Guarantor and Nonguarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

	As of December 31, 2018
	Parent		CBRE Services		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	34,063	$	261,181	$	481,968	$	—		$	777,219
Restricted cash		—		—		13,767		72,958		—			86,725
Receivables, net		—		5		1,340,120		2,328,466		—			3,668,591
Warehouse receivables (1)		—		—		664,095		678,373		—			1,342,468
Contract assets		—		—		289,214		17,806		—			307,020
Prepaid expenses		—		—		122,305		132,587		—			254,892
Income taxes receivable		6,099		—		18,992		52,692		(6,099	)		71,684
Other current assets		—		—		56,853		188,758		—			245,611
Total Current Assets		6,106		34,068		2,766,527		3,953,608		(6,099	)		6,754,210
Property and equipment, net		—		—		512,110		209,582		—			721,692
Goodwill		—		—		2,224,909		1,427,400		—			3,652,309
Other intangible assets, net		—		—		835,270		606,038		—			1,441,308
Investments in unconsolidated subsidiaries		—		—		170,698		45,476		—			216,174
Investments in consolidated subsidiaries		6,759,815		5,595,831		3,228,512		—		(15,584,158	)		—
Intercompany loan receivable		—		2,440,775		700,000		711,244		(3,852,019	)		—
Deferred tax assets, net		—		—		2,666		51,755		(2,718	)		51,703
Other assets, net		—		18,257		483,790		117,350		—			619,397
Total Assets	$	6,765,921	$	8,088,931	$	10,924,482	$	7,122,453	$	(19,444,994	)	$	13,456,793
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	40	$	17,450	$	655,582	$	1,246,755	$	—		$	1,919,827
Accrued bonus and profit sharing		—		—		685,521		503,874		—			1,189,395
Compensation and employee benefits payable		—		—		662,196		458,983		—			1,121,179
Contract liabilities		—		—		41,045		41,182		—			82,227
Income taxes payable		—		720		6,417		67,062		(6,099	)		68,100
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		657,731		671,030		—			1,328,761
Total short-term borrowings		—		—		657,731		671,030		—			1,328,761
Current maturities of long-term debt		—		—		39		3,107		—			3,146
Other current liabilities		—		1,070		70,202		19,473		—			90,745
Total Current Liabilities		40		19,240		2,778,733		3,011,466		(6,099	)		5,803,380
Long-Term Debt, net:
Long-term debt, net		—		1,309,876		18		457,366		—			1,767,260
Intercompany loan payable		1,827,084		—		2,024,935		—		(3,852,019	)		—
Total Long-Term Debt, net		1,827,084		1,309,876		2,024,953		457,366		(3,852,019	)		1,767,260
Non-current tax liabilities		—		—		164,857		7,769		—			172,626
Deferred tax liabilities, net		—		—		—		110,143		(2,718	)		107,425
Other liabilities		—		—		360,108		236,092		—			596,200
Total Liabilities		1,827,124		1,329,116		5,328,651		3,822,836		(3,860,836	)		8,446,891
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		4,938,797		6,759,815		5,595,831		3,228,512		(15,584,158	)		4,938,797
Non-controlling interests		—		—		—		71,105		—			71,105
Total Equity		4,938,797		6,759,815		5,595,831		3,299,617		(15,584,158	)		5,009,902
Total Liabilities and Equity	$	6,765,921	$	8,088,931	$	10,924,482	$	7,122,453	$	(19,444,994	)	$	13,456,793

(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, Fannie Mae ASAP, Capital One and BofA lines of credit are pledged to JP Morgan, TD Bank, Fannie Mae, 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, 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
Contract assets		—		—		263,756		9,297		—			273,053
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		1,980,112		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
Accrued bonus and profit sharing		—		—		590,534		487,811		—			1,078,345
Compensation and employee benefits payable		—		626		479,306		424,502		—			904,434
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
Non-current tax liabilities		—		—		135,396		5,396		—			140,792
Deferred tax liabilities, net		—		—		29,785		122,733		(5,300	)		147,218
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 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

	For the Year Ended December 31, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	11,998,469		$	9,341,619		$	—		$	21,340,088
Costs and expenses:
Cost of services		—			—			9,513,947			6,935,265			—			16,449,212
Operating, administrative and other		24,523			1,156			1,773,860			1,566,234			—			3,365,773
Depreciation and amortization		—			—			271,378			180,610			—			451,988
Total costs and expenses		24,523			1,156			11,559,185			8,682,109			—			20,266,973
Gain on disposition of real estate		—			—			7,705			7,169			—			14,874
Operating (loss) income		(24,523	)		(1,156	)		446,989			666,679			—			1,087,989
Equity income from unconsolidated subsidiaries		—			—			323,080			1,584			—			324,664
Other income (loss)		—			1			103,657			(10,638	)		—			93,020
Interest income		—			134,259			6,805			214,780			(347,259	)		8,585
Interest expense		—			102,228			328,638			23,663			(347,259	)		107,270
Write-off of financing costs on extinguished debt		—			27,982			—			—			—			27,982
Royalty and management service (income) expense		—			—			(111,883	)		111,883			—			—
Income from consolidated subsidiaries		1,081,643			1,079,469			579,523			—			(2,740,635	)		—
Income before (benefit of) provision for income taxes		1,057,120			1,082,363			1,243,299			736,859			(2,740,635	)		1,379,006
(Benefit of) provision for income taxes		(6,099	)		720			163,830			154,607			—			313,058
Net income		1,063,219			1,081,643			1,079,469			582,252			(2,740,635	)		1,065,948
Less: Net income attributable to non-controlling interests		—			—			—			2,729			—			2,729
Net income attributable to CBRE Group, Inc.	$	1,063,219		$	1,081,643		$	1,079,469		$	579,523		$	(2,740,635	)	$	1,063,219

Condensed Consolidating Statement of Operations

	For the Year Ended December 31, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	10,702,005	$	7,926,782		$	—		$	18,628,787
Costs and expenses:
Cost of services		—			—			8,517,114		5,787,985			—			14,305,099
Operating, administrative and other		5,661			1,972			1,485,605		1,365,482			—			2,858,720
Depreciation and amortization		—			—			239,863		166,251			—			406,114
Total costs and expenses		5,661			1,972			10,242,582		7,319,718			—			17,569,933
Gain on disposition of real estate		—			—			6,037		13,791			—			19,828
Operating (loss) income		(5,661	)		(1,972	)		465,460		620,855			—			1,078,682
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		700,608			695,245			461,769		—			(1,857,622	)		—
Income before (benefit of) provision for income taxes		694,947			703,922			1,007,462		622,624			(1,857,622	)		1,171,333
(Benefit of) provision for income taxes		(2,162	)		3,314			312,217		154,388			—			467,757
Net income		697,109			700,608			695,245		468,236			(1,857,622	)		703,576
Less: Net income attributable to non-controlling interests		—			—			—		6,467			—			6,467
Net income attributable to CBRE Group, Inc.	$	697,109		$	700,608		$	695,245	$	461,769		$	(1,857,622	)	$	697,109

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Condensed Consolidating Statement of Operations

	For the Year Ended December 31, 2016 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	10,169,361		$	7,199,747	$	—		$	17,369,108
Costs and expenses:
Cost of services		—			—			8,133,496			5,287,415		—			13,420,911
Operating, administrative and other		5,003			(8,231	)		1,454,435			1,329,094		—			2,780,301
Depreciation and amortization		—			—			225,552			141,375		—			366,927
Total costs and expenses		5,003			(8,231	)		9,813,483			6,757,884		—			16,568,139
Gain on disposition of real estate		—			—			3,669			12,193		—			15,862
Operating (loss) income		(5,003	)		8,231			359,547			454,056		—			816,831
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		576,167			604,177			242,732			—		(1,423,076	)		—
Income before (benefit of) provision for income taxes		571,164			558,803			786,640			388,539		(1,423,076	)		882,070
(Benefit of) provision for income taxes		(1,915	)		(17,364	)		182,463			133,716		—			296,900
Net income		573,079			576,167			604,177			254,823		(1,423,076	)		585,170
Less: Net income attributable to non-controlling interests		—			—			—			12,091		—			12,091
Net income attributable to CBRE Group, Inc.	$	573,079		$	576,167		$	604,177		$	242,732	$	(1,423,076	)	$	573,079

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income

	For the Year Ended December 31, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	1,063,219	$	1,081,643	$	1,079,469		$	582,252		$	(2,740,635	)	$	1,065,948
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—			(161,384	)		—			(161,384	)
Adoption of Accounting Standards Update 2016-01, net		—		—		(3,964	)		—			—			(3,964	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		2,439		—			—			—			2,439
Unrealized gains on interest rate swaps, net		—		708		—			—			—			708
Unrealized holding losses on available for sale debt securities, net		—		—		(971	)		—			—			(971	)
Pension liability adjustments, net		—		—		—			1,315			—			1,315
Other, net		—		—		7			(5,077	)		—			(5,070	)
Total other comprehensive income (loss)		—		3,147		(4,928	)		(165,146	)		—			(166,927	)
Comprehensive income		1,063,219		1,084,790		1,074,541			417,106			(2,740,635	)		899,021
Less: Comprehensive income attributable to non-controlling interests		—		—		—			1,657			—			1,657
Comprehensive income attributable to CBRE Group, Inc.	$	1,063,219	$	1,084,790	$	1,074,541		$	415,449		$	(2,740,635	)	$	897,364

Condensed Consolidating Statement of Comprehensive Income

	For the Year Ended December 31, 2017 (As Adjusted) (1)
	Parent			CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Net income	$	697,109		$	700,608	$	695,245		$	468,236	$	(1,857,622	)	$	703,576
Other comprehensive (loss) income:
Foreign currency translation gain		—			—		—			218,001		—			218,001
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 debt 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			231,269		—			239,352
Comprehensive income		697,107			706,157		697,781			699,505		(1,857,622	)		942,928
Less: Comprehensive income attributable to non-controlling interests		—			—		—			6,879		—			6,879
Comprehensive income attributable to CBRE Group, Inc.	$	697,107		$	706,157	$	697,781		$	692,626	$	(1,857,622	)	$	936,049

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Condensed Consolidating Statement of Comprehensive Income (Loss)

	For the Year Ended December 31, 2016 (As Adjusted) (1)
	Parent		CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	573,079	$	576,167		$	604,177		$	254,823		$	(1,423,076	)	$	585,170
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—			(235,614	)		—			(235,614	)
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 debt 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	)		(310,491	)		—			(305,662	)
Comprehensive income (loss)		573,079		581,575			603,598			(55,668	)		(1,423,076	)		279,508
Less: Comprehensive income attributable to non-controlling interests		—		—			—			12,108			—			12,108
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	573,079	$	581,575		$	603,598		$	(67,776	)	$	(1,423,076	)	$	267,400

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 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 Flow

	For the Year Ended December 31, 2018
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:	$	105,850		$	21,834		$	429,540		$	574,025		$	1,131,249
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(140,670	)		(87,133	)		(227,803	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(305,315	)		(17,258	)		(322,573	)
Contributions to unconsolidated subsidiaries		—			—			(51,046	)		(11,756	)		(62,802	)
Distributions from unconsolidated subsidiaries		—			—			57,269			4,440			61,709
Net proceeds from disposition of real estate held for investment		—			—			—			14,174			14,174
Purchase of equity securities		—			—			(21,402	)		—			(21,402	)
Proceeds from sale of equity securities		—			—			16,314			—			16,314
Purchase of available for sale debt securities		—			—			(23,360	)		—			(23,360	)
Proceeds from the sale of available for sale debt securities		—			—			5,792			—			5,792
Other investing activities, net		—			—			2,793			(3,526	)		(733	)
Net cash used in investing activities		—			—			(459,625	)		(101,059	)		(560,684	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			550,000			—			452,745			1,002,745
Repayment of senior term loans		—			(450,000	)		—			—			(450,000	)
Proceeds from revolving credit facility		—			3,258,000			—			—			3,258,000
Repayment of revolving credit facility		—			(3,258,000	)		—			—			(3,258,000	)
Repayment of 5.00% senior notes (including premium)		—			(820,000	)		—			—			(820,000	)
Proceeds from notes payable on real estate		—			—			—			7,599			7,599
Repayment of notes payable on real estate		—			—			—			(19,058	)		(19,058	)
Repayment of debt assumed in acquisition of FacilitySource		—			—			(26,295	)		—			(26,295	)
Repurchase of common stock		(161,034	)		—			—			—			(161,034	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(16,774	)		(1,886	)		(18,660	)
Units repurchased for payment of taxes on equity awards		(29,386	)		—			—			—			(29,386	)
Non-controlling interest contributions		—			—			—			25,355			25,355
Non-controlling interest distributions		—			—			—			(13,413	)		(13,413	)
Payment of financing costs		—			(212	)		—			(1,876	)		(2,088	)
Decrease (increase) in intercompany receivables, net		84,213			716,837			233,975			(1,035,025	)		—
Other financing activities, net		357			—			(16	)		(2,706	)		(2,365	)
Net cash (used in) provided by financing activities		(105,850	)		(3,375	)		190,890			(588,265	)		(506,600	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			(24,840	)		(24,840	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			18,459			160,805			(140,139	)		39,125
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		$	34,063		$	274,948		$	554,926		$	863,944
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	102,491		$	—		$	1,674		$	104,165
Income taxes, net	$	—		$	—		$	198,930		$	176,919		$	375,849

Condensed Consolidating Statement of Cash Flows

	For the Year Ended December 31, 2017 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:	$	89,341		$	37,990		$	424,787		$	342,293		$	894,411
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(121,347	)		(56,695	)		(178,042	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(87,248	)		(31,179	)		(118,427	)
Contributions to unconsolidated subsidiaries		—			—			(63,119	)		(5,581	)		(68,700	)
Distributions from unconsolidated subsidiaries		—			—			52,896			10,768			63,664
Purchase of equity securities		—			—			(15,584	)		—			(15,584	)
Proceeds from sale of equity securities		—			—			15,587			—			15,587
Purchase of available for sale debt securities		—			—			(19,280	)		—			(19,280	)
Proceeds from the sale of available for sale debt securities		—			—			15,790			—			15,790
Other investing activities, net		—			—			1,968			424			2,392
Net cash used in investing activities		—			—			(220,337	)		(82,263	)		(302,600	)
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		—			—			—			4,333			4,333
Repayment of notes payable on real estate		—			—			—			(12,556	)		(12,556	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(19,854	)		(4,152	)		(24,006	)
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			(338,396	)		(121,912	)		—
Other financing activities, net		479			—			(3,145	)		(9	)		(2,675	)
Net cash used in financing activities		(89,341	)		(39,275	)		(361,395	)		(137,731	)		(627,742	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			29,338			29,338
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(1,285	)		(156,945	)		151,637			(6,593	)
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		$	15,604		$	114,143		$	695,065		$	824,819
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

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Condensed Consolidating Statement of Cash Flows

	For the Year Ended December 31, 2016 (As Adjusted) (1)
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	84,393		$	(23,643	)	$	296,501		$	259,734		$	616,985
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(115,049	)		(76,156	)		(191,205	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(2,191	)		(18,886	)		(21,077	)
Contributions to unconsolidated subsidiaries		—			—			(47,192	)		(19,624	)		(66,816	)
Distributions from unconsolidated subsidiaries		—			—			39,340			7,435			46,775
Net proceeds from disposition of real estate held for investment		—			—			—			44,326			44,326
Purchase of equity securities		—			—			(15,506	)		—			(15,506	)
Proceeds from sale of equity securities		—			—			16,954			—			16,954
Purchase of available for sale debt securities		—			—			(22,155	)		—			(22,155	)
Proceeds from the sale of available for sale debt securities		—			—			18,097			—			18,097
Other investing activities, net		—			—			19,178			20,905			40,083
Net cash used in investing activities		—			—			(108,524	)		(42,000	)		(150,524	)
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		—			—			—			25,001			25,001
Repayment of notes payable on real estate		—			—			—			(38,046	)		(38,046	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(1,125	)		(19,909	)		(21,034	)
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			(68,422	)		(47,460	)		—
Other financing activities, net		915			—			(1,173	)		(185	)		(443	)
Net cash (used in) provided by financing activities		(84,391	)		32,053			(70,720	)		(97,619	)		(220,677	)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			(27,539	)		(27,539	)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		2			8,410			117,257			92,576			218,245
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD		5			8,479			153,831			450,852			613,167
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	$	7		$	16,889		$	271,088		$	543,428		$	831,412
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

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.