Guarantor and Nonguarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Organization Consolidation And Presentation Of Financial Statements [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2017

(Dollars in thousands)

			CBRE		Guarantor		Nonguarantor					Consolidated
	Parent		Services		Subsidiaries		Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	15,604	$	112,048	$	624,115	$	—		$	751,774
Restricted cash		—		—		2,095		70,950		—			73,045
Receivables, net		—		—		1,096,327		2,110,958		—			3,207,285
Warehouse receivables (1)		—		—		479,628		448,410		—			928,038
Prepaid expenses		—		—		81,106		134,230		—			215,336
Income taxes receivable		2,162		−		−		49,628		(2,162	)		49,628
Other current assets		—		−		50,556		176,865		—			227,421
Total Current Assets		2,169		15,604		1,821,760		3,615,156		(2,162	)		5,452,527
Property and equipment, net		—		—		431,755		185,984		—			617,739
Goodwill		—		—		1,774,529		1,480,211		—			3,254,740
Other intangible assets, net		—		—		751,930		647,182		—			1,399,112
Investments in unconsolidated subsidiaries		—		—		197,395		40,606		—			238,001
Investments in consolidated subsidiaries		5,456,715		4,835,043		3,053,260		—		(13,345,018	)		—
Intercompany loan receivable		—		2,621,330		700,000		—		(3,321,330	)		—
Deferred tax assets, net		—		—		5,300		98,746		(5,300	)		98,746
Other assets, net		—		22,810		290,675		109,480		—			422,965
Total Assets	$	5,458,884	$	7,494,787	$	9,026,604	$	6,177,365	$	(16,673,810	)	$	11,483,830
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	29,708	$	445,687	$	1,198,892	$	—		$	1,674,287
Accrued bonus and profit sharing		—		—		585,165		487,811		—			1,072,976
Compensation and employee benefits payable		—		626		380,803		422,075		—			803,504
Income taxes payable		—		3,314		13,704		55,778		(2,162	)		70,634
Short-term borrowings:										—
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		474,195		436,571		—			910,766
Other		—		—		16		—		—			16
Total short-term borrowings		—		—		474,211		436,571		—			910,782
Current maturities of long-term debt		—		—		—		8		—			8
Other current liabilities		—		55		57,746		16,653		—			74,454
Total Current Liabilities		—		33,703		1,957,316		2,617,788		(2,162	)		4,606,645
Long-Term Debt, net:
Long-term debt, net		—		1,999,603		—		−		—			1,999,603
Intercompany loan payable		1,439,454		—		1,798,550		83,326		(3,321,330	)		—
Total Long-Term Debt, net		1,439,454		1,999,603		1,798,550		83,326		(3,321,330	)		1,999,603
Non-current tax liabilities		—		—		135,396		5,396		—			140,792
Deferred tax liabilities, net		—		—		—		119,317		(5,300	)		114,017
Other liabilities		—		4,766		300,299		238,160		—			543,225
Total Liabilities		1,439,454		2,038,072		4,191,561		3,063,987		(3,328,792	)		7,404,282
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		4,019,430		5,456,715		4,835,043		3,053,260		(13,345,018	)		4,019,430
Non-controlling interests		—		—		—		60,118		—			60,118
Total Equity		4,019,430		5,456,715		4,835,043		3,113,378		(13,345,018	)		4,079,548
Total Liabilities and Equity	$	5,458,884	$	7,494,787	$	9,026,604	$	6,177,365	$	(16,673,810	)	$	11,483,830

(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 2017 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, Fannie Mae ASAP, JP Morgan, Capital One and BofA lines of credit are pledged to TD Bank, Fannie Mae, JP Morgan, Capital One and BofA, and accordingly, are not included as collateral for these notes or our other outstanding debt.

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
Prepaid expenses		—		—		78,296		105,811		—			184,107
Income taxes receivable		1,915		17,364		8,170		37,456		(19,279	)		45,626
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
Accrued bonus and profit sharing		—		—		506,715		383,606		—			890,321
Compensation and employee benefits payable		—		626		402,719		369,577		—			772,922
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 Enterprises 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
Non-current tax liabilities		—		—		53,422		620		—			54,042
Deferred tax liabilities, net		—		—		—		128,054		(57,335	)		70,719
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, 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 YEAR ENDED DECEMBER 31, 2017

(Dollars in thousands)

				CBRE			Guarantor		Nonguarantor						Consolidated
	Parent			Services			Subsidiaries		Subsidiaries			Eliminations			Total
Revenue	$	—		$	—		$	7,171,828	$	7,037,780		$	—		$	14,209,608
Costs and expenses:
Cost of services		—			—			4,985,201		4,908,025			—			9,893,226
Operating, administrative and other		5,661			1,972			1,485,464		1,365,557			—			2,858,654
Depreciation and amortization		—			—			239,863		166,251			—			406,114
Total costs and expenses		5,661			1,972			6,710,528		6,439,833			—			13,157,994
Gain on disposition of real estate		—			—			6,037		13,791			—			19,828
Operating (loss) income		(5,661	)		(1,972	)		467,337		611,738			—			1,071,442
Equity income from unconsolidated subsidiaries		—			—			206,655		3,552			—			210,207
Other income		—			1			22		9,382			—			9,405
Interest income		—			143,425			5,453		4,400			(143,425	)		9,853
Interest expense		—			132,777			115,947		31,515			(143,425	)		136,814
Royalty and management service expense (income)		—			—			15,950		(15,950	)		—			—
Income from consolidated subsidiaries		694,978			689,615			454,850		—			(1,839,443	)		—
Income before (benefit of) provision for income taxes		689,317			698,292			1,002,420		613,507			(1,839,443	)		1,164,093
(Benefit of) provision for income taxes		(2,162	)		3,314			312,805		152,190			—			466,147
Net income		691,479			694,978			689,615		461,317			(1,839,443	)		697,946
Less: Net income attributable to non- controlling interests		—			—			—		6,467			—			6,467
Net income attributable to CBRE Group, Inc.	$	691,479		$	694,978		$	689,615	$	454,850		$	(1,839,443	)	$	691,479

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2016

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor					Consolidated
	Parent			Services			Subsidiaries			Subsidiaries		Eliminations			Total
Revenue	$	—		$	—		$	6,671,793		$	6,399,796	$	—		$	13,071,589
Costs and expenses:
Cost of services		—			—			4,635,426			4,488,301		—			9,123,727
Operating, administrative and other		5,003			(8,231	)		1,454,777			1,329,761		—			2,781,310
Depreciation and amortization		—			—			225,552			141,375		—			366,927
Total costs and expenses		5,003			(8,231	)		6,315,755			5,959,437		—			12,271,964
Gain on disposition of real estate		—			—			3,669			12,193		—			15,862
Operating (loss) income		(5,003	)		8,231			359,707			452,552		—			815,487
Equity income from unconsolidated subsidiaries		—			—			192,811			4,540		—			197,351
Other income (loss)		—			1			(89	)		4,776		—			4,688
Interest income		—			131,132			50,272			5,146		(178,499	)		8,051
Interest expense		—			184,738			97,815			40,797		(178,499	)		144,851
Royalty and management service (income) expense		—			—			(39,182	)		39,182		—			—
Income from consolidated subsidiaries		575,061			603,071			241,790			—		(1,419,922	)		—
Income before (benefit of) provision for income taxes		570,058			557,697			785,858			387,035		(1,419,922	)		880,726
(Benefit of) provision for income taxes		(1,915	)		(17,364	)		182,787			133,154		—			296,662
Net income		571,973			575,061			603,071			253,881		(1,419,922	)		584,064
Less: Net income attributable to non- controlling interests		—			—			—			12,091		—			12,091
Net income attributable to CBRE Group, Inc.	$	571,973		$	575,061		$	603,071		$	241,790	$	(1,419,922	)	$	571,973

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2015

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor						Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			Eliminations			Total
Revenue	$	—		$	—		$	5,817,752		$	5,038,058		$	—		$	10,855,810
Costs and expenses:
Cost of services		—			—			3,782,705			3,300,227			—			7,082,932
Operating, administrative and other		67,549			(23,833	)		1,349,874			1,240,019			—			2,633,609
Depreciation and amortization		—			—			173,741			140,355			—			314,096
Total costs and expenses		67,549			(23,833	)		5,306,320			4,680,601			—			10,030,637
Gain on disposition of real estate		—			—			3,859			6,912			—			10,771
Operating (loss) income		(67,549	)		23,833			515,291			364,369			—			835,944
Equity income from unconsolidated subsidiaries		—			—			161,404			1,445			—			162,849
Other income (loss)		—			1			1,483			(5,293	)		—			(3,809	)
Interest income		—			196,439			122,260			4,087			(316,475	)		6,311
Interest expense		—			234,180			137,281			63,894			(316,475	)		118,880
Write-off of financing costs on extinguished debt		—			2,685			—			—			—			2,685
Royalty and management service (income) expense		—			—			(27,445	)		27,445			—			—
Income from consolidated subsidiaries		588,769			598,996			151,723			—			(1,339,488	)		—
Income before (benefit of) provision for income taxes		521,220			582,404			842,325			273,269			(1,339,488	)		879,730
(Benefit of) provision for income taxes		(25,912	)		(6,365	)		243,329			109,801			—			320,853
Net income		547,132			588,769			598,996			163,468			(1,339,488	)		558,877
Less: Net income attributable to non- controlling interests		—			—			—			11,745			—			11,745
Net income attributable to CBRE Group, Inc.	$	547,132		$	588,769		$	598,996		$	151,723		$	(1,339,488	)	$	547,132

Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2017

(Dollars in thousands)

				CBRE		Guarantor			Nonguarantor					Consolidated
	Parent			Services		Subsidiaries			Subsidiaries		Eliminations			Total
Net income	$	691,479		$	694,978	$	689,615		$	461,317	$	(1,839,443	)	$	697,946
Other comprehensive (loss) income:
Foreign currency translation gain		—			—		—			217,221		—			217,221
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—			4,964		—			—		—			4,964
Unrealized gains on interest rate swaps, net		—			585		—			—		—			585
Unrealized holding gains on available for sale securities, net		—			—		2,557			180		—			2,737
Pension liability adjustments, net		—			—		—			12,701		—			12,701
Other, net		(2	)		—		(21	)		387		—			364
Total other comprehensive (loss) income		(2	)		5,549		2,536			230,489		—			238,572
Comprehensive income		691,477			700,527		692,151			691,806		(1,839,443	)		936,518
Less: Comprehensive income attributable to non-controlling interests		—			—		—			6,879		—			6,879
Comprehensive income attributable to CBRE Group, Inc.	$	691,477		$	700,527	$	692,151		$	684,927	$	(1,839,443	)	$	929,639

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2016

(Dollars in thousands)

			CBRE			Guarantor			Nonguarantor						Consolidated
	Parent		Services			Subsidiaries			Subsidiaries			Eliminations			Total
Net income	$	571,973	$	575,061		$	603,071		$	253,881		$	(1,419,922	)	$	584,064
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—			(235,278	)		—			(235,278	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		6,839			—			—			—			6,839
Unrealized losses on interest rate swaps, net		—		(1,431	)		—			—			—			(1,431	)
Unrealized holding gains on available for sale securities, net		—		—			180			204			—			384
Pension liability adjustments, net		—		—			—			(63,749	)		—			(63,749	)
Other, net		—		—			(759	)		(11,332	)		—			(12,091	)
Total other comprehensive income (loss)		—		5,408			(579	)		(310,155	)		—			(305,326	)
Comprehensive income (loss)		571,973		580,469			602,492			(56,274	)		(1,419,922	)		278,738
Less: Comprehensive income attributable to non-controlling interests		—		—			—			12,108			—			12,108
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	571,973	$	580,469		$	602,492		$	(68,382	)	$	(1,419,922	)	$	266,630

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2015

(Dollars in thousands)

			CBRE			Guarantor			Nonguarantor						Consolidated
	Parent		Services			Subsidiaries			Subsidiaries			Eliminations			Total
Net income	$	547,132	$	588,769		$	598,996		$	163,468		$	(1,339,488	)	$	558,877
Other comprehensive loss:
Foreign currency translation loss		—		—			—			(164,350	)		—			(164,350	)
Fees associated with termination of interest rate swaps, net		—		(3,908	)		—			—			—			(3,908	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		7,680			—			—			—			7,680
Unrealized losses on interest rate swaps, net		—		(4,107	)		—			—			—			(4,107	)
Unrealized holding losses on available for sale securities, net		—		—			(674	)		(31	)		—			(705	)
Pension liability adjustments, net		—		—			—			3,741			—			3,741
Other, net		—		—			3			—			—			3
Total other comprehensive loss		—		(335	)		(671	)		(160,640	)		—			(161,646	)
Comprehensive income		547,132		588,434			598,325			2,828			(1,339,488	)		397,231
Less: Comprehensive income attributable to non-controlling interests		—		—			—			11,754			—			11,754
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	547,132	$	588,434		$	598,325		$	(8,926	)	$	(1,339,488	)	$	385,477

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2017

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor			Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			Total
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:	$	89,341		$	37,990		$	241,015		$	342,159		$	710,505
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(121,347	)		(56,695	)		(178,042	)
Acquisition of businesses (other than GWS) , including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(107,102	)		(35,331	)		(142,433	)
Contributions to unconsolidated subsidiaries		—			—			(63,119	)		(5,581	)		(68,700	)
Distributions from unconsolidated subsidiaries		—			—			236,806			10,768			247,574
Decrease (Increase) in restricted cash		—			—			4,872			(3,591	)		1,281
Purchase of available for sale securities		—			—			(34,864	)		—			(34,864	)
Proceeds from the sale of available for sale securities		—			—			31,377			—			31,377
Other investing activities, net		—			—			1,968			424			2,392
Net cash used in investing activities		—			—			(51,409	)		(90,006	)		(141,415	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			200,000			—			—			200,000
Repayment of senior term loans		—			(751,876	)		—			—			(751,876	)
Proceeds from revolving credit facility		—			1,521,000			—			—			1,521,000
Repayment of revolving credit facility		—			(1,521,000	)		—			—			(1,521,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			137			137
Repayment of notes payable on real estate held for investment		—			—			—			(1,779	)		(1,779	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			4,196			4,196
Repayment of notes payable on real estate held for sale and under development		—			—			—			(10,777	)		(10,777	)
Units repurchased for payment of taxes on equity awards		(29,549	)		—			—			—			(29,549	)
Non-controlling interest contributions		—			—			—			5,301			5,301
Non-controlling interest distributions		—			—			—			(8,715	)		(8,715	)
Payment of financing costs		—			(7,978	)		—			(21	)		(7,999	)
(Increase) decrease in intercompany receivables, net		(60,271	)		520,579			(338,534	)		(121,774	)		—
Other financing activities, net		479			—			(3,145	)		(9	)		(2,675	)
Net cash used in financing activities		(89,341	)		(39,275	)		(341,679	)		(133,441	)		(603,736	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			23,844			23,844
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		—			(1,285	)		(152,073	)		142,556			(10,802	)
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		$	15,604		$	112,048		$	624,115		$	751,774
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	117,072		$	—		$	92		$	117,164
Income taxes, net	$	—		$	—		$	198,520		$	158,477		$	356,997

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2016

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor			Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	84,393		$	(23,643	)	$	212,841		$	176,724		$	450,315
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(115,049	)		(76,156	)		(191,205	)
Acquisition of GWS, including net assets acquired, intangibles and goodwill		—			—			3,256			(13,733	)		(10,477	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(6,572	)		(25,062	)		(31,634	)
Contributions to unconsolidated subsidiaries		—			—			(47,192	)		(19,624	)		(66,816	)
Distributions from unconsolidated subsidiaries		—			—			206,011			7,435			213,446
Net proceeds from disposition of real estate held for investment		—			—			—			44,326			44,326
Increase in restricted cash		—			—			(546	)		(2,006	)		(2,552	)
Purchase of available for sale securities		—			—			(37,661	)		—			(37,661	)
Proceeds from the sale of available for sale securities		—			—			35,051			—			35,051
Other investing activities, net		—			—			19,178			20,905			40,083
Net cash provided by (used in) investing activities		—			—			56,476			(63,915	)		(7,439	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior term loans		—			(136,250	)		—			—			(136,250	)
Proceeds from revolving credit facility		—			2,909,000			—			—			2,909,000
Repayment of revolving credit facility		—			(2,909,000	)		—			—			(2,909,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			7,274			7,274
Repayment of notes payable on real estate held for investment		—			—			—			(33,944	)		(33,944	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			17,727			17,727
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		(27,426	)		—			—			—			(27,426	)
Non-controlling interest contributions		—			—			—			2,272			2,272
Non-controlling interest distributions		—			—			—			(19,133	)		(19,133	)
Payment of financing costs		—			(5,459	)		—			(159	)		(5,618	)
(Increase) decrease in intercompany receivables, net		(57,880	)		173,762			(151,433	)		35,551			—
Other financing activities, net		915			—			(1,173	)		(185	)		(443	)
Net cash (used in) provided by financing activities		(84,391	)		32,053			(152,606	)		5,301			(199,643	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(21,060	)		(21,060	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		2			8,410			116,711			97,050			222,173
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	$	7		$	16,889		$	264,121		$	481,559		$	762,576
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	122,605		$	—		$	3,195		$	125,800
Income taxes, net	$	—		$	—		$	174,164		$	120,684		$	294,848

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2015

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor			Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	33,959		$	(7,477	)	$	452,304		$	173,111		$	651,897
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(84,933	)		(54,531	)		(139,464	)
Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(729,729	)		(691,934	)		(1,421,663	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(153,690	)		(7,416	)		(161,106	)
Contributions to unconsolidated subsidiaries		—			—			(66,966	)		(4,242	)		(71,208	)
Distributions from unconsolidated subsidiaries		—			—			179,699			7,878			187,577
Net proceeds from disposition of real estate held for investment		—			—			—			3,584			3,584
Increase in restricted cash		—			—			(5,791	)		(43,221	)		(49,012	)
Purchase of available for sale securities		—			—			(40,287	)		—			(40,287	)
Proceeds from the sale of available for sale securities		—			—			42,572			—			42,572
Other investing activities, net		—			—			16,172			13,876			30,048
Net cash used in investing activities		—			—			(842,953	)		(776,006	)		(1,618,959	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			900,000			—			—			900,000
Repayment of senior term loans		—			(657,488	)		—			—			(657,488	)
Proceeds from revolving credit facility		—			2,643,500			—			—			2,643,500
Repayment of revolving credit facility		—			(2,643,500	)		—			(4,512	)		(2,648,012	)
Proceeds from issuance of 4.875% senior notes, net		—			595,440			—			—			595,440
Repayment of notes payable on real estate held for investment		—			—			—			(1,576	)		(1,576	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			20,879			20,879
Repayment of notes payable on real estate held for sale and under development		—			—			—			(1,186	)		(1,186	)
Shares and units repurchased for payment of taxes on equity awards		(24,523	)		—			—			—			(24,523	)
Non-controlling interest contributions		—			—			—			5,909			5,909
Non-controlling interest distributions		—			—			—			(16,582	)		(16,582	)
Payment of financing costs		—			(30,579	)		—			(85	)		(30,664	)
(Increase) decrease in intercompany receivables, net		(19,238	)		(809,679	)		167,505			661,412			—
Other financing activities, net		9,802			—			(3,549	)		(2,402	)		3,851
Net cash (used in) provided by financing activities		(33,959	)		(2,306	)		163,956			661,857			789,548
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(22,967	)		(22,967	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		—			(9,783	)		(226,693	)		35,995			(200,481	)
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		$	8,479		$	147,410		$	384,509		$	540,403
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	86,562		$	126		$	1,390		$	88,078
Income taxes, net	$	—		$	—		$	179,418		$	106,312		$	285,730