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New Accounting Pronouncements (Tables)
 3 Months Ended
Mar. 31, 2018
ASU 2014-09 [Member]  
Schedule of Adoption of New Revenue Recognition Guidance on Financial statement

The following table presents the effects of the adoption of the new revenue recognition guidance on our consolidated balance sheet as of December 31, 2017 (dollars in thousands):

 

 

 

 

 

 

 

Adoption of new

 

 

 

 

 

 

 

 

 

 

 

revenue recognition

 

 

 

 

 

 

 

As Reported

 

 

guidance

 

 

As Adjusted

 

Receivables

 

$

3,207,285

 

 

$

(94,996

)

 

$

3,112,289

 

Contract assets

 

$

—

 

 

$

273,053

 

 

$

273,053

 

Total current assets

 

$

5,452,527

 

 

$

178,057

 

 

$

5,630,584

 

Other assets, net

 

$

422,965

 

 

$

56,509

 

 

$

479,474

 

Total assets

 

$

11,483,830

 

 

$

234,566

 

 

$

11,718,396

 

Accounts payable and accrued expenses

 

$

1,674,287

 

 

$

(100,615

)

 

$

1,573,672

 

Compensation and employee benefits payable

 

$

803,504

 

 

$

100,930

 

 

$

904,434

 

Accrued bonus and profit sharing

 

$

1,072,976

 

 

$

5,369

 

 

$

1,078,345

 

Contract liabilities

 

$

—

 

 

$

100,615

 

 

$

100,615

 

Total current liabilities

 

$

4,606,645

 

 

$

106,299

 

 

$

4,712,944

 

Deferred tax liabilities, net

 

$

114,017

 

 

$

33,201

 

 

$

147,218

 

Total liabilities

 

$

7,404,282

 

 

$

139,500

 

 

$

7,543,782

 

Accumulated earnings

 

$

3,348,385

 

 

$

94,622

 

 

$

3,443,007

 

Accumulated other comprehensive loss

 

$

(552,858

)

 

$

444

 

 

$

(552,414

)

Total CBRE Group, Inc. stockholders' equity

 

$

4,019,430

 

 

$

95,066

 

 

$

4,114,496

 

Total liabilities and equity

 

$

11,483,830

 

 

$

234,566

 

 

$

11,718,396

 

 

The following table presents the effects of the adoption of the new revenue recognition guidance on our consolidated statements of operations for the three months ended March 31, 2017 (dollars in thousands, except share amounts):

 

 

 

 

 

 

 

Adoption of new

 

 

 

 

 

 

 

 

 

 

 

revenue recognition

 

 

 

 

 

 

 

As Reported

 

 

guidance

 

 

As Adjusted

 

Revenue

 

$

2,981,204

 

 

$

1,069,762

 

 

$

4,050,966

 

Cost of services

 

$

2,087,079

 

 

$

1,059,398

 

 

$

3,146,477

 

Operating, administrative and other

 

$

606,231

 

 

$

395

 

 

$

606,626

 

Operating income

 

$

195,242

 

 

$

9,969

 

 

$

205,211

 

Income before provision for income taxes

 

$

182,776

 

 

$

9,969

 

 

$

192,745

 

Provision for income taxes

 

$

51,273

 

 

$

2,546

 

 

$

53,819

 

Net income

 

$

131,503

 

 

$

7,423

 

 

$

138,926

 

Net income attributable to CBRE Group, Inc.

 

$

129,597

 

 

$

7,423

 

 

$

137,020

 

Basic income per share

 

$

0.38

 

 

$

0.03

 

 

$

0.41

 

Diluted income per share

 

$

0.38

 

 

$

0.02

 

 

$

0.40