887 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.58 $ 0.36 $ 0.96 $ 0.60 For the three and six months ended June 30, 2017, 1,317,651 and 2,037,886, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. For the three and six months ended June 30, 2016, 1,536,189 and 1,553,158, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, 2017 2016 (1) 2017 2016 (1) Revenue Americas $ 1,856,887 $ 1,780,389 $ 3,549,533 $ 3,368,264 EMEA 954,734 953,918 1,798,922 1,794,265 Asia Pacific 420,628 359,602 761,773 670,961 Global Investment Management 92,763 95,737 182,329 186,117 Development Services 17,203 17,891 30,862 34,664 Total revenue $ 3,342,215 $ 3,207,537 $ 6,323,419 $ 6,054,271 Adjusted EBITDA Americas $ 230,409 $ 227,411 $ 450,809 $ 414,625 EMEA 68,577 59,854 102,441 87,665 Asia Pacific 43,200 28,235 63,481 41,103 Global Investment Management 23,910 26,426 49,769 49,341 Development Services 46,453 18,525 49,257 50,400 Total Adjusted EBITDA $ 412,549 $ 360,451 $ 715,757 $ 643,134 (1) In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results. Adjusted EBITDA is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost-elimination expenses and certain carried interest incentive compensation reversal to align with the timing of associated revenue. Adjusted EBITDA is calculated as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 (1) 2017 2016 (1) Net income attributable to CBRE Group, Inc. $ 197,165 $ 121,668 $ 326,762 $ 203,835 Add: Depreciation and amortization 100,386 90,268 194,423 177,262 Interest expense 35,430 36,987 69,440 71,777 Provision for income taxes 68,362 64,039 119,635 114,164 Less: Interest income 1,427 3,066 3,838 4,525 EBITDA 399,916 309,896 706,422 562,513 Adjustments: Integration and other costs related to acquisitions 15,408 27,751 27,351 44,924 Cost-elimination expenses (2) - 27,176 - 39,579 Carried interest incentive compensation reversal to align with the timing of associated revenue (2,775 ) (4,372 ) (18,016 ) (3,882 ) Adjusted EBITDA $ 412,549 $ 360,451 $ 715,757 $ 643,134 (1) In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results. (2) Represents cost-elimination expenses relating to a program initiated in the fourth quarter of 2015 and completed in the third quarter of 2016 (our cost-elimination project) to reduce the company’s global cost structure after several years of significant revenue and related cost growth. Cost-elimination expenses incurred during the three and six months ended June 30, 2016 consisted of $25.1 million and $36.9 million, respectively, of severance costs related to headcount reductions in connection with the program and $2.1 million and $2.7 million, respectively, of third-party contract termination costs. |
Guarantor and Nonguarantor Fina
Guarantor and Nonguarantor Financial Statements | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor and Nonguarantor Financial Statements | 11. Guarantor and Nonguarantor Financial Statements The following condensed consolidating financial information includes condensed consolidating balance sheets as of June 30, 2017 and December 31, 2016, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 and condensed consolidating statements of cash flows for the six months ended June 30, 2017 and 2016 of: • CBRE Group, Inc., as the parent; CBRE Services, as the subsidiary issuer; the guarantor subsidiaries; the nonguarantor subsidiaries; • Elimination entries necessary to consolidate CBRE Group, Inc., as the parent, with CBRE Services and its guarantor and nonguarantor subsidiaries; and • CBRE Group, Inc., on a consolidated basis. Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ 7 $ 12,906 $ 71,194 $ 451,574 $ — $ 535,681 Restricted cash — — 5,349 69,371 — 74,720 Receivables, net — — 998,049 1,655,297 — 2,653,346 Warehouse receivables (1) — — 680,272 389,617 — 1,069,889 Income taxes receivable 292 2,988 - 54,936 (2,623 ) 55,593 Prepaid expenses — — 93,622 142,095 — 235,717 Other current assets — — 67,678 131,712 — 199,390 Total Current Assets 299 15,894 1,916,164 2,894,602 (2,623 ) 4,824,336 Property and equipment, net — — 387,213 169,267 — 556,480 Goodwill — — 1,695,584 1,400,396 — 3,095,980 Other intangible assets, net — — 768,206 630,551 — 1,398,757 Investments in unconsolidated subsidiaries — — 197,668 49,047 — 246,715 Investments in consolidated subsidiaries 4,840,206 4,682,820 2,605,729 — (12,128,755 ) — Intercompany loan receivable — 2,711,774 700,000 — (3,411,774 ) — Deferred tax assets, net — — 44,311 96,272 (44,311 ) 96,272 Other assets, net — 19,614 257,276 110,788 — 387,678 Total Assets $ 4,840,505 $ 7,430,102 $ 8,572,151 $ 5,350,923 $ (15,587,463 ) $ 10,606,218 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,238 $ 384,961 $ 1,012,202 $ — $ 1,427,401 Compensation and employee benefits payable — 626 328,874 344,010 — 673,510 Accrued bonus and profit sharing — — 286,198 257,784 — 543,982 Income taxes payable — — 3,168 41,251 (2,623 ) 41,796 Short-term borrowings: — Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 673,672 381,298 — 1,054,970 Other — — 16 — — 16 Total short-term borrowings — - 673,688 381,298 — 1,054,986 Current maturities of long-term debt — — — 11 — 11 Other current liabilities — 918 44,858 10,088 — 55,864 Total Current Liabilities — 31,782 1,721,747 2,046,644 (2,623 ) 3,797,550 Long-Term Debt, net: Long-term debt, net — 2,550,404 — - — 2,550,404 Intercompany loan payable 1,300,812 — 1,857,194 253,768 (3,411,774 ) — Total Long-Term Debt, net 1,300,812 2,550,404 1,857,194 253,768 (3,411,774 ) 2,550,404 Deferred tax liabilities, net — — — 141,091 (44,311 ) 96,780 Non-current tax liabilities — — 30,676 1,751 — 32,427 Other liabilities — 7,710 279,714 258,607 — 546,031 Total Liabilities 1,300,812 2,589,896 3,889,331 2,701,861 (3,458,708 ) 7,023,192 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 3,539,693 4,840,206 4,682,820 2,605,729 (12,128,755 ) 3,539,693 Non-controlling interests — — — 43,333 — 43,333 Total Equity 3,539,693 4,840,206 4,682,820 2,649,062 (12,128,755 ) 3,583,026 Total Liabilities and Equity $ 4,840,505 $ 7,430,102 $ 8,572,151 $ 5,350,923 $ (15,587,463 ) $ 10,606,218 (1) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan, TD Bank, Capital One, BofA and Fannie Mae ASAP, lines of credit are pledged to JP Morgan, TD Bank, Capital One, BofA and Fannie Mae. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ 7 $ 16,889 $ 264,121 $ 481,559 $ — $ 762,576 Restricted cash — — 6,967 61,869 — 68,836 Receivables, net — — 943,028 1,662,574 — 2,605,602 Warehouse receivables (1) — — 687,454 588,593 — 1,276,047 Income taxes receivable 1,915 17,364 8,170 37,456 (19,279 ) 45,626 Prepaid expenses — — 78,296 105,811 — 184,107 Other current assets — 1,421 64,576 113,659 — 179,656 Total Current Assets 1,922 35,674 2,052,612 3,051,521 (19,279 ) 5,122,450 Property and equipment, net — — 395,749 165,007 — 560,756 Goodwill — — 1,669,683 1,311,709 — 2,981,392 Other intangible assets, net — — 793,525 617,514 — 1,411,039 Investments in unconsolidated subsidiaries — — 189,455 42,783 — 232,238 Investments in consolidated subsidiaries 4,226,629 4,076,265 2,314,549 — (10,617,443 ) — Intercompany loan receivable — 2,684,421 700,000 — (3,384,421 ) — Deferred tax assets, net — — 72,325 90,334 (57,335 ) 105,324 Other assets, net — 22,229 240,707 103,452 — 366,388 Total Assets $ 4,228,551 $ 6,818,589 $ 8,428,605 $ 5,382,320 $ (14,078,478 ) $ 10,779,587 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,049 $ 409,470 $ 1,006,919 $ — $ 1,446,438 Compensation and employee benefits payable — 626 402,719 369,577 — 772,922 Accrued bonus and profit sharing — — 506,715 383,606 — 890,321 Income taxes payable — — 40,946 36,684 (19,279 ) 58,351 Short-term borrowings: — Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 680,473 574,180 — 1,254,653 Other — — 16 — — 16 Total short-term borrowings — — 680,489 574,180 — 1,254,669 Current maturities of long-term debt — — — 11 — 11 Other current liabilities — — 81,590 21,127 — 102,717 Total Current Liabilities — 30,675 2,121,929 2,392,104 (19,279 ) 4,525,429 Long-Term Debt, net: Long-term debt, net — 2,548,123 — 3 — 2,548,126 Intercompany loan payable 1,214,064 — 1,916,675 253,682 (3,384,421 ) — Total Long-Term Debt, net 1,214,064 2,548,123 1,916,675 253,685 (3,384,421 ) 2,548,126 Deferred tax liabilities, net — — — 128,054 (57,335 ) 70,719 Non-current tax liabilities — — 53,422 620 — 54,042 Other liabilities — 13,162 260,314 250,550 — 524,026 Total Liabilities 1,214,064 2,591,960 4,352,340 3,025,013 (3,461,035 ) 7,722,342 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 3,014,487 4,226,629 4,076,265 2,314,549 (10,617,443 ) 3,014,487 Non-controlling interests — — — 42,758 — 42,758 Total Equity 3,014,487 4,226,629 4,076,265 2,357,307 (10,617,443 ) 3,057,245 Total Liabilities and Equity $ 4,228,551 $ 6,818,589 $ 8,428,605 $ 5,382,320 $ (14,078,478 ) $ 10,779,587 (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 BofA, Fannie Mae ASAP, JP Morgan, Capital One and TD Bank lines of credit are pledged to BofA, Fannie Mae, JP Morgan, Capital One and TD Bank. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 1,709,463 $ 1,632,752 $ — $ 3,342,215 Costs and expenses: Cost of services — — 1,177,258 1,141,304 — 2,318,562 Operating, administrative and other 1,046 538 387,987 322,803 — 712,374 Depreciation and amortization — — 58,695 41,691 — 100,386 Total costs and expenses 1,046 538 1,623,940 1,505,798 — 3,131,322 Gain on disposition of real estate — — 2 11,296 — 11,298 Operating (loss) income (1,046 ) (538 ) 85,525 138,250 — 222,191 Equity income from unconsolidated subsidiaries — — 74,960 424 — 75,384 Other income — 1 612 2,573 — 3,186 Interest income — 30,698 892 535 (30,698 ) 1,427 Interest expense — 34,364 22,468 9,296 (30,698 ) 35,430 Royalty and management service (income) expense — — (897 ) 897 — — Income from consolidated subsidiaries 197,811 200,401 85,909 — (484,121 ) — Income before (benefit of) provision for income taxes 196,765 196,198 226,327 131,589 (484,121 ) 266,758 (Benefit of) provision for income taxes (400 ) (1,613 ) 25,926 44,449 — 68,362 Net income 197,165 197,811 200,401 87,140 (484,121 ) 198,396 Less: Net income attributable to non-controlling interests — — — 1,231 — 1,231 Net income attributable to CBRE Group, Inc. $ 197,165 $ 197,811 $ 200,401 $ 85,909 $ (484,121 ) $ 197,165 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 1,642,191 $ 1,565,346 $ — $ 3,207,537 Costs and expenses: Cost of services — — 1,129,785 1,124,448 — 2,254,233 Operating, administrative and other 767 (8,950 ) 365,488 323,137 — 680,442 Depreciation and amortization — — 55,933 34,335 — 90,268 Total costs and expenses 767 (8,950 ) 1,551,206 1,481,920 — 3,024,943 Operating (loss) income (767 ) 8,950 90,985 83,426 — 182,594 Equity income from unconsolidated subsidiaries — — 33,952 977 — 34,929 Other income (loss) — 1 (49 ) 3,930 — 3,882 Interest income — 33,096 654 2,412 (33,096 ) 3,066 Interest expense — 34,989 24,827 10,267 (33,096 ) 36,987 Royalty and management service (income) expense — — (16,340 ) 16,340 — — Income from consolidated subsidiaries 122,141 117,787 38,843 — (278,771 ) — Income before (benefit of) provision for income taxes 121,374 124,845 155,898 64,138 (278,771 ) 187,484 (Benefit of) provision for income taxes (294 ) 2,704 38,111 23,518 — 64,039 Net income 121,668 122,141 117,787 40,620 (278,771 ) 123,445 Less: Net income attributable to non-controlling interests — — — 1,777 — 1,777 Net income attributable to CBRE Group, Inc. $ 121,668 $ 122,141 $ 117,787 $ 38,843 $ (278,771 ) $ 121,668 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 3,272,529 $ 3,050,890 $ — $ 6,323,419 Costs and expenses: Cost of services — — 2,247,642 2,157,999 — 4,405,641 Operating, administrative and other 762 887 703,743 613,213 — 1,318,605 Depreciation and amortization — — 115,425 78,998 — 194,423 Total costs and expenses 762 887 3,066,810 2,850,210 — 5,918,669 Gain on disposition of real estate — — 228 12,455 — 12,683 Operating (loss) income (762 ) (887 ) 205,947 213,135 — 417,433 Equity income from unconsolidated subsidiaries — — 89,330 1,072 — 90,402 Other income — 1 1,026 6,274 — 7,301 Interest income — 60,599 2,539 1,299 (60,599 ) 3,838 Interest expense — 67,510 44,616 17,913 (60,599 ) 69,440 Royalty and management service (income) expense — — (6,699 ) 6,699 — — Income from consolidated subsidiaries 327,233 332,042 127,898 — (787,173 ) — Income before (benefit of) provision for income taxes 326,471 324,245 388,823 197,168 (787,173 ) 449,534 (Benefit of) provision for income taxes (291 ) (2,988 ) 56,781 66,133 — 119,635 Net income 326,762 327,233 332,042 131,035 (787,173 ) 329,899 Less: Net income attributable to non-controlling interests — — — 3,137 — 3,137 Net income attributable to CBRE Group, Inc. $ 326,762 $ 327,233 $ 332,042 $ 127,898 $ (787,173 ) $ 326,762 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 3,139,690 $ 2,914,581 $ — $ 6,054,271 Costs and expenses: Cost of services — — 2,154,348 2,113,498 — 4,267,846 Operating, administrative and other 2,193 (1,426 ) 708,358 614,683 — 1,323,808 Depreciation and amortization — — 110,664 66,598 — 177,262 Total costs and expenses 2,193 (1,426 ) 2,973,370 2,794,779 — 5,768,916 Gain on disposition of real estate — — 3,659 1,160 — 4,819 Operating (loss) income (2,193 ) 1,426 169,979 120,962 — 290,174 Equity income from unconsolidated subsidiaries — — 90,217 2,013 — 92,230 Other income (loss) — 1 (481 ) 7,577 — 7,097 Interest income — 65,569 1,571 2,954 (65,569 ) 4,525 Interest expense — 68,616 49,410 19,320 (65,569 ) 71,777 Royalty and management service (income) expense — — (23,768 ) 23,768 — — Income from consolidated subsidiaries 205,188 206,187 42,375 — (453,750 ) — Income before (benefit of) provision for income taxes 202,995 204,567 278,019 90,418 (453,750 ) 322,249 (Benefit of) provision for income taxes (840 ) (621 ) 71,832 43,793 — 114,164 Net income 203,835 205,188 206,187 46,625 (453,750 ) 208,085 Less: Net income attributable to non-controlling interests — — — 4,250 — 4,250 Net income attributable to CBRE Group, Inc. $ 203,835 $ 205,188 $ 206,187 $ 42,375 $ (453,750 ) $ 203,835 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 197,165 $ 197,811 $ 200,401 $ 87,140 $ (484,121 ) $ 198,396 Other comprehensive income: Foreign currency translation gain — — — 88,347 — 88,347 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,380 — — — 1,380 Unrealized losses on interest rate swaps, net — (217 ) — — — (217 ) Unrealized holding gains on available for sale securities, net — — 896 81 — 977 Other, net 3 — (13 ) — — (10 ) Total other comprehensive income 3 1,163 883 88,428 — 90,477 Comprehensive income 197,168 198,974 201,284 175,568 (484,121 ) 288,873 Less: Comprehensive income attributable to non-controlling interests — — — 1,390 — 1,390 Comprehensive income attributable to CBRE Group, Inc. $ 197,168 $ 198,974 $ 201,284 $ 174,178 $ (484,121 ) $ 287,483 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 121,668 $ 122,141 $ 117,787 $ 40,620 $ (278,771 ) $ 123,445 Other comprehensive income (loss): Foreign currency translation loss — — — (102,308 ) — (102,308 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,733 — — — 1,733 Unrealized losses on interest rate swaps, net — (1,206 ) — — — (1,206 ) Unrealized holding gains (losses) on available for sale securities, net — — 1,603 (29 ) — 1,574 Other, net — — (702 ) — — (702 ) Total other comprehensive income (loss) — 527 901 (102,337 ) — (100,909 ) Comprehensive income (loss) 121,668 122,668 118,688 (61,717 ) (278,771 ) 22,536 Less: Comprehensive income attributable to non-controlling interests — — — 1,694 — 1,694 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 121,668 $ 122,668 $ 118,688 $ (63,411 ) $ (278,771 ) $ 20,842 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 326,762 $ 327,233 $ 332,042 $ 131,035 $ (787,173 ) $ 329,899 Other comprehensive (loss) income: Foreign currency translation gain — — — 139,436 — 139,436 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 2,888 — — — 2,888 Unrealized gains on interest rate swaps, net — 77 — — — 77 Unrealized holding gains on available for sale securities, net — — 1,725 175 — 1,900 Other, net (2 ) — (14 ) — — (16 ) Total other comprehensive (loss) income (2 ) 2,965 1,711 139,611 — 144,285 Comprehensive income 326,760 330,198 333,753 270,646 (787,173 ) 474,184 Less: Comprehensive income attributable to non- controlling interests — — — 3,317 — 3,317 Comprehensive income attributable to CBRE Group, Inc. $ 326,760 $ 330,198 $ 333,753 $ 267,329 $ (787,173 ) $ 470,867 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 203,835 $ 205,188 $ 206,187 $ 46,625 $ (453,750 ) $ 208,085 Other comprehensive loss: Foreign currency translation loss — — — (85,714 ) — (85,714 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,476 — — — 3,476 Unrealized losses on interest rate swaps, net — (4,115 ) — — — (4,115 ) Unrealized holding gains on available for sale securities, net — — 514 131 — 645 Other, net — — (759 ) — — (759 ) Total other comprehensive loss — (639 ) (245 ) (85,583 ) — (86,467 ) Comprehensive income (loss) 203,835 204,549 205,942 (38,958 ) (453,750 ) 121,618 Less: Comprehensive income attributable to non-controlling interests — — — 4,289 — 4,289 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 203,835 $ 204,549 $ 205,942 $ (43,247 ) $ (453,750 ) $ 117,329 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Total CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 49,435 $ 16,131 $ (235,596 ) $ (20,707 ) $ (190,737 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (39,925 ) (19,938 ) (59,863 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (31,780 ) (8,672 ) (40,452 ) Contributions to unconsolidated subsidiaries — — (23,752 ) (8,908 ) (32,660 ) Distributions from unconsolidated subsidiaries — — 92,304 4,637 96,941 Decrease (increase) in restricted cash — — 1,618 (4,640 ) (3,022 ) Purchase of available for sale securities — — (19,734 ) — (19,734 ) Proceeds from the sale of available for sale securities — — 17,277 — 17,277 Other investing activities, net — — 2,486 122 2,608 Net cash used in in investing activities — — (1,506 ) (37,399 ) (38,905 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility — 911,000 — — 911,000 Repayment of revolving credit facility — (911,000 ) — — (911,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 2,137 2,137 Repayment of notes payable on real estate held for sale and under development — — — (9,189 ) (9,189 ) Units repurchased for payment of taxes on equity awards (1,900 ) — — — (1,900 ) Non-controlling interest contributions — — — 1,941 1,941 Non-controlling interest distributions — — — (3,904 ) (3,904 ) (Increase) decrease in intercompany receivables, net (47,895 ) (20,114 ) 47,320 20,689 — Other financing activities, net 360 — (3,145 ) (881 ) (3,666 ) Net cash (used in) provided by financing activities (49,435 ) (20,114 ) 44,175 10,793 (14,581 ) Effect of currency exchange rate changes on cash and cash equivalents — — — 17,328 17,328 NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,983 ) (192,927 ) (29,985 ) (226,895 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 7 16,889 264,121 481,559 762,576 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 7 $ 12,906 $ 71,194 $ 451,574 $ 535,681 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 59,446 $ — $ 44 $ 59,490 Income taxes, net $ — $ — $ 82,017 $ 81,868 $ 163,885 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Total CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 57,811 $ 9,377 $ (192,950 ) $ (84,255 ) $ (210,017 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (51,510 ) (27,548 ) (79,058 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,381 ) (15,188 ) (16,569 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — (21,900 ) - (21,900 ) Contributions to unconsolidated subsidiaries — — (21,549 ) (5,882 ) (27,431 ) Distributions from unconsolidated subsidiaries — — 91,421 2,491 93,912 Decrease (increase) in restricted cash — — 3,250 (3,728 ) (478 ) Purchase of available for sale securities — — (23,984 ) — (23,984 ) Proceeds from the sale of available for sale securities — — 22,061 — 22,061 Other investing activities, net — — 6,688 7,241 13,929 Net cash provided by (used in) investing activities — — 3,096 (42,614 ) (39,518 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (14,375 ) — — (14,375 ) Proceeds from revolving credit facility — 1,356,000 — — 1,356,000 Repayment of revolving credit facility — (1,200,000 ) — — (1,200,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 13,315 13,315 Repayment of notes payable on real estate held for sale and under development — — — (4,102 ) (4,102 ) Units repurchased for payment of taxes on equity awards (5,112 ) — — — (5,112 ) Non-controlling interest contributions — — — 821 821 Non-controlling interest distributions — — — (3,517 ) (3,517 ) Payment of financing costs — (5,419 ) — (110 ) (5,529 ) (Increase) decrease in intercompany receivables, net (53,774 ) (147,900 ) 110,453 91,221 — Other financing activities, net 1,074 — (1,173 ) 4,086 3,987 Net cash (used in) provided by financing activities (57,812 ) (11,694 ) 109,280 101,714 141,488 Effect of currency exchange rate changes on cash and cash equivalents — — — (588 ) (588 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (1 ) (2,317 ) (80,574 ) (25,743 ) (108,635 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 8,479 147,410 384,509 540,403 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 4 $ 6,162 $ 66,836 $ 358,766 $ 431,768 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 62,083 $ — $ 1,337 $ 63,420 Income taxes, net $ — $ — $ 107,070 $ 53,283 $ 160,353 |
Warehouse Receivables & Wareh19
Warehouse Receivables & Warehouse Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] | |
Schedule of Warehouse Receivables | A rollforward of our warehouse receivables is as follows (dollars in thousands): Beginning balance at January 1, 2017 $ 1,276,047 Origination of mortgage loans 6,848,102 Gains (premiums on loan sales) 21,460 Sale of mortgage loans (7,050,468 ) Cash collections of premiums on loan sales (21,460 ) Proceeds from sale of mortgage loans (7,071,928 ) Net decrease in mortgage servicing rights included in warehouse receivables (3,792 ) Ending balance at June 30, 2017 $ 1,069,889 |
Summary of Warehouse Lines of Credit in Place | The following table is a summary of our warehouse lines of credit in place as of June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Maximum Maximum Lender Current Maturity Pricing Facility Size Carrying Value Facility Size Carrying Value JP Morgan Chase Bank, N.A. (JP Morgan) (1) 2/28/2017 daily one-month LIBOR plus 1.45% $ - $ - $ 300,000 $ 275,945 JP Morgan 10/23/2017 daily one-month LIBOR plus 1.45% 800,000 400,178 700,000 - JP Morgan 10/23/2017 daily one-month LIBOR plus 2.75% 25,000 1,433 25,000 3,768 Bank of America (BofA) (1) 1/30/2017 daily one-month LIBOR plus 1.60% - - 300,000 300,000 BofA 6/5/2018 daily one-month LIBOR plus 1.40% 225,000 127,437 200,000 18,555 Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (1) 1/17/2017 daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35% - - 200,000 200,000 Fannie Mae ASAP Program Cancelable anytime daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35% 450,000 75,293 450,000 111,160 TD Bank, N.A. (TD Bank) (1) 2/28/2017 daily one-month LIBOR plus 1.35% - - 375,000 154,032 TD Bank 6/30/2018 daily one-month LIBOR plus 1.25% 400,000 320,074 400,000 - Capital One, N.A. (Capital One) (1) 1/23/2017 daily one-month LIBOR plus 1.45% - - 250,000 191,193 Capital One (2) 7/27/2017 daily one-month LIBOR plus 1.45% 200,000 130,555 200,000 - $ 2,100,000 $ 1,054,970 $ 3,400,000 $ 1,254,653 (1) Temporary facility to accommodate year-end volume. (2) On July 27, 2017, this agreement was amended to extend the maturity date to July 27, 2018 and reduce the interest rate to daily one-month LIBOR plus 1.40%. |
Variable Interest Entities (V20
Variable Interest Entities (VIEs) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Maximum Exposure to Loss | As of June 30, 2017 and December 31, 2016, our maximum exposure to loss related to the VIEs which are not consolidated was as follows (dollars in thousands): June 30, December 31, 2017 2016 Investments in unconsolidated subsidiaries $ 29,668 $ 31,041 Co-investment commitments $ 4,868 $ 168 Other current assets 3,496 3,314 Maximum exposure to loss $ 38,032 $ 34,523 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 (dollars in thousands): As of June 30, 2017 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale securities: Debt securities: U.S. treasury securities $ 7,273 $ — $ — $ 7,273 Debt securities issued by U.S. federal agencies — 4,768 — 4,768 Corporate debt securities — 19,191 — 19,191 Asset-backed securities — 2,546 — 2,546 Collateralized mortgage obligations — 2,038 — 2,038 Total debt securities 7,273 28,543 — 35,816 Equity securities 26,414 — — 26,414 Total available for sale securities 33,687 28,543 — 62,230 Trading securities 67,907 — — 67,907 Warehouse receivables — 1,069,889 — 1,069,889 Total assets at fair value $ 101,594 $ 1,098,432 $ — $ 1,200,026 Liabilities Interest rate swaps $ — $ 8,569 $ — $ 8,569 Securities sold, not yet purchased 2,823 — — 2,823 Foreign currency exchange forward contracts - 59 — 59 Total liabilities at fair value $ 2,823 $ 8,628 $ — $ 11,451 As of December 31, 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 $ 8,485 $ — $ — $ 8,485 Debt securities issued by U.S. federal agencies — 5,046 — 5,046 Corporate debt securities — 17,094 — 17,094 Asset-backed securities — 2,695 — 2,695 Collateralized mortgage obligations — 1,010 — 1,010 Total debt securities 8,485 25,845 — 34,330 Equity securities 22,744 — — 22,744 Total available for sale securities 31,229 25,845 — 57,074 Trading securities 52,629 — — 52,629 Warehouse receivables — 1,276,047 — 1,276,047 Foreign currency exchange forward contracts — 1,471 — 1,471 Total assets at fair value $ 83,858 $ 1,303,363 $ — $ 1,387,221 Liabilities Interest rate swaps $ — $ 13,162 $ — $ 13,162 Securities sold, not yet purchased 3,591 — — 3,591 Total liabilities at fair value $ 3,591 $ 13,162 $ — $ 16,753 |
Investments in Unconsolidated22
Investments in Unconsolidated Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Global Investment Management Revenue $ 237,907 $ 252,301 $ 505,058 $ 484,904 Operating income $ 76,410 $ 61,755 $ 91,888 $ 62,378 Net income $ 60,307 $ 87,747 $ 64,397 $ 65,872 Development Services Revenue $ 27,477 $ 18,418 $ 49,003 $ 31,076 Operating income $ 157,296 $ 37,199 $ 177,857 $ 158,109 Net income $ 150,055 $ 31,631 $ 166,152 $ 150,092 Other Revenue $ 44,145 $ 38,263 $ 70,003 $ 66,514 Operating income $ 8,800 $ 8,106 $ 10,979 $ 14,288 Net income $ 11,510 $ 8,176 $ 13,658 $ 14,370 Total Revenue $ 309,529 $ 308,982 $ 624,064 $ 582,494 Operating income $ 242,506 $ 107,060 $ 280,724 $ 234,775 Net income $ 221,872 $ 127,554 $ 244,207 $ 230,334 |
Long-Term Debt and Short-Term23
Long-Term Debt and Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following (dollars in thousands): June 30, December 31, 2017 2016 Senior term loans, with interest ranging from 1.77% to 2.65%, due quarterly through 2022 $ 751,876 $ 751,875 5.00% senior notes due in 2023 800,000 800,000 4.875% senior notes due in 2026, net of unamortized discount 596,090 595,912 5.25% senior notes due in 2025, net of unamortized premium 426,409 426,500 Other 11 14 Total long-term debt 2,574,386 2,574,301 Less: current maturities of long-term debt (11 ) (11 ) Less: unamortized debt issuance costs (23,971 ) (26,164 ) Total long-term debt, net of current maturities $ 2,550,404 $ 2,548,126 |
Income Per Share Information (T
Income Per Share Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Basic Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 197,165 $ 121,668 $ 326,762 $ 203,835 Weighted average shares outstanding for basic income per share 336,975,149 335,076,746 336,941,681 334,534,841 Basic income per share attributable to CBRE Group, Inc. shareholders $ 0.59 $ 0.36 $ 0.97 $ 0.61 Diluted Income Per Share Net income attributable to CBRE Group, Inc. shareholders $ 197,165 $ 121,668 $ 326,762 $ 203,835 Weighted average shares outstanding for basic income per share 336,975,149 335,076,746 336,941,681 334,534,841 Dilutive effect of contingently issuable shares 3,905,498 2,976,165 3,267,556 3,226,936 Dilutive effect of stock options 1,956 27,730 5,009 36,110 Weighted average shares outstanding for diluted income per share 340,882,603 338,080,641 340,214,246 337,797,887 Diluted income per share attributable to CBRE Group, Inc. shareholders $ 0.58 $ 0.36 $ 0.96 $ 0.60 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 (1) 2017 2016 (1) Revenue Americas $ 1,856,887 $ 1,780,389 $ 3,549,533 $ 3,368,264 EMEA 954,734 953,918 1,798,922 1,794,265 Asia Pacific 420,628 359,602 761,773 670,961 Global Investment Management 92,763 95,737 182,329 186,117 Development Services 17,203 17,891 30,862 34,664 Total revenue $ 3,342,215 $ 3,207,537 $ 6,323,419 $ 6,054,271 Adjusted EBITDA Americas $ 230,409 $ 227,411 $ 450,809 $ 414,625 EMEA 68,577 59,854 102,441 87,665 Asia Pacific 43,200 28,235 63,481 41,103 Global Investment Management 23,910 26,426 49,769 49,341 Development Services 46,453 18,525 49,257 50,400 Total Adjusted EBITDA $ 412,549 $ 360,451 $ 715,757 $ 643,134 (1) In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results. |
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 (1) 2017 2016 (1) Net income attributable to CBRE Group, Inc. $ 197,165 $ 121,668 $ 326,762 $ 203,835 Add: Depreciation and amortization 100,386 90,268 194,423 177,262 Interest expense 35,430 36,987 69,440 71,777 Provision for income taxes 68,362 64,039 119,635 114,164 Less: Interest income 1,427 3,066 3,838 4,525 EBITDA 399,916 309,896 706,422 562,513 Adjustments: Integration and other costs related to acquisitions 15,408 27,751 27,351 44,924 Cost-elimination expenses (2) - 27,176 - 39,579 Carried interest incentive compensation reversal to align with the timing of associated revenue (2,775 ) (4,372 ) (18,016 ) (3,882 ) Adjusted EBITDA $ 412,549 $ 360,451 $ 715,757 $ 643,134 (1) In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results. (2) Represents cost-elimination expenses relating to a program initiated in the fourth quarter of 2015 and completed in the third quarter of 2016 (our cost-elimination project) to reduce the company’s global cost structure after several years of significant revenue and related cost growth. Cost-elimination expenses incurred during the three and six months ended June 30, 2016 consisted of $25.1 million and $36.9 million, respectively, of severance costs related to headcount reductions in connection with the program and $2.1 million and $2.7 million, respectively, of third-party contract termination costs. |
Guarantor and Nonguarantor Fi26
Guarantor and Nonguarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ 7 $ 12,906 $ 71,194 $ 451,574 $ — $ 535,681 Restricted cash — — 5,349 69,371 — 74,720 Receivables, net — — 998,049 1,655,297 — 2,653,346 Warehouse receivables (1) — — 680,272 389,617 — 1,069,889 Income taxes receivable 292 2,988 - 54,936 (2,623 ) 55,593 Prepaid expenses — — 93,622 142,095 — 235,717 Other current assets — — 67,678 131,712 — 199,390 Total Current Assets 299 15,894 1,916,164 2,894,602 (2,623 ) 4,824,336 Property and equipment, net — — 387,213 169,267 — 556,480 Goodwill — — 1,695,584 1,400,396 — 3,095,980 Other intangible assets, net — — 768,206 630,551 — 1,398,757 Investments in unconsolidated subsidiaries — — 197,668 49,047 — 246,715 Investments in consolidated subsidiaries 4,840,206 4,682,820 2,605,729 — (12,128,755 ) — Intercompany loan receivable — 2,711,774 700,000 — (3,411,774 ) — Deferred tax assets, net — — 44,311 96,272 (44,311 ) 96,272 Other assets, net — 19,614 257,276 110,788 — 387,678 Total Assets $ 4,840,505 $ 7,430,102 $ 8,572,151 $ 5,350,923 $ (15,587,463 ) $ 10,606,218 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,238 $ 384,961 $ 1,012,202 $ — $ 1,427,401 Compensation and employee benefits payable — 626 328,874 344,010 — 673,510 Accrued bonus and profit sharing — — 286,198 257,784 — 543,982 Income taxes payable — — 3,168 41,251 (2,623 ) 41,796 Short-term borrowings: — Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 673,672 381,298 — 1,054,970 Other — — 16 — — 16 Total short-term borrowings — - 673,688 381,298 — 1,054,986 Current maturities of long-term debt — — — 11 — 11 Other current liabilities — 918 44,858 10,088 — 55,864 Total Current Liabilities — 31,782 1,721,747 2,046,644 (2,623 ) 3,797,550 Long-Term Debt, net: Long-term debt, net — 2,550,404 — - — 2,550,404 Intercompany loan payable 1,300,812 — 1,857,194 253,768 (3,411,774 ) — Total Long-Term Debt, net 1,300,812 2,550,404 1,857,194 253,768 (3,411,774 ) 2,550,404 Deferred tax liabilities, net — — — 141,091 (44,311 ) 96,780 Non-current tax liabilities — — 30,676 1,751 — 32,427 Other liabilities — 7,710 279,714 258,607 — 546,031 Total Liabilities 1,300,812 2,589,896 3,889,331 2,701,861 (3,458,708 ) 7,023,192 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 3,539,693 4,840,206 4,682,820 2,605,729 (12,128,755 ) 3,539,693 Non-controlling interests — — — 43,333 — 43,333 Total Equity 3,539,693 4,840,206 4,682,820 2,649,062 (12,128,755 ) 3,583,026 Total Liabilities and Equity $ 4,840,505 $ 7,430,102 $ 8,572,151 $ 5,350,923 $ (15,587,463 ) $ 10,606,218 (1) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan, TD Bank, Capital One, BofA and Fannie Mae ASAP, lines of credit are pledged to JP Morgan, TD Bank, Capital One, BofA and Fannie Mae. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ 7 $ 16,889 $ 264,121 $ 481,559 $ — $ 762,576 Restricted cash — — 6,967 61,869 — 68,836 Receivables, net — — 943,028 1,662,574 — 2,605,602 Warehouse receivables (1) — — 687,454 588,593 — 1,276,047 Income taxes receivable 1,915 17,364 8,170 37,456 (19,279 ) 45,626 Prepaid expenses — — 78,296 105,811 — 184,107 Other current assets — 1,421 64,576 113,659 — 179,656 Total Current Assets 1,922 35,674 2,052,612 3,051,521 (19,279 ) 5,122,450 Property and equipment, net — — 395,749 165,007 — 560,756 Goodwill — — 1,669,683 1,311,709 — 2,981,392 Other intangible assets, net — — 793,525 617,514 — 1,411,039 Investments in unconsolidated subsidiaries — — 189,455 42,783 — 232,238 Investments in consolidated subsidiaries 4,226,629 4,076,265 2,314,549 — (10,617,443 ) — Intercompany loan receivable — 2,684,421 700,000 — (3,384,421 ) — Deferred tax assets, net — — 72,325 90,334 (57,335 ) 105,324 Other assets, net — 22,229 240,707 103,452 — 366,388 Total Assets $ 4,228,551 $ 6,818,589 $ 8,428,605 $ 5,382,320 $ (14,078,478 ) $ 10,779,587 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued expenses $ — $ 30,049 $ 409,470 $ 1,006,919 $ — $ 1,446,438 Compensation and employee benefits payable — 626 402,719 369,577 — 772,922 Accrued bonus and profit sharing — — 506,715 383,606 — 890,321 Income taxes payable — — 40,946 36,684 (19,279 ) 58,351 Short-term borrowings: — Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1) — — 680,473 574,180 — 1,254,653 Other — — 16 — — 16 Total short-term borrowings — — 680,489 574,180 — 1,254,669 Current maturities of long-term debt — — — 11 — 11 Other current liabilities — — 81,590 21,127 — 102,717 Total Current Liabilities — 30,675 2,121,929 2,392,104 (19,279 ) 4,525,429 Long-Term Debt, net: Long-term debt, net — 2,548,123 — 3 — 2,548,126 Intercompany loan payable 1,214,064 — 1,916,675 253,682 (3,384,421 ) — Total Long-Term Debt, net 1,214,064 2,548,123 1,916,675 253,685 (3,384,421 ) 2,548,126 Deferred tax liabilities, net — — — 128,054 (57,335 ) 70,719 Non-current tax liabilities — — 53,422 620 — 54,042 Other liabilities — 13,162 260,314 250,550 — 524,026 Total Liabilities 1,214,064 2,591,960 4,352,340 3,025,013 (3,461,035 ) 7,722,342 Commitments and contingencies — — — — — — Equity: CBRE Group, Inc. Stockholders’ Equity 3,014,487 4,226,629 4,076,265 2,314,549 (10,617,443 ) 3,014,487 Non-controlling interests — — — 42,758 — 42,758 Total Equity 3,014,487 4,226,629 4,076,265 2,357,307 (10,617,443 ) 3,057,245 Total Liabilities and Equity $ 4,228,551 $ 6,818,589 $ 8,428,605 $ 5,382,320 $ (14,078,478 ) $ 10,779,587 (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 BofA, Fannie Mae ASAP, JP Morgan, Capital One and TD Bank lines of credit are pledged to BofA, Fannie Mae, JP Morgan, Capital One and TD Bank. |
Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 1,709,463 $ 1,632,752 $ — $ 3,342,215 Costs and expenses: Cost of services — — 1,177,258 1,141,304 — 2,318,562 Operating, administrative and other 1,046 538 387,987 322,803 — 712,374 Depreciation and amortization — — 58,695 41,691 — 100,386 Total costs and expenses 1,046 538 1,623,940 1,505,798 — 3,131,322 Gain on disposition of real estate — — 2 11,296 — 11,298 Operating (loss) income (1,046 ) (538 ) 85,525 138,250 — 222,191 Equity income from unconsolidated subsidiaries — — 74,960 424 — 75,384 Other income — 1 612 2,573 — 3,186 Interest income — 30,698 892 535 (30,698 ) 1,427 Interest expense — 34,364 22,468 9,296 (30,698 ) 35,430 Royalty and management service (income) expense — — (897 ) 897 — — Income from consolidated subsidiaries 197,811 200,401 85,909 — (484,121 ) — Income before (benefit of) provision for income taxes 196,765 196,198 226,327 131,589 (484,121 ) 266,758 (Benefit of) provision for income taxes (400 ) (1,613 ) 25,926 44,449 — 68,362 Net income 197,165 197,811 200,401 87,140 (484,121 ) 198,396 Less: Net income attributable to non-controlling interests — — — 1,231 — 1,231 Net income attributable to CBRE Group, Inc. $ 197,165 $ 197,811 $ 200,401 $ 85,909 $ (484,121 ) $ 197,165 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 1,642,191 $ 1,565,346 $ — $ 3,207,537 Costs and expenses: Cost of services — — 1,129,785 1,124,448 — 2,254,233 Operating, administrative and other 767 (8,950 ) 365,488 323,137 — 680,442 Depreciation and amortization — — 55,933 34,335 — 90,268 Total costs and expenses 767 (8,950 ) 1,551,206 1,481,920 — 3,024,943 Operating (loss) income (767 ) 8,950 90,985 83,426 — 182,594 Equity income from unconsolidated subsidiaries — — 33,952 977 — 34,929 Other income (loss) — 1 (49 ) 3,930 — 3,882 Interest income — 33,096 654 2,412 (33,096 ) 3,066 Interest expense — 34,989 24,827 10,267 (33,096 ) 36,987 Royalty and management service (income) expense — — (16,340 ) 16,340 — — Income from consolidated subsidiaries 122,141 117,787 38,843 — (278,771 ) — Income before (benefit of) provision for income taxes 121,374 124,845 155,898 64,138 (278,771 ) 187,484 (Benefit of) provision for income taxes (294 ) 2,704 38,111 23,518 — 64,039 Net income 121,668 122,141 117,787 40,620 (278,771 ) 123,445 Less: Net income attributable to non-controlling interests — — — 1,777 — 1,777 Net income attributable to CBRE Group, Inc. $ 121,668 $ 122,141 $ 117,787 $ 38,843 $ (278,771 ) $ 121,668 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 3,272,529 $ 3,050,890 $ — $ 6,323,419 Costs and expenses: Cost of services — — 2,247,642 2,157,999 — 4,405,641 Operating, administrative and other 762 887 703,743 613,213 — 1,318,605 Depreciation and amortization — — 115,425 78,998 — 194,423 Total costs and expenses 762 887 3,066,810 2,850,210 — 5,918,669 Gain on disposition of real estate — — 228 12,455 — 12,683 Operating (loss) income (762 ) (887 ) 205,947 213,135 — 417,433 Equity income from unconsolidated subsidiaries — — 89,330 1,072 — 90,402 Other income — 1 1,026 6,274 — 7,301 Interest income — 60,599 2,539 1,299 (60,599 ) 3,838 Interest expense — 67,510 44,616 17,913 (60,599 ) 69,440 Royalty and management service (income) expense — — (6,699 ) 6,699 — — Income from consolidated subsidiaries 327,233 332,042 127,898 — (787,173 ) — Income before (benefit of) provision for income taxes 326,471 324,245 388,823 197,168 (787,173 ) 449,534 (Benefit of) provision for income taxes (291 ) (2,988 ) 56,781 66,133 — 119,635 Net income 326,762 327,233 332,042 131,035 (787,173 ) 329,899 Less: Net income attributable to non-controlling interests — — — 3,137 — 3,137 Net income attributable to CBRE Group, Inc. $ 326,762 $ 327,233 $ 332,042 $ 127,898 $ (787,173 ) $ 326,762 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ — $ 3,139,690 $ 2,914,581 $ — $ 6,054,271 Costs and expenses: Cost of services — — 2,154,348 2,113,498 — 4,267,846 Operating, administrative and other 2,193 (1,426 ) 708,358 614,683 — 1,323,808 Depreciation and amortization — — 110,664 66,598 — 177,262 Total costs and expenses 2,193 (1,426 ) 2,973,370 2,794,779 — 5,768,916 Gain on disposition of real estate — — 3,659 1,160 — 4,819 Operating (loss) income (2,193 ) 1,426 169,979 120,962 — 290,174 Equity income from unconsolidated subsidiaries — — 90,217 2,013 — 92,230 Other income (loss) — 1 (481 ) 7,577 — 7,097 Interest income — 65,569 1,571 2,954 (65,569 ) 4,525 Interest expense — 68,616 49,410 19,320 (65,569 ) 71,777 Royalty and management service (income) expense — — (23,768 ) 23,768 — — Income from consolidated subsidiaries 205,188 206,187 42,375 — (453,750 ) — Income before (benefit of) provision for income taxes 202,995 204,567 278,019 90,418 (453,750 ) 322,249 (Benefit of) provision for income taxes (840 ) (621 ) 71,832 43,793 — 114,164 Net income 203,835 205,188 206,187 46,625 (453,750 ) 208,085 Less: Net income attributable to non-controlling interests — — — 4,250 — 4,250 Net income attributable to CBRE Group, Inc. $ 203,835 $ 205,188 $ 206,187 $ 42,375 $ (453,750 ) $ 203,835 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 197,165 $ 197,811 $ 200,401 $ 87,140 $ (484,121 ) $ 198,396 Other comprehensive income: Foreign currency translation gain — — — 88,347 — 88,347 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,380 — — — 1,380 Unrealized losses on interest rate swaps, net — (217 ) — — — (217 ) Unrealized holding gains on available for sale securities, net — — 896 81 — 977 Other, net 3 — (13 ) — — (10 ) Total other comprehensive income 3 1,163 883 88,428 — 90,477 Comprehensive income 197,168 198,974 201,284 175,568 (484,121 ) 288,873 Less: Comprehensive income attributable to non-controlling interests — — — 1,390 — 1,390 Comprehensive income attributable to CBRE Group, Inc. $ 197,168 $ 198,974 $ 201,284 $ 174,178 $ (484,121 ) $ 287,483 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 121,668 $ 122,141 $ 117,787 $ 40,620 $ (278,771 ) $ 123,445 Other comprehensive income (loss): Foreign currency translation loss — — — (102,308 ) — (102,308 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 1,733 — — — 1,733 Unrealized losses on interest rate swaps, net — (1,206 ) — — — (1,206 ) Unrealized holding gains (losses) on available for sale securities, net — — 1,603 (29 ) — 1,574 Other, net — — (702 ) — — (702 ) Total other comprehensive income (loss) — 527 901 (102,337 ) — (100,909 ) Comprehensive income (loss) 121,668 122,668 118,688 (61,717 ) (278,771 ) 22,536 Less: Comprehensive income attributable to non-controlling interests — — — 1,694 — 1,694 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 121,668 $ 122,668 $ 118,688 $ (63,411 ) $ (278,771 ) $ 20,842 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 326,762 $ 327,233 $ 332,042 $ 131,035 $ (787,173 ) $ 329,899 Other comprehensive (loss) income: Foreign currency translation gain — — — 139,436 — 139,436 Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 2,888 — — — 2,888 Unrealized gains on interest rate swaps, net — 77 — — — 77 Unrealized holding gains on available for sale securities, net — — 1,725 175 — 1,900 Other, net (2 ) — (14 ) — — (16 ) Total other comprehensive (loss) income (2 ) 2,965 1,711 139,611 — 144,285 Comprehensive income 326,760 330,198 333,753 270,646 (787,173 ) 474,184 Less: Comprehensive income attributable to non- controlling interests — — — 3,317 — 3,317 Comprehensive income attributable to CBRE Group, Inc. $ 326,760 $ 330,198 $ 333,753 $ 267,329 $ (787,173 ) $ 470,867 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Eliminations Total Net income $ 203,835 $ 205,188 $ 206,187 $ 46,625 $ (453,750 ) $ 208,085 Other comprehensive loss: Foreign currency translation loss — — — (85,714 ) — (85,714 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net — 3,476 — — — 3,476 Unrealized losses on interest rate swaps, net — (4,115 ) — — — (4,115 ) Unrealized holding gains on available for sale securities, net — — 514 131 — 645 Other, net — — (759 ) — — (759 ) Total other comprehensive loss — (639 ) (245 ) (85,583 ) — (86,467 ) Comprehensive income (loss) 203,835 204,549 205,942 (38,958 ) (453,750 ) 121,618 Less: Comprehensive income attributable to non-controlling interests — — — 4,289 — 4,289 Comprehensive income (loss) attributable to CBRE Group, Inc. $ 203,835 $ 204,549 $ 205,942 $ (43,247 ) $ (453,750 ) $ 117,329 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Total CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 49,435 $ 16,131 $ (235,596 ) $ (20,707 ) $ (190,737 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (39,925 ) (19,938 ) (59,863 ) Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired — — (31,780 ) (8,672 ) (40,452 ) Contributions to unconsolidated subsidiaries — — (23,752 ) (8,908 ) (32,660 ) Distributions from unconsolidated subsidiaries — — 92,304 4,637 96,941 Decrease (increase) in restricted cash — — 1,618 (4,640 ) (3,022 ) Purchase of available for sale securities — — (19,734 ) — (19,734 ) Proceeds from the sale of available for sale securities — — 17,277 — 17,277 Other investing activities, net — — 2,486 122 2,608 Net cash used in in investing activities — — (1,506 ) (37,399 ) (38,905 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility — 911,000 — — 911,000 Repayment of revolving credit facility — (911,000 ) — — (911,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 2,137 2,137 Repayment of notes payable on real estate held for sale and under development — — — (9,189 ) (9,189 ) Units repurchased for payment of taxes on equity awards (1,900 ) — — — (1,900 ) Non-controlling interest contributions — — — 1,941 1,941 Non-controlling interest distributions — — — (3,904 ) (3,904 ) (Increase) decrease in intercompany receivables, net (47,895 ) (20,114 ) 47,320 20,689 — Other financing activities, net 360 — (3,145 ) (881 ) (3,666 ) Net cash (used in) provided by financing activities (49,435 ) (20,114 ) 44,175 10,793 (14,581 ) Effect of currency exchange rate changes on cash and cash equivalents — — — 17,328 17,328 NET DECREASE IN CASH AND CASH EQUIVALENTS — (3,983 ) (192,927 ) (29,985 ) (226,895 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 7 16,889 264,121 481,559 762,576 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 7 $ 12,906 $ 71,194 $ 451,574 $ 535,681 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 59,446 $ — $ 44 $ 59,490 Income taxes, net $ — $ — $ 82,017 $ 81,868 $ 163,885 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Dollars in thousands) CBRE Guarantor Nonguarantor Consolidated Parent Services Subsidiaries Subsidiaries Total CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 57,811 $ 9,377 $ (192,950 ) $ (84,255 ) $ (210,017 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures — — (51,510 ) (27,548 ) (79,058 ) Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired — — (1,381 ) (15,188 ) (16,569 ) Acquisition of GWS, including net assets acquired, intangibles and goodwill — — (21,900 ) - (21,900 ) Contributions to unconsolidated subsidiaries — — (21,549 ) (5,882 ) (27,431 ) Distributions from unconsolidated subsidiaries — — 91,421 2,491 93,912 Decrease (increase) in restricted cash — — 3,250 (3,728 ) (478 ) Purchase of available for sale securities — — (23,984 ) — (23,984 ) Proceeds from the sale of available for sale securities — — 22,061 — 22,061 Other investing activities, net — — 6,688 7,241 13,929 Net cash provided by (used in) investing activities — — 3,096 (42,614 ) (39,518 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior term loans — (14,375 ) — — (14,375 ) Proceeds from revolving credit facility — 1,356,000 — — 1,356,000 Repayment of revolving credit facility — (1,200,000 ) — — (1,200,000 ) Proceeds from notes payable on real estate held for sale and under development — — — 13,315 13,315 Repayment of notes payable on real estate held for sale and under development — — — (4,102 ) (4,102 ) Units repurchased for payment of taxes on equity awards (5,112 ) — — — (5,112 ) Non-controlling interest contributions — — — 821 821 Non-controlling interest distributions — — — (3,517 ) (3,517 ) Payment of financing costs — (5,419 ) — (110 ) (5,529 ) (Increase) decrease in intercompany receivables, net (53,774 ) (147,900 ) 110,453 91,221 — Other financing activities, net 1,074 — (1,173 ) 4,086 3,987 Net cash (used in) provided by financing activities (57,812 ) (11,694 ) 109,280 101,714 141,488 Effect of currency exchange rate changes on cash and cash equivalents — — — (588 ) (588 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (1 ) (2,317 ) (80,574 ) (25,743 ) (108,635 ) CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 5 8,479 147,410 384,509 540,403 CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 4 $ 6,162 $ 66,836 $ 358,766 $ 431,768 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ — $ 62,083 $ — $ 1,337 $ 63,420 Income taxes, net $ — $ — $ 107,070 $ 53,283 $ 160,353 |
Warehouse Receivables & Wareh27
Warehouse Receivables & Warehouse Lines of Credit - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | |
Period of repayment for warehouse lines of credit | 1 month |
Warehouse Agreement Borrowings [Member] | |
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | |
Lines of credit principal outstanding | $ 1,700,000,000 |
Warehouse Receivables & Wareh28
Warehouse Receivables & Warehouse Lines of Credit - Schedule of Warehouse Receivables (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] | ||
Beginning balance at January 1, 2017 | $ 1,276,047 | |
Origination of mortgage loans | 6,848,102 | $ 5,821,981 |
Gains (premiums on loan sales) | 21,460 | |
Sale of mortgage loans | (7,050,468) | |
Cash collections of premiums on loan sales | (21,460) | |
Proceeds from sale of mortgage loans | (7,071,928) | $ (6,748,833) |
Net decrease in mortgage servicing rights included in warehouse receivables | (3,792) | |
Ending balance at June 30, 2017 | $ 1,069,889 |
Warehouse Receivables & Wareh29
Warehouse Receivables & Warehouse Lines of Credit - Summary of Warehouse Lines of Credit in Place (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Carrying Value | $ 1,054,970,000 | $ 1,254,653,000 |
Warehouse Agreement Borrowings [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Maximum Facility Size | 2,100,000,000 | 3,400,000,000 |
Carrying Value | $ 1,054,970,000 | $ 1,254,653,000 |
Warehouse Agreement Borrowings [Member] | JP Morgan [Member] | Pricing at daily one-month LIBOR plus 1.45%, maturing February 28, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Feb. 28, 2017 | |
Maximum Facility Size | $ 300,000,000 | |
Carrying Value | $ 275,945,000 | |
Line of credit over LIBOR rate | 1.45% | 1.45% |
Warehouse Agreement Borrowings [Member] | JP Morgan [Member] | Pricing at daily one-month LIBOR plus 1.45%, maturing October 23, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Oct. 23, 2017 | Oct. 23, 2017 |
Maximum Facility Size | $ 800,000,000 | $ 700,000,000 |
Carrying Value | $ 400,178,000 | |
Line of credit over LIBOR rate | 1.45% | 1.45% |
Warehouse Agreement Borrowings [Member] | JP Morgan [Member] | Pricing at daily one-month LIBOR plus 2.75%, maturing October 23, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Oct. 23, 2017 | Oct. 23, 2017 |
Maximum Facility Size | $ 25,000,000 | $ 25,000,000 |
Carrying Value | $ 1,433,000 | $ 3,768,000 |
Line of credit over LIBOR rate | 2.75% | 2.75% |
Warehouse Agreement Borrowings [Member] | Bank of America (BofA) [Member] | Pricing at daily one-month LIBOR plus 1.60%, maturing January 30, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jan. 30, 2017 | |
Maximum Facility Size | $ 300,000,000 | |
Carrying Value | $ 300,000,000 | |
Line of credit over LIBOR rate | 1.60% | 1.60% |
Warehouse Agreement Borrowings [Member] | Bank of America (BofA) [Member] | Pricing at daily one-month LIBOR plus 1.60%, maturing May 25, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jun. 5, 2018 | |
Maximum Facility Size | $ 225,000,000 | $ 200,000,000 |
Carrying Value | $ 127,437,000 | $ 18,555,000 |
Line of credit over LIBOR rate | 1.40% | 1.40% |
Warehouse Agreement Borrowings [Member] | Fannie Mae ASAP Program [Member] | Pricing at daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%, maturing January 17, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jan. 17, 2017 | |
Maximum Facility Size | $ 200,000,000 | |
Carrying Value | $ 200,000,000 | |
Line of credit over LIBOR rate | 1.35% | 1.35% |
Line of credit, LIBOR floor rate | 0.35% | 0.35% |
Warehouse Agreement Borrowings [Member] | Fannie Mae ASAP Program [Member] | Pricing at daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%, Cancelable anytime [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Maximum Facility Size | $ 450,000,000 | $ 450,000,000 |
Carrying Value | $ 75,293,000 | $ 111,160,000 |
Current Maturity | Cancelable anytime | |
Line of credit over LIBOR rate | 1.35% | 1.35% |
Line of credit, LIBOR floor rate | 0.35% | 0.35% |
Warehouse Agreement Borrowings [Member] | TD Bank [Member] | Pricing at daily one-month LIBOR plus 1.35%, maturing February 28, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Feb. 28, 2017 | |
Maximum Facility Size | $ 375,000,000 | |
Carrying Value | $ 154,032,000 | |
Line of credit over LIBOR rate | 1.35% | 1.35% |
Warehouse Agreement Borrowings [Member] | TD Bank [Member] | Pricing at daily one-month LIBOR plus 1.35%, maturing June 30, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jun. 30, 2018 | |
Maximum Facility Size | $ 400,000,000 | $ 400,000,000 |
Carrying Value | $ 320,074,000 | |
Line of credit over LIBOR rate | 1.25% | 1.25% |
Warehouse Agreement Borrowings [Member] | Capital One [Member] | Pricing at daily one-month LIBOR plus 1.45%, maturing January 23, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jan. 23, 2017 | |
Maximum Facility Size | $ 250,000,000 | |
Carrying Value | $ 191,193,000 | |
Line of credit over LIBOR rate | 1.45% | 1.45% |
Warehouse Agreement Borrowings [Member] | Capital One [Member] | Pricing at daily one-month LIBOR plus 1.45%, maturing July 27, 2017 [Member] | ||
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | ||
Current Maturity | Jul. 27, 2017 | Jul. 27, 2017 |
Maximum Facility Size | $ 200,000,000 | $ 200,000,000 |
Carrying Value | $ 130,555,000 | |
Line of credit over LIBOR rate | 1.45% | 1.45% |
Warehouse Receivables & Wareh30
Warehouse Receivables & Warehouse Lines of Credit - Summary of Warehouse Lines of Credit in Place (Parenthetical) (Detail) - Warehouse Agreement Borrowings [Member] - Subsequent Event [Member] - Capital One [Member] - Pricing at daily one-month LIBOR plus 1.40%, maturing July 27, 2018 [Member | Jul. 27, 2017 |
Warehouse Receivables And Warehouse Lines Of Credit [Line Items] | |
Current Maturity | Jul. 27, 2018 |
Line of credit over LIBOR rate | 1.40% |
Variable Interest Entities (V31
Variable Interest Entities (VIEs) - Schedule of Maximum Exposure to Loss (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | $ 246,715 | $ 232,238 |
Co-investment commitments | 23,300 | |
Other current assets | 199,390 | 179,656 |
Non-Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated subsidiaries | 29,668 | 31,041 |
Co-investment commitments | 4,868 | 168 |
Other current assets | 3,496 | 3,314 |
Maximum exposure to loss | $ 38,032 | $ 34,523 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
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 | |
Assets, fair value disclosure, nonrecurring | 0 | 0 | |
Liabilities, fair value disclosure, nonrecurring | 0 | $ 0 | |
5.00% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 840,400,000 | $ 827,600,000 | |
Interest rate of long-term debt | 5.00% | 5.00% | |
Senior notes | $ 791,100,000 | $ 790,400,000 | |
4.875% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 642,200,000 | $ 607,000,000 | |
Interest rate of long-term debt | 4.875% | 4.875% | |
Senior notes | $ 591,600,000 | $ 591,200,000 | |
5.25% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | $ 465,200,000 | $ 439,300,000 | |
Interest rate of long-term debt | 5.25% | 5.25% | |
Senior notes | $ 422,300,000 | $ 422,200,000 | |
Senior term loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated fair value of senior loans | 750,400,000 | 751,400,000 | |
Senior term loans | $ 745,500,000 | $ 744,300,000 | |
Senior Notes [Member] | 5.00% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 5.00% | 5.00% | |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 4.875% | 4.875% | |
Senior Notes [Member] | 5.25% Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate of long-term debt | 5.25% | 5.25% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warehouse receivables | $ 1,069,889 | $ 1,276,047 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 62,230 | 57,074 |
Trading securities | 67,907 | 52,629 |
Warehouse receivables | 1,069,889 | 1,276,047 |
Foreign currency exchange forward contracts | 1,471 | |
Total assets at fair value | 1,200,026 | 1,387,221 |
Interest rate swaps | 8,569 | 13,162 |
Securities sold, not yet purchased | 2,823 | 3,591 |
Foreign currency exchange forward contracts | 59 | |
Total liabilities at fair value | 11,451 | 16,753 |
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 | 33,687 | 31,229 |
Trading securities | 67,907 | 52,629 |
Total assets at fair value | 101,594 | 83,858 |
Securities sold, not yet purchased | 2,823 | 3,591 |
Total liabilities at fair value | 2,823 | 3,591 |
Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 28,543 | 25,845 |
Warehouse receivables | 1,069,889 | 1,276,047 |
Foreign currency exchange forward contracts | 1,471 | |
Total assets at fair value | 1,098,432 | 1,303,363 |
Interest rate swaps | 8,569 | 13,162 |
Foreign currency exchange forward contracts | 59 | |
Total liabilities at fair value | 8,628 | 13,162 |
Recurring [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 7,273 | 8,485 |
Recurring [Member] | U.S. treasury securities [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 | 7,273 | 8,485 |
Recurring [Member] | Debt securities issued by U.S. federal agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 4,768 | 5,046 |
Recurring [Member] | Debt securities issued by U.S. federal agencies [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 4,768 | 5,046 |
Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 19,191 | 17,094 |
Recurring [Member] | Corporate debt securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 19,191 | 17,094 |
Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,546 | 2,695 |
Recurring [Member] | Asset-backed securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,546 | 2,695 |
Recurring [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,038 | 1,010 |
Recurring [Member] | Collateralized mortgage obligations [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,038 | 1,010 |
Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 35,816 | 34,330 |
Recurring [Member] | Debt Securities [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 | 7,273 | 8,485 |
Recurring [Member] | Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 28,543 | 25,845 |
Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 26,414 | 22,744 |
Recurring [Member] | Equity Securities [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 | $ 26,414 | $ 22,744 |
Investments In Unconsolidated34
Investments In Unconsolidated Subsidiaries - Additional information (Detail) - Maximum [Member] | Jun. 30, 2017 |
Global Investment Management [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 5.00% |
Development Services [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 10.00% |
Other [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage | 50.00% |
Investments in Unconsolidated35
Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | $ 309,529 | $ 308,982 | $ 624,064 | $ 582,494 |
Operating income | 242,506 | 107,060 | 280,724 | 234,775 |
Net income | 221,872 | 127,554 | 244,207 | 230,334 |
Global Investment Management [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | 237,907 | 252,301 | 505,058 | 484,904 |
Operating income | 76,410 | 61,755 | 91,888 | 62,378 |
Net income | 60,307 | 87,747 | 64,397 | 65,872 |
Development Services [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | 27,477 | 18,418 | 49,003 | 31,076 |
Operating income | 157,296 | 37,199 | 177,857 | 158,109 |
Net income | 150,055 | 31,631 | 166,152 | 150,092 |
Other [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | 44,145 | 38,263 | 70,003 | 66,514 |
Operating income | 8,800 | 8,106 | 10,979 | 14,288 |
Net income | $ 11,510 | $ 8,176 | $ 13,658 | $ 14,370 |
Long-Term Debt and Short-Term36
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,574,386 | $ 2,574,301 |
Less: current maturities of long-term debt | (11) | (11) |
Less: unamortized debt issuance costs | (23,971) | (26,164) |
Total long-term debt, net of current maturities | 2,550,404 | 2,548,126 |
Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 751,876 | 751,875 |
Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 11 | 14 |
5.00% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 800,000 | 800,000 |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 596,090 | 595,912 |
5.25% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 426,409 | $ 426,500 |
Long-Term Debt and Short-Term37
Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt, end | Dec. 31, 2022 | Dec. 31, 2022 |
5.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
5.00% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
Due date of long-term debt | 2,023 | 2,023 |
4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
Due date of long-term debt | 2,026 | 2,026 |
5.25% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
5.25% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
Due date of long-term debt | 2,025 | 2,025 |
Minimum [Member] | Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 1.77% | 1.77% |
Maximum [Member] | Senior secured term loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of long-term debt | 2.65% | 2.65% |
Long-Term Debt and Short-Term38
Long-Term Debt and Short-Term Borrowings - Long-Term Debt - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Minimum coverage ratio of EBITDA to total interest expense expressed in percentage | 200.00% | ||
Maximum leverage ratio of total debt less available cash to EBITDA expressed in percentage | 425.00% | ||
Coverage ratio of EBITDA to total interest expense expressed in percentage | 1370.00% | ||
Leverage ratio of total debt less available cash to EBITDA expressed in percentage | 124.00% | ||
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 | ||
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% | |
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% | |
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% | |
Revolving credit facility [Member] | 2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility increase in borrowing capacity | $ 200,000,000 | ||
Tranche A term loan facility [Member] | 2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 500,000,000 | ||
Revolving credit facility maturity date | Jan. 9, 2020 | ||
Tranche B-1 term loan facility [Member] | 2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 270,000,000 | ||
Revolving credit facility maturity date | Sep. 3, 2020 | ||
Tranche B-2 term loan facility [Member] | 2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amounts available to borrow under Credit Agreement | $ 130,000,000 | ||
Revolving credit facility maturity date | Sep. 3, 2022 |
Long-Term Debt and Short-Term39
Long-Term Debt and Short-Term Borrowings - Revolving Credit Facility - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 64,200,000 | |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility principal amount outstanding | 0 | $ 0 |
Letters of credit outstanding amount | $ 2,000,000 | $ 2,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 64,200,000 | |
Accrued loan loss | 30,200,000 | $ 28,200,000 |
Assets available for recourse | 593,100,000 | |
Warehouse receivables | $ 364,700,000 | |
Letters of credit expiration date | 2018-06 | |
Guarantees total | $ 57,900,000 | |
Commitments to investment in future real estate investment | 23,300,000 | |
Commitments to investment in unconsolidated real estate subsidiary | $ 22,800,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Co-investments typically range | 2.00% | |
Funded loans subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Funded loans unpaid principal | $ 17,900,000,000 | |
Letters of credit outstanding | 53,000,000 | $ 45,000,000 |
SBL Program [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 5,000,000 | |
Funded loans not subject to loss sharing arrangements [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 58,000,000 |
Income Per Share Information -
Income Per Share Information - Computation of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 197,165 | $ 121,668 | $ 326,762 | $ 203,835 |
Weighted average shares outstanding for basic income per share | 336,975,149 | 335,076,746 | 336,941,681 | 334,534,841 |
Basic income per share attributable to CBRE Group, Inc. shareholders | $ 0.59 | $ 0.36 | $ 0.97 | $ 0.61 |
Diluted Income Per Share | ||||
Net income attributable to CBRE Group, Inc. shareholders | $ 197,165 | $ 121,668 | $ 326,762 | $ 203,835 |
Weighted average shares outstanding for basic income per share | 336,975,149 | 335,076,746 | 336,941,681 | 334,534,841 |
Dilutive effect of contingently issuable shares | 3,905,498 | 2,976,165 | 3,267,556 | 3,226,936 |
Dilutive effect of stock options | 1,956 | 27,730 | 5,009 | 36,110 |
Weighted average shares outstanding for diluted income per share | 340,882,603 | 338,080,641 | 340,214,246 | 337,797,887 |
Diluted income per share attributable to CBRE Group, Inc. shareholders | $ 0.58 | $ 0.36 | $ 0.96 | $ 0.60 |
Income Per Share Information 42
Income Per Share Information - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Contingently Issuable Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded in computation of diluted income per share | 1,317,651 | 1,536,189 | 2,037,886 | 1,553,158 |
Segments - Summarized Financial
Segments - Summarized Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,342,215 | $ 3,207,537 | $ 6,323,419 | $ 6,054,271 |
Adjusted EBITDA | 412,549 | 360,451 | 715,757 | 643,134 |
Global Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 92,763 | 95,737 | 182,329 | 186,117 |
Adjusted EBITDA | 23,910 | 26,426 | 49,769 | 49,341 |
Development Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 17,203 | 17,891 | 30,862 | 34,664 |
Adjusted EBITDA | 46,453 | 18,525 | 49,257 | 50,400 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,856,887 | 1,780,389 | 3,549,533 | 3,368,264 |
Adjusted EBITDA | 230,409 | 227,411 | 450,809 | 414,625 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 954,734 | 953,918 | 1,798,922 | 1,794,265 |
Adjusted EBITDA | 68,577 | 59,854 | 102,441 | 87,665 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 420,628 | 359,602 | 761,773 | 670,961 |
Adjusted EBITDA | $ 43,200 | $ 28,235 | $ 63,481 | $ 41,103 |
Segments - Adjusted EBITDA Calc
Segments - Adjusted EBITDA Calculation by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Net income attributable to CBRE Group, Inc. | $ 197,165 | $ 121,668 | $ 326,762 | $ 203,835 |
Depreciation and amortization | 100,386 | 90,268 | 194,423 | 177,262 |
Interest expense | 35,430 | 36,987 | 69,440 | 71,777 |
Provision for income taxes | 68,362 | 64,039 | 119,635 | 114,164 |
Interest income | 1,427 | 3,066 | 3,838 | 4,525 |
EBITDA | 399,916 | 309,896 | 706,422 | 562,513 |
Integration and other costs related to acquisitions | 15,408 | 27,751 | 27,351 | 44,924 |
Cost-elimination expenses | 27,176 | 39,579 | ||
Carried interest incentive compensation reversal to align with the timing of associated revenue | (2,775) | (4,372) | (18,016) | (3,882) |
Adjusted EBITDA | $ 412,549 | $ 360,451 | $ 715,757 | $ 643,134 |
Segments - Adjusted EBITDA Ca45
Segments - Adjusted EBITDA Calculation by Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||
Severance costs | $ 25.1 | $ 36.9 |
Contract termination cost | $ 2.1 | $ 2.7 |
Guarantor and Nonguarantor Fi46
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 535,681 | $ 762,576 | $ 431,768 | $ 540,403 |
Restricted cash | 74,720 | 68,836 | ||
Receivables, net | 2,653,346 | 2,605,602 | ||
Warehouse receivables | 1,069,889 | 1,276,047 | ||
Income taxes receivable | 55,593 | 45,626 | ||
Prepaid expenses | 235,717 | 184,107 | ||
Other current assets | 199,390 | 179,656 | ||
Total Current Assets | 4,824,336 | 5,122,450 | ||
Property and equipment, net | 556,480 | 560,756 | ||
Goodwill | 3,095,980 | 2,981,392 | ||
Other intangible assets, net | 1,398,757 | 1,411,039 | ||
Investments in unconsolidated subsidiaries | 246,715 | 232,238 | ||
Deferred tax assets, net | 96,272 | 105,324 | ||
Other assets, net | 387,678 | 366,388 | ||
Total Assets | 10,606,218 | 10,779,587 | ||
Accounts payable and accrued expenses | 1,427,401 | 1,446,438 | ||
Compensation and employee benefits payable | 673,510 | 772,922 | ||
Accrued bonus and profit sharing | 543,982 | 890,321 | ||
Income taxes payable | 41,796 | 58,351 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 1,054,970 | 1,254,653 | ||
Other | 16 | 16 | ||
Total short-term borrowings | 1,054,986 | 1,254,669 | ||
Current maturities of long-term debt | 11 | 11 | ||
Other current liabilities | 55,864 | 102,717 | ||
Total Current Liabilities | 3,797,550 | 4,525,429 | ||
Long-term debt, net | 2,550,404 | 2,548,126 | ||
Total Long-Term Debt, net | 2,550,404 | 2,548,126 | ||
Deferred tax liabilities, net | 96,780 | 70,719 | ||
Non-current tax liabilities | 32,427 | 54,042 | ||
Other liabilities | 546,031 | 524,026 | ||
Total Liabilities | 7,023,192 | 7,722,342 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | 3,539,693 | 3,014,487 | ||
Non-controlling interests | 43,333 | 42,758 | ||
Total Equity | 3,583,026 | 3,057,245 | ||
Total Liabilities and Equity | 10,606,218 | 10,779,587 | ||
Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Income taxes receivable | (2,623) | (19,279) | ||
Total Current Assets | (2,623) | (19,279) | ||
Investments in consolidated subsidiaries | (12,128,755) | (10,617,443) | ||
Intercompany loan receivable | (3,411,774) | (3,384,421) | ||
Deferred tax assets, net | (44,311) | (57,335) | ||
Total Assets | (15,587,463) | (14,078,478) | ||
Income taxes payable | (2,623) | (19,279) | ||
Total Current Liabilities | (2,623) | (19,279) | ||
Intercompany loan payable | (3,411,774) | (3,384,421) | ||
Total Long-Term Debt, net | (3,411,774) | (3,384,421) | ||
Deferred tax liabilities, net | (44,311) | (57,335) | ||
Total Liabilities | (3,458,708) | (3,461,035) | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | (12,128,755) | (10,617,443) | ||
Total Equity | (12,128,755) | (10,617,443) | ||
Total Liabilities and Equity | (15,587,463) | (14,078,478) | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 7 | 7 | 4 | 5 |
Income taxes receivable | 292 | 1,915 | ||
Total Current Assets | 299 | 1,922 | ||
Investments in consolidated subsidiaries | 4,840,206 | 4,226,629 | ||
Total Assets | 4,840,505 | 4,228,551 | ||
Intercompany loan payable | 1,300,812 | 1,214,064 | ||
Total Long-Term Debt, net | 1,300,812 | 1,214,064 | ||
Total Liabilities | 1,300,812 | 1,214,064 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | 3,539,693 | 3,014,487 | ||
Total Equity | 3,539,693 | 3,014,487 | ||
Total Liabilities and Equity | 4,840,505 | 4,228,551 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 71,194 | 264,121 | 66,836 | 147,410 |
Restricted cash | 5,349 | 6,967 | ||
Receivables, net | 998,049 | 943,028 | ||
Warehouse receivables | 680,272 | 687,454 | ||
Income taxes receivable | 8,170 | |||
Prepaid expenses | 93,622 | 78,296 | ||
Other current assets | 67,678 | 64,576 | ||
Total Current Assets | 1,916,164 | 2,052,612 | ||
Property and equipment, net | 387,213 | 395,749 | ||
Goodwill | 1,695,584 | 1,669,683 | ||
Other intangible assets, net | 768,206 | 793,525 | ||
Investments in unconsolidated subsidiaries | 197,668 | 189,455 | ||
Investments in consolidated subsidiaries | 2,605,729 | 2,314,549 | ||
Intercompany loan receivable | 700,000 | 700,000 | ||
Deferred tax assets, net | 44,311 | 72,325 | ||
Other assets, net | 257,276 | 240,707 | ||
Total Assets | 8,572,151 | 8,428,605 | ||
Accounts payable and accrued expenses | 384,961 | 409,470 | ||
Compensation and employee benefits payable | 328,874 | 402,719 | ||
Accrued bonus and profit sharing | 286,198 | 506,715 | ||
Income taxes payable | 3,168 | 40,946 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 673,672 | 680,473 | ||
Other | 16 | 16 | ||
Total short-term borrowings | 673,688 | 680,489 | ||
Other current liabilities | 44,858 | 81,590 | ||
Total Current Liabilities | 1,721,747 | 2,121,929 | ||
Intercompany loan payable | 1,857,194 | 1,916,675 | ||
Total Long-Term Debt, net | 1,857,194 | 1,916,675 | ||
Non-current tax liabilities | 30,676 | 53,422 | ||
Other liabilities | 279,714 | 260,314 | ||
Total Liabilities | 3,889,331 | 4,352,340 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | 4,682,820 | 4,076,265 | ||
Total Equity | 4,682,820 | 4,076,265 | ||
Total Liabilities and Equity | 8,572,151 | 8,428,605 | ||
Nonguarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 451,574 | 481,559 | 358,766 | 384,509 |
Restricted cash | 69,371 | 61,869 | ||
Receivables, net | 1,655,297 | 1,662,574 | ||
Warehouse receivables | 389,617 | 588,593 | ||
Income taxes receivable | 54,936 | 37,456 | ||
Prepaid expenses | 142,095 | 105,811 | ||
Other current assets | 131,712 | 113,659 | ||
Total Current Assets | 2,894,602 | 3,051,521 | ||
Property and equipment, net | 169,267 | 165,007 | ||
Goodwill | 1,400,396 | 1,311,709 | ||
Other intangible assets, net | 630,551 | 617,514 | ||
Investments in unconsolidated subsidiaries | 49,047 | 42,783 | ||
Deferred tax assets, net | 96,272 | 90,334 | ||
Other assets, net | 110,788 | 103,452 | ||
Total Assets | 5,350,923 | 5,382,320 | ||
Accounts payable and accrued expenses | 1,012,202 | 1,006,919 | ||
Compensation and employee benefits payable | 344,010 | 369,577 | ||
Accrued bonus and profit sharing | 257,784 | 383,606 | ||
Income taxes payable | 41,251 | 36,684 | ||
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) | 381,298 | 574,180 | ||
Total short-term borrowings | 381,298 | 574,180 | ||
Current maturities of long-term debt | 11 | 11 | ||
Other current liabilities | 10,088 | 21,127 | ||
Total Current Liabilities | 2,046,644 | 2,392,104 | ||
Long-term debt, net | 3 | |||
Intercompany loan payable | 253,768 | 253,682 | ||
Total Long-Term Debt, net | 253,768 | 253,685 | ||
Deferred tax liabilities, net | 141,091 | 128,054 | ||
Non-current tax liabilities | 1,751 | 620 | ||
Other liabilities | 258,607 | 250,550 | ||
Total Liabilities | 2,701,861 | 3,025,013 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | 2,605,729 | 2,314,549 | ||
Non-controlling interests | 43,333 | 42,758 | ||
Total Equity | 2,649,062 | 2,357,307 | ||
Total Liabilities and Equity | 5,350,923 | 5,382,320 | ||
CBRE Services [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 12,906 | 16,889 | $ 6,162 | $ 8,479 |
Income taxes receivable | 2,988 | 17,364 | ||
Other current assets | 1,421 | |||
Total Current Assets | 15,894 | 35,674 | ||
Investments in consolidated subsidiaries | 4,682,820 | 4,076,265 | ||
Intercompany loan receivable | 2,711,774 | 2,684,421 | ||
Other assets, net | 19,614 | 22,229 | ||
Total Assets | 7,430,102 | 6,818,589 | ||
Accounts payable and accrued expenses | 30,238 | 30,049 | ||
Compensation and employee benefits payable | 626 | 626 | ||
Other current liabilities | 918 | |||
Total Current Liabilities | 31,782 | 30,675 | ||
Long-term debt, net | 2,550,404 | 2,548,123 | ||
Total Long-Term Debt, net | 2,550,404 | 2,548,123 | ||
Other liabilities | 7,710 | 13,162 | ||
Total Liabilities | 2,589,896 | 2,591,960 | ||
Commitments and contingencies | ||||
CBRE Group, Inc. Stockholders’ Equity | 4,840,206 | 4,226,629 | ||
Total Equity | 4,840,206 | 4,226,629 | ||
Total Liabilities and Equity | $ 7,430,102 | $ 6,818,589 |
Guarantor and Nonguarantor Fi47
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Balance Sheet (Parenthetical) (Detail) | Jun. 30, 2017 | Dec. 31, 2016 |
5.00% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 5.00% | 5.00% |
4.875% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 4.875% | 4.875% |
5.25% Senior Notes [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Interest rate of long-term debt | 5.25% | 5.25% |
Guarantor and Nonguarantor Fi48
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 3,342,215 | $ 3,207,537 | $ 6,323,419 | $ 6,054,271 |
Cost of services | 2,318,562 | 2,254,233 | 4,405,641 | 4,267,846 |
Operating, administrative and other | 712,374 | 680,442 | 1,318,605 | 1,323,808 |
Depreciation and amortization | 100,386 | 90,268 | 194,423 | 177,262 |
Total costs and expenses | 3,131,322 | 3,024,943 | 5,918,669 | 5,768,916 |
Gain on disposition of real estate | 11,298 | 12,683 | 4,819 | |
Operating income | 222,191 | 182,594 | 417,433 | 290,174 |
Equity income from unconsolidated subsidiaries | 75,384 | 34,929 | 90,402 | 92,230 |
Other income (loss) | 3,186 | 3,882 | 7,301 | 7,097 |
Interest income | 1,427 | 3,066 | 3,838 | 4,525 |
Interest expense | 35,430 | 36,987 | 69,440 | 71,777 |
Income before provision for income taxes | 266,758 | 187,484 | 449,534 | 322,249 |
(Benefit of) provision for income taxes | 68,362 | 64,039 | 119,635 | 114,164 |
Net income | 198,396 | 123,445 | 329,899 | 208,085 |
Less: Net income attributable to non-controlling interests | 1,231 | 1,777 | 3,137 | 4,250 |
Net income attributable to CBRE Group, Inc. | 197,165 | 121,668 | 326,762 | 203,835 |
Eliminations [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Interest income | (30,698) | (33,096) | (60,599) | (65,569) |
Interest expense | (30,698) | (33,096) | (60,599) | (65,569) |
Income from consolidated subsidiaries | (484,121) | (278,771) | (787,173) | (453,750) |
Income before provision for income taxes | (484,121) | (278,771) | (787,173) | (453,750) |
Net income | (484,121) | (278,771) | (787,173) | (453,750) |
Net income attributable to CBRE Group, Inc. | (484,121) | (278,771) | (787,173) | (453,750) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | 1,046 | 767 | 762 | 2,193 |
Total costs and expenses | 1,046 | 767 | 762 | 2,193 |
Operating income | (1,046) | (767) | (762) | (2,193) |
Income from consolidated subsidiaries | 197,811 | 122,141 | 327,233 | 205,188 |
Income before provision for income taxes | 196,765 | 121,374 | 326,471 | 202,995 |
(Benefit of) provision for income taxes | (400) | (294) | (291) | (840) |
Net income | 197,165 | 121,668 | 326,762 | 203,835 |
Net income attributable to CBRE Group, Inc. | 197,165 | 121,668 | 326,762 | 203,835 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,709,463 | 1,642,191 | 3,272,529 | 3,139,690 |
Cost of services | 1,177,258 | 1,129,785 | 2,247,642 | 2,154,348 |
Operating, administrative and other | 387,987 | 365,488 | 703,743 | 708,358 |
Depreciation and amortization | 58,695 | 55,933 | 115,425 | 110,664 |
Total costs and expenses | 1,623,940 | 1,551,206 | 3,066,810 | 2,973,370 |
Gain on disposition of real estate | 2 | 228 | 3,659 | |
Operating income | 85,525 | 90,985 | 205,947 | 169,979 |
Equity income from unconsolidated subsidiaries | 74,960 | 33,952 | 89,330 | 90,217 |
Other income (loss) | 612 | (49) | 1,026 | (481) |
Interest income | 892 | 654 | 2,539 | 1,571 |
Interest expense | 22,468 | 24,827 | 44,616 | 49,410 |
Royalty and management service (income) expense | (897) | (16,340) | (6,699) | (23,768) |
Income from consolidated subsidiaries | 85,909 | 38,843 | 127,898 | 42,375 |
Income before provision for income taxes | 226,327 | 155,898 | 388,823 | 278,019 |
(Benefit of) provision for income taxes | 25,926 | 38,111 | 56,781 | 71,832 |
Net income | 200,401 | 117,787 | 332,042 | 206,187 |
Net income attributable to CBRE Group, Inc. | 200,401 | 117,787 | 332,042 | 206,187 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 1,632,752 | 1,565,346 | 3,050,890 | 2,914,581 |
Cost of services | 1,141,304 | 1,124,448 | 2,157,999 | 2,113,498 |
Operating, administrative and other | 322,803 | 323,137 | 613,213 | 614,683 |
Depreciation and amortization | 41,691 | 34,335 | 78,998 | 66,598 |
Total costs and expenses | 1,505,798 | 1,481,920 | 2,850,210 | 2,794,779 |
Gain on disposition of real estate | 11,296 | 12,455 | 1,160 | |
Operating income | 138,250 | 83,426 | 213,135 | 120,962 |
Equity income from unconsolidated subsidiaries | 424 | 977 | 1,072 | 2,013 |
Other income (loss) | 2,573 | 3,930 | 6,274 | 7,577 |
Interest income | 535 | 2,412 | 1,299 | 2,954 |
Interest expense | 9,296 | 10,267 | 17,913 | 19,320 |
Royalty and management service (income) expense | 897 | 16,340 | 6,699 | 23,768 |
Income before provision for income taxes | 131,589 | 64,138 | 197,168 | 90,418 |
(Benefit of) provision for income taxes | 44,449 | 23,518 | 66,133 | 43,793 |
Net income | 87,140 | 40,620 | 131,035 | 46,625 |
Less: Net income attributable to non-controlling interests | 1,231 | 1,777 | 3,137 | 4,250 |
Net income attributable to CBRE Group, Inc. | 85,909 | 38,843 | 127,898 | 42,375 |
CBRE Services [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Operating, administrative and other | 538 | (8,950) | 887 | (1,426) |
Total costs and expenses | 538 | (8,950) | 887 | (1,426) |
Operating income | (538) | 8,950 | (887) | 1,426 |
Other income (loss) | 1 | 1 | 1 | 1 |
Interest income | 30,698 | 33,096 | 60,599 | 65,569 |
Interest expense | 34,364 | 34,989 | 67,510 | 68,616 |
Income from consolidated subsidiaries | 200,401 | 117,787 | 332,042 | 206,187 |
Income before provision for income taxes | 196,198 | 124,845 | 324,245 | 204,567 |
(Benefit of) provision for income taxes | (1,613) | 2,704 | (2,988) | (621) |
Net income | 197,811 | 122,141 | 327,233 | 205,188 |
Net income attributable to CBRE Group, Inc. | $ 197,811 | $ 122,141 | $ 327,233 | $ 205,188 |
Guarantor and Nonguarantor Fi49
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 198,396 | $ 123,445 | $ 329,899 | $ 208,085 |
Foreign currency translation gain (loss) | 88,347 | (102,308) | 139,436 | (85,714) |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,380 | 1,733 | 2,888 | 3,476 |
Unrealized (losses) gains on interest rate swaps, net of tax | (217) | (1,206) | 77 | (4,115) |
Unrealized holding gains (losses) on available for sale securities, net of tax | 977 | 1,574 | 1,900 | 645 |
Other, net | (10) | (702) | (16) | (759) |
Total other comprehensive income (loss) | 90,477 | (100,909) | 144,285 | (86,467) |
Comprehensive income | 288,873 | 22,536 | 474,184 | 121,618 |
Less: Comprehensive income attributable to non-controlling interests | 1,390 | 1,694 | 3,317 | 4,289 |
Comprehensive income attributable to CBRE Group, Inc. | 287,483 | 20,842 | 470,867 | 117,329 |
Eliminations [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | (484,121) | (278,771) | (787,173) | (453,750) |
Comprehensive income | (484,121) | (278,771) | (787,173) | (453,750) |
Comprehensive income attributable to CBRE Group, Inc. | (484,121) | (278,771) | (787,173) | (453,750) |
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 197,165 | 121,668 | 326,762 | 203,835 |
Other, net | 3 | (2) | ||
Total other comprehensive income (loss) | 3 | (2) | ||
Comprehensive income | 197,168 | 121,668 | 326,760 | 203,835 |
Comprehensive income attributable to CBRE Group, Inc. | 197,168 | 121,668 | 326,760 | 203,835 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 200,401 | 117,787 | 332,042 | 206,187 |
Unrealized holding gains (losses) on available for sale securities, net of tax | 896 | 1,603 | 1,725 | 514 |
Other, net | (13) | (702) | (14) | (759) |
Total other comprehensive income (loss) | 883 | 901 | 1,711 | (245) |
Comprehensive income | 201,284 | 118,688 | 333,753 | 205,942 |
Comprehensive income attributable to CBRE Group, Inc. | 201,284 | 118,688 | 333,753 | 205,942 |
Nonguarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 87,140 | 40,620 | 131,035 | 46,625 |
Foreign currency translation gain (loss) | 88,347 | (102,308) | 139,436 | (85,714) |
Unrealized holding gains (losses) on available for sale securities, net of tax | 81 | (29) | 175 | 131 |
Total other comprehensive income (loss) | 88,428 | (102,337) | 139,611 | (85,583) |
Comprehensive income | 175,568 | (61,717) | 270,646 | (38,958) |
Less: Comprehensive income attributable to non-controlling interests | 1,390 | 1,694 | 3,317 | 4,289 |
Comprehensive income attributable to CBRE Group, Inc. | 174,178 | (63,411) | 267,329 | (43,247) |
CBRE Services [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 197,811 | 122,141 | 327,233 | 205,188 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax | 1,380 | 1,733 | 2,888 | 3,476 |
Unrealized (losses) gains on interest rate swaps, net of tax | (217) | (1,206) | 77 | (4,115) |
Total other comprehensive income (loss) | 1,163 | 527 | 2,965 | (639) |
Comprehensive income | 198,974 | 122,668 | 330,198 | 204,549 |
Comprehensive income attributable to CBRE Group, Inc. | $ 198,974 | $ 122,668 | $ 330,198 | $ 204,549 |
Guarantor and Nonguarantor Fi50
Guarantor and Nonguarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ (190,737) | $ (210,017) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (59,863) | (79,058) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill | (21,900) | |
Acquisition of businesses (other than GWS),including net assets acquired, intangibles and goodwill, net of cash acquired | (40,452) | (16,569) |
Contributions to unconsolidated subsidiaries | (32,660) | (27,431) |
Distributions from unconsolidated subsidiaries | 96,941 | 93,912 |
Decrease (increase) in restricted cash | (3,022) | (478) |
Purchase of available for sale securities | (19,734) | (23,984) |
Proceeds from the sale of available for sale securities | 17,277 | 22,061 |
Other investing activities, net | 2,608 | 13,929 |
Net cash used in investing activities | (38,905) | (39,518) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of senior term loans | (14,375) | |
Proceeds from revolving credit facility | 911,000 | 1,356,000 |
Repayment of revolving credit facility | (911,000) | (1,200,000) |
Proceeds from notes payable on real estate held for sale and under development | 2,137 | 13,315 |
Repayment of notes payable on real estate held for sale and under development | (9,189) | (4,102) |
Units repurchased for payment of taxes on equity awards | (1,900) | (5,112) |
Non-controlling interest contributions | 1,941 | 821 |
Non-controlling interest distributions | (3,904) | (3,517) |
Payment of financing costs | (5,529) | |
Other financing activities, net | (3,666) | 3,987 |
Net cash (used in) provided by financing activities | (14,581) | 141,488 |
Effect of currency exchange rate changes on cash and cash equivalents | 17,328 | (588) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (226,895) | (108,635) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 762,576 | 540,403 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 535,681 | 431,768 |
Cash paid during the period for: | ||
Interest | 59,490 | 63,420 |
Income taxes, net | 163,885 | 160,353 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 49,435 | 57,811 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Units repurchased for payment of taxes on equity awards | (1,900) | (5,112) |
(Increase) decrease in intercompany receivables, net | (47,895) | (53,774) |
Other financing activities, net | 360 | 1,074 |
Net cash (used in) provided by financing activities | (49,435) | (57,812) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1) | |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 7 | 5 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 7 | 4 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (235,596) | (192,950) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (39,925) | (51,510) |
Acquisition of GWS, including net assets acquired, intangibles and goodwill | (21,900) | |
Acquisition of businesses (other than GWS),including net assets acquired, intangibles and goodwill, net of cash acquired | (31,780) | (1,381) |
Contributions to unconsolidated subsidiaries | (23,752) | (21,549) |
Distributions from unconsolidated subsidiaries | 92,304 | 91,421 |
Decrease (increase) in restricted cash | 1,618 | 3,250 |
Purchase of available for sale securities | (19,734) | (23,984) |
Proceeds from the sale of available for sale securities | 17,277 | 22,061 |
Other investing activities, net | 2,486 | 6,688 |
Net cash used in investing activities | (1,506) | 3,096 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Increase) decrease in intercompany receivables, net | 47,320 | 110,453 |
Other financing activities, net | (3,145) | (1,173) |
Net cash (used in) provided by financing activities | 44,175 | 109,280 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (192,927) | (80,574) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 264,121 | 147,410 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 71,194 | 66,836 |
Cash paid during the period for: | ||
Income taxes, net | 82,017 | 107,070 |
Nonguarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (20,707) | (84,255) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (19,938) | (27,548) |
Acquisition of businesses (other than GWS),including net assets acquired, intangibles and goodwill, net of cash acquired | (8,672) | (15,188) |
Contributions to unconsolidated subsidiaries | (8,908) | (5,882) |
Distributions from unconsolidated subsidiaries | 4,637 | 2,491 |
Decrease (increase) in restricted cash | (4,640) | (3,728) |
Other investing activities, net | 122 | 7,241 |
Net cash used in investing activities | (37,399) | (42,614) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from notes payable on real estate held for sale and under development | 2,137 | 13,315 |
Repayment of notes payable on real estate held for sale and under development | (9,189) | (4,102) |
Non-controlling interest contributions | 1,941 | 821 |
Non-controlling interest distributions | (3,904) | (3,517) |
Payment of financing costs | (110) | |
(Increase) decrease in intercompany receivables, net | 20,689 | 91,221 |
Other financing activities, net | (881) | 4,086 |
Net cash (used in) provided by financing activities | 10,793 | 101,714 |
Effect of currency exchange rate changes on cash and cash equivalents | 17,328 | (588) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (29,985) | (25,743) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 481,559 | 384,509 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 451,574 | 358,766 |
Cash paid during the period for: | ||
Interest | 44 | 1,337 |
Income taxes, net | 81,868 | 53,283 |
CBRE Services [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 16,131 | 9,377 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of senior term loans | (14,375) | |
Proceeds from revolving credit facility | 911,000 | 1,356,000 |
Repayment of revolving credit facility | (911,000) | (1,200,000) |
Payment of financing costs | (5,419) | |
(Increase) decrease in intercompany receivables, net | (20,114) | (147,900) |
Net cash (used in) provided by financing activities | (20,114) | (11,694) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (3,983) | (2,317) |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD | 16,889 | 8,479 |
CASH AND CASH EQUIVALENTS, AT END OF PERIOD | 12,906 | 6,162 |
Cash paid during the period for: | ||
Interest | $ 59,446 | $ 62,083 |