17. Segments

We report our operations through the following segments: (1) Americas, (2) EMEA, (3) Asia Pacific, (4) Global Investment Management; and (5) Development Services.

The Americas segment is our largest segment of operations and provides a comprehensive range of services throughout the U.S. and in the largest regions of Canada and key markets in Latin America. The primary services offered consist of the following: property sales, property leasing, mortgage services, appraisal and valuation, property management and occupier outsourcing services.

Our EMEA and Asia Pacific segments generally provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations in Asia, Australia and New Zealand.

Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia Pacific.

Our Development Services business consists of real estate development and investment activities primarily in the U.S.

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 is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost-elimination expenses and certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue.

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.


	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


	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

Identifiable assets by segment are those assets used in our operations in each segment. Corporate identifiable assets primarily include cash and cash equivalents available for general corporate use and net deferred tax assets.


	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

Geographic Information

Revenue in the table below is allocated based upon the country in which services are performed (dollars in thousands):


	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

The long-lived assets in the table below are comprised of net property and equipment (dollars in thousands).


	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