Non-controlling interest subject to possible redemption - special purpose acquisition company

[Table of Contents](#i36695dc5143241f795c32e47bf5f4b3d_7)CBRE GROUP, INC.CONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share data)

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2021 |  | 2020 |
| ASSETS |  |  |  |
| Current Assets: |  |  |  |
| Cash and cash equivalents | $ | 2,430,951  |  |  | $ | 1,896,188  |  |
| Restricted cash | 108,830  |  |  | 143,059  |  |
| Receivables, less allowance for doubtful accounts of $97,588 and $95,533 at    December 31, 2021 and 2020, respectively | 5,150,473  |  |  | 4,394,954  |  |
| Warehouse receivables | 1,303,717  |  |  | 1,411,170  |  |
| Contract assets | 338,749  |  |  | 318,191  |  |
| Prepaid expenses | 333,885  |  |  | 294,992  |  |
| Income taxes receivable | 44,104  |  |  | 93,756  |  |
| Other current assets | 371,656  |  |  | 293,321  |  |
| Total Current Assets | 10,082,365  |  |  | 8,845,631  |  |
| Property and equipment, net of accumulated depreciation and amortization of $1,288,509 and $1,074,887 at December 31, 2021 and 2020, respectively | 816,092  |  |  | 815,009  |  |
| Goodwill | 4,995,175  |  |  | 3,821,609  |  |
| Other intangible assets, net of accumulated amortization of $1,725,280 and $1,556,537 at    December 31, 2021 and 2020, respectively | 2,409,427  |  |  | 1,367,913  |  |
| Operating lease assets | 1,046,377  |  |  | 1,020,352  |  |
| Investments in unconsolidated subsidiaries (with $813,031 and $116,314 at fair value at    December 31, 2021 and 2020, respectively) | 1,196,088  |  |  | 452,365  |  |
| Non-current contract assets | 135,626  |  |  | 153,636  |  |
| Real estate under development | 326,416  |  |  | 277,630  |  |
| Non-current income taxes receivable | 33,150  |  |  | 43,555  |  |
| Deferred tax assets, net | 157,032  |  |  | 91,529  |  |
| Investments held in trust - special purpose acquisition company | —  |  |  | 402,501  |  |
| Other assets, net | 875,743  |  |  | 747,413  |  |
| Total Assets | $ | 22,073,491  |  |  | $ | 18,039,143  |  |
| LIABILITIES AND EQUITY |  |  |  |
| Current Liabilities: |  |  |  |
| Accounts payable and accrued expenses | $ | 2,916,331  |  |  | $ | 2,692,939  |  |
| Compensation and employee benefits payable | 1,539,291  |  |  | 1,287,383  |  |
| Accrued bonus and profit sharing | 1,694,590  |  |  | 1,183,786  |  |
| Operating lease liabilities | 232,423  |  |  | 208,526  |  |
| Contract liabilities | 280,659  |  |  | 162,045  |  |
| Income taxes payable | 246,035  |  |  | 57,892  |  |
| Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) | 1,277,451  |  |  | 1,383,964  |  |
| Other short-term borrowings | 32,668  |  |  | 5,330  |  |
| Current maturities of long-term debt | —  |  |  | 1,514  |  |
| Other current liabilities | 199,421  |  |  | 160,604  |  |
| Total Current Liabilities | 8,418,869  |  |  | 7,143,983  |  |
| Long-term debt, net of current maturities | 1,538,123  |  |  | 1,380,202  |  |
| Non-current operating lease liabilities | 1,116,562  |  |  | 1,116,795  |  |
| Non-current income taxes payable | 54,761  |  |  | 54,761  |  |
| Non-current tax liabilities | 144,884  |  |  | 87,954  |  |
| Deferred tax liabilities, net | 405,258  |  |  | 124,485  |  |
| Other liabilities | 1,035,917  |  |  | 625,303  |  |
| Total Liabilities | 12,714,374  |  |  | 10,533,483  |  |
| Commitments and contingencies | —  |  |  | —  |  |
| Non-controlling interest subject to possible redemption - special purpose acquisition company | —  |  |  | 385,573  |  |
| Equity: |  |  |  |
| CBRE Group, Inc. Stockholders’ Equity: |  |  |  |
| Class A common stock; $0.01 par value; 525,000,000 shares authorized; 332,875,959 and    335,561,345 shares issued and outstanding at December 31, 2021 and 2020, respectively | 3,329  |  |  | 3,356  |  |
| Additional paid-in capital | 798,892  |  |  | 1,074,639  |  |
| Accumulated earnings | 8,366,631  |  |  | 6,530,057  |  |
| Accumulated other comprehensive loss | (640,659) |  |  | (529,726) |  |
| Total CBRE Group, Inc. Stockholders’ Equity | 8,528,193  |  |  | 7,078,326  |  |
| Non-controlling interests | 830,924  |  |  | 41,761  |  |
| Total Equity | 9,359,117  |  |  | 7,120,087  |  |
| Total Liabilities and Equity | $ | 22,073,491  |  |  | $ | 18,039,143  |  |

The accompanying notes are an integral part of these consolidated financial statements.58
