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Guarantor and Nonguarantor Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

		As of September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents		$	7			$	16,634			$	53,948			$	506,871			$	—			$	577,460
Restricted cash			—				—				37,581				87,264				—				124,845
Receivables, net			—				—				1,661,385				2,396,366				—				4,057,751
Warehouse receivables (1)			—				—				500,950				486,973				—				987,923
Advance warehouse funding			—				—				—				376,707				—				376,707
Contract assets			—				—				307,668				40,947				—				348,615
Prepaid expenses			—				—				125,510				157,130				—				282,640
Income taxes receivable			195				—				14,317				40,169				(16,066	)			38,615
Other current assets			—				—				71,310				192,969				—				264,279
Total Current Assets			202				16,634				2,772,669				4,285,396				(16,066	)			7,058,835
Property and equipment, net			—				—				529,654				252,350				—				782,004
Goodwill			—				—				2,243,519				1,383,808				—				3,627,327
Other intangible assets, net			—				—				734,365				591,238				—				1,325,603
Operating lease assets			—				—				463,423				516,914				—				980,337
Investments in unconsolidated subsidiaries			—				—				245,295				83,285				—				328,580
Investments in consolidated subsidiaries			7,603,675				6,150,662				3,385,682				—				(17,140,019	)			—
Intercompany loan receivable			—				2,794,822				700,000				581,831				(4,076,653	)			—
Deferred tax assets, net			—				—				199,840				52,048				(108,970	)			142,918
Other assets, net			—				18,017				624,090				153,231				—				795,338
Total Assets		$	7,603,877			$	8,980,135			$	11,898,537			$	7,900,101			$	(21,341,708	)		$	15,040,942
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses		$	—			$	5,167			$	876,891			$	1,203,333			$	—			$	2,085,391
Compensation and employee benefits payable			—				—				753,051				478,024				—				1,231,075
Accrued bonus and profit sharing			—				—				530,013				339,243				—				869,256
Operating lease liabilities			—				—				74,499				88,367				—				162,866
Contract liabilities			—				—				47,765				63,146				—				110,911
Income taxes payable			—				5,823				10,519				30,692				(16,066	)			30,968
Short-term borrowings:
Warehouse lines of credit (which fund    loans that U.S. Government Sponsored    Enterprises have committed to purchase) (1)			—				—				496,076				852,534				—				1,348,610
Revolving credit facility			—				52,000				—				—				—				52,000
Other			—				—				—				4,058				—				4,058
Total short-term borrowings			—				52,000				496,076				856,592				—				1,404,668
Current maturities of long-term debt			—				—				23				1,874				—				1,897
Other current liabilities			—				—				49,019				81,919				—				130,938
Total Current Liabilities			—				62,990				2,837,856				3,143,190				(16,066	)			6,027,970
Long-Term Debt, net:
Long-term debt, net			—				1,313,470				—				434,794				—				1,748,264
Intercompany loan payable			2,092,048				—				1,984,605				—				(4,076,653	)			—
Total Long-Term Debt, net			2,092,048				1,313,470				1,984,605				434,794				(4,076,653	)			1,748,264
Non-current operating lease liabilities			—				—				532,938				506,927				—				1,039,865
Non-current tax liabilities			—				—				168,642				39,203				—				207,845
Deferred tax liabilities, net			—				—				—				130,257				(108,970	)			21,287
Other liabilities			—				—				223,834				212,897				—				436,731
Total Liabilities			2,092,048				1,376,460				5,747,875				4,467,268				(4,201,689	)			9,481,962
Commitments and contingencies			—				—				—				—				—				—
Equity:
CBRE Group, Inc. Stockholders’ Equity			5,511,829				7,603,675				6,150,662				3,385,682				(17,140,019	)			5,511,829
Non-controlling interests			—				—				—				47,151				—				47,151
Total Equity			5,511,829				7,603,675				6,150,662				3,432,833				(17,140,019	)			5,558,980
Total Liabilities and Equity		$	7,603,877			$	8,980,135			$	11,898,537			$	7,900,101			$	(21,341,708	)		$	15,040,942

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

Condensed Consolidating Statements of Operations

		Three Months Ended September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Revenue		$	—			$	—			$	3,358,220			$	2,566,881			$	—			$	5,925,101
Costs and expenses:
Cost of services											2,708,008				1,979,328				—				4,687,336
Operating, administrative and other			250				233				411,222				397,879				—				809,584
Depreciation and amortization			—				—				67,168				44,392				—				111,560
Total costs and expenses			250				233				3,186,398				2,421,599				—				5,608,480
Gain on disposition of real estate			—				—				9				—				—				9
Operating (loss) income			(250	)			(233	)			171,831				145,282				—				316,630
Equity income (loss) from unconsolidated subsidiaries			—				—				26,664				(868	)			—				25,796
Other income (loss)			—				—				2,574				(1,633	)			—				941
Interest expense, net of interest income			—				(7,434	)			27,306				1,974				—				21,846
Royalty and management service expense (income)			—				—				2,509				(2,509	)			—				—
Income from consolidated subsidiaries			256,784				251,444				92,488				—				(600,716	)			—
Income before (benefit of) provision for income taxes			256,534				258,645				263,742				143,316				(600,716	)			321,521
(Benefit of) provision for income taxes			(65	)			1,861				12,298				49,374				—				63,468
Net income			256,599				256,784				251,444				93,942				(600,716	)			258,053
Less: Net income attributable to non-controlling    interests			—				—				—				1,454				—				1,454
Net income attributable to CBRE Group, Inc.		$	256,599			$	256,784			$	251,444			$	92,488			$	(600,716	)		$	256,599

		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				462,643				387,720				—				859,085
Depreciation and amortization			—				—				69,652				43,832				—				113,484
Total costs and expenses			8,507				215				2,933,107				2,129,644				—				5,071,473
Gain on disposition of real estate			—				—				187				49				—				236
Operating (loss) income			(8,507	)			(215	)			62,099				136,340				—				189,717
Equity income from unconsolidated subsidiaries			—				—				126,423				417				—				126,840
Other income (loss)			—				—				95,631				(116	)			—				95,515
Interest expense, net of interest income			—				(7,794	)			27,565				5,649				—				25,420
Royalty and management service expense (income)			—				—				16,070				(16,070	)			—				—
Income from consolidated subsidiaries			296,858				291,167				106,066				—				(694,091	)			—
Income before (benefit of) provision for income taxes			288,351				298,746				346,584				147,062				(694,091	)			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				107,286				(694,091	)			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			$	106,066			$	(694,091	)		$	290,469

Condensed Consolidating Statements of Operations

		Nine Months Ended September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Revenue		$	—			$	—			$	9,626,821			$	7,147,863			$	—			$	16,774,684
Costs and expenses:
Cost of services											7,654,397				5,500,763				—				13,155,160
Operating, administrative and other			750				763				1,263,892				1,214,452				—				2,479,857
Depreciation and amortization			—				—				198,118				125,744				—				323,862
Intangible asset impairment			—				—				89,037				—				—				89,037
Total costs and expenses			750				763				9,205,444				6,840,959				—				16,047,916
Gain on disposition of real estate			—				—				19,240				26				—				19,266
Operating (loss) income			(750	)			(763	)			440,617				306,930				—				746,034
Equity income from unconsolidated subsidiaries			—				—				117,411				2,822				—				120,233
Other income			—				—				5,733				20,430				—				26,163
Interest expense, net of interest income			—				(25,757	)			70,633				22,762				—				67,638
Write-off of financing costs on extinguished debt			—				2,608				—				—				—				2,608
Royalty and management service expense (income)			—				—				24,014				(24,014	)			—				—
Income from consolidated subsidiaries			645,294				628,731				196,803				—				(1,470,828	)			—
Income before (benefit of) provision for income taxes			644,544				651,117				665,917				331,434				(1,470,828	)			822,184
(Benefit of) provision for income taxes			(195	)			5,823				37,186				127,053				—				169,867
Net income			644,739				645,294				628,731				204,381				(1,470,828	)			652,317
Less: Net income attributable to non-controlling    interests			—				—				—				7,578				—				7,578
Net income attributable to CBRE Group, Inc.		$	644,739			$	645,294			$	628,731			$	196,803			$	(1,470,828	)		$	644,739

		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				1,238,769				1,156,637				—				2,417,602
Depreciation and amortization			—				—				202,295				132,753				—				335,048
Total costs and expenses			21,250				946				8,164,695				6,243,372				—				14,430,263
Gain on disposition of real estate			—				—				6,637				5,928				—				12,565
Operating (loss) income			(21,250	)			(946	)			303,509				347,329				—				628,642
Equity income from unconsolidated subsidiaries			—				—				260,470				2,570				—				263,040
Other income (loss)			—				—				98,530				(3,286	)			—				95,244
Interest expense, net of interest income			—				(21,473	)			83,068				14,458				—				76,053
Write-off of financing costs on extinguished debt			—				27,982				—				—				—				27,982
Royalty and management service expense (income)			—				—				40,828				(40,828	)			—				—
Income from consolidated subsidiaries			685,383				690,982				268,799				—				(1,645,164	)			—
Income before (benefit of) provision for income taxes			664,133				683,527				807,412				372,983				(1,645,164	)			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				270,820				(1,645,164	)			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			$	268,799			$	(1,645,164	)		$	669,424

Condensed Consolidating Statements of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income

		Three Months Ended September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	256,599			$	256,784			$	251,444			$	93,942			$	(600,716	)		$	258,053
Other comprehensive income (loss):
Foreign currency translation loss			—				—				—				(78,177	)			—				(78,177	)
Amounts reclassified from accumulated other    comprehensive loss to interest expense, net			—				377				—				—				—				377
Unrealized gains on interest rate swaps, net			—				7				—				—				—				7
Unrealized holding gains on available for sale    debt securities, net			—				—				881				—				—				881
Other, net			—				—				7,374				3				—				7,377
Total other comprehensive income (loss)			—				384				8,255				(78,174	)			—				(69,535	)
Comprehensive income			256,599				257,168				259,699				15,768				(600,716	)			188,518
Less: Comprehensive income attributable to    non-controlling interests			—				—				—				1,340				—				1,340
Comprehensive income attributable to CBRE Group, Inc.		$	256,599			$	257,168			$	259,699			$	14,428			$	(600,716	)		$	187,178

		Three Months Ended September 30, 2018
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	290,469			$	296,858			$	291,167			$	107,286			$	(694,091	)		$	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				76,301				(694,091	)			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			$	74,944			$	(694,091	)		$	259,989

Condensed Consolidating Statements of Comprehensive Income

		Nine Months Ended September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	644,739			$	645,294			$	628,731			$	204,381			$	(1,470,828	)		$	652,317
Other comprehensive income (loss):
Foreign currency translation loss			—				—				—				(79,772	)			—				(79,772	)
Amounts reclassified from accumulated other    comprehensive loss to interest expense, net			—				1,212				—				—				—				1,212
Unrealized losses on interest rate swaps, net			—				(104	)			—				—				—				(104	)
Unrealized holding gains on available for sale    debt securities, net			—				—				2,341				—				—				2,341
Other, net			—				—				7,375				3				—				7,378
Total other comprehensive income (loss)			—				1,108				9,716				(79,769	)			—				(68,945	)
Comprehensive income			644,739				646,402				638,447				124,612				(1,470,828	)			583,372
Less: Comprehensive income attributable to    non-controlling interests			—				—				—				7,445				—				7,445
Comprehensive income attributable to CBRE Group, Inc.		$	644,739			$	646,402			$	638,447			$	117,167			$	(1,470,828	)		$	575,927

		Nine Months Ended September 30, 2018
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Eliminations				Consolidated Total
Net income		$	669,424			$	685,383			$	690,982			$	270,820			$	(1,645,164	)		$	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				145,449				(1,645,164	)			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			$	143,970			$	(1,645,164	)		$	542,866

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

		Nine Months Ended September 30, 2019
		Parent				CBRE Services				Guarantor Subsidiaries				Nonguarantor Subsidiaries				Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING    ACTIVITIES:		$	104,267			$	16,509			$	139,122			$	(120,597	)		$	139,301
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			—				—				(97,527	)			(63,056	)			(160,583	)
Acquisition of businesses, including net assets acquired,    intangibles and goodwill, net of cash acquired			—				—				(10,419	)			(4,425	)			(14,844	)
Contributions to unconsolidated subsidiaries			—				—				(49,061	)			(35,587	)			(84,648	)
Distributions from unconsolidated subsidiaries			—				—				17,944				3,016				20,960
Purchase of equity securities			—				—				(10,160	)			—				(10,160	)
Proceeds from sale of equity securities			—				—				12,703				1,558				14,261
Purchase of available for sale debt securities			—				—				(4,219	)			—				(4,219	)
Proceeds from the sale of available for sale debt securities			—				—				2,392				—				2,392
Other investing activities, net			—				—				686				(96	)			590
Net cash used in investing activities			—				—				(137,661	)			(98,590	)			(236,251	)
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			—				2,683,000				—				—				2,683,000
Repayment of revolving credit facility			—				(2,631,000	)			—				—				(2,631,000	)
Proceeds from notes payable on real estate			—				—				—				5,243				5,243
Repurchase of common stock			(94,088	)			—				—				—				(94,088	)
Acquisition of businesses (cash paid for acquisitions more    than three months after purchase date)			—				—				(30,268	)			(5,821	)			(36,089	)
Units repurchased for payment of taxes on equity awards			(16,573	)			—				—				—				(16,573	)
Non-controlling interest contributions			—				—				—				46,513				46,513
Non-controlling interest distributions			—				—				—				(3,798	)			(3,798	)
Decrease (increase) in intercompany receivables, net			6,394				(82,587	)			(154,612	)			230,805				—
Other financing activities, net			—				(3,351	)			—				(1,820	)			(5,171	)
Net cash (used in) provided by financing activities			(104,267	)			(33,938	)			(184,880	)			271,122				(51,963	)
Effect of currency exchange rate changes on cash and cash    equivalents and restricted cash			—				—				—				(12,726	)			(12,726	)
NET (DECREASE) INCREASE IN CASH AND CASH    EQUIVALENTS AND RESTRICTED CASH			—				(17,429	)			(183,419	)			39,209				(161,639	)
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			$	16,634			$	91,529			$	594,135			$	702,305
SUPPLEMENTAL DISCLOSURES OF CASH FLOW    INFORMATION:
Cash paid during the period for:
Interest		$	—			$	65,230			$	—			$	14,949			$	80,179
Income taxes, net		$	—			$	—			$	161,431			$	141,304			$	302,735

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			—				—				—				3,239				3,239
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)			—				—				(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

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