Guarantor and Nonguarantor Financial Statements

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Guarantor and Nonguarantor Financial Statements

14.	Guarantor and Nonguarantor Financial Statements

The following condensed consolidating financial information includes condensed consolidating balance sheets as of June 30, 2019 and December 31, 2018, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018 and condensed consolidating statements of cash flows for the six months ended June 30, 2019 and 2018 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 June 30, 2019
	Parent		CBRE Services		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	8,363	$	95,214	$	432,034	$	—		$	535,618
Restricted cash		—		—		7,352		70,255		—			77,607
Receivables, net		545		7		1,632,964		2,367,487		—			4,001,003
Warehouse receivables (1)		—		—		821,923		544,005		—			1,365,928
Contract assets		—		—		308,838		14,409		—			323,247
Prepaid expenses		—		—		126,980		163,274		—			290,254
Income taxes receivable		130		—		24,467		29,324		(157	)		53,764
Other current assets		—		—		80,186		157,610		—			237,796
Total Current Assets		682		8,370		3,097,924		3,778,398		(157	)		6,885,217
Property and equipment, net		—		—		515,525		230,965		—			746,490
Goodwill		—		—		2,234,731		1,429,058		—			3,663,789
Other intangible assets, net		—		—		730,619		600,662		—			1,331,281
Operating lease assets		—		—		445,234		503,982		—			949,216
Investments in unconsolidated subsidiaries		—		—		184,560		122,748		—			307,308
Investments in consolidated subsidiaries		7,332,563		6,150,477		3,368,024		—		(16,851,064	)		—
Intercompany loan receivable		—		2,720,490		700,000		567,215		(3,987,705	)		—
Deferred tax assets, net		—		—		91,552		54,383		(62,920	)		83,015
Other assets, net		—		18,940		581,482		152,397		—			752,819
Total Assets	$	7,333,245	$	8,898,277	$	11,949,651	$	7,439,808	$	(20,901,846	)	$	14,719,135
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	18,338	$	787,934	$	1,257,573	$	—		$	2,063,845
Compensation and employee benefits payable		—		—		677,258		409,715		—			1,086,973
Accrued bonus and profit sharing		—		—		408,569		296,161		—			704,730
Operating lease liabilities		—		—		78,567		94,929		—			173,496
Contract liabilities		—		—		55,037		54,474		—			109,511
Income taxes payable		—		3,962		—		33,930		(157	)		37,735
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		814,896		535,092		—			1,349,988
Revolving credit facility		—		230,000		—		—		—			230,000
Total short-term borrowings		—		230,000		814,896		535,092		—			1,579,988
Current maturities of long-term debt		—		—		23		2,235		—			2,258
Other current liabilities		—		377		95,662		32,874		—			128,913
Total Current Liabilities		—		252,677		2,917,946		2,716,983		(157	)		5,887,449
Long-Term Debt, net:
Long-term debt, net		—		1,313,037		8		453,519		—			1,766,564
Intercompany loan payable		1,986,608		—		2,001,097		—		(3,987,705	)		—
Total Long-Term Debt, net		1,986,608		1,313,037		2,001,105		453,519		(3,987,705	)		1,766,564
Non-current operating lease liabilities		—		—		507,862		488,366		—			996,228
Non-current tax liabilities		—		—		143,449		35,541		—			178,990
Deferred tax liabilities, net		—		—		—		114,508		(62,920	)		51,588
Other liabilities		—		—		228,812		218,974		—			447,786
Total Liabilities		1,986,608		1,565,714		5,799,174		4,027,891		(4,050,782	)		9,328,605
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		5,346,637		7,332,563		6,150,477		3,368,024		(16,851,064	)		5,346,637
Non-controlling interests		—		—		—		43,893		—			43,893
Total Equity		5,346,637		7,332,563		6,150,477		3,411,917		(16,851,064	)		5,390,530
Total Liabilities and Equity	$	7,333,245	$	8,898,277	$	11,949,651	$	7,439,808	$	(20,901,846	)	$	14,719,135

(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, Fannie Mae ASAP, Capital One, BofA and TD Bank lines of credit are pledged to JP Morgan, Fannie Mae, Capital One, BofA and TD Bank, 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
Compensation and employee benefits payable		—		—		662,196		458,983		—			1,121,179
Accrued bonus and profit sharing		—		—		685,521		503,874		—			1,189,395
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

	Three Months Ended June 30, 2019
	Parent			CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	3,302,484	$	2,411,589		$	—		$	5,714,073
Costs and expenses:
Cost of services								2,602,522		1,843,268			—			4,445,790
Operating, administrative and other		250			226			436,939		439,982			—			877,397
Depreciation and amortization		—			—			65,351		41,128			—			106,479
Total costs and expenses		250			226			3,104,812		2,324,378			—			5,429,666
Gain on disposition of real estate		—			—			—		10			—			10
Operating (loss) income		(250	)		(226	)		197,672		87,221			—			284,417
Equity income from unconsolidated subsidiaries		—			—			18,961		2,812			—			21,773
Other income		—			—			1,479		2,890			—			4,369
Interest expense, net of interest income		—			(8,457	)		25,855		7,202			—			24,600
Royalty and management service expense (income)		—			—			14,765		(14,765	)		—			—
Income from consolidated subsidiaries		223,917			217,812			63,621		—			(505,350	)		—
Income before (benefit of) provision for income taxes		223,667			226,043			241,113		100,486			(505,350	)		285,959
(Benefit of) provision for income taxes		(64	)		2,126			23,301		37,158			—			62,521
Net income		223,731			223,917			217,812		63,328			(505,350	)		223,438
Less: Net loss attributable to non-controlling interests		—			—			—		(293	)		—			(293	)
Net income attributable to CBRE Group, Inc.	$	223,731		$	223,917		$	217,812	$	63,621		$	(505,350	)	$	223,731

	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			415,495		403,502			—			826,282
Depreciation and amortization		—			—			68,334		45,065			—			113,399
Total costs and expenses		7,039			246			2,749,035		2,142,109			—			4,898,429
Gain on disposition of real estate		—			—			11,212		1,099			—			12,311
Operating (loss) income		(7,039	)		(246	)		111,031		121,570			—			225,316
Equity income from unconsolidated subsidiaries		—			—			94,755		1,266			—			96,021
Other income		—			—			1,189		2,820			—			4,009
Interest expense, net of interest income		—			(8,868	)		30,924		3,340			−			25,396
Royalty and management service expense (income)		—			—			11,587		(11,587	)		—			—
Income from consolidated subsidiaries		233,952			227,472			97,972		—			(559,396	)		—
Income before (benefit of) provision for income taxes		226,913			236,094			262,436		133,903			(559,396	)		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		98,936			(559,396	)		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	$	97,972		$	(559,396	)	$	228,667

Condensed Consolidating Statements of Operations

	Six Months Ended June 30, 2019
	Parent			CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	6,268,601	$	4,580,982		$	—		$	10,849,583
Costs and expenses:
Cost of services								4,946,389		3,521,435			—			8,467,824
Operating, administrative and other		500			530			852,670		816,573			—			1,670,273
Depreciation and amortization		—			—			130,950		81,352			—			212,302
Intangible asset impairment		—			—			89,037		—			—			89,037
Total costs and expenses		500			530			6,019,046		4,419,360			—			10,439,436
Gain on disposition of real estate		—			—			19,231		26			—			19,257
Operating (loss) income		(500	)		(530	)		268,786		161,648			—			429,404
Equity income from unconsolidated subsidiaries		—			—			90,747		3,690			—			94,437
Other income		—			—			3,159		22,063			—			25,222
Interest expense, net of interest income		—			(18,323	)		43,327		20,788			—			45,792
Write-off of financing costs on extinguished debt		—			2,608			—		—			—			2,608
Royalty and management service expense (income)		—			—			21,505		(21,505	)		—			—
Income from consolidated subsidiaries		388,510			377,287			104,315		—			(870,112	)		—
Income before (benefit of) provision for income taxes		388,010			392,472			402,175		188,118			(870,112	)		500,663
(Benefit of) provision for income taxes		(130	)		3,962			24,888		77,679			—			106,399
Net income		388,140			388,510			377,287		110,439			(870,112	)		394,264
Less: Net income attributable to non-controlling interests		—			—			—		6,124			—			6,124
Net income attributable to CBRE Group, Inc.	$	388,140		$	388,510		$	377,287	$	104,315		$	(870,112	)	$	388,140

	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			776,126		768,917			—			1,558,517
Depreciation and amortization		—			—			132,643		88,921			—			221,564
Total costs and expenses		12,743			731			5,231,588		4,113,728			—			9,358,790
Gain on disposition of real estate		—			—			11,230		1,099			—			12,329
Operating (loss) income		(12,743	)		(731	)		246,190		206,209			—			438,925
Equity income from unconsolidated subsidiaries		—			—			134,047		2,153			—			136,200
Other income (loss)		—			—			2,899		(3,170	)		—			(271	)
Interest expense, net of interest income		—			(13,679	)		55,503		8,809			—			50,633
Write-off of financing costs on extinguished debt		—			27,982			—		—			—			27,982
Royalty and management service expense (income)		—			—			24,758		(24,758	)		—			—
Income from consolidated subsidiaries		388,525			399,815			159,143		—			(947,483	)		—
Income before (benefit of) provision for income taxes		375,782			384,781			462,018		221,141			(947,483	)		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		159,944			(947,483	)		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	$	159,143		$	(947,483	)	$	378,955

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2019
	Parent		CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	223,731	$	223,917		$	217,812	$	63,328		$	(505,350	)	$	223,438
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—		(2,532	)		—			(2,532	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		425			—		—			—			425
Unrealized losses on interest rate swaps, net		—		(52	)		—		—			—			(52	)
Unrealized holding gains on available for sale debt securities, net		—		—			705		—			—			705
Total other comprehensive income (loss)		—		373			705		(2,532	)		—			(1,454	)
Comprehensive income		223,731		224,290			218,517		60,796			(505,350	)		221,984
Less: Comprehensive loss attributable to non-controlling interests		—		—			—		(256	)		—			(256	)
Comprehensive income attributable to CBRE Group, Inc.	$	223,731	$	224,290		$	218,517	$	61,052		$	(505,350	)	$	222,240

	Three Months Ended June 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	228,667	$	233,952	$	227,472		$	98,936		$	(559,396	)	$	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			(66,990	)		(559,396	)		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		$	(67,470	)	$	(559,396	)	$	63,945

Condensed Consolidating Statements of Comprehensive Income

	Six Months Ended June 30, 2019
	Parent		CBRE Services			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	388,140	$	388,510		$	377,287	$	110,439		$	(870,112	)	$	394,264
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—		(1,595	)		—			(1,595	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		835			—		—			—			835
Unrealized losses on interest rate swaps, net		—		(111	)		—		—			—			(111	)
Unrealized holding gains on available for sale debt securities, net		—		—			1,460		—			—			1,460
Other, net		—		—			1		—			—			1
Total other comprehensive income (loss)		—		724			1,461		(1,595	)		—			590
Comprehensive income		388,140		389,234			378,748		108,844			(870,112	)		394,854
Less: Comprehensive income attributable to non-controlling interests		—		—			—		6,105			—			6,105
Comprehensive income attributable to CBRE Group, Inc.	$	388,140	$	389,234		$	378,748	$	102,739		$	(870,112	)	$	388,749

	Six Months Ended June 30, 2018
	Parent		CBRE Services		Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	378,955	$	388,525	$	399,815		$	159,944		$	(947,483	)	$	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			65,558			(947,483	)		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		$	65,436		$	(947,483	)	$	282,877

Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30, 2019
	Parent			CBRE Services			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	70,594		$	21,038		$	(186,739	)	$	(221,725	)	$	(316,832	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(56,967	)		(43,707	)		(100,674	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(1,798	)		(344	)		(2,142	)
Contributions to unconsolidated subsidiaries		—			—			(29,632	)		(5,555	)		(35,187	)
Distributions from unconsolidated subsidiaries		—			—			9,720			553			10,273
Purchase of equity securities		—			—			(5,601	)		—			(5,601	)
Proceeds from sale of equity securities		—			—			8,311			1,558			9,869
Purchase of available for sale debt securities		—			—			(2,812	)		—			(2,812	)
Proceeds from the sale of available for sale debt securities		—			—			1,466			—			1,466
Other investing activities, net		—			—			325			(101	)		224
Net cash used in investing activities		—			—			(76,988	)		(47,596	)		(124,584	)
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		—			1,596,000			—			—			1,596,000
Repayment of revolving credit facility		—			(1,366,000	)		—			—			(1,366,000	)
Proceeds from notes payable on real estate		—			—			—			4,165			4,165
Repurchase of common stock		(45,088	)		—			—			—			(45,088	)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)		—			—			(24,558	)		(3,959	)		(28,517	)
Units repurchased for payment of taxes on equity awards		(9,565	)		—			—			—			(9,565	)
Non-controlling interest contributions		—			—			—			41,977			41,977
Non-controlling interest distributions		—			—			—			(2,563	)		(2,563	)
(Increase) decrease in intercompany receivables, net		(15,941	)		(273,333	)		115,903			173,371			—
Other financing activities, net		—			(3,405	)		—			(1,030	)		(4,435	)
Net cash (used in) provided by financing activities		(70,594	)		(46,738	)		91,345			211,961			185,974
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		—			—			—			4,723			4,723
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		—			(25,700	)		(172,382	)		(52,637	)		(250,719	)
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		$	8,363		$	102,566		$	502,289		$	613,225
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	34,945		$	—		$	11,580		$	46,525
Income taxes, net	$	—		$	—		$	29,076		$	179,800		$	208,876

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		—			—			—			1,153			1,153
Repayment of notes payable on real estate		—			—			—			(16,019	)		(16,019	)
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