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Guarantor and Nonguarantor Financial Statements (Tables)

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

		As of March 31, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents		$	7			$	15,190			$	65,783			$	523,972			$	—			$	604,952
Restricted cash			—				—				11,171				71,545				—				82,716
Receivables, net			—				10				1,503,057				2,298,407				—				3,801,474
Warehouse receivables (1)			—				—				1,213,477				334,772				—				1,548,249
Contract assets			—				—				281,050				14,353				—				295,403
Prepaid expenses			—				—				96,466				151,893				—				248,359
Income taxes receivable			66				—				10,963				47,374				(66	)			58,337
Other current assets			—				—				84,803				272,567				—				357,370
Total Current Assets			73				15,200				3,266,770				3,714,883				(66	)			6,996,860
Property and equipment, net			—				—				505,238				225,212				—				730,450
Goodwill			—				—				2,230,867				1,433,015				—				3,663,882
Other intangible assets, net			—				—				731,373				607,273				—				1,338,646
Operating lease assets			—				—				417,139				521,542				—				938,681
Investments in unconsolidated subsidiaries			—				—				178,665				49,741				—				228,406
Investments in consolidated subsidiaries			6,968,219				6,051,334				3,356,528				—				(16,376,081	)			—
Intercompany loan receivable			—				2,538,410				700,000				652,354				(3,890,764	)			—
Deferred tax assets, net			—				—				2,666				80,537				(2,666	)			80,537
Other assets, net			—				19,941				546,378				149,227				—				715,546
Total Assets		$	6,968,292			$	8,624,885			$	11,935,624			$	7,433,784			$	(20,269,577	)		$	14,693,008
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses		$	—			$	5,488			$	640,173			$	1,188,180			$	—			$	1,833,841
Compensation and employee benefits payable			—				—				644,534				507,501				—				1,152,035
Accrued bonus and profit sharing			—				—				293,151				362,972				—				656,123
Operating lease liabilities			—				—				92,045				93,412				—				185,457
Contract liabilities			—				—				72,660				42,477				—				115,137
Income taxes payable			—				1,836				551				51,474				(66	)			53,795
Short-term borrowings:
Warehouse lines of credit (which fund    loans that U.S. Government Sponsored    Enterprises have committed to purchase) (1)			—				—				1,201,563				359,644				—				1,561,207
Revolving credit facility			—				336,000				—				—				—				336,000
Total short-term borrowings			—				336,000				1,201,563				359,644				—				1,897,207
Current maturities of long-term debt			—				—				29				2,544				—				2,573
Other current liabilities			—				736				77,336				35,842				—				113,914
Total Current Liabilities			—				344,060				3,022,042				2,644,046				(66	)			6,010,082
Long-Term Debt, net:
Long-term debt, net			—				1,312,606				12				447,563				—				1,760,181
Intercompany loan payable			1,878,913				—				2,011,851				—				(3,890,764	)			—
Total Long-Term Debt, net			1,878,913				1,312,606				2,011,863				447,563				(3,890,764	)			1,760,181
Non-current operating lease liabilities			—				—				463,787				505,429				—				969,216
Non-current tax liabilities			—				—				142,712				32,427				—				175,139
Deferred tax liabilities, net			—				—				11,905				117,145				(2,666	)			126,384
Other liabilities			—				—				231,981				215,809				—				447,790
Total Liabilities			1,878,913				1,656,666				5,884,290				3,962,419				(3,893,496	)			9,488,792
Commitments and contingencies			—				—				—				—				—				—
Equity:
CBRE Group, Inc. Stockholders’ Equity			5,089,379				6,968,219				6,051,334				3,356,528				(16,376,081	)			5,089,379
Non-controlling interests			—				—				—				114,837				—				114,837
Total Equity			5,089,379				6,968,219				6,051,334				3,471,365				(16,376,081	)			5,204,216
Total Liabilities and Equity		$	6,968,292			$	8,624,885			$	11,935,624			$	7,433,784			$	(20,269,577	)		$	14,693,008

(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 2019 Credit Agreement, a substantial majority of warehouse receivables funded under JP Morgan, TD Bank, BofA, Fannie Mae ASAP and Capital One lines of credit are pledged to JP Morgan, TD Bank, BofA, Fannie Mae and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt.

Condensed Consolidating Balance Sheets

		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 Statements of Operations

Condensed Consolidating Statements of Operations

		Three Months Ended March 31, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Revenue		$	—			$	—			$	2,966,117			$	2,169,393			$	—			$	5,135,510
Costs and expenses:
Cost of services											2,343,867				1,678,167				—				4,022,034
Operating, administrative and other			250				304				415,731				376,591				—				792,876
Depreciation and amortization			—				—				65,599				40,224				—				105,823
Intangible asset impairment			—				—				89,037				—				—				89,037
Total costs and expenses			250				304				2,914,234				2,094,982				—				5,009,770
Gain on disposition of real estate			—				—				19,231				16				—				19,247
Operating (loss) income			(250	)			(304	)			71,114				74,427				—				144,987
Equity income from unconsolidated subsidiaries			—				—				71,786				878				—				72,664
Other income			—				—				1,680				19,173				—				20,853
Interest income			—				29,259				154				1,380				(29,259	)			1,534
Interest expense			—				19,393				17,626				14,966				(29,259	)			22,726
Write-off of financing costs on extinguished debt			—				2,608				—				—				—				2,608
Royalty and management service expense (income)			—				—				6,740				(6,740	)			—				—
Income from consolidated subsidiaries			164,593				159,475				40,694				—				(364,762	)			—
Income before (benefit of) provision for income taxes			164,343				166,429				161,062				87,632				(364,762	)			214,704
(Benefit of) provision for income taxes			(66	)			1,836				1,587				40,521				—				43,878
Net income			164,409				164,593				159,475				47,111				(364,762	)			170,826
Less: Net income attributable to non-controlling    interests			—				—				—				6,417				—				6,417
Net income attributable to CBRE Group, Inc.		$	164,409			$	164,593			$	159,475			$	40,694			$	(364,762	)		$	164,409

		Three Months Ended March 31, 2018
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated 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				360,631				365,415				—				732,235
Depreciation and amortization			—				—				64,309				43,856				—				108,165
Total costs and expenses			5,704				485				2,482,553				1,971,619				—				4,460,361
Gain on disposition of real estate			—				—				18				—				—				18
Operating (loss) income			(5,704	)			(485	)			135,159				84,639				—				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)			—				—				13,171				(13,171	)			—				—
Income from consolidated subsidiaries			154,573				172,343				61,171				—				(388,087	)			—
Income before (benefit of) provision for income taxes			148,869				148,687				199,582				87,238				(388,087	)			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				61,008				(388,087	)			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			$	61,171			$	(388,087	)		$	150,288

Condensed Consolidating Statements of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income

		Three Months Ended March 31, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	164,409			$	164,593			$	159,475			$	47,111			$	(364,762	)		$	170,826
Other comprehensive income:
Foreign currency translation gain			—				—				—				937				—				937
Amounts reclassified from accumulated    other comprehensive loss to interest    expense, net			—				410				—				—				—				410
Unrealized losses on interest rate swaps,    net			—				(59	)			—				—				—				(59	)
Unrealized holding gains on available    for sale debt securities, net			—				—				755				—				—				755
Other, net			—				—				1				—				—				1
Total other comprehensive income			—				351				756				937				—				2,044
Comprehensive income			164,409				164,944				160,231				48,048				(364,762	)			172,870
Less: Comprehensive income attributable to    non-controlling interests			—				—				—				6,361				—				6,361
Comprehensive income attributable to    CBRE Group, Inc.		$	164,409			$	164,944			$	160,231			$	41,687			$	(364,762	)		$	166,509

		Three Months Ended March 31, 2018
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	150,288			$	154,573			$	172,343			$	61,008			$	(388,087	)		$	150,125
Other comprehensive income (loss):
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 income (loss)			—				1,358				(4,449	)			71,540				—				68,449
Comprehensive income			150,288				155,931				167,894				132,548				(388,087	)			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			$	132,906			$	(388,087	)		$	218,932

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

		Three Months Ended March 31, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING    ACTIVITIES:		$	35,080			$	(1,398	)		$	(341,646	)		$	(93,925	)		$	(401,889	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			—				—				(21,511	)			(26,154	)			(47,665	)
Acquisition of businesses, including net assets acquired,    intangibles and goodwill, net of cash acquired			—				—				(1,798	)			(344	)			(2,142	)
Contributions to unconsolidated subsidiaries			—				—				(18,722	)			(4,840	)			(23,562	)
Distributions from unconsolidated subsidiaries			—				—				5,797				177				5,974
Purchase of equity securities			—				—				(2,867	)			—				(2,867	)
Proceeds from sale of equity securities			—				—				2,798				1,558				4,356
Proceeds from the sale of available for sale debt securities			—				—				603				—				603
Other investing activities, net			—				—				689				(10	)			679
Net cash used in investing activities			—				—				(35,011	)			(29,613	)			(64,624	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans			—				300,000				—				—				300,000
Repayment of senior term loans			—				(300,000	)			—				—				(300,000	)
Proceeds from revolving credit facility			—				507,000				—				—				507,000
Repayment of revolving credit facility			—				(171,000	)			—				—				(171,000	)
Repurchase of common stock			(45,088	)			—				—				—				(45,088	)
Acquisition of businesses (cash paid for acquisitions more    than three months after purchase date)			—				—				(16,319	)			(866	)			(17,185	)
Units repurchased for payment of taxes on equity awards			(9,186	)			—				—				—				(9,186	)
Non-controlling interest contributions			—				—				—				40,774				40,774
Non-controlling interest distributions			—				—				—				(1,347	)			(1,347	)
Payment of financing costs			—				(3,353	)			—				(21	)			(3,374	)
Decrease (increase) in intercompany receivables, net			19,194				(350,122	)			194,992				135,936				—
Other financing activities, net			—				—				(10	)			(556	)			(566	)
Net cash (used in) provided by financing activities			(35,080	)			(17,475	)			178,663				173,920				300,028
Effect of currency exchange rate changes on cash and cash    equivalents and restricted cash			—				—				—				(9,791	)			(9,791	)
NET (DECREASE) INCREASE IN CASH AND CASH    EQUIVALENTS AND RESTRICTED CASH			—				(18,873	)			(197,994	)			40,591				(176,276	)
CASH AND CASH EQUIVALENTS AND RESTRICTED    CASH, AT BEGINNING OF PERIOD			7				34,063				274,948				554,926				863,944
CASH AND CASH EQUIVALENTS AND RESTRICTED    CASH, AT END OF PERIOD		$	7			$	15,190			$	76,954			$	595,517			$	687,668
SUPPLEMENTAL DISCLOSURES OF CASH FLOW    INFORMATION:
Cash paid during the period for:
Interest		$	—			$	28,993			$	—			$	4,613			$	33,606
Income taxes, net		$	—			$	—			$	3,197			$	51,044			$	54,241

Condensed Consolidating Statements of Cash Flows

		Three Months Ended March 31, 2018
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Consolidated 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	)
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	)
Payment of financing costs			—				(39	)			—				−				(39	)
(Increase) decrease in intercompany receivables, net			(21,532	)			(179,368	)			217,675				(16,775	)			—
Other financing activities, net			54				—				—				359				413
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

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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