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Guarantor and Nonguarantor Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2018 (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  |  |  |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Total |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7 |  |  | $ | 8,122 |  |  | $ | 71,960 |  |  | $ | 562,765 |  |  | $ | — |  |  | $ | 642,854 |
Restricted cash |  |  | — |  |  |  | — |  |  |  | 2,066 |  |  |  | 76,893 |  |  |  | — |  |  |  | 78,959 |
Receivables, net |  |  | — |  |  |  | — |  |  |  | 1,076,642 |  |  |  | 2,044,878 |  |  |  | — |  |  |  | 3,121,520 |
Warehouse receivables (1) |  |  | — |  |  |  | — |  |  |  | 744,919 |  |  |  | 416,749 |  |  |  | — |  |  |  | 1,161,668 |
Prepaid expenses |  |  | — |  |  |  | — |  |  |  | 70,409 |  |  |  | 153,337 |  |  |  | — |  |  |  | 223,746 |
Contract assets |  |  | — |  |  |  | — |  |  |  | 193,787 |  |  |  | 6,380 |  |  |  | — |  |  |  | 200,167 |
Income taxes receivable |  |  | 1,419 |  |  |  | 5,886 |  |  |  | 8,666 |  |  |  | 52,733 |  |  |  | (7,306 | ) |  |  | 61,398 |
Other current assets |  |  | — |  |  |  | — |  |  |  | 74,310 |  |  |  | 189,678 |  |  |  | — |  |  |  | 263,988 |
Total Current Assets |  |  | 1,426 |  |  |  | 14,008 |  |  |  | 2,242,759 |  |  |  | 3,503,413 |  |  |  | (7,306 | ) |  |  | 5,754,300 |
Property and equipment, net |  |  | — |  |  |  | — |  |  |  | 437,939 |  |  |  | 195,727 |  |  |  | — |  |  |  | 633,666 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 1,759,043 |  |  |  | 1,519,588 |  |  |  | — |  |  |  | 3,278,631 |
Other intangible assets, net |  |  | — |  |  |  | — |  |  |  | 745,391 |  |  |  | 653,112 |  |  |  | — |  |  |  | 1,398,503 |
Investments in unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | 184,486 |  |  |  | 44,464 |  |  |  | — |  |  |  | 228,950 |
Investments in consolidated subsidiaries |  |  | 5,799,674 |  |  |  | 5,310,057 |  |  |  | 3,191,735 |  |  |  | — |  |  |  | (14,301,466 | ) |  |  | — |
Intercompany loan receivable |  |  | — |  |  |  | 2,684,781 |  |  |  | 700,000 |  |  |  | — |  |  |  | (3,384,781 | ) |  |  | — |
Deferred tax assets, net |  |  | — |  |  |  | — |  |  |  | 5,300 |  |  |  | 97,515 |  |  |  | (956 | ) |  |  | 101,859 |
Other assets, net |  |  | — |  |  |  | 21,630 |  |  |  | 378,406 |  |  |  | 111,497 |  |  |  | — |  |  |  | 511,533 |
Total Assets |  | $ | 5,801,100 |  |  | $ | 8,030,476 |  |  | $ | 9,645,059 |  |  | $ | 6,125,316 |  |  | $ | (17,694,509 | ) |  | $ | 11,907,442 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | — |  |  | $ | 5,893 |  |  | $ | 402,645 |  |  | $ | 1,096,596 |  |  | $ | — |  |  | $ | 1,505,134 |
Compensation and employee benefits payable |  |  | — |  |  |  | 626 |  |  |  | 483,114 |  |  |  | 447,832 |  |  |  | — |  |  |  | 931,572 |
Accrued bonus and profit sharing |  |  | — |  |  |  | — |  |  |  | 239,231 |  |  |  | 353,715 |  |  |  | — |  |  |  | 592,946 |
Contract liabilities |  |  | — |  |  |  | — |  |  |  | 31,020 |  |  |  | 57,056 |  |  |  | — |  |  |  | 88,076 |
Income taxes payable |  |  | — |  |  |  | — |  |  |  | 41,569 |  |  |  | 32,097 |  |  |  | (7,306 | ) |  |  | 66,360 |
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1) |  |  | — |  |  |  | — |  |  |  | 736,961 |  |  |  | 411,044 |  |  |  | — |  |  |  | 1,148,005 |
Revolving credit facility |  |  | — |  |  |  | 463,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 463,000 |
Other |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Total short-term borrowings |  |  | — |  |  |  | 463,000 |  |  |  | 736,977 |  |  |  | 411,044 |  |  |  | — |  |  |  | 1,611,021 |
Current maturities of long-term debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | — |  |  |  | 51 |
Other current liabilities |  |  | — |  |  |  | — |  |  |  | 48,786 |  |  |  | 25,709 |  |  |  | — |  |  |  | 74,495 |
Total Current Liabilities |  |  | — |  |  |  | 469,519 |  |  |  | 1,983,342 |  |  |  | 2,424,100 |  |  |  | (7,306 | ) |  |  | 4,869,655 |
Long-Term Debt, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  |  | — |  |  |  | 1,758,188 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,758,188 |
Intercompany loan payable |  |  | 1,443,469 |  |  |  | — |  |  |  | 1,872,718 |  |  |  | 68,594 |  |  |  | (3,384,781 | ) |  |  | — |
Total Long-Term Debt, net |  |  | 1,443,469 |  |  |  | 1,758,188 |  |  |  | 1,872,718 |  |  |  | 68,594 |  |  |  | (3,384,781 | ) |  |  | 1,758,188 |
Deferred tax liabilities, net |  |  | — |  |  |  | — |  |  |  | 41,181 |  |  |  | 125,334 |  |  |  | (956 | ) |  |  | 165,559 |
Non-current tax liabilities |  |  | — |  |  |  | — |  |  |  | 137,899 |  |  |  | 6,859 |  |  |  | — |  |  |  | 144,758 |
Other liabilities |  |  | — |  |  |  | 3,095 |  |  |  | 299,862 |  |  |  | 247,651 |  |  |  | — |  |  |  | 550,608 |
Total Liabilities |  |  | 1,443,469 |  |  |  | 2,230,802 |  |  |  | 4,335,002 |  |  |  | 2,872,538 |  |  |  | (3,393,043 | ) |  |  | 7,488,768 |
Commitments and contingencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CBRE Group, Inc. Stockholders’ Equity |  |  | 4,357,631 |  |  |  | 5,799,674 |  |  |  | 5,310,057 |  |  |  | 3,191,735 |  |  |  | (14,301,466 | ) |  |  | 4,357,631 |
Non-controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,043 |  |  |  | — |  |  |  | 61,043 |
Total Equity |  |  | 4,357,631 |  |  |  | 5,799,674 |  |  |  | 5,310,057 |  |  |  | 3,252,778 |  |  |  | (14,301,466 | ) |  |  | 4,418,674 |
Total Liabilities and Equity |  | $ | 5,801,100 |  |  | $ | 8,030,476 |  |  | $ | 9,645,059 |  |  | $ | 6,125,316 |  |  | $ | (17,694,509 | ) |  | $ | 11,907,442 |
(1) | Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 4.875% senior notes, 5.25% senior notes and our 2017 Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan, Capital One, BofA, TD Bank and Fannie Mae ASAP lines of credit are pledged to JP Morgan, Capital One, BofA, TD Bank and Fannie Mae.
CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2017 (AS ADJUSTED) (1) (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 |  |  | — |  |  |  | — |  |  |  | 990,923 |  |  |  | 2,121,366 |  |  |  | — |  |  |  | 3,112,289 |
Warehouse receivables (2) |  |  | — |  |  |  | — |  |  |  | 479,628 |  |  |  | 448,410 |  |  |  | — |  |  |  | 928,038 |
Prepaid expenses |  |  | — |  |  |  | — |  |  |  | 81,106 |  |  |  | 134,230 |  |  |  | — |  |  |  | 215,336 |
Contract assets |  |  | — |  |  |  | — |  |  |  | 263,756 |  |  |  | 9,297 |  |  |  | — |  |  |  | 273,053 |
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 |  |  |  | 1,980,112 |  |  |  | 3,634,861 |  |  |  | (2,162 | ) |  |  | 5,630,584 |
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 |  |  | 5,551,781 |  |  |  | 4,930,109 |  |  |  | 3,066,303 |  |  |  | — |  |  |  | (13,548,193 | ) |  |  | — |
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 |  |  |  | 348,191 |  |  |  | 108,473 |  |  |  | — |  |  |  | 479,474 |
Total Assets |  | $ | 5,553,950 |  |  | $ | 7,589,853 |  |  | $ | 9,255,515 |  |  | $ | 6,196,063 |  |  | $ | (16,876,985 | ) |  | $ | 11,718,396 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | — |  |  | $ | 29,708 |  |  | $ | 404,367 |  |  | $ | 1,139,597 |  |  | $ | — |  |  | $ | 1,573,672 |
Compensation and employee benefits payable |  |  | — |  |  |  | 626 |  |  |  | 479,306 |  |  |  | 424,502 |  |  |  | — |  |  |  | 904,434 |
Accrued bonus and profit sharing |  |  | — |  |  |  | — |  |  |  | 590,534 |  |  |  | 487,811 |  |  |  | — |  |  |  | 1,078,345 |
Contract liabilities |  |  | — |  |  |  | — |  |  |  | 42,994 |  |  |  | 57,621 |  |  |  | — |  |  |  | 100,615 |
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) (2) |  |  | — |  |  |  | — |  |  |  | 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 |  |  |  | 56,260 |  |  |  | 18,139 |  |  |  | — |  |  |  | 74,454 |
Total Current Liabilities |  |  | — |  |  |  | 33,703 |  |  |  | 2,061,376 |  |  |  | 2,620,027 |  |  |  | (2,162 | ) |  |  | 4,712,944 |
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 |
Deferred tax liabilities, net |  |  | — |  |  |  | — |  |  |  | 29,785 |  |  |  | 122,733 |  |  |  | (5,300 | ) |  |  | 147,218 |
Non-current tax liabilities |  |  | — |  |  |  | — |  |  |  | 135,396 |  |  |  | 5,396 |  |  |  | — |  |  |  | 140,792 |
Other liabilities |  |  | — |  |  |  | 4,766 |  |  |  | 300,299 |  |  |  | 238,160 |  |  |  | — |  |  |  | 543,225 |
Total Liabilities |  |  | 1,439,454 |  |  |  | 2,038,072 |  |  |  | 4,325,406 |  |  |  | 3,069,642 |  |  |  | (3,328,792 | ) |  |  | 7,543,782 |
Commitments and contingencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CBRE Group, Inc. Stockholders’ Equity |  |  | 4,114,496 |  |  |  | 5,551,781 |  |  |  | 4,930,109 |  |  |  | 3,066,303 |  |  |  | (13,548,193 | ) |  |  | 4,114,496 |
Non-controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60,118 |  |  |  | — |  |  |  | 60,118 |
Total Equity |  |  | 4,114,496 |  |  |  | 5,551,781 |  |  |  | 4,930,109 |  |  |  | 3,126,421 |  |  |  | (13,548,193 | ) |  |  | 4,174,614 |
Total Liabilities and Equity |  | $ | 5,553,950 |  |  | $ | 7,589,853 |  |  | $ | 9,255,515 |  |  | $ | 6,196,063 |  |  | $ | (16,876,985 | ) |  | $ | 11,718,396 |
(1) | In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
(2) | 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 Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  |  |  |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Total |
Revenue |  | $ | — |  |  | $ | — |  |  | $ | 2,617,694 |  |  | $ | 2,056,258 |  |  | $ | — |  |  | $ | 4,673,952 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  |  | — |  |  |  | — |  |  |  | 2,057,613 |  |  |  | 1,562,348 |  |  |  | — |  |  |  | 3,619,961 |
Operating, administrative and other |  |  | 5,704 |  |  |  | 485 |  |  |  | 372,345 |  |  |  | 353,701 |  |  |  | — |  |  |  | 732,235 |
Depreciation and amortization |  |  | — |  |  |  | — |  |  |  | 64,309 |  |  |  | 43,856 |  |  |  | — |  |  |  | 108,165 |
Total costs and expenses |  |  | 5,704 |  |  |  | 485 |  |  |  | 2,494,267 |  |  |  | 1,959,905 |  |  |  | — |  |  |  | 4,460,361 |
Gain on disposition of real estate |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 18 |
Operating (loss) income |  |  | (5,704 | ) |  |  | (485 | ) |  |  | 123,445 |  |  |  | 96,353 |  |  |  | — |  |  |  | 213,609 |
Equity income from unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | 39,292 |  |  |  | 887 |  |  |  | — |  |  |  | 40,179 |
Other income (loss) |  |  | — |  |  |  | — |  |  |  | 1,710 |  |  |  | (5,990 | ) |  |  | — |  |  |  | (4,280 | )
Interest income |  |  | — |  |  |  | 32,686 |  |  |  | 2,452 |  |  |  | 1,169 |  |  |  | (32,686 | ) |  |  | 3,621 |
Interest expense |  |  | — |  |  |  | 27,875 |  |  |  | 27,031 |  |  |  | 6,638 |  |  |  | (32,686 | ) |  |  | 28,858 |
Write-off of financing costs on extinguished debt |  |  | — |  |  |  | 27,982 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,982 |
Royalty and management service expense (income) |  |  | — |  |  |  | — |  |  |  | 698 |  |  |  | (698 | ) |  |  | — |  |  |  | — |
Income from consolidated subsidiaries |  |  | 154,573 |  |  |  | 172,343 |  |  |  | 60,412 |  |  |  | — |  |  |  | (387,328 | ) |  |  | — |
Income before (benefit of) provision for income taxes |  |  | 148,869 |  |  |  | 148,687 |  |  |  | 199,582 |  |  |  | 86,479 |  |  |  | (387,328 | ) |  |  | 196,289 |
(Benefit of) provision for income taxes |  |  | (1,419 | ) |  |  | (5,886 | ) |  |  | 27,239 |  |  |  | 26,230 |  |  |  | — |  |  |  | 46,164 |
Net income |  |  | 150,288 |  |  |  | 154,573 |  |  |  | 172,343 |  |  |  | 60,249 |  |  |  | (387,328 | ) |  |  | 150,125 |
Less: Net loss attributable to non- controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (163 | ) |  |  | — |  |  |  | (163 | )
Net income attributable to CBRE Group, Inc. |  | $ | 150,288 |  |  | $ | 154,573 |  |  | $ | 172,343 |  |  | $ | 60,412 |  |  | $ | (387,328 | ) |  | $ | 150,288 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (AS ADJUSTED) (1) (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  |  |  |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Total |
Revenue |  | $ | — |  |  | $ | — |  |  | $ | 2,418,600 |  |  | $ | 1,632,366 |  |  | $ | — |  |  | $ | 4,050,966 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  |  | — |  |  |  | — |  |  |  | 1,920,688 |  |  |  | 1,225,789 |  |  |  | — |  |  |  | 3,146,477 |
Operating, administrative and other |  |  | (284 | ) |  |  | 349 |  |  |  | 315,809 |  |  |  | 290,752 |  |  |  | — |  |  |  | 606,626 |
Depreciation and amortization |  |  | — |  |  |  | — |  |  |  | 56,730 |  |  |  | 37,307 |  |  |  | — |  |  |  | 94,037 |
Total costs and expenses |  |  | (284 | ) |  |  | 349 |  |  |  | 2,293,227 |  |  |  | 1,553,848 |  |  |  | — |  |  |  | 3,847,140 |
Gain on disposition of real estate |  |  | — |  |  |  | — |  |  |  | 226 |  |  |  | 1,159 |  |  |  | — |  |  |  | 1,385 |
Operating income (loss) |  |  | 284 |  |  |  | (349 | ) |  |  | 125,599 |  |  |  | 79,677 |  |  |  | — |  |  |  | 205,211 |
Equity income from unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | 14,370 |  |  |  | 648 |  |  |  | — |  |  |  | 15,018 |
Other income |  |  | — |  |  |  | — |  |  |  | 414 |  |  |  | 3,701 |  |  |  | — |  |  |  | 4,115 |
Interest income |  |  | — |  |  |  | 29,901 |  |  |  | 1,647 |  |  |  | 764 |  |  |  | (29,901 | ) |  |  | 2,411 |
Interest expense |  |  | — |  |  |  | 33,146 |  |  |  | 22,148 |  |  |  | 8,617 |  |  |  | (29,901 | ) |  |  | 34,010 |
Royalty and management service (income) expense |  |  | — |  |  |  | — |  |  |  | (5,802 | ) |  |  | 5,802 |  |  |  | — |  |  |  | — |
Income from consolidated subsidiaries |  |  | 136,845 |  |  |  | 139,064 |  |  |  | 45,519 |  |  |  | — |  |  |  | (321,428 | ) |  |  | — |
Income before provision for (benefit of) income taxes |  |  | 137,129 |  |  |  | 135,470 |  |  |  | 171,203 |  |  |  | 70,371 |  |  |  | (321,428 | ) |  |  | 192,745 |
Provision for (benefit of) income taxes |  |  | 109 |  |  |  | (1,375 | ) |  |  | 32,139 |  |  |  | 22,946 |  |  |  | — |  |  |  | 53,819 |
Net income |  |  | 137,020 |  |  |  | 136,845 |  |  |  | 139,064 |  |  |  | 47,425 |  |  |  | (321,428 | ) |  |  | 138,926 |
Less: Net income attributable to non- controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,906 |  |  |  | — |  |  |  | 1,906 |
Net income attributable to CBRE Group, Inc. |  | $ | 137,020 |  |  | $ | 136,845 |  |  | $ | 139,064 |  |  | $ | 45,519 |  |  | $ | (321,428 | ) |  | $ | 137,020 |
(1) | In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
Condensed Consolidating Statement of Comprehensive Income | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2018 (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  |  |  |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Total |
Net income |  | $ | 150,288 |  |  | $ | 154,573 |  |  | $ | 172,343 |  |  | $ | 60,249 |  |  | $ | (387,328 | ) |  | $ | 150,125 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66,032 |  |  |  | — |  |  |  | 66,032 |
Adoption of Accounting Standards Update 2016-01, net |  |  | — |  |  |  | — |  |  |  | (3,964 | ) |  |  | — |  |  |  | — |  |  |  | (3,964 | )
Amounts reclassified from accumulated other comprehensive loss to interest expense, net |  |  | — |  |  |  | 755 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 755 |
Unrealized gains on interest rate swaps, net |  |  | — |  |  |  | 603 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 603 |
Unrealized holding losses on available for sale debt securities, net |  |  | — |  |  |  | — |  |  |  | (505 | ) |  |  | — |  |  |  | — |  |  |  | (505 | )
Other, net |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 5,508 |  |  |  | — |  |  |  | 5,528 |
Total other comprehensive (loss) income |  |  | — |  |  |  | 1,358 |  |  |  | (4,449 | ) |  |  | 71,540 |  |  |  | — |  |  |  | 68,449 |
Comprehensive income |  |  | 150,288 |  |  |  | 155,931 |  |  |  | 167,894 |  |  |  | 131,789 |  |  |  | (387,328 | ) |  |  | 218,574 |
Less: Comprehensive loss attributable to non-controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (358 | ) |  |  | — |  |  |  | (358 | )
Comprehensive income attributable to CBRE Group, Inc. |  | $ | 150,288 |  |  | $ | 155,931 |  |  | $ | 167,894 |  |  | $ | 132,147 |  |  | $ | (387,328 | ) |  | $ | 218,932 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2017 (AS ADJUSTED) (1) (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  |  |  |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Total |
Net income |  | $ | 137,020 |  |  | $ | 136,845 |  |  | $ | 139,064 |  |  | $ | 47,425 |  |  | $ | (321,428 | ) |  | $ | 138,926 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,188 |  |  |  | — |  |  |  | 51,188 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net |  |  | — |  |  |  | 1,508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,508 |
Unrealized gains on interest rate swaps, net |  |  | — |  |  |  | 294 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 294 |
Unrealized holding gains on available for sale debt securities, net |  |  | — |  |  |  | — |  |  |  | 829 |  |  |  | 94 |  |  |  | — |  |  |  | 923 |
Other, net |  |  | (5 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (6 | )
Total other comprehensive (loss) income |  |  | (5 | ) |  |  | 1,802 |  |  |  | 828 |  |  |  | 51,282 |  |  |  | — |  |  |  | 53,907 |
Comprehensive income |  |  | 137,015 |  |  |  | 138,647 |  |  |  | 139,892 |  |  |  | 98,707 |  |  |  | (321,428 | ) |  |  | 192,833 |
Less: Comprehensive income attributable to non-controlling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,927 |  |  |  | — |  |  |  | 1,927 |
Comprehensive income attributable to CBRE Group, Inc. |  | $ | 137,015 |  |  | $ | 138,647 |  |  | $ | 139,892 |  |  | $ | 96,780 |  |  | $ | (321,428 | ) |  | $ | 190,906 |
(1) | In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Total |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  | $ | 26,028 |  |  | $ | (21,075 | ) |  | $ | (200,152 | ) |  | $ | (54,759 | ) |  | $ | (249,958 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | — |  |  |  | (30,870 | ) |  |  | (15,854 | ) |  |  | (46,724 | )
Contributions to unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | (7,932 | ) |  |  | (2,679 | ) |  |  | (10,611 | )
Distributions from unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | 14,869 |  |  |  | 347 |  |  |  | 15,216 |
Purchase of equity securities |  |  | — |  |  |  | — |  |  |  | (10,219 | ) |  |  | — |  |  |  | (10,219 | )
Proceeds from sale of equity securities |  |  | — |  |  |  | — |  |  |  | 4,367 |  |  |  | — |  |  |  | 4,367 |
Purchase of available for sale debt securities |  |  | — |  |  |  | — |  |  |  | (12,066 | ) |  |  | — |  |  |  | (12,066 | )
Proceeds from the sale of available for sale debt securities |  |  | — |  |  |  | — |  |  |  | 2,264 |  |  |  | — |  |  |  | 2,264 |
Other investing activities, net |  |  | — |  |  |  | — |  |  |  | (6,590 | ) |  |  | 151 |  |  |  | (6,439 | )
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (46,177 | ) |  |  | (18,035 | ) |  |  | (64,212 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from senior term loans |  |  | — |  |  |  | 550,000 |  |  |  | — |  |  |  | — |  |  |  | 550,000 |
Proceeds from revolving credit facility |  |  | — |  |  |  | 898,000 |  |  |  | — |  |  |  | — |  |  |  | 898,000 |
Repayment of revolving credit facility |  |  | — |  |  |  | (435,000 | ) |  |  | — |  |  |  | — |  |  |  | (435,000 | )
Repayment of 5.00% senior notes (including premium) |  |  | — |  |  |  | (820,000 | ) |  |  | — |  |  |  | — |  |  |  | (820,000 | )
Proceeds from notes payable on real estate held for investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49 |  |  |  | 49 |
Repayment of notes payable on real estate held for investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (462 | ) |  |  | (462 | )
Proceeds from notes payable on real estate held for sale and under development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 775 |  |  |  | 775 |
Acquisition of businesses (cash (paid) received for acquisitions more than three months after purchase date) |  |  | — |  |  |  | — |  |  |  | (11,463 | ) |  |  | 3,414 |  |  |  | (8,049 | )
Units repurchased for payment of taxes on equity awards |  |  | (4,550 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,550 | )
Non-controlling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,595 |  |  |  | 1,595 |
Non-controlling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,025 | ) |  |  | (1,025 | )
(Increase) decrease in intercompany receivables, net |  |  | (21,532 | ) |  |  | (179,368 | ) |  |  | 217,675 |  |  |  | (16,775 | ) |  |  | — |
Other financing activities, net |  |  | 54 |  |  |  | (39 | ) |  |  | — |  |  |  | (3 | ) |  |  | 12 |
Net cash (used in) provided by financing activities |  |  | (26,028 | ) |  |  | 13,593 |  |  |  | 206,212 |  |  |  | (12,432 | ) |  |  | 181,345 |
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,819 |  |  |  | 29,819 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |  |  | — |  |  |  | (7,482 | ) |  |  | (40,117 | ) |  |  | (55,407 | ) |  |  | (103,006 | )
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD |  |  | 7 |  |  |  | 15,604 |  |  |  | 114,143 |  |  |  | 695,065 |  |  |  | 824,819 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD |  | $ | 7 |  |  | $ | 8,122 |  |  | $ | 74,026 |  |  | $ | 639,658 |  |  | $ | 721,813 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | — |  |  | $ | 48,490 |  |  | $ | — |  |  | $ | 504 |  |  | $ | 48,994 |
Income taxes, net |  | $ | — |  |  | $ | — |  |  | $ | 118 |  |  | $ | 37,101 |  |  | $ | 37,219 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (AS ADJUSTED) (1) (Dollars in thousands)
|  |  |  |  |  | CBRE |  |  | Guarantor |  |  | Nonguarantor |  |  | Consolidated |
|  | Parent |  |  | Services |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Total |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  | $ | 17,610 |  |  | $ | (6,445 | ) |  | $ | (311,417 | ) |  | $ | (21,146 | ) |  | $ | (321,398 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | — |  |  |  | (17,095 | ) |  |  | (6,640 | ) |  |  | (23,735 | )
Acquisition of businesses, including net assets acquired, intangibles and goodwill |  |  | — |  |  |  | — |  |  |  | (12,861 | ) |  |  | — |  |  |  | (12,861 | )
Contributions to unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | (11,086 | ) |  |  | (3,481 | ) |  |  | (14,567 | )
Distributions from unconsolidated subsidiaries |  |  | — |  |  |  | — |  |  |  | 6,676 |  |  |  | 199 |  |  |  | 6,875 |
Purchase of equity securities |  |  | — |  |  |  | — |  |  |  | (3,914 | ) |  |  | 539 |  |  |  | (3,375 | )
Proceeds from the sale of equity securities |  |  | — |  |  |  | — |  |  |  | 3,805 |  |  |  | (390 | ) |  |  | 3,415 |
Purchase of available for sale debt securities |  |  | — |  |  |  | — |  |  |  | (3,375 | ) |  |  | (539 | ) |  |  | (3,914 | )
Proceeds from the sale of available for sale debt securities |  |  | — |  |  |  | — |  |  |  | 3,415 |  |  |  | 390 |  |  |  | 3,805 |
Other investing activities, net |  |  | — |  |  |  | — |  |  |  | 1,275 |  |  |  | (195 | ) |  |  | 1,080 |
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (33,160 | ) |  |  | (10,117 | ) |  |  | (43,277 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility |  |  | — |  |  |  | 266,000 |  |  |  | — |  |  |  | — |  |  |  | 266,000 |
Repayment of revolving credit facility |  |  | — |  |  |  | (146,000 | ) |  |  | — |  |  |  | — |  |  |  | (146,000 | )
Repayment of notes payable on real estate held for investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (435 | ) |  |  | (435 | )
Proceeds from notes payable on real estate held for sale and under development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,711 |  |  |  | 1,711 |
Repayment of notes payable on real estate held for sale and under development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,744 | ) |  |  | (2,744 | )
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date) |  |  | — |  |  |  | — |  |  |  | (7,717 | ) |  |  | (626 | ) |  |  | (8,343 | )
Units repurchased for payment of taxes on equity awards |  |  | (1,900 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,900 | )
Non-controlling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,574 |  |  |  | 1,574 |
Non-controlling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (744 | ) |  |  | (744 | )
(Increase) decrease in intercompany receivables, net |  |  | (16,020 | ) |  |  | (121,766 | ) |  |  | 126,426 |  |  |  | 11,360 |  |  |  | — |
Other financing activities, net |  |  | 310 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 308 |
Net cash (used in) provided by financing activities |  |  | (17,610 | ) |  |  | (1,766 | ) |  |  | 118,709 |  |  |  | 10,094 |  |  |  | 109,427 |
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,163 |  |  |  | 16,163 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |  |  | — |  |  |  | (8,211 | ) |  |  | (225,868 | ) |  |  | (5,006 | ) |  |  | (239,085 | )
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD |  |  | 7 |  |  |  | 16,889 |  |  |  | 271,088 |  |  |  | 543,428 |  |  |  | 831,412 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD |  | $ | 7 |  |  | $ | 8,678 |  |  | $ | 45,220 |  |  | $ | 538,422 |  |  | $ | 592,327 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | — |  |  | $ | 51,987 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 52,027 |
Income taxes, net |  | $ | — |  |  | $ | — |  |  | $ | 5,176 |  |  | $ | 32,157 |  |  | $ | 37,333 |
(1) | In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

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