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FacilitySource Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Summary of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired | The following represents a summary of the excess purchase price over the estimated fair value of net assets acquired (dollars in thousands):
Estimated purchase price |  | $ | 265,465 |
Less: Estimated fair value of net assets acquired (see table below) |  |  | (69,719 | )
Excess purchase price over estimated fair value of net assets acquired |  | $ | 195,746 |
Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the FacilitySource Acquisition (dollars in thousands):
Assets Acquired: |  |  |  |
Cash and cash equivalents |  | $ | 2,627 |
Receivables, net |  |  | 37,902 |
Prepaid expenses |  |  | 477 |
Property and equipment |  |  | 60,530 |
Other intangible assets |  |  | 89,000 |
Other assets |  |  | 114 |
Total assets acquired |  |  | 190,650 |
Liabilities Assumed: |  |  |  |
Accounts payable and accrued expenses |  |  | 47,663 |
Compensation and employee benefits payable |  |  | 1,800 |
Accrued bonus and profit sharing |  |  | 5,036 |
Line of credit and term loan |  |  | 26,295 |
Deferred tax liability |  |  | 39,009 |
Other liabilities |  |  | 1,128 |
Total liabilities assumed |  |  | 120,931 |
Estimated Fair Value of Net Assets Acquired |  | $ | 69,719 |
Summary of Preliminary Estimate of Amortizable Intangible Assets and Depreciable Computer Software Acquired | The following is a summary of the preliminary estimate of the amortizable intangible assets and depreciable computer software acquired in connection with the FacilitySource Acquisition (dollars in thousands):
|  |  |  |  |  |  |  | At June 30, 2018 |
Asset Class |  | Weighted Average Amortization/ Depreciation Period |  | Amount Assigned at Acquisition Date |  |  | Accumulated Amortization and Depreciation |  |  | Net Carrying Value |
Intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 20 years |  | $ | 50,400 |  |  | $ | 105 |  |  | $ | 50,295 |
Customer relationships |  | 6.67 years |  |  | 38,600 |  |  |  | 241 |  |  |  | 38,359 |
Total amortizable intangible assets acquired |  | 14.22 years |  | $ | 89,000 |  |  | $ | 346 |  |  | $ | 88,654 |
Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Computer software |  | 10 years |  | $ | 57,650 |  |  | $ | 240 |  |  | $ | 57,410 |
Certain Adjustments to Unaudited Pro Forma Results | They include certain adjustments for increased depreciation and amortization expense related to acquired computer software and intangible assets as well as increased interest expense associated with borrowings under our revolving credit facility used to fund the acquisition, as follows (dollars in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Depreciation expense |  | $ | 1,201 |  |  | $ | 1,235 |  |  | $ | 2,642 |  |  | $ | 2,469 |
Amortization expense |  |  | 1,731 |  |  |  | 2,078 |  |  |  | 3,809 |  |  |  | 4,155 |
Interest expense |  |  | 1,224 |  |  |  | 1,525 |  |  |  | 2,748 |  |  |  | 3,049 |
Summary of Pro Forma Results Prepared for Comparative Purposes | These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the FacilitySource Acquisition occurred on January 1, 2017 and may not be indicative of future operating results (dollars in thousands, except share data):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Revenue |  | $ | 5,141,339 |  |  | $ | 4,476,952 |  |  | $ | 9,852,160 |  |  | $ | 8,565,300 |
Operating income |  |  | 218,988 |  |  |  | 220,565 |  |  |  | 424,689 |  |  |  | 418,015 |
Net income attributable to CBRE Group, Inc. |  |  | 222,941 |  |  |  | 195,874 |  |  |  | 366,083 |  |  |  | 326,993 |
Basic income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income per share attributable to CBRE Group, Inc. |  | $ | 0.66 |  |  | $ | 0.58 |  |  | $ | 1.08 |  |  | $ | 0.97 |
Weighted average shares outstanding for basic income per share |  |  | 339,081,556 |  |  |  | 336,975,149 |  |  |  | 338,986,354 |  |  |  | 336,941,681 |
Diluted income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income per share attributable to CBRE Group, Inc. |  | $ | 0.65 |  |  | $ | 0.57 |  |  | $ | 1.07 |  |  | $ | 0.96 |
Weighted average shares outstanding for diluted income per share |  |  | 343,471,513 |  |  |  | 340,882,603 |  |  |  | 343,031,189 |  |  |  | 340,214,246 |

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