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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

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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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84228862&loc=d3e526-108580

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