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Segments (Tables) | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 7,226,466 |  |  | $ | 6,189,913 |  |  | $ | 5,203,766 |
EMEA |  |  | 3,917,939 |  |  |  | 3,004,484 |  |  |  | 2,344,252 |
Asia Pacific |  |  | 1,485,970 |  |  |  | 1,135,070 |  |  |  | 967,777 |
Global Investment Management |  |  | 369,800 |  |  |  | 460,700 |  |  |  | 468,941 |
Development Services |  |  | 71,414 |  |  |  | 65,643 |  |  |  | 65,182 |
|  | $ | 13,071,589 |  |  | $ | 10,855,810 |  |  | $ | 9,049,918 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 254,105 |  |  | $ | 198,908 |  |  | $ | 149,214 |
EMEA |  |  | 66,639 |  |  |  | 68,370 |  |  |  | 64,628 |
Asia Pacific |  |  | 17,803 |  |  |  | 15,580 |  |  |  | 14,661 |
Global Investment Management |  |  | 25,911 |  |  |  | 29,020 |  |  |  | 32,802 |
Development Services |  |  | 2,469 |  |  |  | 2,218 |  |  |  | 3,796 |
|  | $ | 366,927 |  |  | $ | 314,096 |  |  | $ | 265,101 |
Equity income from unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 17,892 |  |  | $ | 18,413 |  |  | $ | 27,679 |
EMEA |  |  | 1,817 |  |  |  | 1,934 |  |  |  | 1,501 |
Asia Pacific |  |  | 223 |  |  |  | 83 |  |  |  | — |
Global Investment Management |  |  | 7,243 |  |  |  | 5,972 |  |  |  | 86 |
Development Services |  |  | 170,176 |  |  |  | 136,447 |  |  |  | 72,448 |
|  | $ | 197,351 |  |  | $ | 162,849 |  |  | $ | 101,714 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 949,590 |  |  | $ | 859,478 |  |  | $ | 717,532 |
EMEA |  |  | 273,565 |  |  |  | 211,856 |  |  |  | 162,536 |
Asia Pacific |  |  | 140,760 |  |  |  | 117,084 |  |  |  | 94,532 |
Global Investment Management |  |  | 83,151 |  |  |  | 134,240 |  |  |  | 119,140 |
Development Services |  |  | 113,937 |  |  |  | 90,066 |  |  |  | 72,385 |
|  | $ | 1,561,003 |  |  | $ | 1,412,724 |  |  | $ | 1,166,125 |
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Net income attributable to CBRE Group, Inc. |  | $ | 571,973 |  |  | $ | 547,132 |  |  | $ | 484,503 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 366,927 |  |  |  | 314,096 |  |  |  | 265,101 |
Interest expense |  |  | 144,851 |  |  |  | 118,880 |  |  |  | 112,035 |
Write-off of financing costs on extinguished debt |  |  | — |  |  |  | 2,685 |  |  |  | 23,087 |
Provision for income taxes |  |  | 296,662 |  |  |  | 320,853 |  |  |  | 263,759 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 8,051 |  |  |  | 6,311 |  |  |  | 6,233 |
EBITDA |  |  | 1,372,362 |  |  |  | 1,297,335 |  |  |  | 1,142,252 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Integration and other costs related to acquisitions |  |  | 125,743 |  |  |  | 48,865 |  |  |  | — |
Cost-elimination expenses (1) |  |  | 78,456 |  |  |  | 40,439 |  |  |  | — |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue |  |  | (15,558 | ) |  |  | 26,085 |  |  |  | 23,873 |
Adjusted EBITDA |  | $ | 1,561,003 |  |  | $ | 1,412,724 |  |  | $ | 1,166,125 |
(1) | Represents cost-elimination expenses relating to a program initiated in the fourth quarter of 2015 and completed in the third quarter of 2016 (our cost-elimination project) to reduce the company’s global cost structure after several years of significant revenue and related cost growth. Cost-elimination expenses incurred during the year ended December 31, 2016 consisted of $73.6 million of severance costs related to headcount reductions in connection with the program and $4.9 million of third-party contract termination costs. Cost-elimination expenses incurred during the year ended December 31, 2015 consisted of $32.6 million of severance costs related to headcount reductions in connection with the program and $7.8 million of third-party contract termination costs. The total amount for each period does have a cash impact.
Schedule of Capital Expenditures by Segment |
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (Dollars in thousands) |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 134,046 |  |  | $ | 94,376 |  |  | $ | 109,297 |
EMEA |  |  | 35,452 |  |  |  | 33,092 |  |  |  | 30,851 |
Asia Pacific |  |  | 19,179 |  |  |  | 7,911 |  |  |  | 23,140 |
Global Investment Management |  |  | 2,273 |  |  |  | 3,558 |  |  |  | 6,596 |
Development Services |  |  | 255 |  |  |  | 527 |  |  |  | 1,358 |
|  | $ | 191,205 |  |  | $ | 139,464 |  |  | $ | 171,242 |
Schedule of Identifiable Assets by Segment |
|  | December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Identifiable assets |  |  |  |
Americas |  | $ | 5,555,400 |  |  | $ | 5,940,400 |
EMEA |  |  | 2,592,800 |  |  |  | 2,722,721 |
Asia Pacific |  |  | 712,271 |  |  |  | 666,063 |
Global Investment Management |  |  | 913,563 |  |  |  | 936,491 |
Development Services |  |  | 188,762 |  |  |  | 124,715 |
Corporate |  |  | 816,791 |  |  |  | 627,553 |
|  | $ | 10,779,587 |  |  | $ | 11,017,943 |
Schedule of Investments in Unconsolidated Subsidiaries by Segment |
|  | December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Investments in unconsolidated subsidiaries |  |  |  |
Americas |  | $ | 20,202 |  |  | $ | 17,380 |
EMEA |  |  | 388 |  |  |  | 392 |
Asia Pacific |  |  | 5,802 |  |  |  | 311 |
Global Investment Management |  |  | 87,501 |  |  |  | 84,534 |
Development Services |  |  | 118,345 |  |  |  | 115,326 |
|  | $ | 232,238 |  |  | $ | 217,943 |
Summary of Geographic Information |
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 6,917,221 |  |  | $ | 5,991,826 |  |  | $ | 5,027,479 |
United Kingdom |  |  | 2,094,946 |  |  |  | 1,912,270 |  |  |  | 1,627,445 |
All other countries |  |  | 4,059,422 |  |  |  | 2,951,714 |  |  |  | 2,394,994 |
|  | $ | 13,071,589 |  |  | $ | 10,855,810 |  |  | $ | 9,049,918 |
|  | December 31, |
|  | 2016 |  |  | 2015 |
Property and equipment, net |  |  |  |  |  |  |  |
United States |  | $ | 396,608 |  |  | $ | 383,927 |
United Kingdom |  |  | 61,327 |  |  |  | 63,548 |
All other countries |  |  | 102,821 |  |  |  | 82,348 |
|  | $ | 560,756 |  |  | $ | 529,823 |

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