14.	Guarantor and Nonguarantor Financial Statements

The following condensed consolidating financial information (dollars in thousands) includes condensed consolidating balance sheets as of September 30, 2018 and December 31, 2017 and condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017 and condensed consolidating statements of cash flows for the nine months ended September 30, 2018 and 2017 of:

•

CBRE Group, Inc., as the parent; CBRE Services, as the subsidiary issuer; the guarantor subsidiaries; the nonguarantor subsidiaries;

•

Elimination entries necessary to consolidate CBRE Group, Inc., as the parent, with CBRE Services and its guarantor and nonguarantor subsidiaries; and

•

CBRE Group, Inc., on a consolidated basis.

Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheets

	As of September 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	6,242	$	86,436	$	457,783	$	—		$	550,468
Restricted cash		—		—		2,052		75,418		—			77,470
Receivables, net		—		7		1,419,698		1,991,039		—			3,410,744
Warehouse receivables (1)		—		—		1,005,583		592,438		—			1,598,021
Prepaid expenses		—		—		111,816		146,525		—			258,341
Contract assets		—		—		108,823		51,105		—			159,928
Income taxes receivable		5,291		1,856		14,812		39,883		(7,148	)		54,694
Other current assets		—		—		65,315		203,333		—			268,648
Total Current Assets		5,298		8,105		2,814,535		3,557,524		(7,148	)		6,378,314
Property and equipment, net		—		—		507,082		195,346		—			702,428
Goodwill		—		—		2,185,643		1,457,500		—			3,643,143
Other intangible assets, net		—		—		791,678		611,746		—			1,403,424
Investments in unconsolidated subsidiaries		—		—		155,254		40,068		—			195,322
Investments in consolidated subsidiaries		6,290,974		5,552,972		3,192,986		—		(15,036,932	)		—
Intercompany loan receivable		—		2,618,536		700,000		98,973		(3,417,509	)		—
Deferred tax assets, net		—		—		5,300		79,494		(5,300	)		79,494
Other assets, net		—		19,448		453,493		102,050		—			574,991
Total Assets	$	6,296,272	$	8,199,061	$	10,805,971	$	6,142,701	$	(18,466,889	)	$	12,977,116
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	5,837	$	552,126	$	1,116,220	$	—		$	1,674,183
Compensation and employee benefits payable		—		626		641,866		412,086		—			1,054,578
Accrued bonus and profit sharing		—		—		522,473		320,711		—			843,184
Contract liabilities		—		—		36,995		49,776		—			86,771
Income taxes payable		—		—		7,148		15,371		(7,148	)		15,371
Short-term borrowings:										—
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		997,580		582,160		—			1,579,740
Revolving credit facility		—		141,000		—		—		—			141,000
Other		—		—		16		—		—			16
Total short-term borrowings		—		141,000		997,596		582,160		—			1,720,756
Current maturities of long-term debt		—		—		196		3,792		—			3,988
Other current liabilities		—		—		63,640		23,310		—			86,950
Total Current Liabilities		—		147,463		2,822,040		2,523,426		(7,148	)		5,485,781
Long-Term Debt, net:
Long-term debt, net		—		1,759,254		23		726		—			1,760,003
Intercompany loan payable		1,583,316		—		1,834,193		−		(3,417,509	)		—
Total Long-Term Debt, net		1,583,316		1,759,254		1,834,216		726		(3,417,509	)		1,760,003
Deferred tax liabilities, net		—		—		68,127		124,786		(5,300	)		187,613
Non-current tax liabilities		—		—		136,979		2,136		—			139,115
Other liabilities		—		1,370		391,637		239,206		—			632,213
Total Liabilities		1,583,316		1,908,087		5,252,999		2,890,280		(3,429,957	)		8,204,725
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		4,712,956		6,290,974		5,552,972		3,192,986		(15,036,932	)		4,712,956
Non-controlling interests		—		—		—		59,435		—			59,435
Total Equity		4,712,956		6,290,974		5,552,972		3,252,421		(15,036,932	)		4,772,391
Total Liabilities and Equity	$	6,296,272	$	8,199,061	$	10,805,971	$	6,142,701	$	(18,466,889	)	$	12,977,116

(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.

Condensed Consolidating Balance Sheets

	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 September 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	2,995,019	$	2,265,935		$	—		$	5,260,954
Costs and expenses:
Cost of services		—			—			2,400,812		1,698,092			—			4,098,904
Operating, administrative and other		8,507			215			479,982		370,381			—			859,085
Depreciation and amortization		—			—			69,652		43,832			—			113,484
Total costs and expenses		8,507			215			2,950,446		2,112,305			—			5,071,473
Gain on disposition of real estate		—			—			187		49			—			236
Operating (loss) income		(8,507	)		(215	)		44,760		153,679			—			189,717
Equity income from unconsolidated subsidiaries		—			—			126,423		417			—			126,840
Other income (loss)		—			—			95,631		(116	)		—			95,515
Interest income		—			33,563			1,086		145			(33,563	)		1,231
Interest expense		—			25,769			28,651		5,794			(33,563	)		26,651
Royalty and management service expense (income)		—			—			3,082		(3,082	)		—			—
Income from consolidated subsidiaries		296,858			291,167			110,417		—			(698,442	)		—
Income before (benefit of) provision for income taxes		288,351			298,746			346,584		151,413			(698,442	)		386,652
(Benefit of) provision for income taxes		(2,118	)		1,888			55,417		39,776			—			94,963
Net income		290,469			296,858			291,167		111,637			(698,442	)		291,689
Less: Net income attributable to non-controlling interests		—			—			—		1,220			—			1,220
Net income attributable to CBRE Group, Inc.	$	290,469		$	296,858		$	291,167	$	110,417		$	(698,442	)	$	290,469

	Three Months Ended September 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	2,641,711		$	1,996,885	$	—		$	4,638,596
Costs and expenses:
Cost of services		—			—			2,122,082			1,476,197		—			3,598,279
Operating, administrative and other		770			756			374,994			328,430		—			704,950
Depreciation and amortization		—			—			60,610			41,981		—			102,591
Total costs and expenses		770			756			2,557,686			1,846,608		—			4,405,820
Gain on disposition of real estate		—			—			5,315			865		—			6,180
Operating (loss) income		(770	)		(756	)		89,340			151,142		—			238,956
Equity income from unconsolidated subsidiaries		—			—			65,439			2,395		—			67,834
Other income		—			—			455			1,313		—			1,768
Interest income		—			30,651			1,352			1,777		(30,651	)		3,129
Interest expense		—			33,577			22,660			8,897		(30,651	)		34,483
Royalty and management service (income) expense		—			—			(4,389	)		4,389		—			—
Income from consolidated subsidiaries		199,563			201,834			100,381			—		(501,778	)		—
Income before (benefit of) provision for income taxes		198,793			198,152			238,696			143,341		(501,778	)		277,204
(Benefit of) provision for income taxes		(295	)		(1,411	)		36,862			41,916		—			77,072
Net income		199,088			199,563			201,834			101,425		(501,778	)		200,132
Less: Net income attributable to non-controlling interests		—			—			—			1,044		—			1,044
Net income attributable to CBRE Group, Inc.	$	199,088		$	199,563		$	201,834		$	100,381	$	(501,778	)	$	199,088

(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

	Nine Months Ended September 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	8,461,567	$	6,584,773		$	—		$	15,046,340
Costs and expenses:
Cost of services		—			—			6,723,631		4,953,982			—			11,677,613
Operating, administrative and other		21,250			946			1,282,449		1,112,957			—			2,417,602
Depreciation and amortization		—			—			202,295		132,753			—			335,048
Total costs and expenses		21,250			946			8,208,375		6,199,692			—			14,430,263
Gain on disposition of real estate		—			—			6,637		5,928			—			12,565
Operating (loss) income		(21,250	)		(946	)		259,829		391,009			—			628,642
Equity income from unconsolidated subsidiaries		—			—			260,470		2,570			—			263,040
Other income (loss)		—			—			98,530		(3,286	)		—			95,244
Interest income		—			101,195			4,874		1,467			(101,195	)		6,341
Interest expense		—			79,722			87,942		15,925			(101,195	)		82,394
Write-off of financing costs on extinguished debt		—			27,982			—		—			—			27,982
Royalty and management service expense (income)		—			—			1,410		(1,410	)		—			—
Income from consolidated subsidiaries		685,383			690,982			273,061		—			(1,649,426	)		—
Income before (benefit of) provision for income taxes		664,133			683,527			807,412		377,245			(1,649,426	)		882,891
(Benefit of) provision for income taxes		(5,291	)		(1,856	)		116,430		102,163			—			211,446
Net income		669,424			685,383			690,982		275,082			(1,649,426	)		671,445
Less: Net income attributable to non-controlling interests		—			—			—		2,021			—			2,021
Net income attributable to CBRE Group, Inc.	$	669,424		$	685,383		$	690,982	$	273,061		$	(1,649,426	)	$	669,424

	Nine Months Ended September 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	7,650,497		$	5,478,636	$	—		$	13,129,133
Costs and expenses:
Cost of services		—			—			6,097,599			4,056,697		—			10,154,296
Operating, administrative and other		1,532			1,643			1,078,754			942,262		—			2,024,191
Depreciation and amortization		—			—			176,035			120,979		—			297,014
Total costs and expenses		1,532			1,643			7,352,388			5,119,938		—			12,475,501
Gain on disposition of real estate		—			—			5,543			13,320		—			18,863
Operating (loss) income		(1,532	)		(1,643	)		303,652			372,018		—			672,495
Equity income from unconsolidated subsidiaries		—			—			154,769			3,467		—			158,236
Other income		—			1			1,481			7,587		—			9,069
Interest income		—			91,250			3,891			3,076		(91,250	)		6,967
Interest expense		—			101,087			67,276			26,810		(91,250	)		103,923
Royalty and management service (income) expense		—			—			(11,088	)		11,088		—			—
Income from consolidated subsidiaries		538,830			545,910			234,098			—		(1,318,838	)		—
Income before (benefit of) provision for income taxes		537,298			534,431			641,703			348,250		(1,318,838	)		742,844
(Benefit of) provision for income taxes		(587	)		(4,399	)		95,793			109,971		—			200,778
Net income		537,885			538,830			545,910			238,279		(1,318,838	)		542,066
Less: Net income attributable to non-controlling interests		—			—			—			4,181		—			4,181
Net income attributable to CBRE Group, Inc.	$	537,885		$	538,830		$	545,910		$	234,098	$	(1,318,838	)	$	537,885

(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.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended September 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	290,469	$	296,858	$	291,167		$	111,637		$	(698,442	)	$	291,689
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—			(30,985	)		—			(30,985	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		570		—			—			—			570
Unrealized gains on interest rate swaps, net		—		65		—			—			—			65
Unrealized holding gains on available for sale debt securities, net		—		—		22			—			—			22
Other, net		—		—		(15	)		—			—			(15	)
Total other comprehensive income (loss)		—		635		7			(30,985	)		—			(30,343	)
Comprehensive income		290,469		297,493		291,174			80,652			(698,442	)		261,346
Less: Comprehensive income attributable to non-controlling interests		—		—		—			1,357			—			1,357
Comprehensive income attributable to CBRE Group, Inc.	$	290,469	$	297,493	$	291,174		$	79,295		$	(698,442	)	$	259,989

	Three Months Ended September 30, 2017 (As Adjusted) (1)
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Net income	$	199,088	$	199,563	$	201,834		$	101,425	$	(501,778	)	$	200,132
Other comprehensive income:
Foreign currency translation gain		—		—		—			65,035		—			65,035
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,260		—			—		—			1,260
Unrealized gains on interest rate swaps, net		—		25		—			—		—			25
Unrealized holding gains on available for sale debt securities, net		—		—		331			8		—			339
Other, net		—		—		(4	)		—		—			(4	)
Total other comprehensive income		—		1,285		327			65,043		—			66,655
Comprehensive income		199,088		200,848		202,161			166,468		(501,778	)		266,787
Less: Comprehensive income attributable to non-controlling interests		—		—		—			1,227		—			1,227
Comprehensive income attributable to CBRE Group, Inc.	$	199,088	$	200,848	$	202,161		$	165,241	$	(501,778	)	$	265,560

(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

	Nine Months Ended September 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	669,424	$	685,383	$	690,982		$	275,082		$	(1,649,426	)	$	671,445
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—			(130,879	)		—			(130,879	)
Adoption of Accounting Standards Update 2016-01, net		—		—		(3,964	)		—			—			(3,964	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,953		—			—			—			1,953
Unrealized gains on interest rate swaps, net		—		882		—			—			—			882
Unrealized holding losses on available for sale debt securities, net		—		—		(605	)		—			—			(605	)
Other, net		—		—		5			5,508			—			5,513
Total other comprehensive income (loss)		—		2,835		(4,564	)		(125,371	)		—			(127,100	)
Comprehensive income		669,424		688,218		686,418			149,711			(1,649,426	)		544,345
Less: Comprehensive income attributable to non-controlling interests		—		—		—			1,479			—			1,479
Comprehensive income attributable to CBRE Group, Inc.	$	669,424	$	688,218	$	686,418		$	148,232		$	(1,649,426	)	$	542,866

	Nine Months Ended September 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Net income	$	537,885		$	538,830	$	545,910		$	238,279	$	(1,318,838	)	$	542,066
Other comprehensive (loss) income:
Foreign currency translation gain		—			—		—			204,872		—			204,872
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—			4,148		—			—		—			4,148
Unrealized gains on interest rate swaps, net		—			102		—			—		—			102
Unrealized holding gains on available for sale debt securities, net		—			—		2,056			183		—			2,239
Other, net		(2	)		—		(18	)		—		—			(20	)
Total other comprehensive (loss) income		(2	)		4,250		2,038			205,055		—			211,341
Comprehensive income		537,883			543,080		547,948			443,334		(1,318,838	)		753,407
Less: Comprehensive income attributable to non-controlling interests		—			—		—			4,544		—			4,544
Comprehensive income attributable to CBRE Group, Inc.	$	537,883		$	543,080	$	547,948		$	438,790	$	(1,318,838	)	$	748,863

(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

	Nine Months Ended September 30, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	77,947		$	(1,315	)	$	300,163		$	125,516		$	502,311
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(96,412	)		(55,481	)		(151,893	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(297,370	)		(16,190	)		(313,560	)
Contributions to unconsolidated subsidiaries		—			—			(26,866	)		(4,160	)		(31,026	)
Distributions from unconsolidated subsidiaries		—			—			49,767			3,953			53,720
Net proceeds from disposition of real estate held for investment		—			—			−			14,174			14,174
Purchase of equity securities		—			—			(15,931	)		—			(15,931	)
Proceeds from sale of equity securities		—			—			11,402			—			11,402
Purchase of available for sale debt securities		—			—			(20,860	)		—			(20,860	)
Proceeds from the sale of available for sale debt securities		—			—			5,432			—			5,432
Other investing activities, net		—			—			(5,631	)		74			(5,557	)
Net cash used in investing activities		—			—			(396,469	)		(57,630	)		(454,099	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			550,000			—			—			550,000
Proceeds from revolving credit facility		—			2,913,000			—			—			2,913,000
Repayment of revolving credit facility		—			(2,772,000	)		—			—			(2,772,000	)
Repayment of 5.00% senior notes (including premium)		—			(820,000	)		—			—			(820,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			83			83
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		—			—			—			3,156			3,156
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)		—			—			(16,774	)		1,804			(14,970	)
Repayment of debt assumed in acquisition of FacilitySource		—			—			(26,295	)		—			(26,295	)
Units repurchased for payment of taxes on equity awards		(27,696	)		—			—			—			(27,696	)
Non-controlling interest contributions		—			—			—			9,558			9,558
Non-controlling interest distributions		—			—			—			(11,382	)		(11,382	)
(Increase) decrease in intercompany receivables, net		(50,622	)		121,152			113,720			(184,250	)		—
Other financing activities, net		371			(199	)		—			(1,087	)		(915	)
Net cash (used in) provided by financing activities		(77,947	)		(8,047	)		70,651			(198,137	)		(213,480	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			(31,613	)		(31,613	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(9,362	)		(25,655	)		(161,864	)		(196,881	)
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		$	6,242		$	88,488		$	533,201		$	627,938
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	94,751		$	—		$	1,071		$	95,822
Income taxes, net	$	—		$	—		$	118,070		$	117,235		$	235,305

Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 30, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	69,358		$	(7,513	)	$	268,352		$	55,396		$	385,593
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(68,566	)		(33,040	)		(101,606	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(20,579	)		(15,484	)		(36,063	)
Contributions to unconsolidated subsidiaries		—			—			(33,582	)		(3,077	)		(36,659	)
Distributions from unconsolidated subsidiaries		—			—			34,544			4,637			39,181
Purchase of equity securities		—			—			(12,167	)		—			(12,167	)
Proceeds from sale of equity securities		—			—			11,959			—			11,959
Purchase of available for sale debt securities		—			—			(17,241	)		—			(17,241	)
Proceeds from the sale of available for sale debt securities		—			—			13,659			—			13,659
Other investing activities, net		—			—			892			264			1,156
Net cash used in investing activities		—			—			(91,081	)		(46,700	)		(137,781	)
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 investment		—			—			—			79			79
Repayment of notes payable on real estate held for investment		—			—			—			(1,324	)		(1,324	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			3,341			3,341
Repayment of notes payable on real estate held for sale and under development		—			—			—			(10,777	)		(10,777	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(19,358	)		(3,973	)		(23,331	)
Units repurchased for payment of taxes on equity awards		(29,549	)		—			—			—			(29,549	)
Non-controlling interest contributions		—			—			—			3,410			3,410
Non-controlling interest distributions		—			—			—			(6,643	)		(6,643	)
(Increase) decrease in intercompany receivables, net		(40,288	)		(1,655	)		22,315			19,628			—
Other financing activities, net		479			—			(3,145	)		(28	)		(2,694	)
Net cash (used in) provided by financing activities		(69,358	)		(1,655	)		(188	)		3,713			(67,488	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			28,663			28,663
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(9,168	)		177,083			41,072			208,987
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		$	7,721		$	448,171		$	584,500		$	1,040,399
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	111,795		$	—		$	31		$	111,826
Income taxes, net	$	—		$	—		$	80,156		$	124,072		$	204,228

(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.