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Guarantor and Nonguarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents		$	4			$	6,162			$	66,836			$	358,766			$	—			$	431,768
Restricted cash			—				—				3,171				67,331				—				70,502
Receivables, net			—				—				948,443				1,424,714				—				2,373,157
Warehouse receivables (1)			—				—				710,043				137,669				—				847,712
Income taxes receivable			840				621				34,483				56,894				—				92,838
Prepaid expenses			—				—				77,491				121,808				—				199,299
Other current assets			—				12,536				79,753				138,516				—				230,805
Total Current Assets			844				19,319				1,920,220				2,305,698				—				4,246,081
Property and equipment, net			—				—				383,943				149,632				—				533,575
Goodwill			—				—				1,653,048				1,407,976				—				3,061,024
Other intangible assets, net			—				—				814,599				581,641				—				1,396,240
Investments in unconsolidated subsidiaries			—				—				189,886				36,856				—				226,742
Investments in consolidated subsidiaries			3,962,426				4,083,904				2,317,953				—				(10,364,283	)			—
Intercompany loan receivable			—				2,716,908				700,000				—				(3,416,908	)			—
Deferred tax assets, net			—				—				48,026				99,156				(39,473	)			107,709
Other assets, net			—				24,825				198,143				128,233				—				351,201
Total Assets		$	3,963,270			$	6,844,956			$	8,225,818			$	4,709,192			$	(13,820,664	)		$	9,922,572
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses		$	—			$	30,159			$	387,073			$	964,570			$	—			$	1,381,802
Compensation and employee benefits payable			—				626				428,488				298,907				—				728,021
Accrued bonus and profit sharing			—				—				271,847				230,919				—				502,766
Income taxes payable			—				—				—				46,530				—				46,530
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1)			—				—				704,868				134,427				—				839,295
Revolving credit facility			—				156,000				—				—				—				156,000
Other			—				—				16				—				—				16
Total short-term borrowings			—				156,000				704,884				134,427				—				995,311
Current maturities of long-term debt			—				42,500				—				46				—				42,546
Other current liabilities			—				5,429				30,485				9,759				—				45,673
Total Current Liabilities			—				234,714				1,822,777				1,685,158				—				3,742,649
Long-Term Debt, net:
Long-term debt, net			—				2,624,976				—				1				—				2,624,977
Intercompany loan payable			1,108,152				—				1,982,397				326,359				(3,416,908	)			—
Total Long-Term Debt, net			1,108,152				2,624,976				1,982,397				326,360				(3,416,908	)			2,624,977
Deferred tax liabilities, net			—				—				—				124,507				(39,473	)			85,034
Non-current tax liabilities			—				—				89,208				417				—				89,625
Other liabilities			—				22,840				247,532				206,145				—				476,517
Total Liabilities			1,108,152				2,882,530				4,141,914				2,342,587				(3,456,381	)			7,018,802
Commitments and contingencies			—				—				—				—				—				—
Equity:
CBRE Group, Inc. Stockholders’ Equity			2,855,118				3,962,426				4,083,904				2,317,953				(10,364,283	)			2,855,118
Non-controlling interests			—				—				—				48,652				—				48,652
Total Equity			2,855,118				3,962,426				4,083,904				2,366,605				(10,364,283	)			2,903,770
Total Liabilities and Equity		$	3,963,270			$	6,844,956			$	8,225,818			$	4,709,192			$	(13,820,664	)		$	9,922,572

(1) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan Chase Bank, N.A. (JP Morgan), TD Bank, N.A. (TD Bank), Capital One, N.A. (Capital One), Bank of America (BofA), and Fannie Mae ASAP lines of credit are pledged to JP Morgan, TD Bank, Capital One, BofA and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents		$	5			$	8,479			$	147,410			$	384,509			$	—			$	540,403
Restricted cash			—				—				6,421				66,343				—				72,764
Receivables, net			—				—				860,776				1,610,964				—				2,471,740
Warehouse receivables (1)			—				—				1,397,094				370,013				—				1,767,107
Income taxes receivable			25,912				6,365				10,552				48,779				(32,277	)			59,331
Prepaid expenses			—				—				77,109				95,813				—				172,922
Other current assets			—				9,236				62,386				149,334				—				220,956
Total Current Assets			25,917				24,080				2,561,748				2,725,755				(32,277	)			5,305,223
Property and equipment, net			—				—				382,897				146,926				—				529,823
Goodwill			—				—				1,626,618				1,459,379				—				3,085,997
Other intangible assets, net			—				—				844,611				605,858				—				1,450,469
Investments in unconsolidated subsidiaries			—				—				184,508				33,435				—				217,943
Investments in consolidated subsidiaries			3,699,642				3,796,841				2,360,544				—				(9,857,027	)			—
Intercompany loan receivable			—				2,590,949				700,000				—				(3,290,949	)			—
Deferred tax assets, net			—				—				68,971				105,754				(39,473	)			135,252
Other assets, net			—				22,055				176,835				94,346				—				293,236
Total Assets		$	3,725,559			$	6,433,925			$	8,906,732			$	5,171,453			$	(13,219,726	)		$	11,017,943
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses		$	—			$	31,616			$	395,509			$	1,056,994			$	—			$	1,484,119
Compensation and employee benefits payable			—				626				388,251				316,193				—				705,070
Accrued bonus and profit sharing			—				—				479,106				387,788				—				866,894
Income taxes payable			—				—				69,121				45,350				(32,277	)			82,194
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1)			—				—				1,388,033				362,748				—				1,750,781
Other			—				—				16				—				—				16
Total short-term borrowings			—				—				1,388,049				362,748				—				1,750,797
Current maturities of long-term debt			—				34,375				—				53				—				34,428
Other current liabilities			—				1,063				31,474				38,118				—				70,655
Total Current Liabilities			—				67,680				2,751,510				2,207,244				(32,277	)			4,994,157
Long-Term Debt, net:
Long-term debt, net			—				2,645,101				—				10				—				2,645,111
Intercompany loan payable			1,012,907				—				2,043,433				234,609				(3,290,949	)			—
Total Long-Term Debt, net			1,012,907				2,645,101				2,043,433				234,619				(3,290,949	)			2,645,111
Deferred tax liabilities, net			—				—				—				139,834				(39,473	)			100,361
Non-current tax liabilities			—				—				87,483				1,184				—				88,667
Other liabilities			—				21,502				227,465				181,610				—				430,577
Total Liabilities			1,012,907				2,734,283				5,109,891				2,764,491				(3,362,699	)			8,258,873
Commitments and contingencies			—				—				—				—				—				—
Equity:
CBRE Group, Inc. Stockholders’ Equity			2,712,652				3,699,642				3,796,841				2,360,544				(9,857,027	)			2,712,652
Non-controlling interests			—				—				—				46,418				—				46,418
Total Equity			2,712,652				3,699,642				3,796,841				2,406,962				(9,857,027	)			2,759,070
Total Liabilities and Equity		$	3,725,559			$	6,433,925			$	8,906,732			$	5,171,453			$	(13,219,726	)		$	11,017,943

(1) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, Capital One, BofA, JP Morgan and Fannie Mae ASAP lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt.

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated 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
Gain on disposition of real estate			—				—				—				—				—				—
Operating (loss) income			(767	)			8,950				90,985				83,426				—				182,594
Equity income from unconsolidated subsidiaries			—				—				33,952				977				—				34,929
Other income (loss)			—				1				(49	)			3,930				—				3,882
Interest income			—				33,096				654				2,412				(33,096	)			3,066
Interest expense			—				34,989				24,827				10,267				(33,096	)			36,987
Royalty and management service (income) expense			—				—				(16,340	)			16,340				—				—
Income from consolidated subsidiaries			122,141				117,787				38,843				—				(278,771	)			—
Income before (benefit of) provision for income taxes			121,374				124,845				155,898				64,138				(278,771	)			187,484
(Benefit of) provision for income taxes			(294	)			2,704				38,111				23,518				—				64,039
Net income			121,668				122,141				117,787				40,620				(278,771	)			123,445
Less: Net income attributable to non-controlling interests			—				—				—				1,777				—				1,777
Net income attributable to CBRE Group, Inc.		$	121,668			$	122,141			$	117,787			$	38,843			$	(278,771	)		$	121,668

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Revenue		$	—			$	—			$	1,341,591			$	1,048,915			$	—			$	2,390,506
Costs and expenses:
Cost of services			—				—				849,131				638,843				—				1,487,974
Operating, administrative and other			12,362				11,698				301,412				284,686				—				610,158
Depreciation and amortization			—				—				39,282				31,323				—				70,605
Total costs and expenses			12,362				11,698				1,189,825				954,852				—				2,168,737
Gain on disposition of real estate			—				—				141				6,845				—				6,986
Operating (loss) income			(12,362	)			(11,698	)			151,907				100,908				—				228,755
Equity income (loss) from unconsolidated subsidiaries			—				—				8,591				(1,898	)			—				6,693
Other income (loss)			—				1				335				(1,405	)			—				(1,069	)
Interest income			—				52,361				78,199				990				(130,148	)			1,402
Interest expense			—				102,816				36,373				17,113				(130,148	)			26,154
Royalty and management service expense (income)			—				—				236				(236	)			—				—
Income from consolidated subsidiaries			132,726				171,425				43,680				—				(347,831	)			—
Income before (benefit of) provision for income taxes			120,364				109,273				246,103				81,718				(347,831	)			209,627
(Benefit of) provision for income taxes			(4,665	)			(23,453	)			74,678				29,914				—				76,474
Net income			125,029				132,726				171,425				51,804				(347,831	)			133,153
Less: Net income attributable to non-controlling interests			—				—				—				8,124				—				8,124
Net income attributable to CBRE Group, Inc.		$	125,029			$	132,726			$	171,425			$	43,680			$	(347,831	)		$	125,029

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated 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 OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Revenue		$	—			$	—			$	2,499,462			$	1,943,547			$	—			$	4,443,009
Costs and expenses:
Cost of services			—				—				1,566,774				1,211,977				—				2,778,751
Operating, administrative and other			25,506				(6,922	)			585,999				537,350				—				1,141,933
Depreciation and amortization			—				—				75,809				64,642				—				140,451
Total costs and expenses			25,506				(6,922	)			2,228,582				1,813,969				—				4,061,135
Gain on disposition of real estate			—				—				141				6,845				—				6,986
Operating (loss) income			(25,506	)			6,922				271,021				136,423				—				388,860
Equity income (loss) from unconsolidated subsidiaries			—				—				23,912				(1,768	)			—				22,144
Other income (loss)			—				1				1,259				(1,242	)			—				18
Interest income			—				107,728				78,873				2,613				(185,515	)			3,699
Interest expense			—				127,702				75,775				34,406				(185,515	)			52,368
Write-off of financing costs on extinguished debt			—				2,685				—				—				—				2,685
Royalty and management service (income) expense			—				—				(3,866	)			3,866				—				—
Income from consolidated subsidiaries			233,847				243,645				43,905				—				(521,397	)			—
Income before (benefit of) provision for income taxes			208,341				227,909				347,061				97,754				(521,397	)			359,668
(Benefit of) provision for income taxes			(9,625	)			(5,938	)			103,416				45,524				—				133,377
Net income			217,966				233,847				243,645				52,230				(521,397	)			226,291
Less: Net income attributable to non-controlling interests			—				—				—				8,325				—				8,325
Net income attributable to CBRE Group, Inc.		$	217,966			$	233,847			$	243,645			$	43,905			$	(521,397	)		$	217,966

Condensed Consolidating Statement of Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated 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 THREE MONTHS ENDED JUNE 30, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor    Subsidiaries				Eliminations				Consolidated Total
Net income		$	125,029			$	132,726			$	171,425			$	51,804			$	(347,831	)		$	133,153
Other comprehensive income:
Foreign currency translation gain			—				—				—				57,508				—				57,508
Amounts reclassified from accumulated other comprehensive loss to interest expense, net			—				1,809				—				—				—				1,809
Unrealized gains on interest rate swaps, net			—				263				—				—				—				263
Unrealized holding gains (losses) on available for sale securities, net			—				—				258				(21	)			—				237
Other, net			—				—				16				—				—				16
Total other comprehensive income			—				2,072				274				57,487				—				59,833
Comprehensive income			125,029				134,798				171,699				109,291				(347,831	)			192,986
Less: Comprehensive income attributable to non-controlling interests			—				—				—				8,141				—				8,141
Comprehensive income attributable to CBRE Group, Inc.		$	125,029			$	134,798			$	171,699			$	101,150			$	(347,831	)		$	184,845

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor    Subsidiaries				Eliminations				Consolidated 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 COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor    Subsidiaries				Eliminations				Consolidated Total
Net income		$	217,966			$	233,847			$	243,645			$	52,230			$	(521,397	)		$	226,291
Other comprehensive income (loss):
Foreign currency translation loss			—				—				—				(47,912	)			—				(47,912	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net			—				3,604				—				—				—				3,604
Unrealized losses on interest rate swaps, net			—				(2,511	)			—				—				—				(2,511	)
Unrealized holding (losses) gains on available for sale securities, net			—				—				(29	)			100				—				71
Other, net			—				—				18				—				—				18
Total other comprehensive income (loss)			—				1,093				(11	)			(47,812	)			—				(46,730	)
Comprehensive income			217,966				234,940				243,634				4,418				(521,397	)			179,561
Less: Comprehensive income attributable to non-controlling interests			—				—				—				8,309				—				8,309
Comprehensive income (loss) attributable to CBRE Group, Inc.		$	217,966			$	234,940			$	243,634			$	(3,891	)		$	(521,397	)		$	171,252

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2016

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor    Subsidiaries				Consolidated 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 GWS, including net assets acquired, intangibles and goodwill			—				—				(21,900	)			—				(21,900	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired			—				—				(1,381	)			(15,188	)			(16,569	)
Contributions to unconsolidated subsidiaries			—				—				(21,549	)			(5,882	)			(27,431	)
Distributions from unconsolidated subsidiaries			—				—				91,421				2,491				93,912
Proceeds from the sale of servicing rights and other assets			—				—				7,820				7,251				15,071
Decrease (increase) in restricted cash			—				—				3,250				(3,728	)			(478	)
Purchase of available for sale securities			—				—				(23,984	)			—				(23,984	)
Proceeds from the sale of available for sale securities			—				—				22,061				—				22,061
Other investing activities, net			—				—				(1,132	)			(10	)			(1,142	)
Net cash provided by (used in) investing activities			—				—				3,096				(42,614	)			(39,518	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior term loans			—				(14,375	)			—				—				(14,375	)
Proceeds from revolving credit facility			—				1,356,000				—				—				1,356,000
Repayment of revolving credit facility			—				(1,200,000	)			—				—				(1,200,000	)
Proceeds from notes payable on real estate held for sale and under development			—				—				—				13,315				13,315
Repayment of notes payable on real estate held for sale and under development			—				—				—				(4,102	)			(4,102	)
Repayment of short-term borrowings and other loans, net			—				—				—				(447	)			(447	)
Shares repurchased for payment of taxes on equity awards			(5,112	)			—				—				—				(5,112	)
Proceeds from exercise of stock options			814				—				—				—				814
Non-controlling interest contributions			—				—				—				821				821
Non-controlling interest distributions			—				—				—				(3,517	)			(3,517	)
Payment of financing costs			—				(5,419	)			—				(110	)			(5,529	)
(Increase) decrease in intercompany receivables, net			(53,774	)			(147,900	)			110,453				91,221				—
Other financing activities, net			260				—				(1,173	)			4,533				3,620
Net cash (used in) provided by financing activities			(57,812	)			(11,694	)			109,280				101,714				141,488
Effect of currency exchange rate changes on cash and cash equivalents			—				—				—				(588	)			(588	)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(1	)			(2,317	)			(80,574	)			(25,743	)			(108,635	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD			5				8,479				147,410				384,509				540,403
CASH AND CASH EQUIVALENTS, AT END OF PERIOD		$	4			$	6,162			$	66,836			$	358,766			$	431,768
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest		$	—			$	62,083			$	—			$	1,337			$	63,420
Income taxes, net		$	—			$	—			$	107,070			$	53,283			$	160,353

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(Dollars in thousands)

		Parent				CBRE				Guarantor Subsidiaries				Nonguarantor    Subsidiaries				Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:		$	23,264			$	(4,978	)		$	(6,437	)		$	(54,040	)		$	(42,191	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			—				—				(25,039	)			(25,349	)			(50,388	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired			—				—				(91,413	)			(3,562	)			(94,975	)
Contributions to unconsolidated subsidiaries			—				—				(26,662	)			(909	)			(27,571	)
Distributions from unconsolidated subsidiaries			—				—				25,060				2,209				27,269
Proceeds from the sale of servicing rights and other assets			—				—				5,439				7,176				12,615
Increase in restricted cash			—				—				(520	)			(38,158	)			(38,678	)
Purchase of available for sale securities			—				—				(23,453	)			—				(23,453	)
Proceeds from the sale of available for sale securities			—				—				24,563				—				24,563
Other investing activities, net			—				—				1,192				(1,411	)			(219	)
Net cash used in investing activities			—				—				(110,833	)			(60,004	)			(170,837	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans			—				500,000				—				—				500,000
Repayment of senior term loans			—				(648,738	)			—				—				(648,738	)
Proceeds from revolving credit facility			—				831,000				—				—				831,000
Repayment of revolving credit facility			—				(831,000	)			—				(4,512	)			(835,512	)
Proceeds from notes payable on real estate held for sale and under development			—				—				—				4,404				4,404
Proceeds from short-term borrowings, net			—				—				—				569				569
Shares repurchased for payment of taxes on equity awards			(5,113	)			—				—				—				(5,113	)
Proceeds from exercise of stock options			3,214				—				—				—				3,214
Non-controlling interest contributions			—				—				—				4,405				4,405
Non-controlling interest distributions			—				—				—				(10,637	)			(10,637	)
Payment of financing costs			—				(22,225	)			—				—				(22,225	)
(Increase) decrease in intercompany receivables, net			(22,443	)			172,720				(198,173	)			47,896				—
Other financing activities, net			1,078				—				(2,113	)			(801	)			(1,836	)
Net cash (used in) provided by financing activities			(23,264	)			1,757				(200,286	)			41,324				(180,469	)
Effect of currency exchange rate changes on cash and cash equivalents			—				—				—				(10,965	)			(10,965	)
NET DECREASE IN CASH AND CASH EQUIVALENTS			—				(3,221	)			(317,556	)			(83,685	)			(404,462	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD			5				18,262				374,103				348,514				740,884
CASH AND CASH EQUIVALENTS, AT END OF PERIOD		$	5			$	15,041			$	56,547			$	264,829			$	336,422
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest		$	—			$	42,137			$	83			$	903			$	43,123
Income taxes, net		$	—			$	—			$	87,405			$	60,606			$	148,011

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e526-108580

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