Guarantor and Nonguarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

	As of June 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	8,404	$	78,760	$	444,310	$	—		$	531,481
Restricted cash		—		—		2,034		69,831		—			71,865
Receivables, net		—		—		1,361,023		1,963,499		—			3,324,522
Warehouse receivables (1)		—		—		964,915		523,409		—			1,488,324
Prepaid expenses		—		—		119,201		149,025		—			268,226
Contract assets		—		—		69,537		39,735		—			109,272
Income taxes receivable		3,173		3,744		6,635		41,116		(6,916	)		47,752
Other current assets		—		—		67,968		197,300		—			265,268
Total Current Assets		3,180		12,148		2,670,073		3,428,225		(6,916	)		6,106,710
Property and equipment, net		—		—		508,976		196,493		—			705,469
Goodwill		—		—		1,958,448		1,448,721		—			3,407,169
Other intangible assets, net		—		—		821,779		626,505		—			1,448,284
Investments in unconsolidated subsidiaries		—		—		192,203		41,686		—			233,889
Investments in consolidated subsidiaries		5,972,519		5,585,138		3,126,655		—		(14,684,312	)		—
Intercompany loan receivable		—		2,732,714		700,000		—		(3,432,714	)		—
Deferred tax assets, net		—		—		5,300		101,859		(9,269	)		97,890
Other assets, net		—		20,639		415,638		99,769		—			536,046
Total Assets	$	5,975,699	$	8,350,639	$	10,399,072	$	5,943,258	$	(18,133,211	)	$	12,535,457
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	18,763	$	524,878	$	1,098,389	$	—		$	1,642,030
Compensation and employee benefits payable		—		626		504,909		365,091		—			870,626
Accrued bonus and profit sharing		—		—		353,632		275,412		—			629,044
Contract liabilities		—		—		35,149		41,067		—			76,216
Income taxes payable		—		—		12,327		16,507		(6,916	)		21,918
Short-term borrowings:										—
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		955,246		516,345		—			1,471,591
Revolving credit facility		—		598,000		—		—		—			598,000
Other		—		—		16		—		—			16
Total short-term borrowings		—		598,000		955,262		516,345		—			2,069,607
Current maturities of long-term debt		—		—		59		1,407		—			1,466
Other current liabilities		—		—		55,886		14,342		—			70,228
Total Current Liabilities		—		617,389		2,442,102		2,328,560		(6,916	)		5,381,135
Long-Term Debt, net:
Long-term debt, net		—		1,758,640		29		4,216		—			1,762,885
Intercompany loan payable		1,522,122		—		1,849,837		60,755		(3,432,714	)		—
Total Long-Term Debt, net		1,522,122		1,758,640		1,849,866		64,971		(3,432,714	)		1,762,885
Deferred tax liabilities, net		—		—		70,996		125,335		(9,269	)		187,062
Non-current tax liabilities		—		—		136,320		3,730		—			140,050
Other liabilities		—		2,091		314,650		230,713		—			547,454
Total Liabilities		1,522,122		2,378,120		4,813,934		2,753,309		(3,448,899	)		8,018,586
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		4,453,577		5,972,519		5,585,138		3,126,655		(14,684,312	)		4,453,577
Non-controlling interests		—		—		—		63,294		—			63,294
Total Equity		4,453,577		5,972,519		5,585,138		3,189,949		(14,684,312	)		4,516,871
Total Liabilities and Equity	$	5,975,699	$	8,350,639	$	10,399,072	$	5,943,258	$	(18,133,211	)	$	12,535,457

(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, TD Bank, BofA, Capital One and Fannie Mae ASAP lines of credit are pledged to JP Morgan, TD Bank, BofA, Capital One and Fannie Mae.

	As of December 31, 2017 (As Adjusted) (1)
	Parent		CBRE Services		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated 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)	We adopted new revenue recognition guidance in the first quarter of 2018. 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 Statements of Operations

	Three Months Ended June 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	2,848,854		$	2,262,580	$	—		$	5,111,434
Costs and expenses:
Cost of services		—			—			2,265,206			1,693,542		—			3,958,748
Operating, administrative and other		7,039			246			430,122			388,875		—			826,282
Depreciation and amortization		—			—			68,334			45,065		—			113,399
Total costs and expenses		7,039			246			2,763,662			2,127,482		—			4,898,429
Gain on disposition of real estate		—			—			11,212			1,099		—			12,311
Operating (loss) income		(7,039	)		(246	)		96,404			136,197		—			225,316
Equity income from unconsolidated subsidiaries		—			—			94,755			1,266		—			96,021
Other income		—			—			1,189			2,820		—			4,009
Interest income		—			34,946			1,336			153		(34,946	)		1,489
Interest expense		—			26,078			32,260			3,493		(34,946	)		26,885
Royalty and management service (income) expense		—			—			(2,370	)		2,370		—			—
Income from consolidated subsidiaries		233,952			227,472			98,642			—		(560,066	)		—
Income before (benefit of) provision for income taxes		226,913			236,094			262,436			134,573		(560,066	)		299,950
(Benefit of) provision for income taxes		(1,754	)		2,142			34,964			34,967		—			70,319
Net income		228,667			233,952			227,472			99,606		(560,066	)		229,631
Less: Net income attributable to non-controlling interests		—			—			—			964		—			964
Net income attributable to CBRE Group, Inc.	$	228,667		$	233,952		$	227,472		$	98,642	$	(560,066	)	$	228,667

	Three Months Ended June 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	2,590,186		$	1,849,385	$	—		$	4,439,571
Costs and expenses:
Cost of services		—			—			2,054,829			1,354,711		—			3,409,540
Operating, administrative and other		1,046			538			387,951			323,080		—			712,615
Depreciation and amortization		—			—			58,695			41,691		—			100,386
Total costs and expenses		1,046			538			2,501,475			1,719,482		—			4,222,541
Gain on disposition of real estate		—			—			2			11,296		—			11,298
Operating (loss) income		(1,046	)		(538	)		88,713			141,199		—			228,328
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		202,422			205,012			88,198			—		(495,632	)		—
Income before (benefit of) provision for income taxes		201,376			200,809			231,804			134,538		(495,632	)		272,895
(Benefit of) provision for income taxes		(401	)		(1,613	)		26,792			45,109		—			69,887
Net income		201,777			202,422			205,012			89,429		(495,632	)		203,008
Less: Net income attributable to non-controlling interests		—			—			—			1,231		—			1,231
Net income attributable to CBRE Group, Inc.	$	201,777		$	202,422		$	205,012		$	88,198	$	(495,632	)	$	201,777

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. 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 Statements of Operations

	Six Months Ended June 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	5,466,548		$	4,318,838		$	—		$	9,785,386
Costs and expenses:
Cost of services		—			—			4,322,819			3,255,890			—			7,578,709
Operating, administrative and other		12,743			731			802,467			742,576			—			1,558,517
Depreciation and amortization		—			—			132,643			88,921			—			221,564
Total costs and expenses		12,743			731			5,257,929			4,087,387			—			9,358,790
Gain on disposition of real estate		—			—			11,230			1,099			—			12,329
Operating (loss) income		(12,743	)		(731	)		219,849			232,550			—			438,925
Equity income from unconsolidated subsidiaries		—			—			134,047			2,153			—			136,200
Other income (loss)		—			—			2,899			(3,170	)		—			(271	)
Interest income		—			67,632			3,788			1,322			(67,632	)		5,110
Interest expense		—			53,953			59,291			10,131			(67,632	)		55,743
Write-off of financing costs on extinguished debt		—			27,982			—			—			—			27,982
Royalty and management service (income) expense		—			—			(1,672	)		1,672			—			—
Income from consolidated subsidiaries		388,525			399,815			159,054			—			(947,394	)		—
Income before (benefit of) provision for income taxes		375,782			384,781			462,018			221,052			(947,394	)		496,239
(Benefit of) provision for income taxes		(3,173	)		(3,744	)		62,203			61,197			—			116,483
Net income		378,955			388,525			399,815			159,855			(947,394	)		379,756
Less: Net income attributable to non-controlling interests		—			—			—			801			—			801
Net income attributable to CBRE Group, Inc.	$	378,955		$	388,525		$	399,815		$	159,054		$	(947,394	)	$	378,955

	Six Months Ended June 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	5,008,786		$	3,481,751	$	—		$	8,490,537
Costs and expenses:
Cost of services		—			—			3,975,517			2,580,500		—			6,556,017
Operating, administrative and other		762			887			703,760			613,832		—			1,319,241
Depreciation and amortization		—			—			115,425			78,998		—			194,423
Total costs and expenses		762			887			4,794,702			3,273,330		—			8,069,681
Gain on disposition of real estate		—			—			228			12,455		—			12,683
Operating (loss) income		(762	)		(887	)		214,312			220,876		—			433,539
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		339,267			344,076			133,717			—		(817,060	)		—
Income before (benefit of) provision for income taxes		338,505			336,279			403,007			204,909		(817,060	)		465,640
(Benefit of) provision for income taxes		(292	)		(2,988	)		58,931			68,055		—			123,706
Net income		338,797			339,267			344,076			136,854		(817,060	)		341,934
Less: Net income attributable to non-controlling interests		—			—			—			3,137		—			3,137
Net income attributable to CBRE Group, Inc.	$	338,797		$	339,267		$	344,076		$	133,717	$	(817,060	)	$	338,797

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. 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 Statements of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	228,667	$	233,952	$	227,472		$	99,606		$	(560,066	)	$	229,631
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—			(165,926	)		—			(165,926	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		628		—			—			—			628
Unrealized gains on interest rate swaps, net		—		214		—			—			—			214
Unrealized holding losses on available for sale debt securities, net		—		—		(122	)		—			—			(122	)
Total other comprehensive income (loss)		—		842		(122	)		(165,926	)		—			(165,206	)
Comprehensive income (loss)		228,667		234,794		227,350			(66,320	)		(560,066	)		64,425
Less: Comprehensive income attributable to non-controlling interests		—		—		—			480			—			480
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	228,667	$	234,794	$	227,350		$	(66,800	)	$	(560,066	)	$	63,945

	Three Months Ended June 30, 2017 (As Adjusted) (1)
	Parent		CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Net income	$	201,777	$	202,422		$	205,012		$	89,429	$	(495,632	)	$	203,008
Other comprehensive income:
Foreign currency translation gain		—		—			—			88,649		—			88,649
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 debt securities, net		—		—			896			81		—			977
Other, net		3		—			(13	)		—		—			(10	)
Total other comprehensive income		3		1,163			883			88,730		—			90,779
Comprehensive income		201,780		203,585			205,895			178,159		(495,632	)		293,787
Less: Comprehensive income attributable to non-controlling interests		—		—			—			1,390		—			1,390
Comprehensive income attributable to CBRE Group, Inc.	$	201,780	$	203,585		$	205,895		$	176,769	$	(495,632	)	$	292,397

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. 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 Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	378,955	$	388,525	$	399,815		$	159,855		$	(947,394	)	$	379,756
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—			(99,894	)		—			(99,894	)
Adoption of Accounting Standards Update 2016-01, net		—		—		(3,964	)		—			—			(3,964	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,383		—			—			—			1,383
Unrealized gains on interest rate swaps, net		—		817		—			—			—			817
Unrealized holding losses on available for sale debt securities, net		—		—		(627	)		—			—			(627	)
Other, net		—		—		20			5,508			—			5,528
Total other comprehensive income (loss)		—		2,200		(4,571	)		(94,386	)		—			(96,757	)
Comprehensive income		378,955		390,725		395,244			65,469			(947,394	)		282,999
Less: Comprehensive income attributable to non-controlling interests		—		—		—			122			—			122
Comprehensive income attributable to CBRE Group, Inc.	$	378,955	$	390,725	$	395,244		$	65,347		$	(947,394	)	$	282,877

	Six Months Ended June 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Net income	$	338,797		$	339,267	$	344,076		$	136,854	$	(817,060	)	$	341,934
Other comprehensive (loss) income:
Foreign currency translation gain		—			—		—			139,837		—			139,837
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 debt securities, net		—			—		1,725			175		—			1,900
Other, net		(2	)		—		(14	)		—		—			(16	)
Total other comprehensive (loss) income		(2	)		2,965		1,711			140,012		—			144,686
Comprehensive income		338,795			342,232		345,787			276,866		(817,060	)		486,620
Less: Comprehensive income attributable to non-controlling interests		—			—		—			3,317		—			3,317
Comprehensive income attributable to CBRE Group, Inc.	$	338,795		$	342,232	$	345,787		$	273,549	$	(817,060	)	$	483,303

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. 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 Statements of Cash Flows

	Six Months Ended June 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	51,094		$	2,234		$	(56,141	)	$	(89,249	)	$	(92,062	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(65,676	)		(41,806	)		(107,482	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(259,338	)		(5,364	)		(264,702	)
Contributions to unconsolidated subsidiaries		—			—			(17,030	)		(4,012	)		(21,042	)
Distributions from unconsolidated subsidiaries		—			—			24,986			3,249			28,235
Net proceeds from disposition of real estate held for investment		—			—			−			14,174			14,174
Purchase of equity securities		—			—			(13,718	)		—			(13,718	)
Proceeds from sale of equity securities		—			—			8,889			—			8,889
Purchase of available for sale debt securities		—			—			(18,723	)		—			(18,723	)
Proceeds from the sale of available for sale debt securities		—			—			4,121			—			4,121
Other investing activities, net		—			—			(6,454	)		70			(6,384	)
Net cash used in investing activities		—			—			(342,943	)		(33,689	)		(376,632	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			550,000			—			—			550,000
Proceeds from revolving credit facility		—			2,000,000			—			—			2,000,000
Repayment of revolving credit facility		—			(1,402,000	)		—			—			(1,402,000	)
Repayment of 5.00% senior notes (including premium)		—			(820,000	)		—			—			(820,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			52			52
Repayment of notes payable on real estate held for investment		—			—			—			(13,028	)		(13,028	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			1,101			1,101
Repayment of notes payable on real estate held for sale and under development		—			—			—			(2,991	)		(2,991	)
Acquisition of businesses (cash (paid) received for acquisitions more than three months after purchase date)		—			—			(13,166	)		1,983			(11,183	)
Repayment of debt assumed in acquisition of FacilitySource		—			—			(26,295	)		—			(26,295	)
Units repurchased for payment of taxes on equity awards		(4,630	)		—			—			—			(4,630	)
Non-controlling interest contributions		—			—			—			2,744			2,744
Non-controlling interest distributions		—			—			—			(7,652	)		(7,652	)
(Increase) decrease in intercompany receivables, net		(46,622	)		(337,235	)		405,196			(21,339	)		—
Other financing activities, net		158			(199	)		—			(35	)		(76	)
Net cash (used in) provided by financing activities		(51,094	)		(9,434	)		365,735			(39,165	)		266,042
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			(18,821	)		(18,821	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(7,200	)		(33,349	)		(180,924	)		(221,473	)
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		$	8,404		$	80,794		$	514,141		$	603,346
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	58,814		$	—		$	523		$	59,337
Income taxes, net	$	—		$	—		$	77,076		$	82,757		$	159,833

Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	49,436		$	16,131		$	(162,159	)	$	(20,845	)	$	(117,437	)
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		—			—			(20,584	)		(4,742	)		(25,326	)
Contributions to unconsolidated subsidiaries		—			—			(23,752	)		(8,908	)		(32,660	)
Distributions from unconsolidated subsidiaries		—			—			19,333			4,637			23,970
Purchase of equity securities		—			—			(9,280	)		—			(9,280	)
Proceeds from sale of equity securities		—			—			9,428			—			9,428
Purchase of available for sale debt securities		—			—			(10,454	)		—			(10,454	)
Proceeds from the sale of available for sale debt securities		—			—			7,849			—			7,849
Other investing activities, net		—			—			2,486			(207	)		2,279
Net cash used in investing activities		—			—			(64,899	)		(29,158	)		(94,057	)
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	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(11,196	)		(3,930	)		(15,126	)
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		(47,896	)		(20,114	)		46,854			21,156			—
Other financing activities, net		360			—			(3,145	)		(881	)		(3,666	)
Net cash (used in) provided by financing activities		(49,436	)		(20,114	)		32,513			7,330			(29,707	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			20,190			20,190
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(3,983	)		(194,545	)		(22,483	)		(221,011	)
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		$	12,906		$	76,543		$	520,945		$	610,401
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

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.